Shortly before 3 a.m. EDT, December Gold has bounced almost precisely from a Hidden Pivot target disseminated to subscribers when it was trading $66 higher. This could be the washout low we’ve been looking for, although December Silver still has a ways to fall before it reaches a corresponding target. If Gold’s so-far tentative bounce is going to pull Silver out of its tailspin, it’ll require a move exceeding 1592.70. (That would turn the 3-minute chart impulsively bullish.) Otherwise, look for Silver to dive to its target, presumably pulling Gold down with it.
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Went to a coin show today…it was quite incredible. There seemed to be a veritable seller strike. Many dealers didn;t bother showing up. Dealers who showed up were demanding $32 for cull Morgans…about the same price they were selling for a week ago when silver was $40. Nobody is willing to buy into the notion that a $10 drop in silver over a couple days can be real…and they don’t want to accept taking a loss on their inventory. In any case I had no problem selling at premiums that a week ago would get me laughed at, and still I undercut all the dealers. While I am not ready to make a macro call on the state of things based on a single coin show…at least in this instance we saw some evidence of a divergence between the fictitious electronic market and the real physical market. Hopefully it is a sign of things to come.