Kitco Radio – Mon 15 Oct, 2012

Grandich talks gold.

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Featuring:
Al KorelinPeter Grandich

Comments:
  1. On October 15, 2012 at 10:56 am,
    Dick Tracy says:

    No doubt for me Peter Grandich has my ear on the Price Of Gold his record is exemplary to say the most. DT

    • On October 15, 2012 at 3:42 pm,
      Big Al says:

      It definitely is, Machine Gun!

      Big Al

  2. On October 15, 2012 at 10:59 am,
    JJ says:

    Al, you could not have picked a better day than to air Pete’s opinion regarding Gold.

    With 9 years behind me trading/investing in the pm’s market Pete is in my top 3 go to guys as I look to confirm what the chart and gut feel action is telling me.

    Grandich never makes the “to the moon Alice” calls suggesting $5000+ he’s always been two steps forward one step back…..today is yet another Ground Hog Day…nothing we pm’s investors have not seen time and time again these past 12 years.

    Excellent Al!

    • On October 15, 2012 at 3:41 pm,
      Big Al says:

      Thanks JJ,

      Remember it’s all about the guests and the family!

      Big Al

  3. On October 15, 2012 at 11:16 am,
    James (the lesser) says:

    All systems are go for gold, but the big hurdle squarely ahead of us is the election.
    If Obama wins it is more of the same, it will be good for gold and horrible for the country. If Romney wins I know many people are saying it won’t matter, they have no answers. I am not convinced of that. He is a pure businessman and has a budget hawk for a v.p. Bernanke is gone. I am reserving judgement. This is the 64k question.

    • On October 15, 2012 at 1:15 pm,
      Matthew says:

      Romney is no enemy of the Fed. His “defense” (offense) spending will have the same effect on the dollar as Obamacare. A good businessman at his level only benefits from the easy-money Keynesian system that he has no problem with. As long as the corrupt, broken, debt-based, Ponzi scheme monetary system goes un-dealt with, whatever improvements he makes to the business environment (like less regulation or lower taxes) will have only a limited effect. The value of the currency doesn’t ultimately matter much, but its stability does. Romney will do nothing to improve the situation for the dollar.
      Dubya’s campaign rhetoric was pretty good, too, yet gold rose 4 fold under his watch -and this was before the “QE” brainwashing was invented. Think about that. It was called debt monetization since at least the 1920′s, yet now it’s suddenly “QE.” Looks like a silly tool created to aid in the manipulation of (gullible) investors’ expectations. Will there or won’t there be more QE?! Oh what do we do?!

      Is it not socialism when a central authority engages in these Open Market Operations in order to inflate the money supply by force using printed money? Benjamin Strong was doing this in the 1920′s. Mr. Republican himself, former Democrat Ronald Reagan, created, via executive order, the Working Group on Financial Markets on March 18, 1988. Did his silly fans recognize it as socialism? Of course not! Did anyone recognize his massive deficit spending for what it was -more socialism? Of course not.
      You see, even most republicans don’t mind socialism. I guess they might if they understood what it is and what the real consequences are.
      So, in the words of the mighty Mogambo, we’re freakin’ DOOMED!!! Ha ha ha!

      • On October 15, 2012 at 1:25 pm,
        Marc says:

        Matthew,
        Mogambo cracks me up! WAFD! AKA “We are freak…..” :)

        • On October 15, 2012 at 1:26 pm,
          Marc says:

          BTW,
          “Professor” you are “SPOT ON”! IMHO

          • On October 15, 2012 at 1:29 pm,
            Marc says:

            Finally…its very simple.
            “Socialism” gets you re-elected, REALITY, for a politician….FGYNW! Mogambo language…Freakin’ gets YOU know where! HA! :)

        • On October 15, 2012 at 1:41 pm,
          Richard says:

          Marc, I used to read the “great Mogambo.” Where do you pick him up now?

          • On October 15, 2012 at 1:47 pm,
            irishtony says:

            Richard……See my reply to James ..below

          • On October 15, 2012 at 1:51 pm,
            Matthew says:

            Goldseek has him now. Here’s his latest:
            http://news.goldseek.com/GoldSeek/1349964300.php

            By the way, Richard, am I right to think that you no longer feel that copper is going to fill the gap below $3.00?

