All the people that frequent the precious metal blogs know the reasons why they are in the metals. But fundamentals do not matter right now. This is a war to destroy your heart and mind. After a big time selling that took out the momentum traders and late comers, the war against the mid-to-long term holder is taking place. This is a war of attrition, they will try and break our resolve, make us question why we even bought the metals to begin with. The charts will change, the fundamental stories will come about and we will slowly bleed to the major averages, day after day until no one gives a crap about silver or gold.
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In trying to stay positive and its really hard at the moment the only positive I can glean from this chart is that its close is at or above Thursday (grasping for straws), and we had a 5% sell off on below average volume and as you can see the volume has been decreasing everyday since Thursday before last. Hoping for a sideways to up move from here, but that may just be wishful thinking; war of attrition begins against PM holders?
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| One last grasp at a straw, gold bugs index usually bottoms before the metals. You can see the MACD is almost at the low in Jan, maybe we get another down day hit that 492 mark and stop going down. |
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