GOLD AND SILVER OUT LOOOK FEB 2012 FROM CHIEFSWORLD

[CHIEFS WORLD]

Gold and Silver bottomed at the time I anticipated. Price of silver
bottomed a little higher, but time is more important than price, time
fibo measures were a great help in this case. I bought my physical
silver as promised between late December to mid-Jan. If you remember
the significance of my 3ema/10ema/20dma moving average ribbon on the
daily chart, then you know that a bullish cross over is a MT buy
signal. The 10ema and 20dma then become support on intra-day and daily
closing basis.

From the 1522 bottom, I was wanting the market to recapture territory
above 1666 to lock in a MT bottom. The market delivered with a strong
January, almost engulfing the declines of December.

Now going forward for 2012:
I see 3 scenarios for gold and silver, two bullish, one bearish.

The bullish scenarios both suggest that the bottom is in, higher highs
are ahead, GSR topped out and heading toward 16 as my previous chart
indicated:

1) Super-bull: Up with little pull back, small corrections less than
3% blowing right past 1920 to challenge 2000 in just a few weeks. Then
one 5-8% pullback before charging on to 2400+
I give this super-bull move a 35% probability.

2) Moderate bull, more consolidation, up and sideways. More chop up
and more time sideways into the latter part of 2012 (Aug-Oct). Looking
for a challenge of 1900 in gold and 48ish silver before June, but no
sooner than mid-march. Could see 2 to 3 pullbacks of 5-8% before a new
all time high above 1920 is established. I think a mid-term higher-low
would be finished in the Aug-Oct time frame, from which a very strong
impulse higher will erupt for the remainder of 2012, likely making the
2000 level a speed bump on the way to 2400+. Silver in tandem with
gold, should find a final higher low in Aug-Oct then impulse higher
than $50 for the rest of 2012, on it's way to 95 to 135. Again I want
to reiterate, I think chances are very good that once 50 silver is
broken the price of Silver may never visit sub-50 again. 2012 could
possibly be the last chance to buy physical silver under $50 an ounce.
I give this moderate bull move a 55% probability.

3) Bearish capitulation. If gold drops like a rock, impulsively below
1615, then something is likely wrong with my anticipated uptrend. Such
a move would suggest the rise from 1522 till now was just a sucker
rally. Bulls would prefer to see only a 3 wave choppy dip that remains
above 1615. Downward thrust in such a bearish case could easily probe
1310 to 1430 gold, silver could touch 22ish.
I give this bearish move a 10% probability at this time.

Please remember, I'm just some nameless, faceless, internet
personality, Do Your Own Due Diligence.