Down 13% from when you said I "don't understand what is going on right now."
fanat_btc
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Good afternoon, I am writing to you from Russia.I observe your analysis and fully agree with it. But didn't you think that the restrictions due to the coronavirus around the world will be with us for a very long time? After all, then there will be no hyperinflation and the markets will continue to grow. And they will remove all restrictions only when the system is ready to switch to a fully digital currency. So to speak, make a reset. I think the markets will grow for about a year or two. What do you think about this?
Simon_says
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@makcumyc001, Hello and thank you for your message! Price of Gold or stock market is not related to coronavirus pandemic but to bad decisions undertaken by central banks. The nCov19 is just a coverup to blame virus rather than bank-sters/gangsters on the crash. Please check my other plot to understand that, and read the descriptions below e.g.
Corona is not a cause but a catalyst of the crisis youtube.com/watch?v=uc38v9yh-pk First there is a need for huge deflationary crisis then gigantic current print that will cause money to devaluate, it doesn't matter will be have restrictions or not, Titanic hit the ice berg and we are sinking! The whole process will take more than 2 years, it may be a more than decade or two for full recovery, so be prepared and fasten your seat belts.
jgaldon
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Beautiful chart and very interesting link! Not sure how strong that fractal is after all the fittings (1.8 n 2.4), but pretty nonetheless.
Then again for those holding for years now and new comers alike, this would be a wild wet dream come true!
Fundamentals support it (money supply and real inflation) and that is also the bad news in a way (actual purchasing power won't be as much and it would probably mean quite a lot of pain for many)
Personally, "I'm not going anywhere", yet a bit concerned about exhaustion now that Au/Ag ratio is today similar where it was by Aug2020...truly hope those are unfounded concerns, as I said, I won't be touching my holdings until 2023 (2024 being my original plan...one takeaway from the link too!)
Thanks Simon, hope all great over there!
Parabolica
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Lovely!
dRends35
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ABC is corrective not impulsive, so the count is incorrect. Although everyone is bullish Gold due to vulnerability of currencies, if you look Gold has essentially done nothing bullish since 2011 - up only 8% in 10 years. And this could now eaily be the start of a bearish C leg back to 1k or so.
Simon_says
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@dRends35, Looks like you didn't watch the video I suggested, which means you don't understand what is going on right now... that's fine, let's wait and see where the gold is gonna move.
dRends35
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@Simon_says, I did actually watch some of the Mike Maloney video that you linked from back in October, but he admits he "dabbles" in Elliott Wave and that is evident that he does not understand basic EW nomenclature. "My friend says" or "this youtube video says" is not a great way to trade. Gold has past previous ATH so of course youtube videos (that make revenue from their videos) will obviously be everywhere. But anyhow as I said, it looks to have topped. Its not a popular view but apparently the herd doesn't always win.