Friday, 17 May 2013

The Death of Gold and Silver - what happened since I called the Death

So last week...actually during the first week of May I started noticing a consolidation pattern in golf and silver. 

Gold
$IAU, $GLD both follow gold and do what ever gold does. After I had a review of the charts I saw that GOLD had no strength after its decline. It moved up and then consolidated and now is dieing. These patterns are so easy to spot and that is why I went short gold and silver, but sadly I didn't stay short. 

The following is what I posted on FB and you can see the dates: 

Type in the symbols SLV and IAU to see their current prices now.





Now that's epic. Gold + Silver deteriorated over the past week. Now if gold cannot go past 1400 again, that is WEAKNESS, get out! And once is falls below 1300 that's it, get out. The $GLD which follows the price of gold went from 142 to 131 in about 5-6 days! That's nasty! 

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