Trader Rog says, “look for a major uptick in gold very shortly”.
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Was it blind luck or was it genius?
I know what I would like to think, but unfortunately I am not the prettiest baby in the nursery.
I bought the stock because of the quality of the management team!
Big Al
Ive been saying all along this is all about QE3, nothing more complicated than that. Bernake signalled he is ready for more QE as early as next week and Draghi’s comments today paved the way for more QE in Europe and another excuse for Bernake to act sooner than later. Gold is attacking $1620 for the 3rd time today. It needs to take this level out. After that $1655 is the next key level.
James,
Agreed – very much. Q3 is the big kicker in this; as we stand now. However, when the debt crisis really crosses the Atlantic for good, then as BIG AL has stated, the fundamentals will really kick in.
Marc
Howdy James
You’re dead on with your price targets but don’t forget…we need to SEE VOLUME supporting these break outs. So far, ehhhh…a little sceptical but oh so ready to pull the trigger. My concern is that we could very well be getting faked out because tomorrow is option expiry for August contract, so we will probably see the usual shannanigins….sigh. We’ll see, but we are not yet out of the woods.
stay frosty ๐
http://marksstudio.wordpress.com/
I agree with you James.
I do; however, think that it is more than QE 3.
Big Al
I agree Al; it’s more than about QE3. This time Draghi at the ECB says he will do whatever is necessary to save the Euro. That might turn out to be an awful lot. It implies they will print money like mad. Irony is, the Euro strengthened as a result! Isn’t that perverse?
Ross Clark sees gold possibly going to high 1600s-low 1700s. Both he and Rog have mentioned 1690 among other numbers. That would hit the neckline on my amateurish home drawn head and shoulders. It needs more than that to get a real rally going.
The dollar meanwhile is pausing in its rally. To stop that rally needs QE3 in the US or some other US crisis like another debt ceiling crisis to weaken the USD or alternatively, a new confidence coming into the Euro . The dollar still looks like a cup & handle type chart with a breakout just tested.
Unless we see gold and dollar rallying together as in early 2010 for instance, I am not optimistic for gold yet. Gold is still just parroting the moves in the Euro.
By the way, did anyone hear the excellent live interviews from FreedomFest 2012 by Kerry Lutz with Rick Rule, Peter Schiff and others on Financial Survival Network? One of the other interviewees Andy Hoffman gives his take on a big US bank stock that he thinks may be the next to go under.
Hi Trader Rog, I`ve been posting on my facebook page stories like `Are the rats leaving for safer ground given that Ron Paul`s victory to audit the Fed by Congress has a host of private banking families, commonly known as the Fed worried that ITS all coming out, the truth behind the lie…Are the bond markets all around the world imploding, where now do we kept our wealth but GOLD, GOLD, GOLD… [then use link http://www.bloomberg.com/news/2012-07-25/euro-exit-risk-prompts-jpmorgan-to-set-up-c… Euro Exit Risk Prompts JPMorgan to Set Up Contingency Plans … after you say on your last update `that this was a big move` by a major bank to have a way out of the woodshed, after what happen to the bank after Greece folded, I can see that they see the writing on the wall too. Those nasty derivatives are up biting them in the nether region again.
Dear DB,
One addition to your comment above: SILVER< SILVER>>TOO! :).
Marc
I wouldn’t get too excited about Paul’s victory. Though I’m always hopeful, this audit might be about as useful as the Warren Commission.
The Warren Commission only left many more questions than it solved for people to ponder. http://federal-reserve.net/thefederalreserveact.htm Perhaps the Kennedy Assassination was planned by the Fed to cover the fact that the Kennedy`s wanted in to the scam as well, a fact that`s far to dear in the minds of the many banking families syndicate.
John,
You are correct, any audit that will take place at the FED will a nothing sandwich. It will release nothing in the way of real news and they will make sure that all the proper gatekeepers are in place to run interfereance.
When are people going to learn and wise up. This is the most powerful mafia in the world. You will only receive the information into the public domain that they approve.
Al, I don’t do a lot with Elliot wave or Fibonacci although I can use them. I don’t like them as much as other indicators. I rely on indicators that often indicate major turning points and currently they’re indicating we’re getting close to a major turning point. What that is will be debatable. I would put odds on the fact that the dollar will turn back up and gold might have to make one more move (on a minor basis) lower. However, the GDXJ shows a strong indication of bottoming along with gold. As mentioned previously, the Dow/Gold ratio and it’s approachment to the 200 week MA is a key . We’re getting very close and every week takes us closer. That bares more relevance to me then Elliot wave or some of these other indicators. In all likelihood we’re about to get a significant directional change and move in some of the asset classes. It’s a question of what classes and the direction. The other encouragement is that gold momentum is now up to sideways and that hasn’t happened in a long time. I wouldn’t be surprised if gold moves down again for a couple of days and I have my reasons for that statement. However, some bubbling is happening under these markets right now and some significant change may be coming.
