Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
Halifax Stopping Customers Withdrawing Funds Online - UK Brexit Banking Crisis Starting? - 21st July 19
US House Prices Trend Forecast 2019 to 2021 - 20th July 19
MICROSOFT Cortana, Azure AI Platform Machine Intelligence Stock Investing Video - 20th July 19
Africa Rising – Population Explosion, Geopolitical and Economic Consquences - 20th July 19
Gold Mining Stocks Q2’19 Results Analysis - 20th July 19
This Is Your Last Chance to Dump Netflix Stock - 19th July 19
Gold and US Stock Mid Term Election and Decade Cycles - 19th July 19
Precious Metals Big Picture, as Silver Gets on its Horse - 19th July 19
This Technology Everyone Laughed Off Is Quietly Changing the World - 19th July 19
Green Tech Stocks To Watch - 19th July 19
Double Top In Transportation and Metals Breakout Are Key Stock Market Topping Signals - 18th July 19
AI Machine Learning PC Custom Build Specs for £2,500 - Scan Computers 3SX - 18th July 19
The Best “Pick-and-Shovel” Play for the Online Grocery Boom - 18th July 19
Is the Stock Market Rally Floating on Thin Air? - 18th July 19
Biotech Stocks With Near Term Catalysts - 18th July 19
SPX Consolidating, GBP and CAD Could be in Focus - 18th July 19
UK House Building and Population Growth Analysis - 17th July 19
Financial Crisis Stocks Bear Market Is Scary Close - 17th July 19
Want to See What's Next for the US Economy? Try This. - 17th July 19
What to do if You Blow the Trading Account - 17th July 19
Bitcoin Is Far Too Risky for Most Investors - 17th July 19
Core Inflation Rises but Fed Is Going to Cut Rates. Will Gold Gain? - 17th July 19
Boost your Trading Results - FREE eBook - 17th July 19
This Needs To Happen Before Silver Really Takes Off - 17th July 19
NASDAQ Should Reach 8031 Before Topping - 17th July 19
US Housing Market Real Terms BUY / SELL Indicator - 16th July 19
Could Trump Really Win the 2020 US Presidential Election? - 16th July 19
Gold Stocks Forming Bullish Consolidation - 16th July 19
Will Fed Easing Turn Out Like 1995 or 2007? - 16th July 19
Red Rock Entertainment Investments: Around the world in a day with Supreme Jets - 16th July 19
Silver Has Already Gone from Weak to Strong Hands - 15th July 19
Top Equity Mutual Funds That Offer Best Returns - 15th July 19
Gold’s Breakout And The US Dollar - 15th July 19
Financial Markets, Iran, U.S. Global Hegemony - 15th July 19
U.S Bond Yields Point to a 40% Rise in SPX - 15th July 19
Corporate Earnings may Surprise the Stock Market – Watch Out! - 15th July 19
Stock Market Interest Rate Cut Prevails - 15th July 19
Dow Stock Market Trend Forecast Current State July 2019 Video - 15th July 19
Why Summer is the Best Time to be in the Entertainment Industry - 15th July 19
Mid-August Is A Critical Turning Point For US Stocks - 14th July 19
Fed’s Recessionary Indicators and Gold - 14th July 19
The Problem with Keynesian Economics - 14th July 19

Market Oracle FREE Newsletter

Top AI Stocks Investing to Profit from the Machine Intelligence Mega-trend

Gold Stocks Buckle

Commodities / Gold and Silver Stocks 2015 Nov 18, 2015 - 11:46 AM GMT

By: Dan_Norcini

Commodities

There is absolutely nothing good that can be said about the mining stocks at this point. Then again, there has been little good to say about these things for a long, long time.


The month of October provided a bit of a glimmer of hope but the rally could not even make it to the 200 day moving average before failing. The secondary top near 140 lies between the 100 day and the 200 day moving averages and is now going to be a key technical level that will stand in the path of any recovery rally.

Downside momentum remains strong at this point with no evidence of any concerted buying.

What is astonishing is that this index ended last year ( started this year) near the 165 level. It is currently below 105 for a whopping loss of 36% YTD! What is even more astonishing is how the poor victims of the gold cult have simply sat there and watched their life’s savings going up in smoke while their ringleaders regale them with stories of how proud they should be because they have held their ground and stuck with their “real/honest money” in the face of “blatant manipulation, etc.”

How much pain and misery is now taking place in their lives as a result of this gold cult crap is something many of us will never fully know but suffice it to say, based on some of the emails I have received, it is very widespread in those circles.

Instead of cutting their losses as any DISCIPLINED INVESTOR would have done a long, long, long time ago, they have “stayed the course” ( being egged on by their gurus to do just that ) to the point that an index that was sitting above 600 back four years ago has now collapsed to THIRTEEN YEAR LOWS with nearly every single one of these “course-stayers” still sitting in it. How incredibly tragic to see so many people being duped by these flim flam artists.

I have said and written it many times before and will do so now again: listening to these people is hazardous to one’s financial health and is a surefire way to financial ruin. Learn to LISTEN TO THE PRICE CHART. It does not lie and unlike the gold cult gurus, false prophets, phony “watchmen” and whatever else they might call themselves or are in reality, it will not lead you astray.

I have been trading for a long time and never over the course of my trading career have I ever seen a group of people that is more consistently wrong and more obtuse than the gold cult. They simply lack the ability to see the markets for what they are to the point that one is alarmed by their disconnect from reality and suspects that some are actually borderline delusional.

Remember dear reader, being successful as a trader / investor is not about holding fast to the ideology of an investment, sector, asset class, etc. It is about honestly approaching the markets checking to see if the charts CONFIRM your view before tying up large sums of capital. One can have a long term approach to a market and therefore invest from that time frame and perhaps overlook the shorter term price swings but at some point there is such a thing as portfolio rebalancing.

That includes moving money out of sectors that are not performing well as one takes a hard-nosed look at the manner in which they have allocated their wealth. Sadly, the gold cult mentality prevents such a thing from occurring as it brainwashes their victims into sitting there until the bitter end.

if there is one thing that I would like for my readers to take away from this site it is this – NEVER, EVER entrust your investment decisions to those who have a vested interest in the sector that they are telling you to invest in. Such DO NOT HAVE YOUR BEST INTEREST at heart; they have theirs. Remember that.

Dan Norcini

http://traderdan.com

Dan Norcini is a professional off-the-floor commodities trader bringing more than 25 years experience in the markets to provide a trader's insight and commentary on the day's price action. His editorial contributions and supporting technical analysis charts cover a broad range of tradable entities including the precious metals and foreign exchange markets as well as the broader commodity world including the grain and livestock markets. He is a frequent contributor to both Reuters and Dow Jones as a market analyst for the livestock sector and can be on occasion be found as a source in the Wall Street Journal's commodities section. Trader Dan has also been a regular contributor in the past at Jim Sinclair's JS Mineset and King News World as well as may other Precious Metals oriented websites.

Copyright © 2015 Dan Norcini - All Rights Reserved

All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise. The information on this site has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. Accordingly, investors should not act on any information on this site without obtaining specific advice from their financial advisor. Past performance is no guarantee of future results.

Dan Norcini Archive


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules