Kitco Radio – Mon 30 Apr, 2012

Morning Gold (Maybe I should say “economic”) Report

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Featuring:
Al KorelinRoger Wiegand

Comments:
  1. On April 30, 2012 at 10:53 am,
    Marc says:

    Big Al and Roger,
    Great insight…I am right there with ya guys! BTW, silver is holding “strong” too! Over at silverseek.com there is another great article by Steve De Angelo, past author of ” The coming paradigm shift in the silver”. In my humble opinion, great analysis on the silver market by Steve. Check it out. It is lengthy BUT well worth the time. I am on record, for what it is worth :), saying that I remain FIRMLY in Eric Sprott’s camp that SILVER is the BEST investment of this decade. And, more importantly, my investments support that comment.
    All the best,
    Marc

    • On April 30, 2012 at 11:11 am,
      Big Al says:

      HI Marc,

      I agree with you, definitely!

      Great articles in yesterday’s Seattle Times re: Huskies. Defense looks much better!

      Should be a great game come Sept.

      Off to Yoga class. Will be back with everyone at 3:30 p.m.

      Big Al

      • On April 30, 2012 at 3:04 pm,
        Marc says:

        Big Al,
        How is this for a four-month advance prognostication: Huskies favored over the Aztecs by at least 7.5 points. Say it isn’t so! Oh well, go AZZZTECS.
        Marc

        • On April 30, 2012 at 3:32 pm,
          Big Al says:

          At this moment in time, Marc, I am really not sure!

          Big Al

  2. On April 30, 2012 at 11:24 am,
    Mark Alan says:

    Take a look at the U.S. dollar action! That is abysmal. Look at how PMs and the US dollar ALL SPIKED at their opens Sunday night…UP!! Gold “V” bottomed AGAIN and silver is coiling below $32.
    But the dollar???? IT IS COMPLETELY FLAT since last night! That is NOT normal trading. Something smells rotten in Denmark.

    stay frosty….stay REALLY frosty.

    • On April 30, 2012 at 11:47 am,
      naomal says:

      ‘stay frosty’…ha….love that expression. You’re not a fan of that James Cameron classic ‘Aliens’ are you?

      • On April 30, 2012 at 11:57 am,
        Mark Alan says:

        Howdy naomal!

        You know something…I never saw that movie. I like the great classics like “Friendly Persuasion” “Sound of Music” “Oliver Twist” or the cult classics. Not much into sci-fi but if it is good, I am open minded. I enjoy books MUCH more. Sorry.

      • On April 30, 2012 at 3:36 pm,
        Big Al says:

        Actually a great movie. Remember “in space no-one can hear you scream”.

        Big Al

        • On April 30, 2012 at 4:12 pm,
          Mark Alan says:

          I saw “Alien” but not “Aliens” the second movie. Nor did I see the third. I did enjoy the first movie though, but not really my mug of ale.

          • On April 30, 2012 at 5:45 pm,
            Big Al says:

            Nor my choice in red wines.

            Big Al

    • On April 30, 2012 at 12:13 pm,
      Matthew says:

      The dollar has looked very weak technically for a while now. It made a couple attempts at the 150 day moving average this morning. If it can’t get back above it quickly, we’ll see the 200 dma come into play soon. It could bounce from there but will probably get through shortly thereafter. When it does, look out below!

      • On April 30, 2012 at 12:17 pm,
        Mark Alan says:

        And THAT will be awesome for the PMs and their mining stocks.!!! YIPPEEE!

    • On April 30, 2012 at 3:34 pm,
      Big Al says:

      Still in a downward trend, Mark A

      Big Al

    • On April 30, 2012 at 3:52 pm,
      Big Al says:

      Listen to what Grant Williams had to say about that on today’s second editorial.