Afternoon Doc!
I completely concur with your feelings about gold dropping a little over the next few days. There was one heck of a gap that still hasn’t gotten filled but for gold to fall back near its $1560 base, we would have it completed.
Did you see the absolute abysmal weakness of participation in today’s conventional market rally? Transports have cratered and so many other indices are showing heavy signs of cracking. I’m thinking of maybe shorting the market again depending on how we open tomorrow and action near the close.
thanks for your inputs
http://marksstudio.wordpress.com/
Mark, you are so right. Good for you. The gap for gold is the very thing I didn’t mention and that’s why Trader Rog (again) will probably have to eat some verbiage again. And you’re also right about the transports. They just took out a MA again and it’s signalling some real difficulties ahead. The Dow Theory is still very much intact. I shorted the conventional markets again and do on every rally. The conventional markets are behaving so much like a cyclical bear market (as I’ve menitoned in the past) that slowly wines and dines on it’s victims. We will be in this thing for months in spite of anything the Fed does. The dollar is going higher but eventually will have it’s day in the valley.
I really like your analysis Richard. Though I will say that, while Roger may not get the second wave up tomorrow, he also does say the trading range of gold will only increase. Elliot Wave, by definition, yo-yo’s — just to a certain drum beat up 5 up, 3 down. Of course, you know that.
No two technical systems are the same, so also by definition, the timing of one system will favor a given rally, while next year, the timing of another TA system will better determine a rally at that future time. So long as a system gets the trader into the trade in time for the move up, and out before the move down, it’s a good system.
John, you’re so right about recognizing when to get in and out of a major move. The problem is when we stay too long because of greed. I know one thing; this bull market in gold is a long ways from being over. It’s a rare time when I’m able to be as certain about a market as I am about the gold market.
Doc,
I completely agree. Getting out is the major question. Not to put pressure on you Doc, or anything- but, you for one, will be one of the guys I will be very attentively listening too…..:)
Marc
That’s a creative answer to a diuficflt question
Fed has destroyed money and capital markets, Stockman tells Casey Research
This week, Alex Daley of Casey Research interviewed former U.S. budget director David Stockman…and gets him to remark that Federal Reserve intervention has destroyed the money and capital markets.
The interview is posted at the caseyresearch.com Internet site…and it’s a must watch. The link is here.
This fellow thinks there may be a 100x leeman crash coming too.
I personally think it will happen, when is obviously the question, I figure gold is going up, but so is just about everything especially food, gotta have somthing other than currency, gold/silver works for me.
Bemb. Thanks for the link.I listened to it twice.So what Stockman is advising is to get out of All stocks.including gold and silver)??
He only likes physical is the way I understood it. Its when it comes is the question.
Hi Big Al,
My vote is Trader Rog’s technical’s are correct. Best to all.
The other day Jim Cramer called silver a junk metal. Did anyone else here that statement?
Hey Raymondo, haven’t you availed yourself a pair of Cramer BS deleting filter headphones yet?
Jim Cramer is CNBC..MOUTH PIECE….FORGET THE IDIOT…BOOYA….(who says that in a correct state of mind)
Jerry,
I KNEW that comment would get you out of your cave!!!! Go get him ๐ BTW, I always used to hear how when Mr. Booya..boohoo… would go out he was surrounded by all these women -like a rock star. Yeah, a rock star allright – a very, very fast falling rock star…what a pathetic front man for CNBC! ๐
Marc
But Jim is correct when he says that, Raymondo! And so is Ben Bernanke, Mario Draghi, Gordon Browne, Warren Buffet, Charlie Munger, and everybody’s favorite poster child of the precious metals – Jon Nadler
Well if Cramer said silver is junk, time to back up the truck. The magnitude of his accuracy record is inversely proportional to his decibel level.
Now THAT was funny John W.!! ๐
DITTO THAT……Mark Alan…ditto that!
Big Al and all:
Here is something to ponder:http://www.theburningplatform.com/?p=37624
Shoot.. I am going to stop trying to link up stuff…until I can get it right…sorry! ๐
Hi Marc just try leaving a space between the colon and http will be all it takes and its hard when you are so much faster thinking than typing it happens to us all. Oh I will have to include SILVER, SILVER to those who can`t spend that much money on gold.
Hey DB,
Thanks!!
Just a comment on style rather than substance:
It’d be great if the audio quality could be improved. The last little while the audio has been distorted (over amplified), and while being stereo, it has been only coming through on the left channel. Doesn’t matter so much when playing on speakers, but it is quite uncomfortable to listen to via headphones.
Thankfully, the buzzing sound that used to be there for studio recordings is gone. Ironically enough, the best sound quality has been from the off-site interviews. Maybe use that technology for all recordings?
Big Al enjoy the breakout by SVL. Your timing to get in was bag on.
Enjoy your show.