Boy, did Big Al mess up yesterday!
I spent the day in Canada yesterday and did not post Trader Rog’s commentary. Here is what Joe had to say about that:
“Hi Al,
I believe this is the first time I see no posting
Makes me wonder if something is wrong
Hope everybody is well and will be hearing from you again soon
Thank you God Bless Joe”
Thank you for the concern, Joe. Unfortunately that was not the first mistake I have every made in my life!
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Morning Jed,
I completely agree!
Big Al
Hi Jed,
That is the perception but watch out for the double speak coming from the FED. I think the “Twist” this time will be in words not policy. If they announce anything radical gold could fly and that is the last thing they want. Maybe closer to the summer they will announce some more policy statements. Just my humble view.
Dan
HI Dan,
Certainly very possible! I personally side with Jed at this point.
Big Al
Hi Al,
Dissappointing provincial election in Alberta. PCs elected with a 61 of 87 seat majority. This will be great for the oilsands and the Northern Gateway pipeline because Alison Redford will be a stellar negotiator but boring for us in Canada as this will take the PCs to 46 years of constant majority power in Alberta. In 4 years look to the Wildrose Party to win after working out the bugs in their upstart party.
I think in a few years the Northern Gateway Pipeline from the oilsands directly west to the coast will be built.
Dan
Hi Dan,
I will look into the Wildrose Party. Sounds interesting.
Thanks,
Big Al
For some reason when Trader Rog says the word ‘interesting’ I begin to get nervous. Rog used the ‘i’ word 3 time in this report. I know it must be a euphemism for ‘hang on to your pants’ but I just wondered if it had a technical meaning since Rog is a technician!
While Roger’s “interesting” seems more somber than Al’s often casual use of the word, your description of your intense physical reaction makes me wonder if you are sufficiently comfortable with the structure of your investments.
hey thanks for the input. I was kind of joking…kind of. It would be fair to say I am weighted pretty heavy on silver. I have in mind long term & know full well what is going on. Howerver, I still get sweaty palms when certain things don’t happen as quickly as I had hoped. just got to be more patient i guess.
Hi Naomal and Impeachemall,
I think that we all need to be a little more patient!
Big Al
HI AL YOU nailed it ……. patience is the key.
Sorry to tell you, Irishtony, but you missed a perfect opportunity to sneak this line in:
………………………………………….”GUINNESS”…………………………………..
Cheers!
Amen to that, Big ‘Sheriff’ Al,
I need that reminder too.
Muchas gracias!
impeach,
I think anyone who is not nervous to scared in the stock market shouldn’t be in it.
Hi naomal,
Now, that’s funny! You had me bustin’ a gut. Oh man, it’s good to laugh!
Thanks much, 🙂
impeachemall HI . You are correct, i must be slipping……Anybody who has the patience to wait for a beautiful pint of Guinness to settle, truly has the patience to wait for the PM’s to rise………………So there you have it folks…….DRINK GUINNESS.
Okay, but only because I take ALL of your advice!
Big Al
Hey Mr. Irish,
Who can argue with that kind of logic. You’ve just about convinced me to take up Guinness. ha ha ha.
Best of health to you!
Morning Mr. C,
Laughter is really one of the keys to happiness!
Big Al
Yes indeed Big Al,
It is. And I think I laugh not near often enough.
Fortunately, we have some really funny people on this site. What a great bunch o people. You are all appreciated.
Apologies, 4 times he used that word. Might there also be an algorithm to correlate the incidence of the ‘i’ word with my cold sweats?
hey everybody! just reading the paper & see that the social security & medicare are in the news again as running out of money sooner than expected!56 million retirees,disabled.spouses & children receive s.s. the average check is $1200. not a lot of money to survive on (for many this is the only income they have. the us gov’t has squandered 13 trillion on unwanted , unneeded, unwinnable wars around the world and bailed out too big to fail co.s like goldman snakes, jp morganstein, hsbsceitful, & others but not the most important entitties like the social security of the people that have paid into the system their whole lives. i started paying into the s.s.back in 1963 when i got my first job at a gas station & paid every year til i retired recently. seems to me that social security shoul be too big to fail!!!!!!!!!!!!! the us gov’t will continue to print & give the money away to all these other countries & entities knowing that they can;t possibley pay it back but not bail out the social security that all of us paid into all out lives!!!! what do you think about that big all & readers!!!!
