We open the day with comments on gold from Trader Rog
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Me too big Al (the other). And here I was just about convinced to come over to the dark side…..but no……down she goes again. Sort of expected this (actually I am still 100% sure we go below the lows) but the ups and downs are a lot like living on a rocky boat.
Certainly getting giddy like you guys, even as it sounds like you’re getting husky with it all Al.
The Middle East is getting hairy alright, even though one can’t help but wonder if for the time being its stays as brinkmanship. But If Israel does enter the fray then it’s game over.
http://etfdailynews.com/2013/05/30/new-york-stock-exchange-margin-debt-hits-a-new-record-surpasses-2007-figures/ Reading this has me worried, part of the increase in the loan figure is probably due to the piling up of unsold securities in dealer’s hands, to me that means the “Big Boys” are getting out and the unsold stock is being passed on to the dupes as I like to call them. I don’t know why people don’t read history more often it’s all there to see. DT
Trying to make SENSE of this market…….is NONSENSE. 🙂 If gold drops significantly from here….I am a buyer….period….end of story… 🙂
Watch Crude. It is in decline now and leads gold so we can expect this cycle to lead to deeper lows on precious metals. Signal is deflationary.
Action in gold today (Friday 31 May 2013) does not look very good; correction was a bit big on gold. Back to the 1380s yet again. However, stockcharts ( a day out of date?) sayd double top breakout with the move to $1420 yesterda, target $1550, which would be nice. If 1380 or so holds as support, maybe we still have an uptrend.
My take entirely Marc!
Exercise caution, Reverend. Just a word to the wise.
PS: Don’t invest according to anything I have to say.
Birdman….since, you have been around the gold market since 1960….how, about giving us a run down on SPROTT, CASEY ,,,AND SINCLAIR………thanks for all your assistance in this area…..respectfully…………………….ootb
Marc, back up the truck!!!
Jody D
Look out early morning Monday for another downturn by the gold paper pushers.
PIMCO “Reflation in the Balance
Four of the world’s major central banks are now “all in” when it comes to ballooning their balance sheets in correlated, if not coordinated, efforts to achieve escape velocity in their economies.”
Zerohedge writes: “Reflation in the Balance
Four of the world’s major central banks are now “all in” when it comes to ballooning their balance sheets in correlated, if not coordinated, efforts to achieve escape velocity in their economies.”
http://www.zerohedge.com/news/2013-05-31/g-4-central-banks-all-pimco-speculates-when-qe-finally-ends
In essence, Central banks are pushing on a wet and rotten string attempting to get their theories to work while increasingly coming to odds against politicians and populations. They may well understand that the problem they face is not so much fiscal by secular and structural (political population resistance both domestically and internationally), this is why these western central banks see Gold as a threat to their influence.
The people at PIMCO and Zerohedge hint that the Feds fear of gold is misplaced and that trying to maintain their Keynesian economic policies actually causes the very problems they battle, sort of like a general who spends all resources to fight the terrain and weather while trying to engage. Battles fought this way are normally lost before actual engagement.
These Western central banks will at some time realize that gold is not an enemy but in fact an unwelcome ally. Ego’s at these banks will be cast aside either willingly like Bernanke leaving, or forced to in order to survive by allowing gold to reprice upwards in fiat price.
Paste comments from Zerohedge should read
“As of now, commodity prices and the price of gold do not suggest that markets are worried about the global inflation consequences of QE. But only two years ago, when there was trillions less of QE in the global financial system, they were.”
OK. Finally listened to the show. What a bust.
I have to disagree with both Roger and Al today (don’t be offended) but you guys are way off the mark. Sixteen hundred dollar gold, Roger? Two thousand dollar gold? Are you really serious?
I don’t think you have any idea what is really taking place in the metals markets anymore.
Al, you too are way off base with worries over Israel and how it might impact gold. That idea of yours is representative of an old narrative that began back in the late Fifties and unfortunately has carried through several decades up until today.
It is not valid anymore.
Israel might be a pawn of US foreign policy but its current actions in defense of its borders and in the destruction of missiles sent by Russia are not significant in the larger scheme as they once were. Just a bunch of bloody hype (turn off your TV!)
