Kitco Radio – Thu 28 Jun, 2012

Kitco Gold Commentary

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Featuring:
Al KorelinRoger Wiegand

Comments:
  1. On June 28, 2012 at 12:37 pm,
    James says:

    watch the conventionmal markets come roaring back in the last 1/2 of trading. the equity markets shrug off all news. meanwhile gold is crushed again. not good. not good. if your not worried about gold more power to you. i’m worried. silver breached its support, no bottom. gold desperate to hold %1550. this decision was not a surprise. there are forces at work.

    • On June 28, 2012 at 1:41 pm,
      Barry, (calgary). says:

      Does the PPT take Fridays off though?

      • On June 28, 2012 at 1:49 pm,
        Big Al says:

        Probably not!

        Big Al

    • On June 28, 2012 at 1:47 pm,
      Big Al says:

      HI James,

      Yes, there do appear to be forces at work!

      Big Al

  2. On June 28, 2012 at 12:50 pm,
    irishtony says:

    ROG……..Whats more important……..THE CONSTITUTION, OR THE ECONOMY ?

    • On June 28, 2012 at 1:49 pm,
      Big Al says:

      Definitely the Constitution, Mr. Irish. That is what this country was built upon!

      Big Al

  3. On June 28, 2012 at 12:55 pm,
    James says:

    Without a sound, thriving, functioning economy there can be no constitution. When they knocked those towers down they were attacking our economy, not the buildings, and sad to say they succeeded. Now we don’t have either. Sad day for America.

    • On June 28, 2012 at 1:10 pm,
      irishtony says:

      JAMES. If they had have stuck to the letter of the constitution from day one , then in my opinion , the economy would not be in the mess it is today. Not just a sad day for America, but for the free world……Remember where America leads the rest follow.

      • On June 28, 2012 at 1:52 pm,
        Big Al says:

        Unfortunately Mr. Irish that is true, but getting to be less and less the case.

        Big Al

    • On June 28, 2012 at 1:51 pm,
      Big Al says:

      In spite of what I said to Mr. Irish, in part I agree. But, you know in by book The Constitution is the basis of it all and with it the economy would be sound!

      I guess I am just sentimental.

      Big Al

      • On June 28, 2012 at 1:58 pm,
        irishtony says:

        AL i do agree, & your not just sentimental, you are also using common sense…Are we still allowed to use common sense ?

  4. On June 28, 2012 at 12:59 pm,
    Jed Davis says:

    If you do not own Gold or the associated equities, this is a heck of a time to start getting in. I can’t believe what some of these stocks are selling for. This reminds me of seeing an old pink sheet from the 80s which listed Microsoft at $1.65 per share.

    • On June 28, 2012 at 1:52 pm,
      Big Al says:

      I agree Jed!

      Big Al

    • On June 28, 2012 at 3:00 pm,
      John W. Robertson says:

      I agree too Jed. There are some smart fellers here who can time quite well, and truth be told I enjoy the game of TA myself, but it’s debatable how much longer someone should wait. I’d start being worried about missing on the upside rather than looking for a bottom. Could be a a few weeks or few months, but like all sales, it will eventually come to an end.

  5. On June 28, 2012 at 1:12 pm,
    going down fast says:

    Al -

    Not to be too critical of Roger’s prognostication of a upward spike in the price of gold earlier this week, but the blind chicken actually gets some of the feed every once in a while.

    I think the usefulness of technical analysis has been greatly watered down in the environment that we find ourselves in.

    • On June 28, 2012 at 1:44 pm,
      Marc says:

      GDF,
      I agree with your comments.

    • On June 28, 2012 at 1:53 pm,
      Big Al says:

      I have to agree with you going down fast. It is important to me to see all the arguments though!

      Big Al

    • On June 28, 2012 at 2:28 pm,
      Bobby says:

      going down fast,
      i am with you on your TA comment. I love TR but going out on a limb 2 times??? and yes a broken clock is right twice a day.

      • On June 29, 2012 at 9:33 am,
        Big Al says:

        Well Bobby,

        Gold is up close to $50 today.

        Best,

        Big Al

        • On June 29, 2012 at 12:06 pm,
          Bobby says:

          How right you are! btw my silver dollar came up heads today when i flipped it too. we are all winners.

    • On June 28, 2012 at 3:16 pm,
      Mark Alan says:

      I politely disagree with your statement Mr. Fast. Both the good Doctor and myself (mostly the doc) have been saying that technicals point to downward pressure. So, what is it about fundamentals? If fundamentally the metals should be rallying, then why aren’t they? They will, no doubt about it, but right now the fundamentals are getting taken to the wood shed with and ugly club. Technicals are a DIRECT reflection of market psychology and what they reflected and have been reflecting is a bias towards the downside, mostly from the larger time frames.

      So, as the metals prices continue to have downward pressure, are we to keep beating the same drum until we are eventually proven right? No. But if you are in for the long haul AND I THINK MOST ON THIS SITE ARE, then buying the physical is the smartest thing to do.

      But technical analysis – in my own opinion – is EXTREMELY useful because you trade both offensively and defensively if you are wrong.

      I do however, LOVE your analogy of the “blind chicken” – LOL!!! ;)

      stay frosty.

