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Gauging the right time to enter a trade is always a key concern.
With the metals markets, I portend the right time is now [or very near].
As one way to illustrate Timing, here are two snapshots from Friday’s Think or Swim chart of /GC. The first chart is a 1-hour timeframe, the second is a 5-minute timeframe.
The world of precious metals continues to be quite grim. Indeed, gold and its brethren have suffered tick-for-tick with the bond market.
The chart is crystal-clear: a right triangle pattern that has been quite plainly broken, and is at risk of much, much lower prices.
Just kidding. Warren Buffett’s Berkshire Hathaway may or may not own copper stocks. I did not dig deep enough to find out. For the purposes of this post it does not matter.
With the Buffett Buys a Gold Stock! hysterics last summer, the subsequent (and inevitable) fallout and the Buffett Pukes a Gold Stock! resolution, you never know. It’s worth asking the question about what sort of investors are now true-believing in copper and the industrial metals where once upon a time last summer gold was the object of affection.
Look, the contrarian dynamics in play now are 180° from where they were last spring, coming out of the deflationary crash, when we first started to get a handle on and act upon the coming inflation aimed at reflating the economy. NFTRH has used a lot of indicators, starting then and continuing today to be on the right (inflationary) side of this macro dynamic. With all due respect and foresight about macro decision points to come, we remain on the inflationary side today.
(more…)As poorly as precious metals have done since August 6th, silver has remained relatively frisky. Compared to gold, it has been doing great lately. Here is the SLV/GLD ratio chart.
