I can look away from the cripplingly depressing US indices & the associated situation, and the time I spent served a purpose! Seing a short on gold here.
Gold monthly chart:
Might get a small pullback soon, and then a higher high highest price in 8 years, then a big pullback.
The drivers and properties are different.
But in the mind of goldbugs "this is it THIS is the big moment we have been waiting for", the total collapse of the world has begun, the economic life freeze is permanent, due to lockdown & money printing, people are going to start scavenging for food and begaving like savages, fiat currencies are getting abandonned asap and people will only trust gold & silver, physical supply is depleted and people are going to beg them for a gold coin. The prophecy is true. The evil lizard men conspiracy is happening.
Look, I like Peter Schiff, but like other gold bugs he has been beyond early. If you watched the big short you know that even people that specialize in timing the market and made a fortune in 2008 and became famous were early by 2 years. Goldbugs like Peter Schiff that are not market timers are acting like "this is it". There won't be a complete paradigm shift over night. And the cool thing here is that when the end of the world depression fan club are telling you that the big event they were waiting for is happening now, and the big gold rally and fiat crash is happening right now, you know you have a massive amount of time ahead of you and their calls aren't going to happen anytime soon ^^
They're actually pretty good at making calls. Peter Schiff said in 2008 or 9 the FED would not reduce their balance sheet and actually increase it after their QE is over, and that took what like 5 years? And he made plenty of calls that were right... If you add a +5 minimum to each one.
So what I am trying to say is Gold may very well be In the same situation as stocks in 1929 & 2020. Don't need the whole planet involved. Think of it as a closed environment. If the gold echo bubble is in the same psychological state then outcome will likely be similar. Individual penny stocks don't need the whole world involved do they? Bitcoin "bull market is back" failed miserably with the world mostly ignoring it, only laggards were getting all excited (and laughing at me by the hundreds for being bearish, not one has shown itself since then ;) )
I posted about the triple top lower low followed by higher high pattern in the past.
But there is also - I talked about this in the same idea, will link if I find it - of the ... just going to draw it:
Gold is choppy & there is a wedge & top pattern & similar to other market tops & goldbugs euphoric & stock market "back to normal" phase ==> Short call.
Bears fighting this pump already...
Gold monthly chart:
Might get a small pullback soon, and then a higher high highest price in 8 years, then a big pullback.
The drivers and properties are different.
But in the mind of goldbugs "this is it THIS is the big moment we have been waiting for", the total collapse of the world has begun, the economic life freeze is permanent, due to lockdown & money printing, people are going to start scavenging for food and begaving like savages, fiat currencies are getting abandonned asap and people will only trust gold & silver, physical supply is depleted and people are going to beg them for a gold coin. The prophecy is true. The evil lizard men conspiracy is happening.
Look, I like Peter Schiff, but like other gold bugs he has been beyond early. If you watched the big short you know that even people that specialize in timing the market and made a fortune in 2008 and became famous were early by 2 years. Goldbugs like Peter Schiff that are not market timers are acting like "this is it". There won't be a complete paradigm shift over night. And the cool thing here is that when the end of the world depression fan club are telling you that the big event they were waiting for is happening now, and the big gold rally and fiat crash is happening right now, you know you have a massive amount of time ahead of you and their calls aren't going to happen anytime soon ^^
They're actually pretty good at making calls. Peter Schiff said in 2008 or 9 the FED would not reduce their balance sheet and actually increase it after their QE is over, and that took what like 5 years? And he made plenty of calls that were right... If you add a +5 minimum to each one.
So what I am trying to say is Gold may very well be In the same situation as stocks in 1929 & 2020. Don't need the whole planet involved. Think of it as a closed environment. If the gold echo bubble is in the same psychological state then outcome will likely be similar. Individual penny stocks don't need the whole world involved do they? Bitcoin "bull market is back" failed miserably with the world mostly ignoring it, only laggards were getting all excited (and laughing at me by the hundreds for being bearish, not one has shown itself since then ;) )
I posted about the triple top lower low followed by higher high pattern in the past.
But there is also - I talked about this in the same idea, will link if I find it - of the ... just going to draw it:
Gold is choppy & there is a wedge & top pattern & similar to other market tops & goldbugs euphoric & stock market "back to normal" phase ==> Short call.
Bears fighting this pump already...
Trade active:
I thought I would never get filled! Each broker has their own quote and chart and spread...
At least with Oil I get to use the 1 chart the CME one.
At least with Oil I get to use the 1 chart the CME one.
Trade closed: stop reached:
Of course.
Comment:
Of course it is rallying hard but why can't they be in sync? They've always been.
Maybe should have just bought.
I think IG has both spot and futures I'll just trade futures for now...
We're entering the laggard zone, and I'm sure plenty of bagholders are eager to breakeven.
==> Was less mainstream I think back then.
I already miss the time where gold was around depression and I was making calls and saying we soon enter disbelief :(
It's all over, soon it will make new highs, and then all the brainlets that ignored and laughed at it will get all excited and rush in and make calls for 1 million...
Maybe should have just bought.
I think IG has both spot and futures I'll just trade futures for now...
We're entering the laggard zone, and I'm sure plenty of bagholders are eager to breakeven.
I already miss the time where gold was around depression and I was making calls and saying we soon enter disbelief :(
It's all over, soon it will make new highs, and then all the brainlets that ignored and laughed at it will get all excited and rush in and make calls for 1 million...
With Oil Natgas and Copper I use CME futures, with gold I was looking at the chart on forex brokers and TVC:Gold and for the past 2 years they were in sync and I got what I wanted out of it...
... But now...
The futures price is different from cfd & spot price, physical supply is depleted and not in sync at all with futures, I heard of price manipulation (rly?) but haven't looked into it yet.
Was it my destiny to lose money to just add the gold futures chart to my watchlist just like I do with other commodities?
Not stopped yet. Gosh I hate this, why can't everything agree with everything else?
CME futures are what institutions look at (for gold oil natgas copper) , I don't remember how I know it but I know it. Of course, impossible to find this simply on the internet, retail traders couldn't care less (lol and they expect to make money with magical TA tricks not even looking at the right chart smh), unprofitable "educators" never mention it as they never answer to the questions someone profitable would ask since they never asked themselves those, plenty of results in search engine for "making (losing) a fortune day trading" thought.
I think I know instutions use CME because I heard some people mention it a few times + in interviews & documentaries you can see what they have on their screen.
If I get lucky and get forgiveness I'll move my SL and keep it tight.