Gary Savage – Wed 16 Oct, 2013

Starting Wednesday with Gary Savage

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Al KorelinCory FleckGary Savage

  1. On October 16, 2013 at 8:51 am,
    MNH says:

    Nobody can convince me that downward pressure on Gold and Silver isn’t a good thing.
    I love being able to add Phyzz at 2010 prices— so gotta think that 2008 prices would be even more fun!
    2013 has been tough on Gold bugs I keep hearing.
    Not even close to correct! Goldbugs been having a great time in 2013.
    According to the US MINT Gold Buffalo sales are up 33% over 2012 and we still have ten weeks to go this year. Gold bugs quietly ‘n under the radar been having a field day going about acquiring more Phyzz— never mind all the bitchin’ and negative sentiment.
    I am so scared that Silver will be in the $40′s and Gold in the $1800′s again at year end and screw this up for me!

  2. On October 16, 2013 at 9:02 am,
    franky says:

    Options expiration was BOB chapman every month GOLD will go UP !

  3. On October 16, 2013 at 9:06 am,
    Glen says:

    Seems like a budget agreement and the return to borrowing trillions of dollars by the government would be good for gold? Oh, I keep thinking that there is no manipulation in the market. Sorry. Gold must be suppressed in our fascist system.

    • On October 17, 2013 at 1:29 pm,
      Big Al says:

      Sure was good for gold today, Glen!

  4. On October 16, 2013 at 9:09 am,
    cfs says:

    There is something happening behind the scenes. I am not in a position to have all the data at my fingertips.
    I will make this comment that you can check. In recent trading sessions there appears to me to be anomalous early morning (on US time) trading, designed specifically to take gold down. My guess is to hold all precious metals down during these uncertain times.
    The anomalous trading behavior is detectable because for periods of time up to several hours the prices of silver ans platinum are not tracking with gold.
    This is an observable fingerprint of manipulation, since normal trading is in relatively small quantities and precious metals track each other. Divergences, such as gold down 0.5% or even as great as 1% without a tendency for platinum or silver also to move in the same direction does not regularly happen. However, recently, with the morning takedowns, this is happening.
    First one sees a sigificant move down in gold over a few minutes or even few hours, and then only later do other metals move.

    • On October 16, 2013 at 9:30 am,
      Dan, calgary says:

      The gold lease rates are rising now that, opposite to silver IMHO, usually presages a rise in gold prices lately anyways. So much BS that technicals may not even enter into the price equation.

      There was some babble on BNN today from Bart Chilton about the JPM Whale Trade manipulation about how they are guilty as sin. Of course there is no gold or silver manipulation because it is impossible though.


    • On October 17, 2013 at 1:30 pm,
      Big Al says:

      Thanks cfs

  5. On October 16, 2013 at 9:13 am,
    cfs says:

    Some of the PIIGS seem to be beginning to grow temporarily out of some of their problems. Maybe.

  6. On October 16, 2013 at 9:23 am,
    cfs says:

    Maybe I move around, living in different places in the world. In a parliamentary system the opposition tends, tends rightly or wrongly, always to oppose. Public opinion then often softens the opposition opinion and compromises are reached.
    In the US, with the press solidly in the liberal camp, regardless of the opinions of the people; with the President and his minions openly lying and denigrating the Republicans, there seems to be no opposition.

    A compromise in the USA seems to be “OK, Mr President, go ahead and do whatever you want to do.”

    Is this a dying system?

  7. On October 16, 2013 at 9:53 am,
    cfs says:

    I was around AND do remember the Hunt Brothers’ manipulation.
    Armstrong is WRONG. He misrepresents what happened. The Hunt brothers conceded because the system kept changing the rules of the game, until the Hunt Brothers could no longer play.
    Given enough resources, it is possible to manipulate any market for long periods of time.

  8. On October 16, 2013 at 9:57 am,
    Dan, calgary says:

    Armstrong does not take in to account the cyclical manipulations only the secular. The trend is the friend of the PTB and they will try to extend and pretend this cyclical bear by flooding paper gold on the market. It will die someday but the manipulation on a smaller scale is very successful IMHO.


  9. On October 16, 2013 at 10:09 am,
    Pibe says:

    “The US government is manipulating the gold price” wow!! that’s a very interesting statement. Martin Armstrong also states that you have two ways to go when you invest your money: hoping that you are right and blame others (such as the US government for the metals markets going in the opposite direction) or just accept that there is a natural offer and demand market (i.e. Adam Smith) and adjust to the circumstances. I personally think that the US government is NOT manipulating the gold price but everybody is entitles to their opinion.

    • On October 17, 2013 at 1:34 pm,
      Big Al says:

      Yes we certainly are entitled to our opinions.

      Your comments are great, but let’s drop the personal vendetta.


