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Gold punched through $1700 rather easily on the EBC news. However it isn’t rallying on this news as much as it could have. I think the ADP payroll data cooled off the rally. Tomorrow’s August jobs numbers are huge. This will really confirm or delay the QE3 announcement. Really needs to hold $1700, a come back to $1706 would be great. I don’t like to see spikes to $1715 and then a pull back below $1700.
Al, there is something wrong with your mike again, only left channel working.
the early am spike and drop back was pre nyse –so its light volume so all bets are off IMO for either direction
it’s all short term noise anyway as most of us know,
I wouldn’t call the ECB announcing unlimited bond buying short term noise IMHO.
Regarding direction – looks to me like the direction is clearly up. $1800 is the key level.
intermediate and long term direction is up-short term esp daily is news event and MOPE driven
IMHO, very much agreed….hey, day at a time! Right? right
Any new comments on this break? I know you wanted a pull back to $1620 BEFORE the push up. Correct? Any comments…..thanks Doc
For some reason I dont see docs previous comment, but I am also interested in Docs opinion. Rog scares me somtimes. Even scarier, I have found others that are agreeing with him.
Good afternoon! There was NO previous comment from him recently – I dont think…we havent heard from him in awhile…so I just thought I would throw it out there to him. Yes, indeed, I value his opinion very, very much…like others on this site, too – I am sure:)
MARC…..this is DOCTOR JERRY , and I think we are not going to see $1620 again…, I have read this in my medical gold journal, and the tempature for gold is getting hot.., so take to aspirin and call me in the morning….
Ok, Dr. Jerry…I will do that; I will down the aspirin with a pint of Irish’s guinness!
$3500 Gold $150 Silver
JED…..GOOD CALL….I AGREE
mp3 download cut off early. No Rog speaking at all.
At least that, i agree, IMO…however, a little concerned about gold confiscation as we approach the levels ‘where the canary in the coal mine” is at death’s door. Silver, I am not worried at all. gold just MIGHT be another matter.
Marc….they are not going to confiscate the gold, the govt. would have a heck of a time , they were not successful in 1933 and will not be successful if they attempted to do it again….
I hope not, Jerry!
Gold was never confiscated. It was purchased at $20.+ manditory , and shortly re-valued at $35,00 per ounce.
keep stacking……how about ,,,,requested to turn in……..
looked it up….executive order 6102….crimalized the possession of gold by individual…1933 Roosevelt inacted…
Sure you are correct. If this happens again, they would purchase it at spot price.
This would tell the world just how shakey the dollar is and the world would sell or free fall the dollar. Best to you.
keep stacking…..I am not calling for confiscation…..I am
saying the public will not participate…..In 1933 , the general public was more respectfull of the govt…and did as they were told…but, not everyone,even then
turned in their gold….as can be withnessed by the amount of gold coins , double eagle
which are still available today….this is information that is available through the association of numismatic dealers ..and history books….
Unlike the cooperative public in 1933, the people who have gold today, understand that the govt. is on shakey ground, and they will not participate in this sort of pretended confiscation for the so called betterment of a corrupt govt. action…, it will be impossible to control all the gold….are you going to turn in your gold watch, gold teeth, gold pen, gold necklace….no, and neither will the public at large…
Gold confiscation? In my opinion, that means WW III. No one will stand for it. If forced most people, will say it was stolen and take it as a loss while they have it in hiding.
I agree with you Jed…..it happened before and will happen again…
when I say happen again…meaning that the people will not turn in the gold…
As alot of people know one way to “fix” things is to revalue gold, today Mr. Russel kwn is talking about it, Mr. Moriarity has said gold will not be teir 1, I have been reading some others that are agreeing with him.
Does anybody know if gold MUST be teir 1 to revalue?
benb….I thought they already made gold a tier one …..the banks have decided that…
I read that two weeks ago…..could be wrong….I’ll do some checking..
jerry As far as I know it was being looked at but nutin decided.
benb….Greg Hunter …just did an interview with Cathlene Fitts…and she indicated that there is not a tier one on gold….so, you are correct…
days become weeks, weeks turn into months, months become years. its all one long continous stream. you cannot call what is playing about before our eyes the daily noise, if so when do you tune in? You will never see $1620 again.
So with your gold confiscation assumption Marc, silver might be a great option anyway?
Yep, but you never know….you just never know…Jerry could be absolutely right with no confiscations….enjoy every day..one day at at time
Brad…..silver is a good choice also….you need both gold and silver…..
I’m thinking the US gov’t could easily fudge the numbers and make things look rosy, just to send pm’s down until the qe announcement -or non announcement.
– regarding tomorrows jobs report
Al…..you know we have turned in the gold market,,,,when BILL GROSS, PIMCO, says gold is better than bonds….(see Sinclair today)
there will be new fund managers, looking for a better investment…than 1-2% return…
Yep, yepper Jerry…I AGREE!
Silverbugs and all, The market really hasn’t tested Silver’s price for scrap sales, Gold has gone through it’s baptism but Silver which had a parabolic break out to $50 and then corrected to under $30 could keep this metal rangebound. When will we get that point where householders start to dump scrap and compared to gold there is a truckload sitting in the wings. At $40 an ounce granny’s tea service looks mighty inviting.
Hi Dick. Very interesting comment you made about a “truckload” of silver scrap sitting in the wings ready to be dumped at higher prices.My coworker has the same concern, and is why i posted the ? last week for her regarding above ground silver supply .She feels every Tom Dick and Harry is going to dump at higher prices and down goes the price agai.
