How the gold market is setting up on Doc’s charts
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franky…TV !!!!!…The dumb peoples…GOD.
OBAMA IN BELGIUM MMM ?https://www.youtube.com/watch?v=mVFrdWIs2LI
Obama ! https://www.youtube.com/watch?v=GfO-cXnx0uE ,,,, ?
basketball ore president ? https://www.youtube.com/watch?v=lFVTapJZ4Es
You really don’t like the president do you!
Hey Al, what about F.C. Liverpool beating Spurs. Six more wins and Liverpool win the Championship!
Helpful post Doc. For those of us who’ve bought PMs already, I don’t think we’ve missed out unduly.
I don’t either Reverend and I will bet that The Greater does not agree with me!
havent we heard this song before?
Well if you are referring to the dollar collapse theory….then yes. We have all heard that song before. There are almost no other hair brained ideas that have cost gold bugs their nest egg than that one single crackpot idea. Oh sure, it will happen one day. But “one day” is not actionable and it is not tradeable either. I cannot believe Richard is actually entertaining the idea of a big fall coming anytime soon. It is the wrong way to approach the idea of gold strength anyway as dollars are not the only factor to take into account. Gold will get creamed this month…..dollars……not so much.
Anyone happen to read Hugo Prices article on 321 gold?
He has reason to believe the dollar cant crash until its compared to gold as a currency.
Something like that.
Basically he is right b. The dollar is only devalued relative to what other currencies are doing. There is nothing absolute until you compare dollars to hard assets (or gold) which are really the litmus test of a currencies long term strength.
But lately gold has not been a big success against the backdrop of money printing that is supposed to be the great source of its renewed strength. The very heart of the gold thesis is that the dollar must collapse into a stinking pile of rubble and the winners that will emerge will all be the devotees of precious metals and gold or silver coinage.
That delightful hard-core camp hangs it hat on the hope policy will be a huge failure.
For five long years we have been treated to endless essays, talk shows and Youtube Vids espousing this central theme. The most famous guys in the gold biz stand firmly behind the idea and drink the Koolaid. The dollar will collapse. It will not fade away….oh no…it will not decline and rise again either…..nor will it wither or soften……don’t kid yourselves man…….it will COLLAPSE!
Into a stinking pile of rubble. We will be saved (somehow…I just don’t get how)
The Fed will crash the system by wildly printing money of course and a great currency revaluation will arise that will brutally correct the bad thinking of the bankers and promoters of credit excess and bring us all back to our sorry senses.
Then a new world will arise where money is again backed by something of real substantial worth. We will be freed to fly like doves in the process and discipline will again reign in financial affairs. No more will the Wall Street criminals be allowed to manipulate money to their advantage while the public suckers get drained of their capital and lifeblood. No more easy credit and cheap nterest rates either.
No no friends. We will have real interest rates again. You know……cause people want that.
And that’s how the basic story goes. In some mysterious way the public will become enraged by the system that traps them and keeps them economically enslaved. They will rise up and demand specie (whatever the hell that is) and refuse to accept paper money. Not even from their boss or wife of the government. A new more responsible world will arise where depressions are perfectly OK again because we all like lower prices anyway (!).
And there won’t be anymore fooling around with debts and deficits we can’t pay anyway because we won’t have the ability to print money to grease the system unless we own gold and lots of it. And the welfare bums, pensioners and handicaps won’t get anymore free handouts from the state because they will all have jobs (if they honestly expect to eat and have a roof).
If only that damn dollar would collapse….you just wait….
Then we will all be happy again. And the debts will end and society will be saved and America will be strong again and the solution for handicaps and drug addicts and lazy bums and criminals and illegal immigrants will be hollow point bullets instead of a monthly paycheque.
If only that damn dollar would “collapse”.
So is this maybe why gold is not doing so well? Is this posssibly the reason that the powers would like to see it flatline and die? Maybe it is why Austrian economics is not being embraced too warmly.
Because the gold hardcores are just cold blooded, anti-government outcasts without social empathy or respect for any ideas other than their own twisted view of how money should function. They actually think they are thinking outside the box!
God help us!
Reading the emPHasis on the correct syllable is sometimes tuff for me, but it sounds like you agree with Bill Stills thinking.
