Wednesday , 22 November 2017


Noonan on Gold & Silver: Prices Not Going Higher Anytime Soon

We have been saying for the past few months that the charts are telling anyone who wants to pay attention that prices are not going higher anytime soon.  That can change in a week or a month or a year, but until there are signs of change, prices will remain suppressed.

Excerpts from an article* by Michael Noonan (edgetraderplus.com) originally entitled Gold And Silver – Banker Insanity Grows, PMs Decline.

What we have been saying for an even longer period of time, a few years, is keep buying, and personally holding, physical gold and/or silver.  Price does not matter.  Sure, everyone wants to get the most for their money, but that is not the purpose of buying PMs any more.  At some point, it may not be available at these prices, literally overnight when reality finally kicks in and a price adjustment is made in line with true supply/demand. Also, governments being what they are, an outright ban on purchasing PMs can be put into place.  Already efforts to confiscate PMs from safety deposit boxes are in place. Expect things to get worse, not better.

Silver: Weekly Chart

The trend matters the most because the majority of price development will occur within the trend’s context and, comparing the location of price on the Right Hand Side of the chart relative to the Left Hand Side, clearly shows how price has been developing throughout, to the downside, with the trend.

SI W 7 Mar 15

Silver: Daily Chart

When you compare the above chart to that of the daily chart for silver below, silver has a better relative show in how it is holding within the down channel.  We get key information by observing how price reacts/responds to obvious support/resistance levels.  If it bounces off and rallies higher, support will hold.  If price stays at/near support, the likelihood is greater that potential support will not hold. It is not our job to guess which but to watch and then respond to the confirmed market
activity, if a tradable opportunity arises.

SI D 7 Mar 15

Gold: Weekly Chart

While last week’s down bar in gold strongly suggests lower prices, it does not necessarily follow that lower prices will occur.  For that reason, we watch to see how price reacts in order to have important information moving forward.

GC W 7 Mar 15

Gold: Daily Chart

The chart comments are apt.  You can see how the daily gold chart is relatively weaker than that of silver.  However, both remain in a down trend, and that is what matters.

GC D 7 Mar 15

Conclusion

If you do not own gold & silver now, you are playing a game of (irresponsible) risk.  For those who already own PMs, even for prices at the highs, accept it and be glad you own either or both.

The insane banker’s world in which we live will come to an end, and likely a disastrous one.  Keep on stacking, keep on staking.  On a relative scale, price should be your least concern.

The article above is presented courtesy of Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), and has 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. This paragraph must be included in any article re-posting to avoid copyright infringement.

*http://edgetraderplus.com/market-commentaries/gold-and-silver-banker-insanity-grows-pms-decline

Related Articles from the munKNEE Vault:

1. Update On Michael Noonan As Internet’s Best Gold & Silver Analyst

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 »

2. Noonan: “Gold & Silver – Insanity Prevails; PMs Without Direction”

Insanity is doing the same thing over and over and expecting a different result & that is precisely what the markets are doing in gold and silver these days! Take a look. Read More »