Mish gets mentioned regularly by the Kitco group :
Is the sky falling ? -- AU_NB, 13:53:38 06/09/07 Sat
The spin appears to be that, "gold and silver have broken their trendlines and they are heading way down."
Well, it depends on what trendline one is using and what time period it covers. It also depends upon how sharp one's pencil is. And, perhaps most importantly, it depends on whether trendlines have been properly amended.
Even Mish posted a chart suggesting a broken trendline for
Gold.
globaleconomicanalysis.blogspot.com
But on a longer term chart (daily and linear like Mish's), that trendline has not been broken:
Nor has Gold on the Weekly chart (Linear) broken its trendline going back to 2005:
And it still remains above its trendline on the weekly Log Scale chart too:
As to Silver, on a Linerar Weekly Chart, it has not broken its Long Term Up Trendline:
On Silver's weekly Log Scale chart, while it has previously broken two-point up trendlines, it remains above its latest amended trendline, which appears to have been tested repeatedly over the last month. Interestingly, so far in this bull rise, each time that a two-point trendline has been broken, there is a reversal upward soon therafter.
So with so many saying "The sky is falling," Gold and silver, at or above support, just might surprise to the upside.
we'll c
jmho
icbw
dyodd |