I know I do, but I also own gold.
Thanks for answering the TP question, was just curious.
My mother traveled the world and told me of public rooms that just had holes in the floor.
But I was attempting to get at, what is sought after there, what is valuable?
Things to do with agriculture? solar panels? Weapons maybe.
As for getting out more, I don’t travel well.
Most of the toilets here are pit toilets. They are just a hole in the floor. There are not sewage systems in most places outside the biggest cities so its just septics and then there is a barrel of water and a pail for cleanup instead of toilet paper. Watch that splash-back! I really dread forgetting to take the TP with me!
About what is valuable…..?
Automobiles and motorbikes and anything with an engine comes first to mind. Few people have them. Bikes, appliances, tools and productive equipment are next up. They are a store of wealth in a high inflation economy. A twenty year old Toyota pickup with 300,000 km on the odometer can still fetch 10,000 dollars. I refuse to buy anything used.
After that it is houses and land. People are loathe to save because prices rise so fast. Cigarettes are double now from a year ago. Flour has risen sixfold in five years. Rent escalates 15 to 30% annually. You spend your money on anything that will hold value or increase. You do it quickly too.
So people do crazy things like buy equipment they have no intention of using because it can be sold later for a higher amount. Like new pots and pans or stereos and flatscreens. Nothing gets thrown away here either unless it is absolute junk. Broken stuff and used furniture and appliances sell for almost new prices.
That is just the nature of high inflation in an economy where it is a way of life. And people stay very busy. Everyone and his dog is a broker of one kind or another. Everyone seems to have more than one occupation or line of work. Very few are without some kind of occupation. Money really moves here. I have no idea what the velocity is but it must be 10 times that in the States. Cash is just a hot potato that you trade off for stuff that holds value better.
People with zero background or education in economics get this intuitively. Signs of wealth are typicallly homes with a lot of modern appliances and furniture. I don’t know anybody here who invests in precious metals though although most wear jewellry. Like back home the majority seem to live hand to mouth and paycheck to paycheck. They are great savers though despite the pitfalls of holding cash. Everyone wants to get ahead and make a new business.
The economy is booming. It is optimistic despite the difficulties.
Let’s pray that He does!
Maybe, but I keep saying that is not the reason we buy and hold and it is certainly not our entire nest egg!
Of course Al. There are a lot of sensible reasons to own some gold and silver. Everything in moderation, right? We all enjoy trinkets and jewellry. I have come to the conclusion over time though that those who most vigorously espouse ownership of gold for insurance against a systemic default must be some of the stupidist people in our society. The things they say and write are beyond frigging belief. Cripes…most of them cannot string a sentence together anyway that makes any sense nor process the basic illogic of what they keep repeating day in and day out. I would not shed a tear if gold fell to an absolute value to zero…….not one damned tear if it shut most of those fools up. The best thing that has happened to the internet these past three years is that gold fell and did not get back up. Lets hope it keeps falling just so those idiots don’t start coming back out of the woodwork again.
Many are still out there!
Their negativity and hopelessness get me down.
The charts or Doc?
gdxj is a disaster
these are the type of plays you take flyers on
kind of like a 10-1 shot in the 9th to bailout
‘Nothing in the narrative’ Doc? Oh yeah?
G-20 meeting this April is going to react to the dollar and methinks this could lead to the dollar’s collapse if not to the prospect of a global currency reset….?
http://usawatchdog.com/dollar-value-could-suffer-instant-change-david-morgan/
Morgan is way off in deep space with that idea of his. There is no basis whatsoever to what he is saying, Andrew. The issue is not on the official agenda. It is not even a discussion. Read the article again. The theory is based on nothing but his own daydream speculation. What the heck has the G20 to do with it anyway (as if the dollar is even on their radar at this time).
BIRD….I have to disagree , the RESERVE currency is always on the agenda…it just never gets into the media…they all need it to keep it breathing.
If it is on the agenda do you have a link because I am pretty certain the dollar is not under discussion.
I would guess that he is referring to more of an unofficial “cocktail type” of agenda. It would surprise me if that discussion did not come up at some point.
