Market Trends – Tue 8 May, 2012

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Featuring:
Roger Wiegand

Comments:
  1. On May 8, 2012 at 1:36 pm,
    Joseph says:

    i am sorry but I did not understand when Rog said: there was a spot Gold sale
    Can anyone eplain
    Thank you Joe

    • On May 8, 2012 at 3:10 pm,
      Mark Alan says:

      Joe,
      It means no futures contracts involved, just bullion.

    • On May 9, 2012 at 9:50 am,
      castanheiro says:

      Joseph,
      You obviously have a computer, so let me encourage you to do what I do and many other people do, who are self-initiated people. There is this search tool on your computer, maybe you’ve heard of it called “google”,,,hee hee, pardon the sarcasm… When I hear something I don’t understand, I go look it up. Do some research. Just figure that you’re in college for the rest of your life. Grab a Business/Investing dictionary, if you prefer the old, hard copy reference material(Barons puts out a good one, which I have and use). Once you learn these terms, you will recognize them and then you will start to put more and more of these concepts together and your understanding will grow. Little by little, over time, you will fit more and more pieces of the economic and investing puzzle together. The picture will become clearer and more distinct. You will begin to have “Aha” moments. One day the realization will hit you that you really understand what is going on and your plan will become crystal clear. But, it won’t happen if you traditionally seek for others to provide your answers. Information, easily aquired, will not be retained because you expended no effort/work to aquire it! That’s why gold and silver have value, it takes work and effort and time and money to extract it!!!!

  2. On May 8, 2012 at 1:37 pm,
    Madelene says:

    Are you saying that once Iran trades its oil for China’s gold, it has to sell the gold for its own currency? If so, and China and India start regularly trading gold for oil, what are the implications for the gold price?

    • On May 8, 2012 at 1:47 pm,
      Irishtony says:

      HI MADELENE, I think it means IRAN will be able to import the goods it needs from China, using the Yuan, therefore avoiding the US dollar, & the SWIFT system. If i am wrong, somebody please correct me.

      • On May 8, 2012 at 1:54 pm,
        Ryan says:

        I agree the comment was a bit confusing. I believe Trader Rog meant that a dealer or someone needed to sell short on paper to hedge a physical position (kind of like what a coin dealer would do so as to lock in the spread) but that is only a guess. I’m a little unclear why a sovereign entity like China would have to do this, but again I’m confused too.

    • On May 8, 2012 at 4:11 pm,
      Big Al says:

      HI Madelene,

      I believe that gold is not involved at this point.

      China is paying for oil with their own currency and then Iran is importing from China and paying for it in Chinese currency.

      Best,

      Big Al

  3. On May 8, 2012 at 1:38 pm,
    Irishtony says:

    ROG …I’m in your camp…STAY HEALTHY.

    • On May 8, 2012 at 3:31 pm,
      Jerry O^OTB says:

      Watch out Rog………if Irish gets in your camp, no telling what will happen…..

      • On May 8, 2012 at 4:12 pm,
        Big Al says:

        You might have to put up an electric fence and have guard dogs as the little blond lady and I do!

        Big Al

        • On May 8, 2012 at 5:31 pm,
          Jerry O^OTB says:

          Al,,,do they allow electric fences on the golf course side,

        • On May 8, 2012 at 5:59 pm,
          John W. Robertson says:

          Guard dogs? They sound like overgrown, barking, rats.

          (my affectionate term for pooches)

          • On May 8, 2012 at 8:38 pm,
            Jerry O^OTB says:

            becareful JW…..Irish may get confused and start feeding cheese to his poodle….

          • On May 9, 2012 at 10:30 am,
            John W. Robertson says:

            Well, Jerry, what can I say. If the snout fits…

          • On May 14, 2012 at 7:42 am,
            Martin (UK) says:

            no more regigion on here please, give us a break :mrgreen:

  4. On May 8, 2012 at 1:44 pm,
    Lynn H. says:

    Thanks, Rog… for your very interesting and timely comments–sure appreciated, as always.
    I wanted to be at your recent AZ class (before WPC), but unable to do that. I hear there will be CD’s and I’m SO HAPPY!!! I can’t wait to order! Thanks for recording it. I know I’m not the only one who hoped for this! I’m sure that many, including me, will benefit LOTS!!! Thanks again… Lynn (still-always a “Trader Rog” fan!) :-)
    PS: I like your new photo!

