“If you’re a bullion investor,” I wrote at the time, “you can buy the stuff now without fear or qualm.” Had you taken this advice, you’d have gotten aboard just in time to get smashed in the head, since gold was about to have its worst week in six months.
And for two, there had been no vicious takedowns in gold recently, ostensibly because the bad guys finally realized it was time for gold to start discounting the rising crescendo of inflation fears.
Plunger took great pains to separate himself from those who still cling to the notion that bullion’s slide since last summer, punctuated by exciting rallies that died, is merely corrective.
I should also mention that if Comex Gold were to fall a further 24% to the green line – bad enough, probably, to satisfy Plunger — it would generate a ‘back-up-the-truck’ buy signal, based on the rules of my Hidden Pivot System.
So how much lower will gold and silver need to fall before a durable bottom is possible? Plunger thinks we are nearing the end of bullion’s ‘disappointment’ phase and that a capitulation finale in GDX would be signaled by a drop below the March 2021 low, 30.72.
NYSE:AMC has been spinning its tires in the mud over the past week as the recent short squeeze attempt seems to have stalled for the time being.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
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