          • On October 27, 2012 at 5:08 pm,
            Shantell says:

            I like this web site very much, Its a rattling nice spot to read and incur info. Nothing stgternhens the judgment and quickens the conscience like individual responsibility. by Elizabeth Cady Stanton.

      • On October 15, 2012 at 3:40 pm,
        Big Al says:

        I have said for some time now, Matthew, that I don’t see a big difference between the two parties.

        As Jeff Deist and I discussed last week, we need a real two party system!

        Big Al

    • On October 15, 2012 at 3:40 pm,
      Big Al says:

      Hi The Greater,

      What do you think of Matthew’s comment below?

      Big Al

  4. On October 15, 2012 at 12:48 pm,
    Richard says:

    Al, of the many contributors to your program, Peter Grandich is one of those rare ones I listen to and whose judgement I respect. I couldn’t agree with him more that we’re just having a correction in the PMs short-term in this consolidation period. You had to know it was coming for a number of reasons, one of which was the large number of shorts by the commercials comprising the COT data. I would say that I think this correction might be a little longer then he suspects—as we talked about, next week will be a key for the PMs because it’ll signal whether we start to move higher again to challenge $1800.00 or we continue to trade sideways to lower for a few weeks yet. The conventional markets should trade sideways with a tendency toward lower yet. I certainly don’t see technically a strong move to the upside in the near future.

    • On October 15, 2012 at 3:37 pm,
      Big Al says:

      HI Doc,

      Pete is a very astute guy and a good friend.

      Thanks for your opinion.

      Big Al

    • On October 15, 2012 at 5:40 pm,
      Paul L says:

      Grandich has been the best forecaster for me. Here is an interesting article on a possible comex default:
      http://www.safehaven.com/article/27323/how-to-play-a-comex-default

    • On October 15, 2012 at 7:47 pm,
      Mark Alan says:

      Completely agree Doc! I posted the same thing on my blog Sunday afternoon, about the precious metals going a little lower than what Mr. Grandich is saying. No disrespect towards Mr. Grandich – He is THE man when it comes to metals. The S&P500 isn’t going to tank like a lot of people think. Sure wouldn’t look good for either candidate if it did happen, especially the current president. Quick spikes up, with continued downward moves but nothing that indicates a 5% or more drop. Go Grandich! Go Doc! Go Big Al!

      stay frosty

      • On October 15, 2012 at 9:30 pm,
        Big Al says:

        Great to have you here, Mark Alan!

        Go Mark Alan,

        Big Al

  5. On October 15, 2012 at 1:24 pm,
    Marc says:

    DOC,
    Are you still slowly moving into GDXJ this week or are you waiting for more “data”?
    Marc

    • On October 15, 2012 at 1:31 pm,
      Richard says:

      Marc, I expect some downward pressure yet on gold/silver and as a result pressure on stocks. However, I don’t think you’ll see a commensurate move down in stocks related to PM price pressure (I expect stocks will hold up better). I’m going to see what next week brings—-next week is key as I’ve related.I did buy one gold stock today and will buy more once I believe the correction in the PMs is over. The momentum indicators and strength indicators still favor a move down.

    • On October 15, 2012 at 1:39 pm,
      Richard says:

      Marc, what is very encouraging is thqt the PM stocks I own didn’t move much and in fact, one was up. That speaks volumes that we may finally be seeing the dawning of PM stocks out-shining pricing of the metals.

      • On October 15, 2012 at 1:55 pm,
        Marc says:

        Doc,
        We can only hope! As always thank you for your response. Regarding, Mogambo he used to show all the time at KITCO. Now it seems hit and miss with him. See, Matthews link above.
        All the best,
        Marc

        • On October 15, 2012 at 2:12 pm,
          Richard says:

          Thanks, Irish tipped me off to Matthews link too. By the way, do you have any idea where Mark Alan has been. I miss his comments.

