Closing off the day with Gary Savage
Gary Savage joins us to discuss the additional $10 billion taper and how it will lead the conventional markets and gold
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I think this MyRA will turn out to be one of his worst policies. Looking further down the road it feels like this is just another play to get somebody to buy US paper. While everyone is distracted talking about the taper we need to remember that the Fed will have to unwind its balance sheet. Which will be when the assets on the Fed books will finally be marked to market.
You think that will happen? I am being serious.
I think it could happen. Poland is precedence. I don’t trust the government.
Gary i take it your call for $1000-1050 gold is out based on your comments?
Bo polny, Sinclair, Sprott all called gold bottom at ~1200. Gold stocks are strong and not showing any slight of weakness to let people in. What’s your call for dec 31 2014 price of gold and silver? Do you expect short covering capitulation to the upside, same way longs capitulate on tops? If so you expect $300 rally in gold like VanGraytz is expecting. btw i’m 80% in already. Next 20% will be bought on weakness or strength. Thanks guys for great show.
Pleasure SEB.
My personal opinion? $1000 to $1050 will not happen.
SEB,
It was my opinion someone was trying to push gold artificially to $1000. Like I said many times there was no guarantee they were going to succeed, but they did manage to manufacture and artificial bear market that lasted more than a year.
At the moment it doesn’t look like they are going to get gold to $1000. That being said if stocks recover and enter a final panic melt up phase they the opportunity is going to again open up for the manipulation to finish the job.
So we still aren’t out of the woods yet, and probably won’t be until gold moves back above 1520.
Under the circumstances gold and silvers price action is terrible.
It couldn’t take out $1270 and now must once again test $1250 and lower…
$1000 to $1050 gold is not off the table.
Until certain resistance levels are taken out we are still firmly in a bear market
I don’t think the US has enough gold left to take it down that low.
James is right……BLACK SWAN EVENT COMING IN SPRING
Short term though we move up and possible BLACK SWAN sucks
everything down a sink hole.
TALKING STOCK MARKET CRASH……everything REAL ESTATE ….GOLD
you name it……..after the crash gold will go straight through the heavens.
THE BIG BLACK SWAN IS NOW ON THE TABLE. wait and see…..one more taper
caper and markets will go into cardiac arrest. SPRING ?
Big Al and Gary thank you! My thoughts are that their best opportunity to waterfall knock the gold down and run stops was at 1180 few weeks ago and they tried as this would cause it to fall to 1050 or so. Why waste money knocking it down now from 1250, additional 100 higher when it was not needed. It didn’t go. Also i thought like Gary said that on next FOMC they will taper and will force gold lower on that news. Again gold no intervention seen and gold actually was up today $12. I think gold is showing some strong resiliency here. I wanted gold to go down to 1050 level so i can get great entry point and so we can get that final wash out and V shape surge like in June. But maybe that already happened in June and we’re building base here for last 6-7 months. Thing is we are now 6-7 months since gold bottomed and we are building base here which is also way overdue in timing. Something is going to give here very soon. Either to the upside or downside. Also JPM is low on gold in silver in Comex wearhouses. Just like on tops shorts are being greedy here and going to get slaughtered. One more thought. JPM now only has 400k oz left i think. If they kick it down this could cause all their inventory to be bought by China and then caput Comex. JPM probably doesn’t want that as Comex is good tool to have sheep with. Just my 2 cents. BTW i’m usually wrong so it will probably go to $1050…lol. Have a good one guys.
Don’t sweat the small movements.
http://www.kitco.com/charts/popup/au0030lnb.html
WHAT PARABOLIC STRUCTURE?
The long term movement is intact.
Think long term…….
Like I said Yesterday…Gold down..back below 1250….Wrong again Gary
No one has commented that MYRA with equality of IRAs for all.
Investment in treasuries gives negligible return.
I wait with bated breath for the executive order, but I also see this as a camel’s nose under the tent for making ALL IRAs to invest in treasuries. (Especially after losses in the stockmarket gives justification.)