Tuesday, July 19, 2011

Precious Metals Pullback Continued

You didn't buy the top of that range, because you read this blog, but now you are wondering if that was it as far as how much the prices will pullback.  Well, if you own no precious metals, there is never a bad time to buy, but stay patient, because there is still a little further to go.

Daily support is in for gold at $1585, and for silver at $39.  Platinum didn't pullback much, but then again, it hadn't gained much either.  I still think the pullback will continue, maybe not tomorrow or the next day, but within the week, gold should test $1550, and silver will pullback to $37.  We will see for platinum, as that is hard to call, but $1720 looks about right.  Oil will probably also test its support at $94.  I still think the dollar will benefit, but it is running out of time.

Yet all of this is running out of time.  The whole fiat ponzi is running out of time.  Once the debt ceiling is passed, then QE 3 will be ushered in within the month.  Precious metals will remain volatile, but they will gain huge next Fall, if not in late summer.


  1. Hi LH,
    In response to previous thought re the raising of debt ceiling - I'm sure its bullish no matter how its accounting is set up. I think the market will buck and toss as the MSM spins it for their masters but PM's and inflation continue to accelerate upward. The tide of paper money will continue to rise in all major currencies not just the dollar and those holding tangible real assets will be somewhat insulated from the shock.

    I'm already fully invested but if I had dollars to invest I would be looking to pull the trigger as soon as the shorts fail to push it any lower. I'm thinking 36.80-90 looks like a key level they would want to break??

  2. Well... you finished your previous post with: "If you are not extra long PMs, you may want to consider that position. I highly recommend it."
    I didnt, so I guess I should pay more attention in the future.
    Great blog.