  5. On May 8, 2012 at 1:44 pm,
    wyn harter says:

    SEEMS TO ME, TRADING GOLD FOR OIL IS THE BEGINNING ‘DOWNFALL’ FOR THE $. IT IS WORTH VERY LITTLE AND WILL LESSEN BY JUNE 28TH AND EVEN WORSE AT Y-E OR BEGINNING OF Q-1 2012 WHEN THE DEBT CEILING HAS TO BE INCREASED. THIS IS A HARD ROAD FOR ANYONE IN GOLD/SILVER, BUT IF WE STAY THE COURSE I BELIEVE A GREAT REWARD IS COMING FOR THOSE IN THE GOLD RUSH. I ALSO BELIEVE THAT A MAJOR EFFORT IS BEING MADE BY THE SUPER WEALTHY TO SAVE THEIR $, THE GREEN FIAT CURRENCY. THE NORMALCY BIAS IS AMAZINGLY STRONG AND GROWING. IT IS A SAD TIME FOR THIS GREAT NATION…WATCHING IT SINK WITH THE GREED OF BUFFETT AND MUNGER. ANY THOUGHTS?

    wyn

    • On May 8, 2012 at 4:13 pm,
      Big Al says:

      Yep Wyn, I agree with you!

      Big Al

    • On May 8, 2012 at 6:01 pm,
      John W. Robertson says:

      Absolutely Wyn. Remember, this was only announced in January, and it’s already happening now. We may not recognize the world in another couple of years.

      • On May 8, 2012 at 6:31 pm,
        Marc says:

        Wyn,
        Great comments, insight!

    • On May 8, 2012 at 7:41 pm,
      har says:

      I tried, I really did.

    • On May 9, 2012 at 9:57 am,
      castanheiro says:

      Wyn, Of course you’re correct. The Chinese, Russians, Brazilians and Indians are no different than anyone else. You and I want to put our wealth, savings and investments into things/resources that will retain and grow in their value. All nations, gov’ts, central banks and bullion banks see what’s coming. The end game is rapidly approaching. They are simply signalling that they have NO faith in fiat currencies. If I’m trading/bartering and exchanging something that I have of value, I want to exchange it with you for something that you have that is of equal or greater value, and that something is certainly NOT fiat paper of any stripe!!! It’s that simple.

  6. On May 8, 2012 at 1:53 pm,
    Matthew says:

    John Embry summarized the situation perfectly by saying that: “You know the end is coming when the establishment trots out guys like Gates, Munger, and Buffett, who say astoundingly stupid things, for what are otherwise intelligent human beings.” And by adding that Munger’s statement was “…one of the most disgusting statements I’ve ever heard in my life, on any subject.” Bravo Mr. Embry.
    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/8_Embry_-_There_Is_a_War_Going_on_Because_Fiat_Money_Is_Dying.html

    • On May 8, 2012 at 1:59 pm,
      Silverbug Dave says:

      I think I like John Embry. However, I find it a little disquieting when the only reason for any downmove in gold and silver is “manipulation.” The market is selling gold and silver, rigged or not. We need to look a bit more deeply to see why it was rocketing higher in late 2011 and now seems in a breaish phase – down on good news and down on bad news right now, in fact, down on any news or no news.

      • On May 8, 2012 at 2:14 pm,
        Matthew says:

        I agree that far more than manipulation is at work. Profit taking, top-calling, portfolio rebalancing, and exhausting the supply of fresh new buyers all result in these cyclical corrections. However, this correction in gold bullion has not been at all extreme. In June of ’07, gold fell about 30% from about $730. And of course, all the mainstream “experts” were there to say that the “bubble” had burst. The same thing happened in 2008 and again in Dec. ’09, the “Soros/Roubini Top.”