      Best,

      Big Al

    • On June 14, 2012 at 12:06 pm,
      Janet says:

      From IFC:Report from Community Discussions: White Flag NightsThe following is ioftrmaoinn gathered from the Bed Lists at Community House from January 2009 through December 2009:Number of men slept on overflow for the 12 months: 1,688Number of days we slept men on overflow during the 12 months: 197Highest number of men slept on any given day: 25Lowest number of men slept on any given day: 1Average number of men slept (1,688/365): 5From July 1 through December 31 we looked at the names of the men who slept on overflow:Men slept: 563Men who were not duplicated (slept on multiple nights): 177Highest number of nights spent by any one man: 37Lowest number of nights spent by any one man: 1

  3. On April 30, 2012 at 12:42 pm,
    D. Brophy says:

    Hi Al, Clay got this off facebook today under a Ron Paul feature, Today: Paul Krugman will guest host two hours of Bloomberg TV from 3-5pm ET. He`ll speak to Ron Paul at 4pm – don`t miss Paul vs. Paul. http://www.businessinsider.com/get-ready-for-a-crazy-confrontation-on-bloomberg-tv-later-2012-4 The feature was called `Last Man Standing` http://www.ronpaul2012.com/2012/04/30/last-man-standing/

  4. On April 30, 2012 at 12:56 pm,
    Dai Uy says:

    Marc:

    An excellent article indeed by DeAngelo. It would seem to support my “Bird in hand is worth 2 in the bush(ground)” theory posted on Friday, April 27th under the first comments of the day. i.e. rising annual mining costs at the rate of 8-10% annually therefore the physical eventually going up at least by that amount without any of the other many risks with explorers, junior miners that DeAngelo points out.

    Will check back later this PM after my ballet lesson about the same time Al gets back from his Yoga lesson…………..

    • On April 30, 2012 at 2:29 pm,
      AlKorelink says:

      Ballet lessons?

      Okay,

      Big Al

      • On April 30, 2012 at 2:54 pm,
        Dai Uy says:

        Al:

        One must train to be nimble and light on one’s feet during these trying times…………

    • On April 30, 2012 at 2:49 pm,
      Marc says:

      Yeah,
      Dai Uy, that is very solid “common-sense” thinking. Amen…amen. BTW, I will check back in with you guys when I get back from my “basket weaving techniques as a relaxation modality” class this afternoon….wish me luck I am nervous. :).
      All the best,
      Marc

      • On April 30, 2012 at 3:55 pm,
        Big Al says:

        Alright this is getting way too personal.

        I happen to like ballet. Anyone wants to question my masculinity better watch out because I have a very heavy purse!

        Basket weaving, my personal hobby next to drinking great red wine.

        Now, let’s be open minded.

        Big Al

        • On April 30, 2012 at 4:30 pm,
          Jerry O^OTB says:

          AL, you need to get some of that 1966 chaiti , (italian),wrapped with sticks,,looks like a basket, then we could have a special release, with a silver sheriff badge, attached to
          it……BIG SHERIFF’S CHAITI, with a warning lable,,,,,for the weak of mind….
          for the miner within you….

          • On April 30, 2012 at 5:47 pm,
            Big Al says:

            I hate to admit In the Box, I could never drink that stuff.

            Do you by any chance remember Ariba. Fortified red wine guaranteed to give you the greatest hangover in the world! Drank in only once!

            Big Al

          • On April 30, 2012 at 7:10 pm,
            Jerry O^OTB says:

            “ARIBA”…is what you say , after you have drank the bottle of chaiti…
            I do not remember the name….OOTB

      • On April 30, 2012 at 4:05 pm,
        Jerry O^OTB says:

        CAN I AND IRISH JOIN….., I UNDERSTAND THERE IS BIG MONEY IN THOSE BASKETS,
        ESPECIALLY IF THEY ARE SIGNED BY BIG STARS CELEBS, LIKE YOU….

        • On April 30, 2012 at 4:08 pm,
          Big Al says:

          Actually, we have started a new cult called: “In the Box for President”. Those baskets are selling at a serious premium!

          Big Al

          • On April 30, 2012 at 4:35 pm,
            Jerry O^OTB says:

            is that like being a” basket case”……
            If I ran for president……. there would be,,,,,,”,free wine for all”………

            ooootb……im see double

  5. On April 30, 2012 at 1:10 pm,
    Richard says:

    Here’s how I see it: 1. We are on the verge of a global slowdown with base metals and commodities weakening and deflating. This will also include oil. 2. gold will trade in a channel and silver since it’s an industrial as well will be out-performed by gold. 3. With oil weakening, gross margins of the miners will be positively impacted and selected miners will do well over the next few weeks to months. I personally took my in the money protective calls off all my gold stocks except one and begun nibbling at some of the miners over the last 2 days and will continue to. 4. The conventional markets are topping and beginning a new cyclical bear market.

