RE: when to buy& thnx Wakythanks for update Waky
A tough day for gold bulls. But the people who are buying gold and silver now near the $590 area and silver near $11 plus, are the industry bears - the Commercials. They play the funds against the trading programs they employ and start a momentum that beats the heck out of themselves. The COT players step in and cover when selling slows. This has been the drill for 5 years.
I believe you have it correct Specchaser. Day to day activity is near impossible to predict, but gold is going into 4 digits and it isn't going to be too long before it happens. Buying at the very bottom is difficult. Staccato has had it's decline and oversold condition. This is obvious from charts and time of the decline etc. That is not to say, it cannot drop further, but from market depth and oversold condition, I have been a buyer last few weeks and have no qualms buying anything under .62. There are investors who seem to agree, as depth shows 22 bids and those owning shares, only 9 are willing to sell. Volume of shares ratio is same as last week, 3 times the amount of shares bid compared to offered.
This has been a good day for Cat shares MHO. Most of the trading was done at .55 and only 2 smallish transactions at close who hit the bid changed the closing price. Pm shares are going into strong hands and those who won't buy the US strong dollar theory. Strong market intervention lasts only so long whatever market it is. Put me down for $1.10 in December and get out the yellow pages for Pizza delivery......
cheers