          • On October 15, 2012 at 2:56 pm,
            Big Al says:

            Not sure, Doc.

            I also miss his comments.

            Big Al

      • On October 15, 2012 at 3:35 pm,
        Big Al says:

        I certainly hope that you are right, Doc!

        Best,

        Big Al

  6. On October 15, 2012 at 1:29 pm,
    James (the lesser) says:

    WOW the mighty Mogambo! Where did he go? I loved his articles. Matthew – what you said is very true and very well said. I know the value of the $ is becoming worth less and less, but it is a matter of perception that moves markets, not the facts. As you pointed out yourself when you said “brainwashing” and will there or wont there be another QE what will we do?

    • On October 15, 2012 at 1:43 pm,
      irishtony says:

      JAMES…Go to Goldseek.scroll down , October 11……Mogambo Hunka Hunka Bunker…The guy is brilliant……I wonder if AL could get him to post on here…..What say you , AL.

      • On October 15, 2012 at 2:55 pm,
        Big Al says:

        If it is the same Mogambo who I know (Richard D), I will invite him on the show.

        Big Al

    • On October 15, 2012 at 2:06 pm,
      Matthew says:

      I have to agree with you, but with one caveat. Mass perception rules the short to mid term and to varying degrees, but reality always wins in the end.
      The bull market will live on and, in fact, benefit from the SLOW awakening of the masses. If everyone “got it” at once, we would see a spectacular blowoff in short order. Fear/ignorance keeps most people out when they should be in. Then, when the investment merit becomes obvious, greed pulls them in right when it becomes increasingly dangerous to be in.

      • On October 15, 2012 at 2:54 pm,
        Big Al says:

        Good point Matthew

        Big Al

  7. On October 15, 2012 at 1:30 pm,
    JJ says:

    FWIW what wears me out from time to time is not days or weeks when gold consolidates/regroups and heads higher as this 12 year bull run has proven over and over again….its the reality we pm’s investors must constantly deal with, we can’t afford to read the financial comics, follow MSM spin as we must always read between the lines and often what we understand being the reality taking place around the world…well its often painfull….I’d rather be up 375% in blue chip boring stocks because of global economic growth than 375% in gold thanks to the insane amount of paper money printing taking place trying to create economic growth….more debt has NEVER solved anything!….thankfully we pm’s investors understand the importance of protecting our wealth……its just not alot of fun always sitting at the beach in full rain gear…lol!

    • On October 15, 2012 at 2:49 pm,
      Big Al says:

      JJ, I agree completely.

      It is definitely not fun at all always sitting at the beach in full rain gear!

      Big Al

  8. On October 15, 2012 at 1:58 pm,
    Marc says:

    Great analogy, JJ. Love it…

  9. On October 15, 2012 at 3:56 pm,
    James (the lesser) says:

    irishtony – thanks for thr Mogambo info. The mans a genius!

  10. On October 15, 2012 at 4:37 pm,
    Bobby says:

    Interesting stuff. Lots to consider, Deflation is in control, Gold and Silver are getting pounded by someone every morning, 1740 support is gone, possible 1675, 1650. 1625 gold 32, 31, 30- silver for the short term. We will not break 1900 or 2000 gold for at least 2 years now. Most juniors will go bust by then due to financing.
    JMHO.

  11. On October 15, 2012 at 5:46 pm,
    Paul L says:
  12. On October 15, 2012 at 7:00 pm,
    Bron Suchecki says:

    I do wonder if in hindesight this year long consolidation will be seen as a repeat of the mid-70s correction in gold. From http://www.ft.com/intl/cms/s/0/e576c1cc-01ad-11e2-81ba-00144feabdc0.html:

    “I’ve noticed that gold manias, or, if you will, crashes in the value of paper money, tend to occur in three phases. Initially, there’s a gradual, creeping devaluation of a currency, which can take a decade or so to gather force. Then, there’s an initial inflating of the gold bubble, or deflating of the currency value. That’s more or less what we saw between 1972 and 1974. Then a pause, and pullback in gold’s price momentum, followed by the seemingly unstoppable rise. That came from 1978 to early 1980.”