    • On April 30, 2012 at 3:04 pm,
      Matthew says:

      The copper chart paints a picture of strength, not weakness. It reversed sharply from the low last year which briefly approached the 50% fib support of the move from the ’08 lows. The subsequent rise into 2012 resulted in only a 38.2% retracement. Volume for the rise over the last two weeks was strong. The monthly chart is also very bullish. As copper tripled in price since the ’08 lows, monthly volume has quadrupled. It closed higher for April on record volume. The bullish view would find more support if copper can now get above the 400 dma (now $3.94) and stay there for at least three consecutive days.

      Since much of the data supports your view, it seems that the market is expecting the dollar to fall faster than economic activity. Demand destruction will be trumped by currency destruction. Remember, neither copper nor oil has gone up at all since the ’90′s when priced in gold.

      So, I think the dollar is about to get smoked. If the other major currencies share equally in the destruction, the USDX won’t have to fall much for the resource space to do very, very well. The conventional market will trend much higher when measured in dollars, but will continue it’s decline in real terms. The first time the Dow went to 14,000 it was worth about 18 ounces of gold. The next time it gets there it might be worth less than 7.

      • On April 30, 2012 at 3:42 pm,
        Richard says:

        Matt, I’m a little more sanguine about copper. Copper has a gap to fill just about $1.00 from here. If you look at the weekly chart, it appears that copper may be forming a large head/shoulder pattern. We’ll know in the next few weeks. My bet is that copper goes lower.

        • On April 30, 2012 at 6:47 pm,
          Matthew says:

          It can be dangerous to place too much significance on a gap (and I don’t know that you have) since it could be years (if ever) before a gap gets filled. The one you’re talking about is nearly two years old. Anyone who delayed taking a position based on that gap would have missed a fantastic rally. Worse off is the guy who went short intending to cover after it got filled. Bernanke’s Jackson Hole speech (where he announced QE) came soon after that gap. Fundamental changes such as that announcement, or great drill results for a junior, often result in gaps that don’t get filled. Even Goldcorp has several unfilled gaps. One is at $3.20 back in ’01. Having said all that, $2.80 isn’t far enough away that it would surprise me very much if you are right. Actually, your call would be better than mine if it even takes out $3.60, since I expect that area to hold.

    • On April 30, 2012 at 3:57 pm,
      Big Al says:

      Time will tell, Doc, time will tell! (I am on your side, however.)

      Big Al

  6. On April 30, 2012 at 1:22 pm,
    Clay says:

    Al: There are many reasons people are worried, angry, disgusted and you name it, but one common thread is the corruption, fraud and crimes being perpetrated by Government officials. The US has had corrupt and criminal administrations, one after the other, with congress just as bad. There are many reports, documentaries and other facts being laid out like the recent PBS Frontline Money, Power and Wall Street, Bill Black who has written a book on the criminal activities of the White House and Congress.

    http://www.chrismartenson.com/blog/bill-black-our-system-so-flawed-fraud-mathematically-guaranteed/74785

    This is why the Occupy movement is angry, this is why nearly everyone is angry. They are responding in ways they know how.

    • On April 30, 2012 at 2:30 pm,
      AlKorelink says:

      Clay,

      I truly hope the occupy movement does not get ugly!

      It’s going to be a very interesting summer.

      Big Al

      • On April 30, 2012 at 2:35 pm,
        Mark Alan says:

        Ohhhhhhhhhh….it is going to be REALLY interesting this Summer. I think this will be the beginning of a new paradigm shift in the emotional American psyche. Ugly, isn’t the word. Watch Los Angelos, Atlanta, and Chicago this Summer.

        • On April 30, 2012 at 3:36 pm,
          Jerry O^OTB says:

          wait tell the college kids get their education bill, and no job…….
          7 out of 10 are in big debt….

          • On April 30, 2012 at 3:38 pm,
            Jerry O^OTB says:

            typo..till ,,,,,I was thinking , that they will “tell” someone to go , you know where

          • On April 30, 2012 at 4:09 pm,
            Big Al says:

            That could be scary, In the Box!

            Big Al

        • On April 30, 2012 at 4:02 pm,
          Big Al says:

          HI Mark A,

          Unfortunately, I must agree with you.

          By the way, how about New York, Detroit, San Francisco, Seattle and many others!