As I pointed out a few days ago, if those events do not directly impact energy (oil) then they will not be felt in the precious metals markets. Oil meanwhile is going into decline right now which is anathema to your case.
Your connection is therefore decades out of date.
While Israel’s efforts to secure its airspace from a potential missile attack suggests to you it is a proxy war between Russia and the US, I hope I won’t disappoint by saying that is just old fashioned cold-war mentality thinking that does not apply today as it once did.
So lets get up to date on what it all means. Russia is losing Syria and nothing can be done to stop it anymore. They know it….we know it…Israel knows it and none of the alliance of Arab States is going to object to Assad’s overthrow or Israel’s transgressions in its own defense.
And by the way, Roger, if you were so sure of your reasoning for why gold fell today (which I already knew was baked in the cake by the way) then why did you not offer all your rationalizations about end of month trading on a Friday and guys not wanting to be holding positions.. blah, blah, blah…. when you were communicating with the audience last week?
Hate to be a critic of a guy I enjoy listening too but if you really knew there was a setup for gold to decline as you suggest in todays interview then would it not have been appropriate to deliver that message to the audience BEFORE it happened and not AFTER the event was over?
Just saying….this show really irritated me.
birdman…..you say….. “Israel might be a pawn of US foreign policy”….
I think it is the US who is the pawn,,,,not the other way around……,just saying…ootb
Gotta agree Jerry. The Isreali lobby has paid for more than 1 polititian
Birdman – you seem to come on pretty strong, or should I say forceful? these days, like you’ re trying to up the ante with Tr Rog or whoever. For instance you sound pretty assertive whether it’s saying that your 100% sure gold will go below the last low, or that Al’s connection re Israel is decades out of date….what makes you so sure?
I mean we can all end up being equally as dead wrong as dead right, and I in turn find your criticisms a mite wearisome! I’m sure you’re a nice guy, but certitude (be that religious or otherwise) always annoys me.
Best wishes, Andrew
My guess is Birdman has a large short position and is getting nervous.
Ive seen bird right more than once. It remains to be seen where gold goes.
You have no idea how confident I am, Andrew.
PS: Apologies about sounding so critical Al. Lost a few bucks on a bad bet (not gold related) and was in a crabby mood. Don’t be offended if my mood crept into my post.
Looks to me that Crude is setting up to do a retest back down to 86 bucks, Benb. That double top was the trigger event and so I don’t see a supportive environment for gold right now on that basis. This obviously flies in the face of worries over Israeli strikes into Syria and as I mentioned before their actions are not likely to impact oil or gold. The prognosis for precious metals is dismal at the moment and Monday may indeed bring further lows. The whole commodities sector is now coming under pressure as an outcome of Fed suggestions it will “Taper” off intervention and right now that is leading the equity markets lower. Under these circumstances gold is a sell particularly for anyone leveraged to the product. With sentiments already so low and the advent of stimulus being reduced (potentially) there will be decisions made on what stays and what goes. In this environment what stays is not going to be gold as the trend has again been confirmed to be in decline based on Fridays action. Just my opinions of course. I am one person amongst thousands.
That’s a sensible answer to a chiglenlang question
http://shariaunveiled.wordpress.com/2013/05/29/u-s-backed-obama-supported-fsa-syrian-rebels-massacre-an-entire-christian-village/ —– U.S. Backed — Obama Supported FSA Rebels Massacre an Entire Christian Village in Syria >>> Considering ? Talking about poor little Israel, when the sh*# is being kicked out of Syria, by people that are there only to help get some private central banking into the pockets of the ultra-rich Banksters is little bit troubling for me. Senator John McCain doing it again like its just another Libya, conquest for his Banksters friends over at the FED……..What`s going on with the blind, leading the blind, another war, then another war ? Then its poor little Israel again, its like telling in WMD, or another threat that well its OOOPS again, so we were wrong again. What`s up with this kind of TA of another type ? I guess history doesn`t matter any more, they are the bad guys —— Arabs, right,….really ? I thought they were and are people Christ died for, too……..Besides Israel has A-Bombs, H-Bombs, they can take care of themselves, though its the Rothschilds that are the ones pushing this action aren`t they.