      • On May 9, 2012 at 10:15 am,
        castanheiro says:

        Silverbug Dave,
        The ‘manipulations’ are the antics and actions designed and carried out by the “Players” to create the desired emotions in the “trading” masses. Manipulators try to move the markets in a particular direction. There goal is to trigger the algorithms to buy or sell. Most of the big trading firms are using automated computer programming that will execute buy and sell orders once triggers are tripped. This is what accounts for the large moves up and down on any given day. Once the manipulators have done their job and can stand back and watch what they have created. The gov’t central banks and bullion banks around the world are doing this with gold. They are trying to get rid of their paper short positions and buy back physical at lower prices. They all see what’s coming. We are on the right side of this trade!! The harder they try to keep the price suppressed while they’re buying the physical, the more proof that we are right!!!

    • On May 8, 2012 at 6:04 pm,
      John W. Robertson says:

      I glad you posted Embry’s comment. I guess a few of us thought that, but no one’s mentioning it…why would Obama’s favored economic advisory committee members all come out the same week and give an answer to a question no one was asking them? Part of the multi-pronged approach we talked about a few weeks ago.

      • On May 9, 2012 at 10:21 am,
        castanheiro says:

        John W R,
        I like that ‘multi-pronged’ approach. I did some spearing for fish and ‘other things’ when I was a kid. Using a ‘gig’ with 4 prongs was always better than using a single or even a double prong. Netted me a much better catch. This administration is smart and devious, BUT, I believe they are going to lose this election. Just my prediction.

    • On May 9, 2012 at 9:59 am,
      castanheiro says:

      Absolutely right Matthew!

  7. On May 8, 2012 at 1:57 pm,
    Silverbug Dave says:

    I don’t get it. Why would they sell gold when receiving it, sell it for dollars? Or Euros or what? Doesn’t make sense to me.
    It was a bit of a ho-hum day on Monday after the French voted in the socialist over the weekend. Maybe the London market was closed on our public holiday Monday. So it opens on Tuesday and down we go! The dollar moves up a bit and gold really sells off. Euro weakness too of course, what else?
    However, the downmove in gold and silver were outsized compared to the dollar/euro moves, because gold is also down in Euros! In fact, down in all 14 currencies shown on Kitco.
    Socialist president inFrance means what? Maybe the end of the Euro? Or just more money printing that there would havebeen otherwise. Austerity packages may get torn up. Result: Euro weakness, gold down. Money flows into dollar. No need for QE3 in the USA yet because the market is buying US Treasuries. Bernanke must be loving it.
    Jim Puplava last weekend seems to be bullish on US stocks Dow, S&P500, whatever, saying that it’s the stocks that do well in the early part of the economic cycle that are leading tha market up, tech, financials and consumer discretionary. So it is a bull market in the dollar and one in US stocks too? That’s what we have right now possibly, until it changes. Who would have thought?

    • On May 8, 2012 at 4:16 pm,
      Big Al says:

      Bull market? I personally disagree!

      Big Al

      • On May 8, 2012 at 5:37 pm,
        Jerry O^OTB says:

        I agree with Al, the Plumber……..I will add, Jim Puplave, has missed some calls in the
        last six years…

  8. On May 8, 2012 at 3:08 pm,
    JW says:

    Good advice Rog. stay the course eveyone, buy hard goods, and if we get another leg down back up the truck!..this is for long term. Rog I see silver testing its previous lows what do you think?

  9. On May 8, 2012 at 3:19 pm,
    Mark Alan says:

    Margin calls, fear liquidation, CDSs coming due, day trade speculators, MSM propaganda on both the IDIOT BOX and the “spewpapers”, algorithm trading, manipulation, what more do you want. This is where they want the price of gold to be so that when the real dirt starts to come out and the FED is forced to do QE, then gold won’t go as high in price when it launches from a lower base.

    But if we hit the upper 1500s and we stay there over a few days, then watch out, because you could see the price move up rather quickly over a four week period, like back to $1700 – $1750 where they will defend the rise again. I say we won’t see a new all time high until after August, but with things falling apart like they are, it might be July. Who knows but one thing is for sure….

    stay frosty

    • On May 8, 2012 at 4:17 pm,
      Big Al says:

      Yep, Mark A, stay frosty!

      I think you will see an upward breakout in gold sooner that you might think! Time will tell.

