Kitco Radio – Fri 29 Jun, 2012

Where are his clothes?

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Featuring:
Al KorelinRoger Wiegand

Comments:
  1. On June 29, 2012 at 12:05 pm,
    John W. Robertson says:

    The emporer is nekked.

    • On June 30, 2012 at 12:53 pm,
      Big Al says:

      And, has been for quite some time now, John W!

      Big Al

  2. On June 29, 2012 at 12:14 pm,
    the other "big Al" says:

    Remember Merkel has to sell this to the German people ,who are almost at their end with all of Europe with their hand out. Hang on to your gold even if it plummets in deflationary terms, its your only life saver when the ship sinks. U.S. debt will rear its ugly head soon.

    • On June 30, 2012 at 12:53 pm,
      Big Al says:

      I agree with you Big Al

      Big Al

  3. On June 29, 2012 at 12:21 pm,
    James says:

    to the other “big Al” – I don’t know if I would want to hold on to gold if it “plummets” Anything that “plummets” in any terms isn’t something I would want to be holding onto. Obviously it might do better than all other assets, but clearly if it is plummeting, than the $ is going to the moon during this. Don’t get me wrong, gold is the place to be – I do not expect it to plummet

    • On June 29, 2012 at 12:50 pm,
      the other "big Al" says:

      For me Im hangin on when the Tsunami hits and the tide goes out and all rush into the dollar , and gold plummets ,the incomming tide will raise your only life saver ,gold. There is no way the U.S. debt can ever be repaid ,look who is the largest lender of U.S. debt ,the FR,this is absolutly insane.

  4. On June 29, 2012 at 12:24 pm,
    George MAsiello says:

    Rog, is “Da Man” $50 @ 3:23 PM Friday. Get call!!! .

  5. On June 29, 2012 at 12:26 pm,
    George MAsiello says:

    Great call !!!

    • On June 30, 2012 at 8:51 am,
      Silverbug Dave says:

      Great call Rog! I wish I had heard it on the day.

      However, we did have a big wave 1 up a few weeks ago and ended up a few dollars off the bottom at the start of this week.

      Roger’s $1736 figure as the midpoint between the high and the low is interesting because we have been way below that average for a long time. Previous gold corrections have been much more perky at getting back above that halfway point – this one has been pathetic, we are stuck in the bottom quartile for months. There will have to be a change to get gold above $1650. From where? The markets are controlled by central bankers and politicians right now, so there si an announcement from Europe and gold pops up $50. That us not really a rally; it could just be temporary short covering on a politicial announcement.

      However, as I like contrarian indicators, this is the first Saturday in a decade that I can hardly be bothered to read the gold news or listen to kereport, KWN or FinancialSense. I am just bored, bored, bored. Maybe that is a great contrarian bullish indicator, because I never lost interest like this even at the lows of 2008 ot at the start when gold went up something lke $19-21 after 11 Setpember 2011 and came down about $18 o r$19 few weeks later nearly back to where it statted. (from $272 to $293 back to $274!) I was already a card carrying goldbug by then, not that I would let go of more than 1/3 of my holdings even now but for the first time I SERIOUSLY DOUBT the continuation of the bull market at least for a year or two (although I think on fundamentals gold shuld be well over $2000 by now – but it ISN’T).

      • On June 30, 2012 at 11:02 am,
        John W. Robertson says:

        “….back to where it statted.”

        You doing JFK impersonations again?

  6. On June 29, 2012 at 12:53 pm,
    Gary Wilson says:

    Great call Rog!

  7. On June 29, 2012 at 1:00 pm,
    James says:

    Gold at 4:00pm is exactly $1599. It gave back $1600. With an hour and 15 minutes left of trading it would be great to see it close above $1600. I really think this is a must today!

  8. On June 29, 2012 at 1:20 pm,
    James says:

    Gold giving up $1600 late. This is NOT GOOD! This might end up being another false pop. I am not happy with todays action even though we are up $45. The bulls couldn’t seal the deal today and the bears hung in.

