dunker1
-
Posts
27 -
Joined
-
Last visited
Content Type
Profiles
Forums
Events
Posts posted by dunker1
-
-
A few months back Dominic posted a link to a site/blog with an article about the'cult' of the on line gold/silver bulls, which lead on to a further discussion of cults in general.
Can anyone remember the site or even better provide the link as I can't recall which thread it appeared on and lack the patience to trawl through to find it.
Thanks in advance.
-
In the world of KWN there never is any downside for the PM's.
-
Impressive takedown indeed.....hats off !!!
-
This is worth a read ...
How the PM blogosphere behaves like a cult
I first started seriously browsing the PM blog sites at the end of 2010. I'd traded for years (stocks mostly), but was a relative newcomer to the world of investing in gold and silver. I was struck by the huge amount of apparently helpful online advice, charts, and discussion, all dedicated to gold and silver. I'd never had such a resource to draw from when trading the FTSE, so I became something of an avid reader of these sites. A whole new world was opened up to me: one of Turds and talking bears and Keisers and KWNs and Zero Hedges; not to mention Harvey's Organ [sic] and too many others to name.
Oh dear !!!
I have been wasting my time - standing in the back garden late at night, peering into the night sky, waiting for Messrs Turk, Sprott and Morgan to arrive in a solid silver rocket, then to be whisked off to that golden moon we have all been promised.
-
I wonder if major doubts are spreading amongst the silver bulls.
Quite obviously it isn't performing as expected in the catastrophic environment we have.
The ridiculous price quotes we have seen from all those with an agenda (Turk, Sprott etc.), plus the multitude of websites pushing the story- have no doubt suckered in a lot of people looking for riches and not just wealth preservation, it can often appear to be only a one way bet where there is absolutely no possibility of it going the wrong way, and anyone with an alternative opinion is regarded as a sheep with no understanding of the situation, could it be the gold and silver followers are the sheep ?
What makes me chuckle is when the PM's are crashing and people come along with their "I hope it plummets astronomically so I can back up the truck", I don't believe this for one minute, you can almost feel their pain as they say it through gritted teeth.
Lets face it, nobody has a crystal ball and has absolutely no idea how this eventually pans out, we are in totally unchartered waters.
-
-
The silver rollercoaster heading down.......I see $25-$27 at year end.
-
Gold down this morning quite a lot - now down to $1680 or £1080.
Don't worry !
If you listen to the likes of James Turk - it will probably be 5,000 tomorrow.
-
I couldn't bring myself to add to core silver holdings unless it retested the recent lows of $26/27, a price I would be quite confident in it reaching in this catastrophic climate.
-
James Turk's $75 Silver at year end isn't looking very likely, unless there was a misprint or glitch on a sound recording and he actually quoted $25.
-
A near or there 100% gain in 2 months ?
Seeming extremely unlikely I would say.
Silver isn't doing the job of safe haven that was predicted as inevitable in the mass turmoil currently taking place, it just gets sold off generally as a risky asset on any new piece of catastrophic news. Sure it is a big head scratcher for the bulls when we have an environment in which they would have anticipated a far far higher price for silver.
If then we are awaiting the industrial side to kick in ( read that it could be supposedly 70% of demand in the future), then surely a massively bankrupt western world and slowing growth elsewhere isn't exactly bullish.
Also factor in the inevitable margin hikes etc. that occur as soon as any sign of steep inclines in price occur in the PM's, do you think a rise of 100% would happen with no interference ?
-
-
James Turk often makes the most extreme calls of all the multitude of bulls that are around, and they never ever seemed to be called to account when there predictions prove to be way off the mark. Strange as he appears so conservative in appearance and tone.
I am in both phys silver and gold, but I do sometimes become peeved by the almost cultishness of many of the sites that push the whole silver/gold story. The aforementioned King World news for example, never is a dissenting voice or alternative opinion seen or heard, and the interviewees are just fed soft questions that back up the overall argument. In fact, it does appear that any alternative opinions generally are shot down and accusations of manipulation instantly thrown as soon as prices move in the wrong direction.
-
Would certainly take some courage and confidence in the silver story to buy in at $32-33 with what is unfolding globally and no doubt what still lies around the corner.
-
Quite amazing what we are witnessing here, vertical drops.
-
Wow !
Just wonder how low we can go.
Surely if we see a sustained period of deleveraging, margin calls being met etc , the downside is unlimited, especially due to the higher volatilty of silver anyway.
No doubt the die hard bulls will be saying - makes it a great buying opportunity, but I would say truth be told they would be very uncomfortable by the possibilities of where it could drop to.
Recently I saw figures stating that silver demand will be 70% industrial at some point not to far away, doesn't that also not bode well in a massively slowing global economy ?
-
I take it any silver bulls are absolutely pulling their hair out right now, and i get the impression nobody has a real clue what is going on and why the price has collapsed to such an extent. Must seem a waste of time to all the chartists and technical analysis boys who put in all that work...whats if for ?
GOLD
in Gold, FX, Stocks / Diaries & Blogs
Posted
It wasn't something published in Moneyweek, just something he came across elsewhere.
Thanks anyway.