Of course. I agree that’s what he means. Also world hunger is on the cocktail agenda. So are the Yankees and other sports teams. Maybe they will pay lip service to human tafficking…….my point is that none of it is going to make any difference. We have been hearing the dollar will collapse for years. A lot of gold investors stakd their future on that crackpot idea and lost big time……why are we still discussing an idea that has almost no merit whatsoever and is obviously dangerous to our investing philosophy?
And Gary, whose commentary has been pretty interesting lately, is one of the worst offenders in promoting that nonsense. The only guy on the show who speaks to common sense on the issue is Rick Ackerman who noted the other day that the dollar has essentially range-traded for the last decade.
Not sure that it is complete nonsense assuming you are talking about reserve currencies.
I do agree with you but I also agree with Mr, Irish.
Gary says sell gold on a bounce by Friday (March Jobs report) and buy back ~mid-May to early June. Doc says gold grinds lower and (as of now) looks like a strong buy by the end of April. Interesting divergence. Let’s see how this plays out over the next 4-8 weeks.
Gold is going to get the piss kicked right out of it during April.
HUUUMMMMM
Give it two weeks Tony….it will be clobbered.
Tony, argue with Bird at your own risk.
Other than he is completely wrong about anything other than gold being money. lol
Silver I can see but chickens.
I think Bird likes chickens as they are feathered creatures.
Just kiddin Bird, if I got to E. Africa Id be heading to the currency exchange and picking some up.
Honust question, is toilet paper valuable there? What about tools for example?
You got to get out more often. And no, toilet paper is not valuable here. It is not used nor provided in public toilets. Same as most of the Mid East. The system is traditional hand washing and lots of water. You get used to it.
By the way, I was the ONLY one here who called the gold downturn. I did so with confidence and you did not hear me change my view like some analysts whose calls have swung from gold at 1050 to gold at 7000 dollars in the course of just a few days.
I mean seriously. The BS that passes for knowledge some days………
Completely agree with your final statement.
Yes you did Bird Man.
Thank you Andrew. I will assume you are not mocking.
Not at all BM!
I do agree with you Mike.
I wish Al would get Bobby Knight’s opinion on precious metals.
I would bet against that but I just paid $32 to ship a bottle of wine to Bobby for a bet that I lost!
Bobby Knight?
morgan hawking hios book.
a collapsing $ and $100 silver makes for good headlines.
this is the same old carnival barkers feeding their cash cows
Exactly James. Morgan has got to lay off whatever he is smoking and stop ruminating wild ideas with his buddies in the local bars because his judgement is getting to be more clouded by the day and to me he sounds stark raving crazy. The guy makes no sense at all anymore. Fifteen dollar silver is more likely than 100 dollar an ounce coins this year anyway. And the G20 has a lot more important issues than discusssing a reserve currency that dominates 85% of all trade internationally. What an idiot!
You talking about David Morgan?
I like David. I just don’t know what has got into him lately. Unless he just does not give a shit anymore and all this talk is just meant for entertainment.
If you are talking about CFS I would bet that he definitely does give one. He is too smart to not care.
Thanks for the caveat James.
round up the usual suspects…
KWN, FH, RR, PS, MF…
Keep pumping gold to sell your inventory, columns or books…
james , you should always look at things with eyes wide open.
Oh sure….lets all join the dollar doomer camp and lose our shirts with the goldbugs! Ha!
Gary has said, at this point he expects a great 4th quarter for PMs.
3rd too maybe.
He has been right too many times for me to dismiss the idea lightly.
Bet Silver ends up more in the 30 range than the 100 range tho.
Thank you for not putting us in that category!
You left out Jim Rickards James….a pumper with a vengeance.
I think you can forget about that slow grind down and expect a free fall.
Everyone is rushing for the exit…
$1000 gold
$4 silver
Not sure about that, but we shall see!
Freefall time maybe. The bloom is off this rose. No short covering power anymore. Just lots of guys all trying to take profits at the same time. Any fool who gets in the way of the trend this next while deserves what is coming. We are going to retest lows this season.
one thing about roses, they get stronger, every time the leaves fall…………the roots grow stronger with age, and a little cow manure…………
Kinda like people.
gold may tumble, or dollar up, whichever.
