“Nothing ever changes on Wall Street. Speculation is as old as the hills. What has happened before in the markets will happen again.” – Jesse Livermore
Michael Noonan – Despite taking his life at the Sherry Netherland Hotel in 1940, at the age of 63, [he considered himself a failure], Livermore is revered by many as the consummate trader.
We often comment on the importance of rules, and our adherence to rules does not come from Livermore, but he always attributed his losses to the times when he failed to follow his rules.
Our point is that markets never change, and as it turns our, neither do people, and certainly not when it comes to trading/investing in the markets, stock, commodities, etc. Most people do not have a set of written rules that they follow at all times. A lack of discipline would have to be next in rank. It can be hard to be successful in the markets with rules and discipline. It is impossible to succeed without them.
The greatest credibility for market analysts is given to those who talk a great deal about fundamentals. On the opposite end of the spectrum, those to whom the least amount of credibility is given, are technical analysts and chart readers. We fall in the latter, reading
the markets through developing activity in the form of price and volume.
The one constant we have delivered in our commentaries is the importance of knowing the trend, first and foremost. Since the 2011 market highs in PMs, the trend has been down, and the trend for both gold and silver remains down to this day. We also have made the distinction between buying and holding physical gold and silver and not being long in the futures market. seemingly related, [only now tenuously by price], but very different in purpose.