Domocrats vote against God!!!!!!!!!!
Interesting when watching the atheistic proceeding are many but here are a couple intersting tid bits:
1) The amendment was introduced to motion by Former Gov. of Ohio Ted Strickland who was Co-chair of the Platform Committee. Therefore if anyone was responsible for God being omitted from the platform it was he. Methodist ordained monister or not!
2) It is obvious the voice vote by decibel revealed the motion for God was voted down.
Think of that next time a Democrat canvasser knocks on your door.
3) The yet to be identified ruling chairman was clearly confused. The voice vote result was inconsistent with his tele-prompter telling him “In the opinion of the chair thevote was in the affirmative.”
4) So there you have it. God is voted against. Jerusalem is slighted. And the result is lied about for clear politics. Only at the Democratic National Convention where it is most likely you cannot tell the electorate who you really are because you need the majority of people to vote for you with your hidden amoral baggage!
what does the DNC expect, when they have a Pres. who has invited the muslim into the fold….
please define thr term MOPE. ty
Richard……..management of preceived expectations…… this is a favorite term of James Sinclair…
more old people everyday?
benb…..that is funny….
I fell asleep during Clinton’s speech (not apologizing either) but one thing I agreed with whole heartedly was the bit about democracy doesn’t need to be a blood sport. How he can’t bring himself to hate those on the other side; he named a few R’s whom he admires. Wish I had access to that segment so I could show what I mean.
In my mind, his speech could have been given to gold bugs. People on this site are pretty civil, but on some other blogs they’re not happy unless they are name calling, smearing, and belittling some perceived “enemy”.
Life’s too short; maybe we make a few bucks, maybe we don’t; everyone has the right to play however they want. Leave the hate to the losers.
Wereany ice cubes left in the tumbler when you woke up?
Never use cubes …they bruise my lips!
Well, how about that!
Kudlow just now played the short segment from Clinton’s speech that I was referring to.
Irwin….Does Kudlow talk about gold ,,,,I have not listened to him for 6 or 7 years….You know when it is bubble time…. gold will be the main news topic….
Listening with one ear … one of his guests ended the last segment saying hold gold, but be careful of general stock market.
Can’t recall Kudlow his-self recommending gold.
Irwin…..thanks for the reply….”hold gold”…..I agree…”becareful general stock mkt”,I agree ….after the election, the mkt. is due for a correction…,,,gold going up…..just my thoughts…I am going with the gold bugs…..and inflation…
Haven’t checked my account balances in a while; but seeing how Cdn Gold Index (XGD.TO) is up about 20% since the May low, I should be feeling better than I was (didn’t sell anything).
GDX is up about 25% in the same time.
Our strong Cdn dollar influences our market returns.
Go precious metals
FOOD AND WATER , might be a better investment than gold…, in lieu of gas…raise some corn, and make ethonal,and subsitute it for gas…..who needs a job, be a farmer, better yet , be an Amish farmer, they do not pay ssi tax,
Hey Jerry OTB..Make a fortune and own an ethanol refinery in Iowa. They lose $ 1.00 a gallon refining corn for ethanol but make $ 300.00 a ton for the by product which is cattle feed. Banksters won’t allow the halt of ethanol as there loan collateral consists of farmland. You are probably aware of this if you are in Indiana. I have a small farm in eastern Iowa and grow just enough to feed the wildlife and rent the rest in one acre parcels for people wanting to truck farm. Take nothing from the gov’t.
Gator Jerry….How are you doing…….I like you thought on the ,,,”do not take anything from the govt”….I like the idea of the truck farm rental…that should be very good for you going forward, since the price of food is going up,,,do your rent have an escalator clause in the lease or agreement….
Gator Jerry….How are you doing…….I like your thought on the ,,,”do not take anything from the govt”….I like the idea of the truck farm rental…that should be very good for you going forward, since the price of food is going up,,,do your rent have an escalator clause in the lease or agreement….
sorry for the double post……
Just want to make a political observation……there is an alternate political party emerging and its not the tea party. This party is effecting our choices and behavior in a very dictatorial manner where there is practically no rebuttal……that party is called the MATH PARTY!
Oh, no worries Jerry/Marc, I do have some phys gold as well, but I’m almost 60% of everything I own in silver now. I have a long time horizon and am willing to take a flyer on what I think is a relatively safe bet at these prices. It’s not all about dollar price appreciation, but I am certain that silver has a bigger multiple upside than gold, notwithstanding all the other variables. And… I don’t even care that it doesn’t produce a dividend.
BRAD………60%………WOW……….You’r my type of guy. Most of my savings are in silver bullion, some think i am crazy, but i believe in the metal…..i’m in for the long haul.
Brad H and Irish – you are BOTH my type of guys….hi, ho silver…in complete agreement…ok, you too…Jerry, and ALL…and of coure, Jody DDDD!
marc….:”thanks for thinkin bout me”…tigger (winnie the pooh…1988
Haha, well to be fair, not incl real estate it’s 60% + silver, 15% gold, 3% crude, 5% gold stocks and 13% stocks and bonds….. It’s A LOT of conviction. Probably classifies me as a goldbug. Cramer would take one look at the weightings of my portfolio and crap in his pants. The upside multiples on the miners like PEM are hard to ignore IMHO. Let’s see who else has these kind of kahonies, eh Marc/Irish… Maybe we’re all a little crazy… right up until we sell after a parabolic move tho. I just don’t see upside, or risk/benefit to the other stuff.