Gold Daily And Silver Weekly Charts – How Sweet It Is

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: it never was my thinking that made the big money for me. It was always my sitting.  Got that?  My sitting tight!

Those who can both be right and sit tight are uncommon. I found it one of the hardest things to learn.”

Jesse Livermore

I had such a feeling that these jokers were going get stuffed on the usual Non-Farm Payrolls precious metals hit I cannot even describe it. But I did bet it that way in my trading account. 

But for most of us, and for most of my own portfolio, we do not wager against The Bucket Shop and exhaust ourselves trying to play their short term wiggles, dodges and headfakes with their synthetic gold.

We ‘get right and sit tight.’ And I am seeing confirmation after confirmation that the fundamentals on the precious metals are solid, to be understated about it perhaps when so many will be going hyperbolic. There are still difficulties, and things could turn rather ugly on the political fronts. Who can predict that sort of thing? But based on the knowable, things are unfolding in a very rational manner for those who can see past the noisome rantings of the financiers and their economic status quo. 

I have drawn the beginnings of the ‘cup and handle’ on the chart. The ‘handle’ will form on the right, and will take the shape of a retracement from wherever the top of the cup may be.

It will not be an active formation until the retest is successful, the handle is set, and the price of gold breaks back out to new highs.

That is a lot of things that may or may not happen from here.

But for now I will just say, have a pleasant weekend.