  10. On October 16, 2013 at 10:16 am,
    Pibe says:

    “Armstrong does not take in to account the cyclical manipulations only the secular”. True!! That means SHORT manipulations for a short period of time!!! and he actually saying that that happens. (i.e. in 2008 the manipulation lasted months, same as 1980 with the silver manipulation, lasted only a few months). It has been 2+ years since the gold bear market began. Nobody and I mean nobody can sustain a “manipulation” for that long. It has never happened in history. This is a trend and NOT manipulation.

    • On October 16, 2013 at 10:22 am,
      Dan, calgary says:

      Agreed on the trend but the extend and pretend is doing its job very well. Case in point is the blast through $1550 and other so called “barriers”. The liquidity of paper gold especially in short bursts could only have been overlooked by the government and specifically the SEC. Enjoying the discussion here very much!


    • On October 16, 2013 at 1:25 pm,
      gary says:

      The metals have not been manipulated for 2 years. Metals have undergone a normal correction after a very large leg up in the secular bull market. That correction came to an end last summer as gold began pricing in another round of QE (which was announced in Dec.)

      It’s only after Dec. that the manipulation has been evident, mostly in the form of these premarket attacks to keep gold from rising above certainly technical levels or to break those levels and trigger stops.

      I think we can all agree that no normal trader is going to unload a million oz. of gold into the thin premarket. Doing so would instantly depress price and the trader would take a large loss on his order.

      Unless the order was a naked short with the intent to depress price.

      • On October 16, 2013 at 3:08 pm,
        Silverbug Dave says:

        Hi Gary. Only for 2 years?
        This basic chart on stockcharts:
        The third one down, the point and figure. Gold resistance has been GLUED to the 45 degree downsloping line starting at the peak at $800 last September.
        The price has been absolutle capped at that line.
        Note the last tow of Xs has not reached the line. It fell short on the last little rally and headed down again. Actually, on the ordinary chart, price had to break out of the downtrend channel to reach that $1320 box on the point and figure, because it has taken too long to get that tiny little pop up to $1320 that was needed. Chances of filling the 1320 box were thus very limited.
        Now the chart has moved on and we beed to fill the 1290 box on the P&F chart to get to the line, $1300 to interrupt the downtrend line and $1310 to break above it.
        I would say that chances are slim. The target to reach gets lower and lower every week and every week it gets yet more elusive.
        If the price action on this P&F chart has highs that continue to fall short of that red line then the downside is accelerating and we are in for a lot of grief.

        • On October 16, 2013 at 3:10 pm,
          Silverbug Dave says:

          Oops, I though you said gold has been manipulatied for 2 years. My point was: has it not been manipulated almost ever since it was first melted into a blob by some ancient civilisation?

        • On October 16, 2013 at 3:19 pm,
          Silverbug Dave says:

          I meant the peak of $1800 last September. My ‘1’ on my keypad needs declogging.
          On the P&F chart on stockcharts, it would look nice for the short sellers to see the next row of Xs stop at 1270 or 1280 and not reach the red line. Fallin short of the red line would indicate a build up of downside momentum.
          If however, we get to Rick’s 1300 target, the red line would be broken and that could be bullish. I somehowhave doubts that will happen.
          In fact, this whole Point and Figure chart looks a crash followed by a bear flag that has broken down. The distance from the top tot eh tip of the bear flag is around $500 so we might be seeing another $500 down if we are unlucky.

  11. On October 16, 2013 at 10:17 am,
    Broke says:

    Nice to see Gary climbing in Greece while his subs are digging their own graves.

    • On October 16, 2013 at 1:29 pm,
      gary says:

      As has been stated here multiple times we got out of everything on Jan 24th except a Minimum LEAP position. We exited LEAP’s at the very top of the counter trend rally on Sept. 3 and are now on the sideline waiting for the next rally to begin. I expect by the time that rally tops we will have recovered all losses on LEAP’s and probably be up on the trade.

      All of this is documented in the nightly reports.

      • On October 17, 2013 at 7:50 am,
        Jay says:

        Nonsense! You had the Model Port up until around Jan 30 and then replaced it with an Old Turkey port that had 35% SLV and 40% SLV. I already sent Al proof of this. That’s getting everyone out of everything? LOL What a joke!

  12. On October 16, 2013 at 10:35 am,
    cfs says:

    or you can look at this photo and see a person without any known backbone walking upright, just like a human being.

  13. On October 16, 2013 at 10:36 am,
    cfs says:

    Your time would be better spent listening to John Williams.

  14. On October 16, 2013 at 10:47 am,
    cfs says:

    Yesterday we had another raid and again footprints were left behind.
    If you don’t want to call it manipulation, fine. (Any sane person, however, must see it as deliberate price modification.)

