We might see a little bounce here thanks to the Dollar, but we’re likely hitting rock bottom in about ten days. When that happens, it'll be a massive buying opportunity—the kind we haven't seen since mid-May. Just a reminder: from May 16th through the peak, mining stocks like HUI jumped 47%. Even from May 16th to today, they're still up 27%.
quiettrucker12 said:It feels like the odds of a correction are stacking up, though nothing is set in stone yet. Today might just be a dead cat bounce before we see a reversal toward the 1660-80 range. A drop down to 1620 is technically on the table, but I wouldn't bet on it. The Dollar could potentially break past 80.3 in its next move... we'll have our confirmation if
1. The Dollar breaks through that 80.25/30 barrier and if 2. Gold slips below the previous floor—I think it was 1738. And if 3. The S&P 500 closes the day under 1430. Any two of those three triggers should be enough for us to call it: the correction has officially started.
Well, points 2 and 3 just hit. The correction is officially underway.
Anthony Evans78 said:Keep treating him like some kind of commodity 😁 I’ll just stick to how most people have viewed him for the last five thousand years: as nothing more than money 🙂
The issue is that we live in a global market now. When one thing gets overpriced, something else becomes undervalued. If gold rides a bull market all the way up to a bubble, people are eventually going to pivot into stocks that are sitting at a discount (classic sell high, buy low). There’s really very little room for a scenario where gold stays sky-high while stocks stay bottomed out for any extended period.
1748... still waiting on that potential jump to 1780 before a real correction hits. We'll see what the New York crowd thinks when they wake up at 2 PM.
Anthony Evans78 said:Where does this obsession with knowing the exact number come from? I don't know what the exact figure will be, but it’s going to be lower than it is now. If you haven't noticed, the value drops a little more every single day.🙂 And I've said it a hundred times already: gold isn't the only answer—real wealth is in land and manufacturing.
Sure, prepping—hunting, foraging, survivalist stuff—is fine if you're planning for a total collapse. But looking past 2020, high tech is going to be the real driver. And I don't mean iPhones; those are a dead end and a fading fad. I mean actual, heavy-duty technological leaps. Agriculture alone isn't going to propel civilization forward. Everyone seems terrified of advanced tech, but that’s exactly what we need to push us into the next phase—maybe solving energy issues in twenty years or so (though we haven't really hit that wall yet since there's still plenty of oil lying around somewhere). If you want to actually play a role in the world of the next decade, you should have your patents ready to go right now. Honestly, I don't see where America fits into that high-stakes race. We might end up just being a giant retirement home or some niche organic farming hub. That's fine, I guess, but it’s definitely not the major leagues driving global progress.
Gold is interesting right now because we’re in that middle ground where commodities thrive while currencies sink during a crisis. But don't get it twisted—that doesn't mean currencies are going extinct, just like stocks didn't vanish back in 2008 or when things tanked again in 2014. I say "middle ground" because gold isn't particularly exciting during a total apocalypse, nor is it helpful in some rosy fantasy where someone magically wipes out debt without inflation. The ones getting hit hardest will be the funds and individuals sitting on mountains of cash. There's way too much of it floating around. The smart money? The few who actually time it right by pivoting from commodities into undervalued stocks.
Possible support level for the next leg up... we could be looking at a correction down to around $1,660. Right now, everything feels primed for a pullback, though we might see a bounce early next week—unless that bounce turns into a full-blown rally toward new highs. I’d put the odds at 80:20 for the correction.
I think we’re going to see some breathing room around 1759/60. Next target? Somewhere near 1750. If things stay this way through the closing bell, we might actually hit the first of my three conditions for an S&P 500 correction down below 1430.
It feels like the odds of a correction are stacking up, though nothing is set in stone yet. Today might just be a dead cat bounce before we see a reversal toward the 1660-80 range. A drop down to 1620 is technically on the table, but I wouldn't bet on it. The Dollar could potentially break past 80.3 in its next move... we'll have our confirmation if
1. The Dollar breaks through that 80.25/30 barrier and if 2. Gold slips below the previous floor—I think it was 1738. And if 3. The S&P 500 closes the day under 1430. Any two of those three triggers should be enough for us to call it: the correction has officially started.
Patrick Moore3 said:But what if it actually breaks below 1680?
Nothing. I don't see it dropping below 1680; either way, we're hitting 1900 after that. It'll probably bounce between 1680 and 1690. There's a solid chance the correction has already kicked off, but we'd likely need more pressure on the USD—maybe a new peak around 80.20—before we see it push toward 81.50 or so.
lonehawk5 said:There's always a chance for a rally😁...the real question is just how big that chance actually is.
😁 Facts.... this whole thing is messy. It all boils down to the Dollar—basically, whether Mr. $ actually bottomed out on September 14th or not. I don't see an issue holding through a correction; I doubt we drop below 1680, which is only about a 5% dip, though mining stocks might take a harder 12% hit.🙂
Here we go again—another perfect opportunity for the Dollar to tank and send gold screaming past $1,800. Either way, things can't stay stuck in this limbo forever; something has to give. Usually, market tops don't look quite like this, so I'd say there's still plenty of room for a move higher.
It’s weird. With the Dollar being this weak, gold should have already started climbing... instead, it looks like everyone is just aggressively shorting silver right now. Strange.
It’d be nice if it happened today 😁. We just need a few more Dollars to break 1794—once silver clears 35, this thing won't stop so easily. Once we hit 1800, you can bet a whole new crowd of buyers will jump in.
Commercials are always shorting; it’s just a matter of how much. They need time to build their positions, which makes them a reliable indicator only when prices are bottoming out, basically when we hit the floor and their shorts start to shrink. They could be holding massive short positions right now, allowing the price to climb toward 1900—say, hitting 1880 or 1890—before we finally see a correction.
Anthony Evans78 said:quiettrucker12, the Federal Reserve only knows how to do one thing: print paper. This US Dollar strength is just temporary, especially when you compare it to other assets that are also losing value fast. Honestly, the Federal Reserve is basically just racing to see which one can destroy its own currency first.
That’s all true, and Ben clearly has the biggest printing press, so the US Dollar will just keep sliding... It’ll be interesting to see if he can suppress the US Dollar just enough before the election, especially since he needs those stock prices looking good right now, even though the market is signaling that the US Dollar should actually be climbing a bit.
Trend shifts between currencies—like this attempt to prop up the US Dollar—are going to get slower, more volatile, and much more painful because everyone is printing money. On top of that, everyone is pinning their hopes for this bull market on the fact that nobody can print quite like Ben.
Things are getting pretty interesting right now. The market is betting that $78.60 was the floor for the Dollar, but Ben clearly has other plans. If the Dollar keeps climbing, we’re looking at a stock market dip right before the election hits. It’s basically a showdown: the Federal Reserve against the market, and the Federal Reserve against every other central bank out there. If Ben manages to push the Dollar even lower, gold could slide toward $1,900. If he fails, we might see it drop toward $1,700—maybe even $1,690? I can't recall the last time things were this volatile. I'd say it's a 50/50 toss-up, maybe leaning 60/40 in favor of the Dollar rising.
Melissa Sanchez17 said:Look, I'm not talking about some minor dip in value here—I'm talking about a total currency collapse. Honestly, I just can't wrap my head around the idea that the Dollar is going to go belly up before the Euro does.
Sure, but (haven't read the full piece) that phrase "it is not the Euro that will collapse next but the dollar" sounds to me like the author thinks the Dollar is the next one to hit the floor (which, let's be honest, isn't a shocker), not the Euro. If they actually meant the Dollar would tank before the Euro, they would have phrased it differently.