We are starting the day with Rick Ackerman
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Well…maybe not puke…..but at least I’m getting nauseated.
Second that motion, Tex!
Big Al
I know little, but it seems to me that to be selling now, would the be exact wrong thing to do. If any selling was to be done it should have happened months ago. Anyone who sells now is panicking, I’d say. When the stalwarts, the believers finally sell, then the bottom will be in. So folks, please keep me posted if you are selling!
Anyone who has been holding PM stocks is down so much that a few more percent really don’t matter.
The only reason to sell would be if one believed that gold is “done”, it’s going to enter into a prolonged bear market, because of bearish fundamentals like global QE, threats of nuclear war, instability in the Middle East, festering banking crises in Europe and the US, German and Dutch missing gold, depositor money confiscations, etc., etc.
All of these spell the certain end of the gold bull. Gold can only continue to slide and slide in this environment. The bull market has simply run its course…what can I say…?
Besides, we wanted to keep working anyways, right?
Strikes me, Peter, that the fundamentals you mentioned are actually bullish!
Big Al
I think that Rick and Doc might agree with you.
Interesting times, huh Dan!
Big Al
Is there a majority on this forum regarding getting out of mining stocks? Who knows how much lower they will go. I am seriously considering liquidating as I don’t feel the fundamentals are having any impact what so ever on the pricing. Sinclair and other (in the know) individuals are now coming up with different reasons for the continued decline and some of the reasons don’t make sense. The market moves on perception and at the current time reality doesn’t seem to make a difference. It would be nice to know how many on this forum are questioning holding the mining stocks any further.
Sinclair has been wrong for more than 18 months. I don’t know why anyone listens to that guy anymore. Every time he sends his followers rushing off on a golden egg hunt only to see them get pounded into the pavement again and again and again.
I swear, I sometimes think he is working on behalf of the shorts who need him to keep pumping guys up so they can gratuitously sink them for profit. Cry Wolf, cry wolf cry…..
It is very dangerous to be a constant bull and you are bringing up the exact reason for that, Bird Man!
Big Al
Gatorman,
I am doing absolutely no selling because at these levels it strikes me as being pointless.
What do others think?
Big Al
HOLD YOUR GROUND!!!!!!!!!!!!!!!!!!!!!!!
Jim Sinclair say’s “gold will go back up when China and Russia say so, and no chart will tell you that”, I haven’t pulled the trigger yet; so far so good, but I found Rick’s comment on silver interesting so I am encouraged enough to wait and see how this plays out. DT
Good point, Machine Gun!
Big Al
Tax returns are coming in so the advisors are advising and they, in general, are sheep to Wall Street and see that the S&P 500 is going up so buy what is going up. Makes sense to me even without the manipulation stuff that is still out there, somewhere.
Dan
Remember, Calgary Dan, I have consistently stressed diversification.
Guess that is on of the reasons that I am unhappy but certainly not devastated.
Hang in there everyone, I am!
Big Al
You bet Al. I went to a coin dealer today to buy $5 face value of scrap silver in Canadian coins and the guy gave me a pathetic little bit of coins to sift through. I took $5 face value and left about $6 face in his bin. Yes, that was all he had. His words, “There’s lots of buyers and nobody is selling.”
Dan
DAN….& that is the true market, why did you not take the remaining $6 , ? i would have.
Payday is Monday(;-) I went in for information more than anything. Come to think of it I should have bought the rest but there was a guy behind me to.
Dan
we’re fighting the fed. Bad idea?
Time will certainly tell, Barry!
Big Al
I value Mr Ackerman’s matter of fact analysis, and I see his targets on my charts and thus understand his reasoning.
Mr Norcini offers similar and congruent insights. He makes an interesting observation regarding the divergence between equities vs oil and copper, and also comments on gold in his blog today. Indeed, it’s a strage world we’re living in. http://www.traderdannorcini.blogspot
Copy days ago I posted a chart and he said the technicals were fine. So go figure.
More proof, har, that it is impossible to be the “prettiest baby in the nursery”!
