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Gold Flushed Down River
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Gold Flushed Down River

by The MoleAugust 24, 2016

I find history absolutely fascinating and especially the exploration of the Western frontier during the 19th century has always fueled my imagination. The featured image depicting three prospectors was taken in 1886 by a man called John C.H. Grabill who documented frontier life throughout Colorado, South Dakota, and Wyoming during the late 19th century. Imagine for a moment what must have motivated these men to abandon known civilization and relative comfort just to venture into the wild to seek their fortunes. The hardship, difficulties, and numerous dangers they invariably had to overcome just to wash a few ounces of gold out of some wild river. I cannot help but wonder what happened to those three men. Did they make their fortunes and managed to retire comfortably in some posh mansion? Or did they wind up losing it all to gambling, booze, or cheap entertainment? How many times did they find themselves at the wrong end of a knife, bullet, or fast arrow before they finally managed to sell a modest bag of gold dust to some ruthless buyer?

So next time you feel like you’ve got it tough because your stop was run again overnight or you can’t find a good entry I want you to think of Spriggs, Lamb, and Dillon here who most likely would laugh in your face followed by a swift kick in the behind. Our worst day would most likely be a sweet vacation to those guys. All a matter of perspective, isn’t it?

2016-08-24_gold

Anyway, virtual gold (i.e. the futures) is heading down fast right now and like an stealthy Apache I’m lurking in the shadows (sorry too much Karl May in my youth) to grab myself a long entry once major support areas are being touched. So on the daily we’re talking about 1324 BUT we want it to drop a little lower. Here’s why:

2016-08-24_gold_LT

The long term panel has us in earshot of a weekly NLSL which sits at 1322.2. Just a few handles below we also have the 100-month SMA at around 1317.3. So if we average the two then we arrive at 1320 as an almost ideal entry region. Of course instead of blindly setting an entry we’ll have to assess conditions as they unfold. If there’s a quick drop lower which finds ample buyers then I may be tempted to participate earlier. But if we continue to drop drop drop for the remainder of the week with decent participation then 1320 may just be in the cards. So keep this chart in your watch list and let’s hope for the worst 

Mini Vacation

As you know I’ve been a trooper throughout the summer, keeping you guys ahead of the tape, away from nasty traps, and occasionally entertained with tacky teutonic attempts at humor to prop up your collective spirits and keep you from falling prey to what must have been some of the toughest summer tape in years. But alas I’m not a robot either and must admit that I am starting to feel the pressure. My fearless wife just about had it and finally put her foot down today, practically ordering me to take a few days off as this summer is coming to an end.

blue-flag-beach

She’s got a point quite frankly plus the market is putting us to sleep right now anyway. I don’t think there will be a better opportunity to use up some of my largely unclaimed PTO, wouldn’t you agree? Thus this will be my last post until next Monday, August 29th. Of course the Zero indicator, plus all the systems and alerts will continue as usual. If you have any problems with your sub please email me at admin@ and I’ll make sure to get back to you within 24 hours. See you next Monday!

 


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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