    The latest in what has become almost daily morning take-down; specifically the details:

    3:48 AM: 333 Dec. contracts sold
    3:49 AM: 1,770 Dec. contracts sold
    4:46 AM: 58 Dec. contracts sold
    4:47 AM: 2,455 Dec. contracts sold
    5:30 AM: 88 Dec. contracts sold
    5:31 AM: 1,128 Dec. contracts sold
    8:19 AM: 169 Dec. contracts sold
    8:20 AM: 1,359 Dec. contracts sold
    8:43 AM: 183 Dec. contracts sold
    8:44 AM: 1,807 Dec. contracts sold

    The cumulative 8,519 contracts sold represented 851,900 ounces, or 26.62 TONS. While today wasn’t quite as huge as last Friday’s assault they still managed to dump gold derivatives at the rate of over 5 TONS a minute, or 1 ton every 12 seconds.

    Note that this is all in the paper market, for which the regulators simply have given up trying to enforce rules.

  15. On October 16, 2013 at 11:09 am,
    james (the greater) says:

    Nice to be rock climbing in Greece and sending in opinions that really dont matter if their right or wrong. I’ve been telling you guys who are complaning about this to stop paying attention and do your own homework! Those who pay attention to someone elses opinion are your own worst enemy and you have no one to blame but yourself. Dont blame GS for having to pay for all those cocktails in Greece!

  16. On October 16, 2013 at 11:24 am,
    NYC says:

    GOFO just went negative todat again…Gold Bears and Shorts beware

  17. On October 16, 2013 at 11:57 am,
    bb says:

    I guess the interview on kwn with Art Cashin has been picked up by msm.

    Gold price pares gains as talk of market manipulation intensifies

    Other market observers have also voiced concerns about irregular trading in paper gold which has exploded in volumes in recent years.

    Veteran trader and Wall Street legend, Art Cashin, who is also director of floor operations at UBS told King World News about the “strange happenings in gold”:

    So, if that happens once it could be an accident of technology, or it could be a simple error. But when it happens 5 times over a period of months, it does raise questions. Is it being done purposefully? Is somebody trying to send a message? Is somebody trying to influence the market?

  18. On October 16, 2013 at 12:04 pm,
    bb says:

    The Indian government is digging for treasure after a civic-minded Hindu village sage dreamt that 1,000 tons of gold was buried under a ruined palace, and wrote to tell the central bank about it.

    The state Archaeological Survey of India has sent a team of archaeologists to the village of Daundia Khera in the northern state of Uttar Pradesh. They are due to start digging on Friday, Praveen Kumar Mishra, the head archaeologist in the state, told Reuters.

    Yogi Swami Shobhan Sarkar says the gold he dreamt of belonged to a nineteenth-century ruler, Rao Ram Bux Singh. He says he wants it in government hands to help India recover from an economic crisis.

    “I cried the day I realized that India is going to collapse economically,” the seer told the Mail Today newspaper. The dead ruler’s spirit has been roaming the palace and asking for the gold to be dug up, he added.

    “It is a hidden treasure for the country.”

    Not all Hindu leaders are so keen to put bullion into the Reserve Bank of India’s vaults. Temples sitting on about half as much gold as in Fort Knox are resisting efforts by the central bank to audit their holdings.

    Indians buy as much as 2.3 tons of gold, on average, every day – the weight of a small elephant – and what they don’t give to the gods is mostly hoarded.

    That is costing the economy dear, since India has few gold mines. Gold imports totaled $54 billion in the year ending on March 31, 2013, a major factor in swelling the current account deficit and undermining the rupee.

    Swami Sarkar’s dream haul of 1,000 tons would be enough to replace all of India’s imports for a year and would be worth at least $40 billion.

    The archaeologists plan to dig two 100-square-metre blocks beside the palace. Mishra, however, warned that there was as yet no proof that any treasure lay beneath the soil of Daundia Khera village.

    “We are still searching for the exact location and whether there is any treasure. It is all in the future,” he said. “We often just find pottery and metal antiquities, like agricultural tools or kitchen tools.”

    (Reporting by Shyamantha Asokan; Editing by Frank Jack Daniel and Robert Birsel)

    As simple as a dream we have another 1000 tons on the market.
    The other day we had a report of a 5k gold statue found.

    We just plain dont know how much gold there is available to supply the market.
    How many more dreams and statues are out there?

    • On October 17, 2013 at 2:34 pm,
      Big Al says:

      Interesting story.

      So based on one man’s dream they are going to spend time and a lot of money?


  19. On October 16, 2013 at 3:07 pm,
    Glen says:

    Gary, don’t let these folks get you down with the bad mouthing. Its fairly obvious to me that we are in manipulated gold markets and this will last for a good while into the future. There is no way a TA analyst can follow these markets the way they are now. I assume at the very least that there is a cap on gold. Further bashings are also expected at the time we cannot predict. People are angry about this and they want to blame it on the analysts. We know this is not your fault, we just need someone to use as a scapegoat. Things will get better in the next several years for gold investors. We need to keep the faith.