Big Al
Sorry I’ve been away, today. Saw the Dold and silver prices and went out on a buying spee. There’s only three dealers in my town and they have no bullion left. Period. Cleaned ’em out and they promissed to call me whenever they had more than $10K worth back in stock. Now I’ll try and catch up on postings….
Thanks cash for silver!
Big Al
It took 500 tons of paper sales in gold to take it down, according to Maguire in London and Sinclair.
http://www.jsmineset.com/2013/04/12/maguire-over-500-tons-of-paper-gold-sold-in-takedown/
if the illiminati is behind this take down,,,and sell off,,,,they can just keep driving it down…..If ROTHCHILD HAS worth of $500 trillion ,,,,yes, trillions,,,,,,and wants to take over the world. …or I should say keep his plan in action,,,,a “one world order”….then………he needs the gold to be beat down and stay down……and the power brokers are not going to be hurt…..but,,,since ROTHCHILD IS NOT A RUSSIAN OR CHINI MAN…..THIS GAME IS STILL IN PLAY……just OUT OF THE BOX….
Yes, The Tall, the game is still in play. (At least that is what fundamentals tell me!)
Big Al
AL…not just the fundamentals , but also logic ,
CFS – no need to apologize.
Meanwhile in Cyprus, the third member of the board resigns from the Bank of Cyprus.
Thanks for the heads up on that cash for silver.
Big Al
I’AM HOLDING. IF IT TAKES TWO MONTHS, OR TWO YEARS TO COME BACK. YOU CAN’T SELL NOW. WHERE ARE YOU GOING TO PUT YOUR MONEY ANY WAY? IN THE BANK!!!! YOU WILL NEVER RECOVER IF YOU PULL OUT NOW. THERE IS NO GOOD PLACE TO PUT MONEY RIGHT NOW.
IF YOU GET SICK LOOKING AT IT , GO ON VACATION AND FOR GET ABOUT IT.
ITS ALL GOING TO COME TO PASS IN DO TIME.
ditto…..this is just another hit……There … HAS TO BE MORE BLOOD ON THE STREET, …Like you said where are you going to invest…bonds,stocks,real estate…
(all are overprices)….so, I think physical pm….is still safe…. ootb….
I would agree SILVER MAN and my actions prove it.
Big Al
CFS – sounds like you live in a really backwoods town. You should have looked me up if you wanted to buy more than 10k blocks, but the again I’m not selling an ounce…
Dont know if it means anything but I thought I would check the price of physical on e bay, gold was 1650-1800 an oz and silver was 37-40 for maple leafs oz. .8 silver (junk) was about 25.50 an once. not enuff sterling to mention, been that way awhile.
Interesting benb!
Thanks for passing that along.
Big Al
I agree with you, silverman, this game is not for the faint-hearted.
This is where you either have faith in the fundamentals or you don’t.
I said in this forum a day or so ago I had stopped trading, and I had. From here on out I am only buying PMs.
Yes CFS, Buy low and sell High.
Just a few days ago King world experts were targeting silver at 500 and gold at 8000 and today it is at 1477 at the close. It looks like it will at least go to 1400. I took some solid gains in Intel this week to cover a small portion of 2012’s gold stock losses. I will wait till the slow days of summer to start moving back in slowly.
I figured is was a 50/50 chance they would run the stops under $1523 once gold dropped to $1550. Very often this is how yearly cycle lows are made when big institutional players run an important technical level that triggers stops. It gives them the kind of liquidity to enter big positions.
that being said the blees rating on gold and silver almost certainly hit a maximum bullish reading of 100 today and there was the largest positive money flow into GLD I have ever seen.
This may not be the exact bottom but this level is going to be left in the dust quickly once the bottom is complete.
I expect we will see the first test of the all time highs sometime in the next 3 months.
Right there with you Gary.
Was a buyer today.
Was a buyer last week.
Will be a buyer again next week.
Can’t wait the everone is “selling in May and going away”
[…] We’re aware that some are forecasting much worse for gold than $1414. In a discussion thread at The Korelin Economic Report, where forecasts from Rick’s Picks are featured regularly, one investor saw gold falling to $800. […]
TSX G&S Mining Index has made new TEN year lows today and is not fully oversold yet. Puke point is coming soon.
Dan