Hi Dennis. I didnt read your article, Ive red them before and this “rebel” massacre of christians is far from the first time. Same story retold.
It has always amased me that the christians of the west support Isreali genocide of the palistinians, now they support the killing christians, on totaly sacred ground to christianity to boot. And one of the leaders of the “rebels” was eating dead syrian solders. So we support psychopathic canibils. go figure.
https://www.youtube.com/watch?v=MgGyvxqYSbE
That link is a 37 minute video of the people that cause the “crap” we all sufer.
The sooner we learn to recognise them the sooner we do away with them, if anyone takes the time to watch it they will be glad they did.
It about psychopaths, how to recognise them where to find them and how to deal with them.
I have already givin this to my kids and friends to give to their kids, all were happy to get the information.
Though this massace happened on Monday, & it was done by al-Qaeda & al-Qaeda affiliated groups, this article has many links in it all from sources like New York Times, Examier, the Hill, infowars.com, usatoday.com, ….. These are good sources, its a mirror of what happened in Libya, and else where under a watchfull eyes of our beloved Banksters. When these bankers get done with what they are doing `out there`, then its us here who will be next to be screwed. —– I`m sorry its not about the price of gold/silver article. This was on my Facebook page, last night. ……… Though I`m not a trader, only a miner. I`m interested in where markets are going, & how the banks work, etc., often its been said what`s gold going – up or down, & how often its is that many say its not a manipulated market, but only how its is, times & seasons thats it. Well I don`t see it that way. Just when looking at the price of Platinum & Palladium esp. Pd, it hasn`t been down hardly at all for weeks, Why ? Don`t you think it strange, that Pd is untouched. No Central Bankers screwing with this metal, why no paper pushing this metal down. Its because the company Johnson-Matthew are in near total control of this commodity, less to some extent of Pt, as well worldwide. But gold/silver their not in control of them YET, so goes down the price of these commodities, along with Copper, Zn, Nickel, support metals that are in others control, so off to short them too, Why ? To get it all under their control. In fact Palladium has only gone-up. When I try to sell my metals, though my amt. of gold is far more than palladium, yet if the refiners know that I do have PGM`s with my gold/silver, they are then to some extent interested in not wanting to buy from me. I suspect its because Johnson-Mathew has an order out there to refiners not to have business with them, ill regardless how much you might have in gold. Its like the Diamond Market, its very contolled. When a source becomes known then if`s possible its shut down in short order, like what happened in Arkansas, they had a place where you could pan for diamonds there, but it was short lived, it was taken control by the government ASAP, then declared a wilderness and forever closed from mineral entry. As a matter of fact I found diamonds here in CA. But who cares, I don`t care……….
Price check : price of gallo wine is up about 7%[grandmas sherry] once again price of soup is up about 6% . Sale prices on most bread is less frequent so price is up . local gasoline price on regular is up again. spice rack— look out real inflation there. So the talk of deflation may be true for silver or copper , but food and everyday stuff is way up. love to all S
Not sure why I visit this site, but I’m pretty amused how irrational some folks sound when it comes to PM investment.
Birdman, you hit the nail on the head..”outdated investment mentality” ..that’s all I can say about the guy who runs this website and the people he interviews..
Its my cheap entertainment listening to folks here..
kinda like polyester pants of entertainment 🙂
SilverFox hooking up with Birdman – now that could be really interesting!!!
Andrew……THEY COULD START AND INDIAN TRIBE………….Chief little Bird, and chief Silver Fox………and Al could be the Sheriff AND Run them out of Town……(joke)
typo….AND …..AN
Yep bring it on I say!
On second thoughts Jerry – have just heard Birdman explain he had a bet that went badly for him which put him in a crabby mood….So that puts the guy in a different league from SilverFox.
Relieved also to hear that you ARE fallible Birdman, as I believe you to be over your 100% certitude over gold!
Best, Andrew
Hey Al and Rog Im gettin seasick ,this is crazy.