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Bullboard - Stock Discussion Forum Condor Resources Inc V.CN

Alternate Symbol(s):  CNRIF

Condor Resources Inc. is a precious and base metals exploration company focused on its portfolio of projects in Peru. The Company’s flagship Pucamayo project is located 185 km southeast of Lima and covers an area of approximately 85 square kilometers (km2). Its other project includes Chavin, Soledad, Quriurqu, Huinac Punta, Humaya, Andrea, San Martin, Quilisane, Rio Bravo and Cobreorco. The... see more

TSXV:CN - Post Discussion

Condor Resources Inc > How low can gold go?
View:
Post by Crashcomingsoon on Sep 13, 2022 6:02pm

How low can gold go?

Silver's 'buy signal' and why it is a good idea to hold commodities in recession, Goehring & Rozencwajg weighs in | Kitco News

My Comment: Of course, with rates rapidly increasing and with China's debt bubble bursting and Europe's energy costs soaring, something big could break at any time which would propel gold higher.  I have a buy order in on Condor at US$0.065.

Excerpt:

Right now, the silver market is very close to registering "a big buy signal," Goehring added. "Silver specs have now gone short, and they've been short for a couple of weeks now. And commercials are just about to go long. They're basically flat, and that's getting awfully close to a buy signal," he said.

However, the gold market still has a ways to go. "The commercials are still net short, and the speculators are still net long. So if we were to get a real flip in the gold psychology, that would be the bottom," Goehring said.

For gold, a potential bottom this year could be around $1,600 an ounce, which would be a 50% Fibonacci retracement. "And we're not that far away. That might be a natural stopping place on the downside," Goehring stated.

Comment by Crashcomingsoon on Sep 15, 2022 10:29pm
So, gold broke major support at $1675-$1680.  $1600 is possible very soon as rates keep rising.  But, wait till something big breaks to precipitate the next financial crisis.  It could happen anywhere, but Europe, China, and Japan are prime candidates. It will take time for rate increases to really affect the US economy.  And I don't think the rate increases will slow ...more  
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