SD Friday Wrap: ‘Twould be remiss not to say thank you in advance to all the Veterans, and to say something about this coming Sunday, November 11th…
Half Dollar’s Note: If you read anything in today’s post, be sure to scroll down and read the section below the last chart.
My apologies in advance if this Friday Wrap is out of tune.
I’ve got a terrible, pounding headache.
No, it’s not a tumor.
At least I hope it’s not.
You know those headaches where your head pounds every few seconds, non-stop?
It’s one of those headaches.
This probably sounds corny, but I’ll say it anyway: This is probably what silver regularly feels like.
And no, my headache isn’t because of the drop in gold & silver prices. I actually took advantage and made a purchase this morning, so for the dirt cheap price of silver that the cartel wants to keep on giving us, I’m grateful to be able to convert my dollars into some shiny phyzz at these prices.
I hope you were able to convert some dollars into silver (or gold) too.
Maybe my headache is because the internet connection has been off and on multiple times today?
I mean, it was a pain in the butt, but I don’t know that it would cause a pain in the head.
It doesn’t matter.
Neither here nor there.
The price of crude oil dropped below $60 a barrel today:
Crude oil is now down over 20% from its $76.90 high. The technicals are starting to look extreme, but we all know that the technicals can get even more extreme before the price begins to perform as expected (which in the case of crude would be to recover).
I am starting to reconsider my call for the bottom in gold & silver as I said I would.
I have maintained all along that if crude oil drops into the mid-$50s, then we risk a trip back down to test the lows set a couple months ago, and possibly to test the lows of December, 2015. If crude does drop again next week, we should be in the $13s in silver and the $1100s in gold on the quick.
Dr Copper is puking again:
Copper gapped-down today below its 50-day moving average and never looked back.
The gold to silver ratio is at its favorite number of late:
That is, we’re still right around 85 ounces of silver required to buy one single ounce of gold.
Silver is down for five out of the last six days:
Like copper, silver gapped-down and kept on falling.
Gold was smashed below its 50-day moving average today:
What kind of sucks (if you’re wanting the gold price to go up) is the fact that we now have a lower-high and a lower-low on the daily chart in the recent, short-term past.
Palladium is consolidating around $1100:
Although the consolidation is south of whole number support.
Platinum is starting to pull-back now too:
So much for that battle at the 200-day. Recall, however, that platinum has been holding up recently and putting in what I have been calling a stealth bull trend.
The US dollar has strengthened post-mid-term elections:
Because the US economy is an island oasis with this booming economy you know.
Yield on the 10-Year Note made a run at recent highs:
Yield has since pulled back today down below 3.2%. Granted, every time we pop above 3.2%, the stock market has fits.
Which is what we saw today, but look closely at today’s candle:
When you’re the stock market, you get to perfectly bounce off of your 200-day!
The VIX could be ready to spike again:
I have been saying all along that market volatility is ahead of us, not behind us.
This Friday Wrap would be remiss without mentioning this coming Sunday, November 11th.
First of all, to all the veterans out there: Thank you for your service.
It seems like everybody’s curiosity has spiked considering the significance of this year – the 100th anniversary of the end of WWI.
Will Sunday be some sort of Day Zero?
The start of something totally brand new?
Like a world order?
A re-boot of the system?
I’m not holding my breath.
But I wouldn’t be surprised either.
Because all year long gold & silver have been primed to not just be totally neglected by the mainstream, but also to be severely despised and even outright hated. Everybody is so sure the only direction gold and silver have to go is down, and that gold and silver are “have been” investments, no longer needed in today’s technologically advanced society. Furthermore, everybody has been so conditioned to trust in fiat currency paper assets, in spite of a US Constitution that spells it out to the contrary, and for the dumb or ignorant who don’t know what the US Constitution spells out, in spite of a financial system that is totally corrupted, putrid, rotten, and falling apart at the seams.
That is to say, In spite of a financial system that is ripe for the most epic, historic unraveling.
The system would have already unraveled were it not for the market intervention that takes place every minute of every hour of every day.
That is exactly why I wouldn’t be surprised if something huge does happen on Sunday.
One of these Sundays, we know it’s coming.
One Sunday, the ‘reset’ will happen.
This Sunday is just as good as any I guess.
I’m always up for a paradigm shift.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.