  6. On June 28, 2012 at 1:43 pm,
    James says:

    equity markets came roaring back from the dead just as I predicted. These markets are no better than casinos.

    • On June 28, 2012 at 1:54 pm,
      Big Al says:

      Well it kind of looks that way given the move away from fundamentals!

      Big Al

      • On June 28, 2012 at 2:02 pm,
        Marc says:

        Big Al,
        Here is the Eu’s solution and US
        http://www.jsmineset.com/A for that matter…….QE

        • On June 28, 2012 at 2:05 pm,
          Marc says:

          OOOPS…try this!
          http://www.jsmineset.com/
          Marc

          • On June 28, 2012 at 5:31 pm,
            Irwin says:

            Hey Marc,
            Thanks for that.
            For a while today jsmineset was down, and I thought – oh oh the old boy has had enough and shut the site down.

            Thank goodness it’s up and running again.

        • On June 29, 2012 at 9:29 am,
          Big Al says:

          The EU solution, Marc, seems to be the capitulation of the German philosophy.

          Too bad.

          Big Al

  7. On June 28, 2012 at 2:16 pm,
    benb says:

    Just my 2 cents but I feel the whole thing is controled. Especially with somewhere between 50-80% algorithmic trading. (depending on who you read) I have read that demand has not matched supply recently and I also read that another 300 million oz of added production in 2013. Talk about it going to $14 and staying for years.Honustly I think the 1 thing gold has going for it is if the powers that be make it a teir 1 asset. For their own gain of course, but revalued gold would fix alot of books. In my opinion these markets are totally controled and if we are lucky its not to fleece us completly and I have read arguments for that too.

    • On June 28, 2012 at 10:58 pm,
      Barry says:

      Yep first they take Italy’s gold & other countries, when they accumulate most of it, revalue at 5 times or more… Maybe that’s the plan. But what do I know…

  8. On June 28, 2012 at 2:18 pm,
    benb says:

    Oops, thats 300 million added oz’s of silver.

    • On June 28, 2012 at 5:37 pm,
      Marc says:

      14.00 an oz….for silver for years…IMHO, that is complete hogwash! …no way…no how…supply and demand fundamentals are absolutely superb for this metal for years to come – PLUS,of course, it is ALSO A MONETARY metal also…any thing lower than what we have now the silver mines would shut down.

  9. On June 28, 2012 at 6:16 pm,
    Bron Suchecki says:

    There are long term fundamentals and short term fundamentals.

    Long term fundamentals are good but short term is not – you have India out of the market and retail is still dead. With these two supports out it allows hot money specs and HFTs more room to dominate and increase volatility.

  10. On June 28, 2012 at 8:10 pm,
    Clay says:

    One thing for certain, and that is the US economy is going down hard and fast because of this Supreme Circus decision. What are these people drinking or smoking? Ironic in a way, total tax revenues and health care payments by the private sector will collapse as businesses close down and lay off people. Unemployment will rise fast no matter how measured which according to Fed Governor Lockhart will prompt massive QE despite Bernankes reluctance. Won’t matter however, because no amount of printing will bring employment back except in the government sector which means that the US is rapidly becoming a Socialist economy entirely.

    France has decided on this and they actually think the German people will pay for it. What a joke this Keynesian Socialist economic system in the World has become.

    I recommend watching Europe in the next few weeks for a harbinger of things to come in the US. Eventually and soon, Germany will be forced to leave the European Union as they finally wake up to the fact that socialism does not mean being friends but actually creates enemies from people that might otherwise be friends. When the Northern European countries leave, Gold will separate from the dead Euro and rise in dollars to numbers reported by Alf Fields. It will be the US and Japan’s turn to battle the tides of collapsing debt based currency. Perhaps Germany can form a better Eastern European currency union, based on more similar cultural and work ethic ties. France is a basket case, as it always was. I love the Gauls, but their idea of being a good neighbor has something best done at a distance not in my own home.

    • On June 28, 2012 at 9:25 pm,
      Marc says:

      Clay,
      Excellent, excellent summation, IMHO.
      All the best,
      marc

  11. On June 28, 2012 at 9:43 pm,
    Dennis M. O'Neil says:

    Wherever you go….there you are….how did we arrive in 1938 Germany?

  12. On June 29, 2012 at 5:35 am,
    Clay says:

    Dennis, the same way Germany did back then. Several decades of wars, arrogant expansion and the attitude that might makes right. Back at the end of the 19th century and beginning the 20th century, Germany began a series of world expansions, same as Japan did. They had a sort of national superiority complex and believed their language and culture was better than any other and they took that with them everywhere they went, Pacific, Africa, South America. The British and French were the main roadblocks and tried to resist this German expansion.

    World War one was inevitable as tensions boiled. Germany had allies back then like Turkey and a few others, but by and large the world had had enough of the German sense of superiority.

    Suffice to say, the US government is now viewed very much in the same way as Germany was back then. I truly believe the US is on a course destined to end in World War Three. The US may have been an awakened tiger in the last world war, but the US tiger has no chance against the awakening Dragon of China and its growing allies.

    • On June 29, 2012 at 10:07 am,
      Dennis M. O'Neil says:

      Good points and history reflection Clay!

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