Does silver have the muscle power to hit 52-week highs on this first full week of October?
(by Half Dollar) It’s not going to be an easy week for gold & silver.
We have consumer, financialized, housing, and other types of inflation that are running rampant, we’re close to an already priced-in fiscal/monetary “deal” of some sort between our “elected” “leaders” in Washington, we have the mainstream and the wannabe mainstream drooling at the thought of a stock market crash, or drooling at the thought of a stock market rescue after an oh so scary-scary moment of stock market “volatility”, or drooling at the thought of something, we have those Dang Chinese Commies celebrating their Golden Week, and on Friday, we have the release of the most important jobs report, ever.
Oh yeah, and among other things, such as a dollar index that hit 52-week highs last week, along with yield on the 10-Year Note breaching 1.5% to the upside, let’s not forget the fact that there are still way too many “bullish people” out there, for lack of a better term, who have not yet capitulated in silver, and nearly everybody is certain that silver has already bottomed at a price that is slightly below $21.50, and by “everybody”, I especially mean the Chart Huggers, the Penny Stock Pumpers, the Sleazy Opportunists and Worse.
But wait, there’s more!
That’s right folks, because with all of the inflation that is now to the point of forcing Joe Deplorable to make some decisions and take some actions, with the stock market’s recent volatile “down” move, and with other factors that cause “market” “participants” to need to “sell anything and everything to raise cash”, we have yet to see the “liquidations”.
And if all of that wasn’t enough, the fourth quarter and the so-called “tax loss selling” season are here.
Silver’s ready to rally in the Rigged Casino?
Good luck with that.
Everybody knows ‘Ol Half Dollar’s call:
Even though nobody will admit it.
For those who think it’s rally mode for silver & gold, check out this graph with both gold and silver:
And then ask yourself, “why exactly, again, is the Cartel not going to color the next page in its dollar store paint-by-numbers coloring book?
At this moment in time, gold has not put in 52-week lows:
Everybody and their brother have also been certain that gold bottomed slightly below $1680.
Everybody also keeps shouting, “the precious metals are extremely oversold”:
The problem right now, of course, is that the Cartel has given the precious metals a bounce.
Generally speaking, when an underlying is down nearly 40%:
That would be called a “dead cat bounce”.
Now that we have those Dang Chinese Commies buyin’ up all the energy at any price, or so the Armchair Quarterbacks say, everybody is certain the price of crude oil is going to take off into the end of the year:
Therefore, the contrarian in me would be looking for a correction in price, especially as Joe Deplorable makes decisions and takes action.
I just don’t think the Fed and the Feds are ready to let go of the “transitory” inflation narrative just yet:
And since they can’t go broad because, well, the price of every single thing in the entire world is going up, why not go big with things such as, oh, I don’t know, perhaps, “gold is dead as an inflation hedge” or “Dr. Copper says the inflation is transitory”?
For all of the talk of a stock market “crash”, we’re not even down 10% from all-time record highs:
The question is, at what percent will the Fed “do something”?
All things considered, that’s not a whole lot of fear in the markets:
It’s too bad and way too boring that the current crop in Washington and on Wall Street are scared of anything but the Kiddie Rides.
Indeed, it is a Dog-n-Pony Show:
And it’s distracting from the reality of our situation.
In reality, there is no hope:
With the sole exception of hope that the US dollar finishes this awful transitory hyperinflationary crack-up boom faster than the Fed and the Feds can “control”.
Considering the lack of care from the public in general, considering the lack of Real Patriots willing to do anything about it, and considering the over abundance of Brainwashed Masses, Walmart Zombies, Sheeple, and Gamblers in the Rigged Casino, however, if there is any hope, it is fading fast.
At this point, surviving America’s socio-economic collapse is what matters.
Thanks for reading.
Paul “Half Dollar” Eberhart