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Friday’s Precious Metals Melt-Down…. How to Manage It!
“WOW” Friday’s Precious Metals Meltdown is an understatement…. I love seeing all this fear in the market and panic selling volume jump through the roof. This is or is the “start” of the washout bottom in metals I have been talking about for a few months. Critical support levels have been broken on gold, silver and miner stocks today. This is running the stops juicing up the sell side volume.
This size of a move WILL trigger a wave of margin calls come the end of the session and it could start another strong wave of selling into the closing bell. While I like this prices for both gold and silver, I know this could be just the start of more selling. I sound like a broken record but I am not trying to catch a falling knife unless it looks like a perfect setup. I still feel we could get another 1-3 days of selling or chop down here before things go higher so I will just watch the gold and bugs get stepped on again.
Remember this chart I posted a while back… it’s not coming true:
WATCH VIDEO ABOUT TODAY’S SILVER & GOLD SELLOFF: http://youtu.be/7dnM33V8dIo
Last day of the week is the most important for long term trends and investors. Today is going to be wild and may trigger a massive wave of selling which could be really good for those who know how to take advantage of it with me at: http://www.TheGoldAndOilGuy.com
Chris Vermeulen
2013-04-12 12:00:27
Source: http://www.thegoldandoilguy.com/articles/preciousmetalsmelt-down/
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