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Gold is flat as your hat really today, on Kitco it is up in 7 currencies and down in7 other currencies.
I am kind of shocked that the GB Pound is over $1.60 so the dollar is weak but gold is flat in USD.
This means that gold has performed poorly in many other currencies lately even if it has been flattish in USD. With the weak USDX as well, gold should have been up – so that is not bullish to me.
Doc may be spot on. I don’t think gold is doing any good and will be flat at best for a while.
The S&P seems to be not really holding its uptrend now, so it is going to turn down on a weak dollar? This is getting very interesting. These are different inter-market dynamics from what we have seen since about the year 2003.
I don’t like the look of the gold and silver stovks right now. They are making a low very close to the previous one. They should be making a higher low in a stair step to be in a meaningful rally. They look like they are rolling over, GDX, GDXJ plus my favourite silver stock all look yukky.
We are definitely not out of the woods on gold, silver or anything associated with them.
GDX and GDXJ have kind of head and shoulders formations forming since the June 28 lows that look uninviting, especially since they are already below the necklines.
The popups in prices on the Fed meeting in late September marked the right shoulder highs and, as Gary Savage said, peaked on Day 1, not a nice sign. Those Fed meeting gains have all been erased since then.
Silver, you’re right—-keep a close eye on Newmont and Goldcorp. They’re 2 of my prime indicators. They’re right at long term support lines. If they don’t hold, the rest of the PM stocks are at risk.
shootout in DC again. nutty women , probably suicide by cop. great earning stocks are slowly drifting lower as we approach Oct. 17 . Treasury will be forced to sell only T-bills and 2 year notes as they refund older [5% and 4%] bonds and 10 year notes. this means lots of Gov. workers and contract workers will be furlough for weeks until someone gives in . Those who think Obama will fold, this time , are going to be proved wrong. Anyone for some new political partys ?? S
Yeah, I was ready about 30 years ago!!!
Yep Scott, me for one!
Thought this was an interesting article – from a few months ago, so don’t know if others have posted it before.
Why the TSX is failing – http://www.equedia.com/why-the-tsx-venture-is-failing/
Good Schiff article:
Thanks Paul L
Peter is an interesting man.
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