Gary Savage – Tue 29 Oct, 2013

At this point Gary Savage is in a bit of a way and see position.

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Featuring:
Al KorelinCory FleckGary Savage

Comments:
  1. On October 29, 2013 at 9:17 am,
    PF says:

    Tomorrow’s Fed announcement seems like a non-event cause nobody is expecting them to either increase or decrease the QE amount. So I am puzzled why Gary thinks it will be an inflection point for the dollar and gold.

    • On October 29, 2013 at 9:31 am,
      gary says:

      It’s just a trigger for a cycle to bottom. It won’t have any fundamental change on the market.

  2. On October 29, 2013 at 9:25 am,
    Paul L says:

    Dollar rally has started and could last a few weeks.

  3. On October 29, 2013 at 9:30 am,
    gary says:

    Looking at the dollar today it’s possible the dollar may have already bottomed. It’s starting to look like we may have a cycle bottom forming. We’ll have to see what happens on tomorrows FOMC statement.

    • On October 29, 2013 at 1:13 pm,
      Bird Man says:

      This change looks pretty solid to me. The dollar is rising sharply right off its base and gold fell in sympathy. If anything the FOMC meeting will just confirm and magnify the turn. But what this really means to me is that the bear markt in gold will continue as prices again roll over to the downside……but how far down this time though? That is the question.

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

        you flip flop more than a politician Bird… ๐Ÿ™‚

        • On October 29, 2013 at 2:39 pm,
          Bird Man says:

          Lately it seems confused although I was clear to point out I really was not sure what the dollar would do next. I was getting almost positive there for a bit too. Damn! My sense was the dollar would drop below resistance but that did not come about. Not yet anyway. Like the rest here I am in a bit of wait and see right now. Bigger picture though we still have inflation above the Fed funds rate and that should theoretically be a positive. ……..maybe I need a rest!

          • On October 30, 2013 at 5:39 am,
            NYC says:

            LOL…looks like the US Peso is going under 79 soon enough ๐Ÿ™‚ more and more crappy data…we have a date with the 200 DMA in Gold and GDX in thenext couple/few days it seems and then a rest perhaps… ๐Ÿ™‚

  4. On October 29, 2013 at 2:04 pm,
    robert says:

    gold going down again? omg!

  5. On October 29, 2013 at 2:37 pm,
    Glen says:

    I am not a gold trader but I don’t think Gary has a clue about gold’s short term activity. I continue to believe that gold is in a funk and will trade in a range for a good while. No excitement for us stackers in the near future. If gold goes below 1300 it is probably a screaming buy.

    • On October 29, 2013 at 11:31 pm,
      gary says:

      No one has a clue about short term direction. In the short term markets are random. I need another two weeks to determine the intermediate direction in gold. I wnt to see how it responds to the dollar rally.

  6. On October 29, 2013 at 2:50 pm,
    JimJones says:

    Gary, based on the information you are putting out here, are you going long markets at the end of this play?

    • On October 29, 2013 at 11:31 pm,
      gary says:

      I am 100% cash right now waiting to see what the dollar rally does to all markets.

  7. On October 29, 2013 at 8:58 pm,
    Pibe says:

    JOE H: Are you there? Can you please share your view of the gold market? You and Jay are the only ones who seem to make sense here.

    Thanks

  8. On October 30, 2013 at 4:18 am,
    James (the lesserr) says:

    Gary – when exactly did you become 100% cash and where is it documented?

  9. On October 30, 2013 at 6:46 am,
    gary says:

    I’ve been cash since Sept. 3. I’ve mentioned it many times over the last month and a half.

  10. On October 30, 2013 at 3:16 pm,
    Steve says:

    Opinions on Federal Gov’t record revenues? The 90’s revenue stream via internet stock bubble trading has been mirrored here, but on the backs of a bloated Federal Reserve balance sheet none of us can see, which will come home to roost. Clinton got undeserved credit at the time; think people sense something wrong with today’s model with high unemployment, underemployment, and those out of the work force.