    • On October 17, 2013 at 2:49 pm,
      Big Al says:

      Scapegoats are a necessary part of society!

  20. On October 16, 2013 at 3:30 pm,
    Pibe says:

    Yeah Glen!!! Get the ultra premium Gary’s subscription now!!! only $ 1,000.00 and he can show you his ultra super secret portfolio!!!

    Gary: Are you still offering that?

    Maybe you already spent your money paying burritos who knows.

    • On October 16, 2013 at 11:32 pm,
      gary says:

      Actually the quest portfolio alone is up almost 900% in the last two months. Just those trades alone would have paid for an aggressive portfolio subscription two times over.

      • On October 17, 2013 at 2:26 am,
        Pibe says:

        “The Quest Portfolio??” hehehe. Your last desperate attempt to recruit subscribers. You are a pathetic options gambler. Actually you are a gambler not an investor. So sad indeed.

        • On October 17, 2013 at 2:35 am,
          Pibe says:

          “Just those trades alone would have paid for an aggressive portfolio subscription two times over.” Heheeeeee. Ahhhh you are still offering the super super aggressive portfolio for just $ 999.00!!! Way to go!!! Yeah!!!

          The commercial goes something like this:

          You want to lose money? Lose it with Style!!
          Get Gary’s Ultra-Mega super aggressive top secret portfolio for just $ 999.00.
          Call now!!! Spaces are very limited!!!

          Meanwhile in Greece:
          Gary is counting money from suckers….I mean subscribers.

          Way to go Conman!!!

        • On October 17, 2013 at 7:53 am,
          Jay says:

          I’d be willing to bet the farm that the “Quest Porfolio” will be a net money loser over the long haul just like all the previous portfolios. I’d rather invest in T-bills or SPY for the long haul!

          • On October 17, 2013 at 11:32 am,
            bb says:

            Criminal activities? Are you serious, other than past performance does not garantee future results, how about go after the market manipulators? or how about the 9/11 perpetraters, criminal? what part of this nation is NOT criminal.
            Heck, I can show you child abusers and thieves that are v.p. of religous schools, police that literaly kill at will. Criminal? I gotta laff outa that anyway.

        • On October 17, 2013 at 9:12 am,
          bb says:


          I dont know anything about Garys history, but I dont know anything about yours either.

          I happen to think manipulation has been happening since 1934, Im actually tired of posting the proof over and over.

          Anyway, you call Gary a “gambler” I say….DUUUHHHHH!!!!
          There is NO ONE in these markets that is NOT gambling, we do NOT have free markets,
          they are controlled markets and that is the reason they will collapse.
          If you study a little history, maybe you have I dont know and forgot, but if you look at a little history you will find controlled markets always colapse sooner or later.

          This Gary bashing is a bit much, he at least acknoledges whats happening.

          HEY AL, isnt there some kind of law against “bullying” in the states?
          If these guys dont like Gary dont listen to him, real simple.

          • On October 17, 2013 at 9:26 am,
            BB says:

            We are talking about Gary’s possible criminal activities here. If you don’t like it just do not read this paragraphs., real simple. Sorry about the inconveniences.

          • On October 17, 2013 at 6:17 pm,
            Big Al says:

            Criminal activities? Common!

          • On October 17, 2013 at 6:12 pm,
            Big Al says:

            I agree with you and will probably start getting rid of these comments.

            They are completely unnecessary, don’t you think!

  21. On October 16, 2013 at 7:57 pm,
    bb says:

    It appears that any small American business not already shut down by Obamacare regulations will be helped along by the banksters.
    In an apparent effort to front-run official government capital controls, JP Morgan Chase has issued letters to ALL Business account holders notifying them that as of Nov 17th, the bank will limit all cash transactions (including deposits, withdrawals, and ATM usage) to $50,000/month, and will ban all outgoing international bank wires!
    Bank officials confirmed Wednesday that the new capital controls apply to all business account holders, the bank will stop processing any outgoing international bank wire, and that any monthly cash transactions in excess of the new $50,000 limit will be subject to penalties and fees for each dollar over the $50k cap.


    • On October 17, 2013 at 3:08 pm,
      Big Al says:

      Yep bb, this is a cause for concern for all of us!

  22. On October 18, 2013 at 8:59 am,
    Pibe(2) says:

    Yes Matthew that might as well happens but 2019 is 6 years from now.

    Sorry about using Pibe2 but Pibe and my regular e-mail do not not work anymore.

    • On October 18, 2013 at 10:42 am,
      Big Al says:

      We have done absolutely nothing to stop your comments.

  23. On October 18, 2013 at 9:01 am,
    Pibe45 says:

    Sorry about using “Pebette” but Pibe and my regular e-mail do not work anymore