Gold & Silver; 16-year bull market support test in play, says Joe Friday

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Gold & Silver; 16-year bull market support test in play, says Joe Friday kimble charting solutions

 

Below compares the performance of Gold, Silver and the S&P 500 since July of 2001. Why compare the performance of the three starting in 2001? This is when Gold & Silver created a series of higher lows, starting a new bull market that lasted the following decade. From 2001 until 2011, Gold & Silver both outperformed the S&P 500 by more than 500% each! 

chart comparing Gold silver and S&P 500 kimble charting solutions

CLICK ON CHART TO ENLARGE

No doubt it paid to own Gold & Silver over the S&P 500 from 2001 to 2011. As we all know at this time, the performance between the three has done the exact opposite over the past 6-years, as it has paid to own the S&P and avoid Gold & Silver.  Is in now time to consider that Gold & Silver could be ending the 6-year bear market in metals?

Below looks at only Gold & Silver since the late 1990’s and why the price point in Gold & Silver are testing what could be historically important levels.

monthly chart of gold and silver, kimble charting solutions

 

CLICK ON CHART TO ENLARGE

The above chart reflects that Gold & Silver on a monthly basis are both testing 16-year rising support at this time. Despite Gold & Silver being lower over the past 6-years, this reflects that both are in long-term rising trends, where support is being tested.

Joe Friday Just The Facts; Support is Support until broken and both are testing long-term support at this time. What both do at this support test should send very important long-term messages about the metals space and will lead to wonderful opportunities.

 

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JTimchenko's picture

Tnese people who believe in charts, support levels and the like are all deluding themselves.

Gold and silver's price movement is about manipulation and government interventions, NOT about charting analysis, Elliott waves or any other bullshit like that. I'll concede that there is some basis behind technical analysis, but it DOES NOT WORK in highly manipulated markets where the tape is painted exactly as the manipulators want. With enough Fed loan money from the various banker's loan "windows" at the Federal Reserve in NYC, and you can put the price of anything, from commodities, stocks, bonds, etc. to whereever you want them to be even over a term of years.

That's not to say that their artificial stock market, gold market, etc. can't collapse. It can and will, but it takes a very long time for this to happen, and you'll never be able to predict when the collapse will happen relying on charts and technical analysis theories. The gold & silver charts, in particular, are entirely painted by banksters with the support of various western governments, including the USA and UK. The charts have absolutely no validity whatsoever except as yet another manipulation technique in and of themselves. That is, if the slimeballs are good at painting the tape, and their bots do the job well, technical analysis believers, like this author, will dreamily take the bait. They will act in accordance with the insight they think they are getting from their charts, which are based upon faked price action, and their help will make the overall manipulation cheaper to carry out for the government and the banksters.

The best article I've read, in a long time, on this subject, sets all of what I am saying out much more clearly than I am able to. What I am saying is the only conclusion you can reach after you really start understanding these markets by reading stuff like that. A fantastic set of insights on the subject of what is going on in the gold market can be found here:

http://averybgoodman.com/myblog/2017/07/08/recent-gold-price-declines-th...

My best advice to anyone who's thinking about relying on technical analysis, and/or thinking about whether to buy precious metals, is to raad that article, first, and then start stacking the bars and coins at a discount, before prices shoot up!!