It is futile to try and call for when a collapse of the “dollar” and/or a change in the world’s monetary system (which may not be a gold-backed currency of some kind) will come. It is a near impossible call to make. All we can do is view the charts looking for change in the movements of gold and silver – and we see none at present.
By Michael Noonan (edgetraderplus.com) as posted* on said site under the title Gold And Silver – Insanity Prevails; PMs Without Direction.
Despite all of the glowing fundamentals on silver, the charts below show a market drifting at lower levels with no signs of a turnaround.
Silver: Monthly Chart
Silver: Weekly Chart
The same holds true for the weekly chart. Nothing new here.
Silver: Daily Chart
The chart comments cover what is going on. Not much, for buyers.
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Gold is also a market looking for direction, either way.
Gold: Monthly Chart
Gold: Weekly Chart
There is still a series of lower highs. The lack of direction is readily apparent.
Gold: Daily Chart
This is an instance where a 5 second look is all that is needed to assess the chart.
Insanity: Doing the same thing over and over and expecting a different result (Albert Einstein) and that is precisely what the markets are doing in gold and silver these days!
[The above article is presented by Lorimer Wilson, editor of www.munKNEE.com and www.FinancialArticleSummariesToday.com and the FREE Market Intelligence Report newsletter (sample here – register here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. This paragraph must be included in any article re-posting to avoid copyright infringement.]
There is so much hype and cheer-leading out there amongst supposed gold & silver analysts that you probably wonder just who is worth your time to follow, if anyone. Having read and analyzed hundreds and hundreds of articles on the subject I have concluded that there is ONLY one such person. Read More »