Rick Ackerman and Technicals – Wed 19 Mar, 2014

Thoughts from Rick on the earlier take down in the price of gold.

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Featuring:
Cory FleckRick AckermanAl Korelin

Comments:
  1. On March 19, 2014 at 12:02 pm,
    Jerry(Gator)M says:

    Looking at SLV…there is a gap that needs to be filled at 18.79, about 1.03 from where it currently trades…this would, in my opinion, be a normal function and would not put SLV in jeopardy on the daily chart. It would, however, break the most recent uptrend line indicating that the uptrend was not valid to begin with. Seems to me that the metal is still in a bottoming process which the longer it lasts the higher and faster it will eventually go.

    • On March 19, 2014 at 12:10 pm,
      Big Al says:

      Maybe time to buy a little more ag!

      • On March 19, 2014 at 2:51 pm,
        Brad H. says:

        Yes, but AG, not SLV Jerry

      • On March 19, 2014 at 6:10 pm,
        Bobby says:

        I will be a major buyer @ $15.

        • On March 20, 2014 at 7:34 am,
          The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

          ditto…….

  2. On March 19, 2014 at 12:07 pm,
    MNH says:

    Wont say I told ya so–about tapering continuing.
    Will say again…the key to everything is PHYZZ Gold!
    http://srsroccoreport.com/the-run-on-u-s-gold-continues/the-run-on-u-s-gold-continues/

    • On March 19, 2014 at 12:09 pm,
      Big Al says:

      Thanks MNH. I agree with your statement about the key to everything.

  3. On March 19, 2014 at 12:16 pm,
    Chips Rankin says:

    Great site, guys! I enjoy the commentary, analysis and occasional banter as well.

    Question: Would the polar opposite of Quantitative Easing be Qualitative Hardening?

    I was thinking we need a catch phrase for a gradual reversal of Fed policy.

    Oh wow… Just noticed everything’s going down!

    • On March 19, 2014 at 2:28 pm,
      irishtony says:

      Chips…..Welcome in ……..down is the new norm !

      • On March 19, 2014 at 6:35 pm,
        Birdman says:

        But its a bad omen I tells ya!

      • On March 20, 2014 at 3:56 am,
        Chips Rankin says:

        Tony, thank you! It would appear so — At least this morning.

    • On March 19, 2014 at 6:36 pm,
      Big Al says:

      And more happy and secure people, Chips!

      • On March 20, 2014 at 3:54 am,
        Chips Rankin says:

        “I’m down” with that, Al! (thanks)

  4. On March 19, 2014 at 12:34 pm,
    Steven says:

    I view these attacks on gold and silver to be an unjustified action and an indication of desparation on the part of the powers that be. Due to excess debt, unfunded obligations , derivatives and real estate, raising interest rates means near instant death for the whole system. Therefore the only thing left is this lame attempt to make fiat look good by trashing metal. Short of full blown hyperinflation this is all they can really do. Pretend that gold and silver is priced too high when it isn’t and then trash the price before the public and hope it makes fiat currencies look good. It is irritating and pathetic.

    • On March 19, 2014 at 6:37 pm,
      Big Al says:

      That, Steven, is an interesting train of thought!

    • On March 20, 2014 at 1:36 am,
      Bird Man says:

      We live in a fiat world, Steven. What else would you expect?

  5. On March 19, 2014 at 5:22 pm,
    Hal says:

    let’s not forget we have futures expiry next week, equity options expiry this week.

    the charts of gold and miners, big and small, just a couple of days ago were pointing to a massive breakout, and they could not let that happen.

    Our system is in deep trouble.

    Yellen today said several times that inflation will creep up to 2%–who is she think she is bs’ing. Look at the milk/dairy price link at Sinclairs website–look at cattle hog,s cocoa coffee and other commodities and food inflation is running wild. Oil was up today.

    Interest rates up but its certainly not due to a thriving economy. It is inflation and also the US becoming a credit risk in a hurry.

    Stay awake folks–people do not see whats going to happen here all too often.

    • On March 19, 2014 at 6:46 pm,
      Birdman says:

      In the Seventies we were shopping groceries 6 months in advance because inflation got so high. We joined a wholesale co-op that supplied food and other inflation sensitive goods to our neighborhood at a big discount. It was a way to cut labour costs and profits out of the grocery store equation. You had to volunteer some hours each week to belong though and in exchange the shop bought in bulk for a hundred families or more.

      • On March 20, 2014 at 7:12 am,
        The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

        I remember when you could fill up your cart for $35 with meats,and everything you wanted……Now, I spend $350(if I am lucky),and no wine, liquor ,cigs, and lucky to
        have some hamburger, and some fish……..

