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You're making the classic mistake of thinking that a commodity futures contract paper price holds any connection to the market price of the physical asset. Gold and silver holders realised long ago that the futures markets are completely disconnected to the physical.
I mean, you seriously believe that the most important commodity in the world after oil (and probably the most scarce), that is:
- essential for both modern tech and medicine amongst other industries
- has barely enough above ground stock to cover a years worth of demand
- is found in the earth at a ratio of 15-1 vs gold according to modern geologists
- is nearly impossible to recover economically from scrap
- and is both historical money as well as an invaluable commodity
should be "priced" around $20 / oz when it hit a high of $50 in 1980?? Obviously I'm talking about silver, and the futures price is a con job that even the Enron boys would be proud of. When those exchanges finally close their doors as they inevitably will, then you will find out the market price for these commodities....
FYI the all assett sell-off was first forecast in an article about the bitcoin price crash a week or so ago. Where bitcoin goes, all else follows. What a strange world we live in !
btw vis up 6.9% now - I always thought gold was a safe haven so why is it down at $1886 ? I saw a proposition a few days ago that the real reason for the sell off last few days was the worry about 30th Sept options closing and there will be an "all assett" sell off as there was end of March - remember that eh ? All those CFDs needed covering for losses. This is what I think I am seeing now JMHO. SP500 down 2.21% - what price the FTSE tomorrow ?? Gold is a safe haven but also has the most variable pricing because there is so little of it and it's only used for looking pretty (like Liz Hurley). So gold may crash until 30th Sept - but it will come back... JMHO.
Truth is this co-ordinated big money shorting takes all power away from the PI. The PI is not wrong in thinking this is a bargain but which PI is wlling to wait through months of shorting and decling SPs in order ro reap profit from the eventual gap up when the afforementioned complete bas**ards have closed and then gap the rice up - and the answer is few. It has always been this way. Look at ORPH and OKYO today in the bio sector - remped up last 30 mins no warning everyone locked out. It will happen here, and at EUA and at GGP and everywhere else. The MMs and their rich illegitimate bride paying budies know exaclty what they are about. Just accept it but - thing is this rise today probably signals the shorts are closing and turning to longs. I will probably be back in firsth thing tomorrow if the horse hasn't already bolted. I have been a long term holder but am not prepared to suffer the mental anguish these psycho thugs exert any more.
I do wonder if randy is offloading more.
Personally, I think a lot of investors are sitting on the sidelines waiting for financing to be confirmed. Yes, might see some steady gains with land purchases etc, but the construction decision is what we are all waiting for.
Great quotes, but I wonder if Jesse's philosophy applies to today's central bank manipulated "markets"!
Regarding these short term sell offs in Condor, if I'm wondering whether to sell I always ask myself "has anything fundamentally changed regarding or affecting the company that alters the likelihood of fulfilling the long term strategy?". If not, keep calm and carry on!
A few pertinent quotes from Jesse Livermore:
1. “Money is made by sitting, not trading.”
2. “It takes time to make money.”
3. “It was never my thinking that made the big money for me, it always was sitting.”
4. “The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.”
5. “Buy right, sit tight.”
6. “Men who can both be right and sit tight are uncommon.”
7. “Don’t give me timing, give me time.”
8. “There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”
There's nothing new here, although like generations before me I've sometimes had to learn the lessons the hard way.
ddd
I couldn't help a chuckle .
History doesn't just rhyme but actually repeats itself in share trading. The last 48 hours have seen some panic selling on the back of overall market nervousness, but even there it was overcooked. Why people take such short term decisions on the back of an obviously short trend remains baffling to me. If you buy in to Condor you are buying in to its fundamentals i.e. a significant uplift over the next year or two. It's pointless hanging on to every intake of breath by the general market. Completion of the land acquisition process will fire the starting gun but even here it could be months before the price adjusts to underlying value.
Some patience please. And don't be panicked out of the share because of others. Wait and see, analyse and then make your decision.
ddd