  9. On June 29, 2012 at 1:39 pm,
    Keep Stacking says:

    Good work Trader Rog. I saw it too. Best to you.

  10. On June 29, 2012 at 1:42 pm,
    benb says:

    Not sure if bulls or bears matter anymore, resource news sent to me today says all resources surge today as europe got fixed again. Seems to me everything is moving with this kinda news, so, we get this 100x lehman crash I figure gold tanks with everything else, what would come back first is another discussion. But everything seems to be moving with how much gets printed, what bank or country get saved etc.
    The expression I really love is “Risk off” gold sells, “Risk on” people buy. amazing to me.

  11. On June 29, 2012 at 1:47 pm,
    James says:

    If you are a trader maybe you made money today. But if you are a long term investor today’s action did nothing to change the short and medium term outlook for gold. With each new thrust up it falls lower and lower. Today gold could not take out $1600 which is a very negative sign. I know everyone wants to pop the cork but once again this looks like another fake out

  12. On June 29, 2012 at 1:54 pm,
    Jed Davis says:

    I am not of the opinion that Gold will drop down in the medium or long term. If through a geopolitical or economic event it does drop, it will come right back strongly. Every time it does drop, there are eager Asian buyers just waiting to turn their increasingly worthless green into Gold. This has happened so many times in the past year, I think the yellow metal has proven itself. For all of us who hold it, I think it is time for a bonus. Sit back and watch it soar to new heights.

    • On June 29, 2012 at 5:20 pm,
      Marc says:

      Amen…Jed…Amen…you are spot on! I just don’t get that people don’t get the “Asian Factor’ is NOW a very prevalent factor and/or player…..and guess what? It is only going to get more – MUCH MORE prevalent along the way! C’mon guys, simple math, supply and demand, econ 101, or whatever! The the “East” makes up what 30 to 40% of the world’s population. THEY LOVE PM’S. The West is JUST a shadow of this huge demand train roaring down the track. I just don’t understand that people haven’t figured this out yet…..amazing…simply amazing (present company EXcluded of course.)….tell our western friends to turn off survivor, American “moron”, or two and one half idiots and face reality.
      All the best,
      Marc

      • On June 29, 2012 at 6:45 pm,
        Jed Davis says:

        Marc – Great comments! I think there a lot of people out there who still treat Gold like just another equity sector.

  13. On June 29, 2012 at 1:59 pm,
    benb says:

    Peter Grandich the other day said “sell all rallies” maybe he is right, personally I think th Aden sisters? about a year-1 1/2 ago said just get out. maybe they were more right.
    Markets are totally a rigged casino today (imho) sure, theres money to make, but it is just gambling now as far as I can tell. Turks advice of just buy PMs every month seem good advice, but if gold goes to teir 1 up it will go, and if ever there is some kind of shortage watch the shares.

    • On June 29, 2012 at 5:11 pm,
      Jed Davis says:

      And the Aden sisters apologized for that comment!

      • On June 29, 2012 at 5:22 pm,
        benb says:

        I dont know why they would, silver and gold bin nutin but moving down since the peek, the shares been getting beat up good. I think there advice was acurate for most people. silver corp for example, since the rumour at 15 its been hammered $6 now?and never recovered lots of other examples. no idea why they would apologize for good advice. course there is always money trading, more in shorting than longing recently tho.

        • On June 29, 2012 at 6:55 pm,
          Jed Davis says:

          1. Separate Gold bullion from equities.
          2. Look at a 12-year chart. Straight line — bottom left to top right.

          • On June 29, 2012 at 10:49 pm,
            benb says:

            Yes Jed,there is a diferance between gold and the equities, i think the sisters were talking about getting out of the market not gold. And in my opinion they were right unless you have been shorting with your trades, going long and holding on cost you alot of mulah. from about 1 1/2 year ago, when to get in and go long I think is still up for debate.