          Big Al

          • On April 30, 2012 at 4:22 pm,
            Mark Alan says:

            There is almost no one left in Detroit, but when the city finally turns MAD MAX, then yep, it could get ugly there. San Francisco may be interesting but not as interesting as Los Angeles or Oakland. There will be people seeking revenge there. And with all the media frenzy regarding Trayvon Martin, things could get REALLY REALLY ugly.

          • On April 30, 2012 at 7:36 pm,
            Jerry O^OTB says:

            ya, what about RUBY FALL,KY., there are some really ugly gals down there…

        • On April 30, 2012 at 4:08 pm,
          Vortex says:

          Mark Alan,

          The plan is unfolding just as it was expected to unfold. The social engineers had the social breakdown algorithms programed decades ago and the manifestation of the unrest parameters are already briefed daily within military and political sit-rep meetings.

          For those with some level of fictitious fiat wealth can kick the can, fully encapsulated into a comatose state of denial…….let the bread and circus continue.

          For those that have little wealth or none, have already descended into a hellish existence and a breakdown coefficient scenario is nothing more than a sunset or sunrise away.

          • On April 30, 2012 at 4:10 pm,
            Big Al says:

            Your pessimism is getting very contagious Vortex!

            Big Al

          • On April 30, 2012 at 4:24 pm,
            Mark Alan says:

            It will be a sunset.

  7. On April 30, 2012 at 1:26 pm,
    Lynn - (male) says:

    Fundamentally speaking, we should be seeing some real nice action for our shiny friends this September when we reach the debt ceiling again. However I sincerely doubt the Nice Government Men will make it spectacle as they did last year.

    Lynn

  8. On April 30, 2012 at 1:53 pm,
    Richard says:

    This sidewqys movement of gold isn’t frustrating to me since I look at it as an opportunity to position my portfolio to the next upward move of gold. The same goes for silver. The longer the sideways move for the PMs the greater the next move.

    • On April 30, 2012 at 3:07 pm,
      Marc says:

      Hey Doc :)
      I concur completely too….no hurry!
      All the best,
      Marc

  9. On April 30, 2012 at 2:18 pm,
    Dai Uy says:

    Richard:

    I concur. I’m in no hurry……………

  10. On April 30, 2012 at 2:57 pm,
    Bobby says:

    I would never guess at what the short term will bring. I think we are lucky to be trading in this sideways range. Remember we are in an election year. As Big Al says we are in a long term bull market for pms, even though lately we have very strong support when we see these “take downs” a sudden drop would not suprise me in the least.

  11. On April 30, 2012 at 3:25 pm,
    Vortex says:

    I far as I can tell the toxic koolaid of illusion and circus (Sports/Hollywood/Media) and permeation of the delusional fallacy doctrine (Political/Voting/Representation/Rule of Law) is still being consumed at an ever increasing clip. The hallucinogenic trance of the normalcy bias is alive and well in the modern police state frontier known as America.

    The prime directive of the architect’s of the Pavlovian socially engineered population of western nations in general and the U.S. specifically is a syndicated cabal that has/is facilitating a clinical double-blind experiment on the nation. Funded and directed at the highest levels of the shadow banking/political power structure.

    The oligarchical power structure continues to hone and fine-tune the full spectrum dominance of a demonic militarized apparatus demanding full compliance, obedience and apathy realized through the successful brainwashing and subsequent evolution and implementation of the Stockholm “Luciferian” Syndrome sickness.

    The genie is out of the bottle, the Rubicon has long been passed. Now the meaningless debate on what is happening, can now transition to how bad will the outcome be. But first let the bread and circus’s continue.

    Before long the armies of the wealthy will be killing citizens on the streets of America for daring to speak out or challenge the controlled fiat matrix and they will do this with impunity and privilege at the behest and consent of those in power needing protection.

    Maybe, maybe then you will turn off the TV and advocate a real and tangible dialog about the enemy, for the enemy is you and your acceptance of a fraud upon mankind.

    http://www.shtfplan.com/headline-news/martial-red-zone-in-america-heavily-armed-security-teams-to-patrol-chicago-feds-prepare-for-mass-detentions-evacuation-planning-underway_04302012

    http://www.shtfplan.com/headline-news/martial-red-zone-in-america-heavily-armed-security-teams-to-patrol-chicago-feds-prepare-for-mass-detentions-evacuation-planning-underway_04302012

  12. On April 30, 2012 at 3:27 pm,
    Richard says:

    I’m pretty neutral on the dollar. With Europe in the mess it is and starting to change political actors in some of the countries wanting to end “austerity, It’s hard for me to believe that the Euro will strengthen against the dollar. Also, if we have a global slowdown , why would the dollar see an appreciable dollar down versus other currencies especially the resource countries seeing the base metals impacted.