But gold has been pretty respectable for a couple thousand years.
I once heard it said that a person with 3000 onces of gold would never be poor.
Still true right?
Gold outperforms SP500 YTD.
Gold is insurance money. End of….
Let’s wrap this one up with a laugh…..
http://www.maxkeiser.com/#fBWDT5tmaDLYEy7J.99
Story and I do agree!
Hey Bird man…I don`t like the HYPE PUSHING goldbugs either..ESPECIALLY PETER GRANDICH…he lost all his clients his website changed and now he`s started a new one and looking for new clients…He is so full of Hot air and Bull
Good to hear you feel the same REO. I wish there were enough of us to minimize the volume of all the crazy talk that has infected most boards over the past few years. To tell the truth it has gotten a lot better since gold declined and all the loonies got their arses handed them on a platter. Most of the folks here these days are genuine investors and I don’t have a quibble with them because gold is certainly a legitimate asset for investment and it does indeed have great potential once this bottoming process is done. I think I just had a little reflexive rant today that is merely a hangover of the past when we were going toe to toe with outright lunatics on a daily basis. Some of those lunatics do indeed have their own sites and are blindly insistent about their dollar doom viewpoint. They might be right in the long run but then again the long could be two or three decades distant. How the hell can one trade on that theory here and now? Some of those fear peddlers did a huge disservice to the less informed subscribers that populate their sites too. In response to the anxiety that was infused along with the conclusion that the dollar was at imminent risk of failure they shunned equities and piled knee deep into assets like gold and gold equities that plumetted in value. In the process some were literally wiped out to zero whereas their friends and acquaintances saw healthy portfolio increases. So something was clearly wrong with the central theme being promoted by those who see only gloom ahead and a currency that will be laid waste. The dollar in fact is not at risk. It has not even been threatened in the past five years. I doubt that will materially change in the next decade either and so I object to those who would encourage people to invest in precious metals on that idea as it cannot be timed or traded anyway. You probably noticed the crzaies were again coming out of the woodwork once gold started this most recent climb since January. The same junk ideas were once again being paraded out for everyone to endure and the same guys were back to buying and investing heavily on the usual gloom theory. They always go all-in. Hell, we have a guy n this site who admits his trading account is 90% in metals stocks and yet he insists he is diversified because he also has property and other investments. Maybe he never heard that diversification was a word used to imply variety within a trade portfolio. And then we hear other bufoons bragging abut how their stocks rose 100% but usually fail to mention that those same stocks also declined 80 or 90% these past years. Lets do the math on that. I have a one dollar stock that falls to 15 cents but get excited when it jumps to 30 which is double its lows but still a deep loss off the origianl purchase price? Good grief. Anyway….the usual suspects got taken to the woodshed again. I wonder if they will learn this time to be more patient and maybe spread the risk around a little more?
Until people believe in serious diversification they will not learn.
Lets look at this logically; the flow of gold is from the west to the east. The west will hammer gold to appear richer and smarter than the east. This tells me in the near term (ten years?) the price of gold will languish until there is a trigger to collapse the western ways. The western ways were built over hundreds of years and will not be given up on easily.
Conclusion: Buy a bunch of other stuff along with your gold and silver because this is going to take a long time to unwind; maybe a life time so take control of your own life or it will disappear before your eyes IMHO.
Example of the above; a bank runs out of gold and lies their faces off and nothing changes. A reactor runs out of uranium and the reactor is shut down with monumental consequences.
One is fantasy and one is reality.
Well I suppose its possible multiple central banks and nations are wrong about gold.
Maybe the 170,000 does exist and it is the wests “ace in the hole”
Maybe the “bank that runs everything” is mearly rebalancing the gold worldwide to continue with another Bretton woods agreement.
I wonder tho if you guys are not over stating peoples gold ownership.
Over stating pumping by Rickards for example.
I do believe he mentions 20% of INVESTABLE income is an aggresive position for gold.
I know when I mention to people the option of owning gold, many times until I say “5-10% of INVESTABLE income, Im not talking about selling the house and buying gold”
do they understand.
5%-10% of a portfolio guys, gold is sure emotional for some reason, maybe it really is part of our dna.
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