        • On March 20, 2014 at 7:12 am,
          The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

          that was 1971-

          • On March 20, 2014 at 7:14 am,
            The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

            I remember it exactly,,,,because, I thought my wife was spending to much…

      • On March 20, 2014 at 7:40 am,
        Bird Man says:

        I recall my hourly wage was 5.25 per hour in 1976.

        • On March 20, 2014 at 8:10 am,
          The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

          My hourly wage was $1.25 in 1965……….
          in $1976 I was making six figures……….

          • On March 20, 2014 at 8:11 am,
            The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

            not bragging just in the right investment………REAL ESTATE.

          • On March 20, 2014 at 8:11 am,
            The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

            AND DUMB LUCK

    • On March 19, 2014 at 6:59 pm,
      Big Al says:

      Yeh, 2%, right!

  6. On March 20, 2014 at 2:53 am,
    karl345_345 says:

    I know its a novel thought and i am going out on a limb here lol, but a cold, dispassionate look at the so-called recent gold ‘take-down’ may be nothing more sinister than the result of high frequency trading.

    Besides, a correction was due.

    http://www.financialsense.com/contributors/jeff-christian/gold-manipulated-computerized-trading

    • On March 20, 2014 at 3:47 am,
      Bird Man says:

      Agree Karl. This whole manipulation theory is just tiresome. There were good reasons for gold to fall. The technical picture confirmed it too. In fact, most good anlaysts expected a decline this month. For some to call it a smash down after the fact is just silly.

    • On March 20, 2014 at 3:57 am,
      Bird Man says:

      “I am going out on a limb here”

      Don’t be nervous about expressing doubts about the manipulation theory Karl. Just because a couple guys here will jump up and down like banshees and call people names who don’t agree with them does not make them correct. Most of the paranoid gold manipulation theory is pure bunk and it is not tradeable advice. Just stand up to the gold huggers if you feel strongly.

      • On March 20, 2014 at 7:19 am,
        The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

        DITTO………..DO NOT BE AFRAID……….

  7. On March 20, 2014 at 3:36 am,
    Bird Man says:

    OK gang…….for you commodity lovers I want to draw your attention to that beautiful pattern seen on the weekly Corn chart. I often say that great trades will come if you just bide your time and wait. This is one of those opportunities that is setting up nicely in my opinion so it is worth your time to check it out. I won’t bore with details or my analysis….just go and look for yourself. Maybe Rick can take a moment to comment on this setup.

    • On March 20, 2014 at 7:31 am,
      The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

      What does it say.
      Since, last year was a good year for harvest, in the Mid West,,,but, I think this year IT will not be so.
      News today…………WRIGGLE FIELD , CHICAGO……….the ball diamond is FROZEN
      30 INCHES THICK……….never in the last 45 years has this happened……..
      I think prices are going higher…not for the farmer, but, supply will not be there…

      • On March 20, 2014 at 7:32 am,
        The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

        this will affect corn and soybean prices……..for sure

        • On March 20, 2014 at 7:38 am,
          The" OWL COINLAND" REPORT.......O^OTB...WOOT says:

          oh, bird it is not that I am to lazy to pull up….I am on vacation ,,,and my internet live stream is super slow……….thanks……

  8. On March 20, 2014 at 3:39 am,
    Bird Man says:

    And wheat…..there is another. It is not yet out of range to invest. I expect further upside. Potentially quite a bit of upside but time shall tell. Right now it looks very good to me (that is just my opinion…it is NOT trading advice). My Oiji Board says to buy wheat and corn though……

  9. On March 20, 2014 at 7:56 am,
    Rick Ackerman says:

    From my touts section, Thursday morning:

    The futures caught an alluring bounce from within two ticks of a 1330.90 target I’d flagged here yesterday, but by day’s end the support had given way, sending the April contract down to a likely rendezvous with the 1321.20 target shown. That’s the lowest target I can project for this cycle using the intraday charts, and so I’ll suggest bottom-fishing there on your terms. Keep in mind that I recommended taking a partial profit yesterday when the futures had bounced a ‘mere’ $5 off the targeted low. As the old saying goes, no one ever went broke taking a profit. This is something to keep well in mind, especially with the pain of yesterday’s nasty relapse still vivid. ______ UPDATE (10:49 a.m. EDT): My target caught the low, 1320.80, within three ticks, and a nearly $9 rally has unfolded since. If you got in near the bottom, please let me know in the chat room so that I can establish tracking guidance. For now, though, you should be out of at least half of the original position.

  10. On March 20, 2014 at 10:31 am,
    Rick Ackerman says:

    Latest update for May Silver, posted at 1:30 p.m. EDT:

    _______ UPDATE (March 20): The May contract has maxed out the corrective pattern shown (see inset, a new chart), implying that conditions will be more felicitous for bulls in the days ahead.

  11. On March 20, 2014 at 10:33 am,
    Rick Ackerman says:

    I have made the full tout for Silver, along with the chart, accessible to all at http://www.rickackerman.com