FUBAR…my friend…what else can I say!
Afternoon Mr. Jones,
I could not agree with you more!
It is disgraceful that this is happening. But then again, know what, it is definitely not an isolated case!
Look for more commentary on this shortly.
Big Al
Gold prices have moved below it’s 50 week MA and closed there for 2 weeks and will in all likelihood again this week as well. We should get used to watching “paint dry” for the next few weeks. I doubt any significant moves in the precious metals in the next few weeks but expect gold to test its’ low in the upper $1500.00 and silver to see $28.00- $29.00. We should see a break lower for the conventional markets and this should also be a slow process since we in all likelihood are entering a cyclical bear market. GDX has closed below it’s 200 week MA which will now serve as resistance. There’s been considerable technical damage and usually markets don’t just go ballistically to the upside when this happens. There’ll need to be a lengthy period of consolidation and bottoming. It will happen since we’re still in a secular bear market for the PMs.
Correction–secular bull market for the PMs.
Thanks Richard,
I was kind of wondering what you meant!
Big Al
One way we will know if this is going to be a “head fake” for gold bulls is by watching the gold price tomorrow. On nearly every occasion where the effect is negative on gold, the price of gold will start to rise about five minutes before the announcement of minutes. On nearly every occasion where the effect has been positive, gold has stagnated or slightly dropped before the announcement. I am very impressed with all the positive news though that is coming out regarding gold, but that doesn’t mean they won’t shake this tree one last time REALLY HARD to get those last weak hands out of the market. I also notice there is an OVERWHELMING amount of cheer leading regarding gold going on just before the FOMC announcement, brought to us by the usual suspects. Almost every time this happens, the metals get whacked. I’m keeping powder dry. Sorry, but I want to be safe. And oh yeah, before I foget….I got that pair of underwear on the grill just in case.
Notice what happened with gold today. The metal price was up but most of the miners were down. This type of price pattern tells me we’re in a sideways to down market for awhile.
Yep. I think we are going to be this way for awhile. I hate trying to be patient. I was watching gold rise between 08:10 (Central time) and 08:30. The whole time I kept saying “no, no no. I want it to go down.” On a good bit of news, I have noticed that some large hedge funds have been increasing the number of shares in select mining companies, so that is a positive.
HI Mark A,
I agree in that, for the short term, we will see fits and starts. That; however, will end in due course. Can’t hold down fundamentals forever!
Big Al
Hhhhhhmmmmmmm…… very interesting.
http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=150086&sn=Detail&pid=102055
Hi Mark Alan,
So does, “very interesting” mean that I should hang onto my pants with both hands(as naomal indicated)? ha ha…I’ll take a look at those links.
Thanks much for posting them.
Another “Hhhhhhmmmmmmmmmmmm”
http://www.zerohedge.com/news/russia-and-mexico-both-buy-nearly-1-billion-worth-gold-march
Thanks for the link, Mark A
Big Al
Directly from that article: “So far gold has not been a prime beneficiary of these risks but this will likely change soon – especially if financial conditions deteriorate which seems very likely.”
Seems like our family, pretty much in unison, has been voicing that for a while now!
Best,
Big Al
GREAT HEADS UP….THANKS ROG…..
Big Al and Roger were both into some heavy travelling at the same time. Roger held a trading training class in Tempe, AZ followed by more speeches at the Gorman Wealth Conference. Back at the desk on Monday morning 4-30-12
thanks for asking – Traderrog
Money printing is all coming to a head in a slow moving crash. I expect Gold bulion and Gold stocks to break out soon. There has never been better value in the Gold stock sector.