  13. On April 30, 2012 at 3:55 pm,
    Jerry O^OTB says:

    Chicago,cost went up , because they had to provide for the extra security, to
    protect the SHERIFF, BIG AL,…plus, the extra kickback they paid Irish, in the promo.

    • On April 30, 2012 at 4:05 pm,
      Big Al says:

      Okay, on a very, very serious note.

      Mr. Irish, where is my cut?

      Secondly, In the Box, how did you find out about the security? That was a “for your eyes only” directive.

      The Shadow

  14. On April 30, 2012 at 4:26 pm,
    Mark Alan says:

    LOOKS LIKE WE ARE GETTING SOME HELP WITH THE PMs Ladies and Gentlemen…oh uh…ooops! That includes you too Mr. Irish hehehehe

    http://www.zerohedge.com/news/todays-124-billion-targeted-gold-slam-down-makes-mainstream-press

  15. On April 30, 2012 at 4:40 pm,
    Jerry O^OTB says:

    IRISH HAD A LONG WEEKEND…., MONDAYS ARE NOT GOOD FOR HIM,
    HE WILL CHIME IN EARLY TUESDAY…..WITH THE LASTEST REPORT,
    HE IS STILL LOCKED UP IN THE CHICAGO JAIL, after his disturbance in
    Harry’s BAR…

    • On April 30, 2012 at 5:49 pm,
      Big Al says:

      So that’s who was in the cell next to me!

      Big Al

      • On April 30, 2012 at 7:15 pm,
        Marc says:

        Very funny! Big Al…very funny….I bet that was a sight to see! LOl

  16. On April 30, 2012 at 7:16 pm,
    Jerry O^OTB says:

    AL, did you catch the video on” SWEET HOME CHICAGO,” that I think D.B. OR DENNIS
    put up….7 min. of great guitar…..for a moment I thought you were on stage….
    good , clean entertainment…..ootb

    • On April 30, 2012 at 7:22 pm,
      Jerry O^OTB says:

      PS…DENNIS POSTED, SAT.28

  17. On April 30, 2012 at 7:25 pm,
    Jed Davis says:

    Gold has taken a lot of hits since March 15th and it still bounces back, In my opinion, it is setting up for a very powerful rally.

    • On April 30, 2012 at 7:40 pm,
      Jerry O^OTB says:

      Jed, KWN….is say the same thing….they are saying after summer, AUG..instead of
      Sept…OOTB…

  18. On April 30, 2012 at 8:23 pm,
    har says:

    Gold pattern. It is in a death cross. To me it is looks like it is forming a right shoulder on a head and shoulders top.

    Roger never thinks gold is going down, so I don’t know how good of a TA guy he should be considered. You just look at the charts. You don’t make the chart look like you want it.

    • On May 1, 2012 at 8:53 am,
      Marc says:

      Har,
      You got it wrong my friend. Gold isn’t in a death cross..phooey….The world mired in debt, with no way out, but to inflate the h___ out of all fiat currencies, is in a death cross.
      Marc
      PS..In my, humble, but pretty confident opinion :)

  19. On May 1, 2012 at 9:19 am,
    har says:

    I am talking about TA which Roger was talking about basing.

    • On May 1, 2012 at 9:51 am,
      Matthew says:

      If Roger were bearish gold at this time, it would hurt his credibility not help it. There hasn’t been a single compelling reason for the bull market to end for the last decade. The only “head and shoulders top” that might complete is an inverted one, which is bullish.

      • On May 1, 2012 at 10:56 am,
        har says:

        USD is going to catch a bid as these other countries implode. Nuff said.

        • On May 1, 2012 at 11:11 am,
          Matthew says:

          “Catching a bid” versus other currencies is meaningless. The USD will continue to see it’s purchasing power collapse no matter how many euros or yen it might fetch. In September, 2007, the USDX was at the same level as it is today. Gold was $700. If the USDX reflected real value, gold would still be $700. NUFF SAID.

          • On May 1, 2012 at 8:33 pm,
            har says:

            The metals all ways follow the stocks. So be careful what you wish for.