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Sometimes when I want a flair for the dramatic, I will sneak into the preferences for SlopeCharts and change the scale to arithmetic instead of the more appropriate logarithmic. In the case of precious metals, however, I don’t even have to bother. These are log scale charts, in spite of the fact they look absurdly explosive.
Two segments excerpted from the January 25th edition of Notes From the Rabbit Hole, NFTRH 899
Long-term subscribers may remember the 3 Snowmen. The HUI measured target of 888 I had back in the 2010 time frame. It was a simple measurement of the crash and recovery pattern of 2008-2010. As a TA, that is often what I do; measure things.
Well, in a fine lesson about being open-minded, Bernanke’s cyclical inflationary emergency operations altered the macro and croaked my target for the counter-cyclical gold sector. Mr. Fat Head (H&S) formed and that was that. The dawn of a terrible bear market, 888 just fantasy unfulfilled.
(more…)Slope is approaching its twenty-first birthday, but I’ve got to say, across those twenty-one years, my ratio charts related to metals are probably one of the best calls ever made here. I would not shut up about those things, and although it took months of grinding away for them to take off, once they took off, they just wouldn’t stop. This morning, for example, silver is up yet AGAIN to lifetime highs:
As of this composition (Sunday night), gold and silver are both blasting to lifetime highs yet again. Silver is particularly strong, up about 7%. I didn’t realize this, but there’s an ETF out there called ZSL whose sole purpose in life is to let people take advantage of any weakness in the price of silver. as you can see from its chart, it has been an incredible cash destruction machine.