      Big Al

    • On May 8, 2012 at 8:42 pm,
      Jerry O^OTB says:

      Mark…..this is OUT OF THE BOX…..AND ANY INSULTS TO MY COUSIN IRISH AS
      “IDIOT BOX” will not be tolerated……

    • On May 9, 2012 at 10:24 am,
      castanheiro says:

      Hey Mark A,
      Always frosty here. Agree with your analysis.
      Thanks

  10. On May 9, 2012 at 2:13 am,
    Martin (UK) says:

    Tony and All
    I would hang on for a while yet with the silver, its going to sell off even more.
    Dont be fooled into thinking that $15 or even $9 is impossible. It was possible in 2008, And the shit has still to hit the fan :mrgreen:

    • On May 9, 2012 at 4:31 am,
      Jerry O^OTB says:

      Hello Martin…..
      thanks for the info……no problem here…….Im in before 08, and if it hits $9
      I am definately buying more…..for the long haul…..10 to 15 years out….
      these are long cycles……My thoughts are the same as Jessie Livermore’s
      you do not have to be right all the time.,,,high or low…you just need to
      know the direction……

  11. On May 9, 2012 at 3:52 am,
    Irishtony says:

    MARTIN HELLO………Thanks for the advice,i looked at the spot this morning, looks like it could drop some more, i shall hold back for now.

    • On May 9, 2012 at 4:17 am,
      Jerry O^OTB says:

      IRISH…..THANKS FOR BEING ON THE JOB…..
      Your huntin’ buddy….

  12. On May 9, 2012 at 4:36 am,
    Jerry O^OTB says:

    Irish……just looked at the price…..silver down .66 cents….gold down $20, with a bounce…seems we have some turbulance in the market……hang on to your hat….
    The over all stock markets are becoming concerned….and should be…..
    LONG TERM….SILVER AND GOLD UP…….

  13. On May 9, 2012 at 5:29 am,
    Irishtony says:

    JERRY…….i said 3 years ago , that i was in for the long haul. We will be rewarded for our patience. we are going tru stormy times right, but remember every cloud has a silver lining……….Take care.

  14. On May 9, 2012 at 5:41 am,
    Brad C. says:

    What a good deal. If you think about it.. China is buying oil at a discount.
    China trades gold for oil with Iran at market price. then Iran sells it into the market driving he value of gold down and China buys gold back cheaper.

    Very clever.
    Brad C

  15. On May 9, 2012 at 9:04 am,
    traderrog says:

    Some clarifications from Traderrog: We said the gold for oil trade was gossip and a maybe. Big Al could be right saying they paid for the oil in currency…Yuan. I would be very careful taking most news as gospel. China and others PLANT NEWS TO THEIR ADVANTAGE ALL THE TIME (FICTION). We do know the central banks are net gold buyers. We do know as a reader said above that when Buffet and Munger disparage gold they whining and getting scared on their stuff they promote. That nonsense is pabluum for the innocent fund investors to keep them in the game (the buffet game) PERSONALLY I AM IN THE CAMP THAT SAYS BIG COMMODITY BARTER IS GROWING QUICKLY. WHY SHOULD ANY OF THESE NATIONS, HAVING SOMETHING TO TRADE, HAVE TO USE US DOLLARS OR ANY OTHER CURRENCY? Futher, secrecy helps for many reasons in these trades as it keeps the global audience in the dark making manuevers in trades easier and to the traders advantage. Historically, look at how Black Markets work. This stuff never goes away even in good times. You cannot imagine the trading games we hear of almost daily. I can’t report this stuff or they will come and pick me up. Just use weekly trend charts for both cash and futures to find trading trends. Use the 90 day far out USA long bond charts to see where interest rates are going. Those bond traders control the world not politicians. There is nothing the pols can due to defeat the bond traders…they are the king of kings. Watch next what happens when Moody’s downgrades 100 banks in Europe. Watch the monster mess coming in Q4 this fall in the first Quarter of 2013. After that comes the 2013-2014 World War III for a jobs program SOS Same old …. – Traderrog

  16. On May 9, 2012 at 10:29 am,
    castanheiro says:

    Trader Rog,
    I couldn’t agree with you more. The deception in propaganda is huge. Disseminate information to get the sheeple to think and act in the way you want them to. Another form of manipulation. It’s everywhere today. Tough to know what to believe. We must stay informed and wise!!!!
    Thanks much!!

  17. On February 3, 2014 at 8:11 pm,
    Marissa says:

    Hey, you’re the goto exptre. Thanks for hanging out here.