Lemme guess … you bought gold all the way down and puked somewhere below
1850 … you sold gold all the way up and today puked above 1903 … and if you’re
wondering what lessons can be learned from gold it should be this … over the
last 50+ years, since gold came off the Bretton Woods bullshit and Nixon took the
U.S. off the gold standard in 1971, no market or group of markets has taken
money from the collective spec public like gold … in other words, bullion banks
have cleaned up “bigly & yuge” and specs have lost “more-er-er”!
And no matter how much the FED hates gold and wants a lower price, they ain’t
gettin’ it, and my guess is the whole circus shitshow ends when gold goes north
of $2100, sometime in 2024 [who knows, maybe sooner!] … and when that
happens, a whole new paradigm of ranges and VIX enters the scene … question
is, can the HFT or HFTS keep the spread tight?
We’ve barely made the criminal & corrupt NYSE open, and gold has about a $50
range for the day … some pretty large buy stops hit above 1900 when price went
through 1903 … imagine this as a “normal” range day going forward? … it’s
coming! … so what’s the biggest thing you can do for yourself when trading
gold? … suspend brain activity and go with the algorithm signal if a “buy”, and
when it’s a sell, either take the short position or stand aside … and since I’m not
at all interested in being short gold … like ever … it means sit on my hands
when algorithm parameters aren’t on my side for being long … wonder how
many people got their accounts blown up today by trying to sell the rally
[prematurely] and then got their buy stop blown to shit? … I’m guessing more
than you can possibly know.
The bid/offer spread at Coinexx holding pretty well at 10 cents per OZ., but there
have been a few short stretches where it blew up for a minute or two … not very
happy with that, but overall the spread isn’t an issue today … moves to the
upside “el quicko mucho” have been the issue, and that clearly represents very
large buy orders that skew the order book … some probably short covering,
some outright getting long, but in terms of golds trading action this is a breakout
kind of day … I won’t go as far as saying we’ve just started a new paradigm,
although if this kind of upside action continues it’s gonna leave many bodies
along the roadside for pickup … we ain’t quite there yet.
We finish the normal New York session trading day with over a $61+ trading
range … some brutal up moves to be sure … only one trade today for the PAMM
in gold, and we’re UP SLIGHTLY … probably the best & clearest algo buy signal
you’re gonna see, but what held me back was the blowout range … unless I’m
mistaken, I don’t think gold is ready for $50+ ranges that can be bought with
expectations the range can go further … we’re just not there yet … the problem
being if you buy on the extended range and it starts going against you, you’re
now toast cuz you run the real risk of corrective activity making your life
miserable … today, that didn’t happen … over at IQCENT, NO TRADES for
“The Syndicate”, as EURUSD had a terribly insignificant trading range, hanging
right over sell stops sitting under 1.05, more specifically 1.04830, and couldn’t
do Mr. Jack “”Diddly” Squat in terms of trading action … quite frankly, I’m not
willing to do algorithm “buy” trading with a market that won’t go anywhere, with
the threat of underlying sell stops to ruin your day … meanwhile, crypto has
died with some of the lowest & worst trading ranges I’ve ever seen … WTF is
going on there? … but the good news is that gold is back baby! … there will be
trading opportunities galore, and this is just the start of a very long journey for
gold, one where price goes orbital, the FED gets destroyed, and gold becomes
itself again without the shackles of a feckless FED hanging over it … buckle up
& let the ride begin! … much more on gold in Sunday’s blog update.
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
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