  14. On June 29, 2012 at 2:02 pm,
    James says:

    Jed – I hope you are right. Its true every time it drops someone steps in to buy it up, just yesterday it held again at $1550 very nicely. However I am getting tired of having to go to the well like this. This correction is either truly testing every gold bugs conviction or the game has changed. I really think we need to start taking out some resistance levels, not just holding support at $1550.

    • On June 29, 2012 at 5:19 pm,
      Jed Davis says:

      No one likes the volatility but the 12 year chart tells the truth. A straight line up. Personally, that is what I focus on. Also, whether you look at Gold on a fundamental or technical level or whether you h e inflation or deflation, Gold still wins, especially at today’s prices. Anyway, that is what I believe. I have not sold anything and at times, I have been tempted to buy but ended up keeping my powder dry. Just my personal conviction.

    • On June 29, 2012 at 5:23 pm,
      Marc says:

      James,
      Please explain. What game has changed? You mean the numerous upon numerous macro fundamentals that support gold and silver’s base and continue rise in the future? The only game out there is 1. Money printing to infinity or 2.Global default. That is what we are facing. IT IS a MATHEMATICAL certainty.
      Got gold and silver?
      Marc

      • On June 29, 2012 at 6:56 pm,
        Jed Davis says:

        1. Separate Gold bullion from equities.
        2. Look at a 12-year chart. Straight line — bottom left to top right.

  15. On June 29, 2012 at 2:09 pm,
    benb says:

    James, gold will remain the same just as it has for thousands of years. When velocity of money kicks in the inflation starts, gold will go with it. Always has always will.
    A wealth presurver, on occasion there is profit or loss thats all. Silver is the investment pm wise imo.

  16. On June 29, 2012 at 2:16 pm,
    James says:

    There isn’t going to be any velocity of money. We are headed for a deflationary death spiral that will take all asset prices down. The banksters will try to prevent it and print print print. At that point things unravel very quickly and everything falls apart. gold will be the last asset standing due to deflation and loss of confidence in fiat, not hyperinflation.

  17. On June 29, 2012 at 2:18 pm,
    James says:

    spot gold bid closes at $1599.10 and the ask at $1600.10 within a buck of each other. I’ll take it!

  18. On June 29, 2012 at 2:24 pm,
    benb says:

    That is a distinct poosibility james, deflation kills empires not inflation, thats why they so scared of deflation. But at that point the argument becomes whats better, gold/food/medicine/bullets? But I agree, gold is good to have in a deflationary envirnment too.

  19. On June 29, 2012 at 2:58 pm,
    Keep Stacking says:

    Hi Big Al,
    Your site helps me get many others opinions, thank you. Its a no brainer to me gold and silver are the place to be. Now and for the future. PM’s are the money of the elite.

  20. On June 29, 2012 at 5:34 pm,
    shawn says:

    Hi James, I like Peter G’s assessment of the POG, Peter does not believe the gold price will accelerate until we have 2 days of consecutive closes above $1650, Something to watch and consider as his remarks are very astute indeed. I don’t think it’s that easy even at this juncture too predict hyperinflation or deflation so I am waiting for an another entry point but I am watching everything very closely.

  21. On June 29, 2012 at 6:59 pm,
    Jed Davis says:

    Too much ESPNitis. People are overanalyzing the Gold market. What was Gold in 1999. What was Gold in 2001. What was Gold in 2003. What is Gold in 2012. What other asset class has performed as well over this time?

    • On June 29, 2012 at 9:45 pm,
      Marc says:

      Jed,
      ESPNitis! Love it! That is sooooo true…great comparison. Stop analyzing AND keep stacking!
      Marc

  22. On June 29, 2012 at 7:36 pm,
    Dennis M. O'Neil says:

    The system always works until you have to get to the airport in a hurry.

    • On June 29, 2012 at 9:46 pm,
      Marc says:

      Yeah, and your bladder is going to burst!!LOL!