I just got back inside from walking my dogs in this…….
That’s real dedication, eh?
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Is It Time to Give Up?
Is It Time To Give Up? by Avi Gilburt, ElliottWaveTrader.net
First published Sat Dec 17 for members of ElliottWaveTrader.net: When dealing with markets, one must avoid, as much as possible, emotional responses and simply focus on the facts before us. Last weekend, I presented my “factual” analysis of the market, and explained why I have retained a larger degree bullish perspective. I suggest you review what I wrote so you can understand how I weigh the pros and cons in the complex, and why I have come to the conclusion I maintain. Moreover, within the analysis I have been providing for the last month, I have been suggesting that another drop will likely be seen in the GDX and silver, and this past week that has finally been seen.
With the drop this past week in silver and GDX to lower levels below the November lows, the market has just about completed the pattern I have been tracking to end this correction which began in August. As I noted during my mid-week update, the initial rally off the Jan/Dec lows took 8 months, and the correction has now taken half that time. This is quite normal for timing on corrections, so there is nothing unusual about the timing aspect of the correction.
A Deep Shaft
I was amused last night to discover that I was pointed out by no less a person than Peter Schiff on no less a network than Reuters as to being “totally wrong” about my grim views of gold. Well, as almost always seems to be the case, just about the only asset in the red this morning is – yep – gold. We got a little two day respite (Friday, Monday), but it’s back to its old stinky ways.
I have no doubt there will be a bounce at some point………..perhaps even a hearty one………but the damage is vast. Just one look at the gold and silver index, and I think you’d agree that 2017 is going to plumb much vaster depths (for miners in particular) than precious metals bulls want to conjure.
Gold’s Sloppy Path
As I was dumping almost all my personal bullion when it was above $1300, folks were telling me how foolish I was, how I was pulling a “Gartman”, and so forth. All I can say is, as gold’s value continues withering away, I don’t have any regrets. I think it’ll bounce back to $1250 at some point, yeah, but I think it’s going to be a miserable 2017 for the yellow metal (and even worse for miners). Gold sucks. It’s just about the only asset that’s reliably down every day.
