YeOldGoldNugget's Blog Spot: Orko Silver Chart October 02, 2009

Saturday, October 3, 2009

Orko Silver Chart October 02, 2009

By 79Atoms on Saturday, October 03, 2009

Well yesterday was not as bad as the day before but still bad enough for the broader market. US job losses unexpectedly accelerated last month and the unemployment rate reached the highest level since 1983, signaling any recovery in consumer spending and economic growth will be slow to develop.

Well, those were the headlines anyway which started the sell off and when you have unemployment soaring to those levels then what viable economic recovery is there actually is what investors think? My views are a little different then some since I do not have to wait for a report like that to know that the figuratively speaking manure has already hit the fan and has already ricochet off it and on basically all who have a bank account and take part in our current financial system.

You see that leaves me looking not at the markets but at investor sentiment. That's even harder to do. Me, I'm already aware that no matter what the news may say about recession over, investor sentiment up and all, this recession is far from over and investor sentiment is not 'really' up. What kind of polls can claim investor sentiment is up and with the smallest event have them running for the exits so to speak.

Can anyone really blame them after last time? So no, I definitely can't, that's just the media and their rose colored view creating the perception that investor sentiment is up and we're getting out of this recession while us contrarians know its not and leaves us at the behest of events like these.

Know this though:

In times like these Gold and Silver are and have always been the safest investment. Since ancient times until our technological and digital age. Will our age be different? Me thinks not!

Gold and silver held up pretty well after AGAIN being beaten down at the start of comex trading in New York but surprisingly they immediately surged higher (writer learns later that this is due to actions of the White Knight *) and in no time regained all the previous losses. Gold and silver went a bit sideways after that but this kept gold again neatly at the 4 digit mark of 1000$.

Someone doesn't want this gold price to drop too far under the 1000 mark that's for sure! Does someone think this is also mainly due to China? That shouldn't have to be the only reason, there are probably hundreds of reasons to write down why gold has held its bearings so well. The China aspect is in my opinion one of the major reasons.

Daily Chart

Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

So, to the chart of the day...Orko Silver opened at 0.85 which is yet another Canadian cent lower than Thursday. At 10:30 AM we already had our low of 0.82 on the boards. We did however see some action in the afternoon which looked like we were going to end in the green for the day but due to some late selling the stock managed to end lower and close in the red at 0.83 -0.010 (-1.19%).

So to me as someone who watches the stock daily,...the interest is there for this to go higher. That's a fact...in my opinion then cause there's only one person doing the writing here ;-)
Sadly October already being a tough month for stocks and the gloomy report about the more than expected job losses brought everything down including stocks who were meant to go up.

So that means we are now looking at a possible new target of 0.80 to look for renewed interest or a possible bottom. Also one more thing investors have to consider, will this year be different than last year? Will the already hurt and still bloodied junior mining market again bear the brunt of last year's panic selling or will some of the money that will flow out of different sectors start flowing into gold and silver bullion and with that also the junior market?

Around 0.80 till 0.83 there was the start of the rally so that also plays a part to look for where this thing is going to bottom out. The 0.805 coincides with the 50% Fibonacci line which also could act as a bottom and a target for us to look at.

And to end this week's chart of the day I'd also like to provide my last statement for the week.

The moment for gold to break the all time high is getting ever nearer.

* Reference made by Ed Steer from Casey Research to the mysterious person or persons supporting the gold price after the bullion banks again tried to pull down gold and silver on Comex.