Doc says the move today is simply a flesh wound for the gold market
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Majro Bradley Turn?
My apologies Al, meant Major. Below is a link to the 2014 MBTD’s – After July 16th, next MBDT is November 20th.
http://forbestadvice.com/Money/Gurus/DonaldBradley/BradleyTurnDates2014.html
Silver is now at 19.50. This was the Doc’s target a week ago. Would like to get Doc’s forecast on this one now. If things have not changed silver should be due for a bounce.
DGHH; in fact I mentioned that we would see that silver price almost 4-6 weeks ago. I also mentioned we would see the gold price down around $1660-$1670. I continue to believe that. As gold moves lower it should tend to drag silver down with it but I don’t see silver taking out its intraday low of $18.75 at the end of December, 2013. Now if gold really looks like it’s ready to fall off a cliff, then all bets are off—-I’ll be sure to mention that if my charts start to forecast that possibility. At he current time the charts are not forecasting that possibility. Hope that helps. I might mention that I bought SLV today—not investment advice.
It appears we may have a little further move down in the next 2-3 days but then should get a bounce.
Agree Richard. More downside ahead. The longs will get scattered like buckshot at stray cats.
Do you mean 1260-70 for gold? I think you accidentally wrote 1670
I stand corrected—-I guess I got a little exuberant there.
Doc you better hope the lower trend line created off SLV’s June low and across the Dec-Jan-Feb lows which comes in around $18.60 holds! or that’s a technical breakdown with a close below, that trend line has held since June 2013…Good Luck!
Original, you’re right on about that. I’m watching that closely. In fact, I mentioned recently that we have 3 major technicals coming into play the next 4-6 weeks +. 1. A longterm downtrend line that has been present for 11/2 years 2. A 50 week MA that is coming down to intersect pricing 3. A pennant formation we’ve been in since the fall of last year whose apex we’re fast approaching. What’s interesting is that I believe we have the middle of May to the end of May to establish our lows in the PM markets and that’s just where we’re approaching the 3 technicals I just mentioned. And then let the fire works begin on whether we break down or break up. My gut (not my technicals at this time) tells me we break to the upside. Here’s hoping.
Good stuff Doc as I didn’t think you were going blind lol…yes keep an eye on that trend line.
Doc there are two issues unfolding imo one today with the World Gold council report on China demand and at what point do the producing miners look to hedge the gold and silver production….that is another negative imo as the miners will be looking for protection IF key gold levels fail to support…hedging could come back in a big way?
can you show us those three charts? Do you expect the same break for SLV to the upside? Target?
Goldman; the chart I’m particularly paying attention to is the silver chart—-since the gold/silver ratio is pretty high right now, I believe the odds are that silver will lead the way for gold.
Original, you’re correct about the hedging. It’s felt the average “all in costs” for silver miners is about $18.00-$19.00; the average “all in costs” for gold is about $1200.00. I think shareholders would crucify managements of companies that would hedge in a big way at this time. These “all in costs” are one factor for maintaining (floor) pricing close to the levels we’re currently at.
Thank you I added 100 contracts calls SLV Jan 2016 strike 19 this morning at lows to add to my all in bet of another 900 contracts, same date and strike. It could be a very good or very bad next 20 months.
Really Doc??? investors who have mine management that lock in $1300 gold would be upset vs doing nothing and sub $1200 comes into play…..its all about making shareholders money isn’t it?
On the flip side if management is as bullish as the to da moon gurus why not hold back production and sell into higher pricing?
jj ask Ed Steer why miners don’t hold back.
$19.61 now which is about 3 hours since your comment came in.
Diss is keeping the price under control ! FRAUD and CORRUPTION ! 24 / 7 !
Gold is not going anywhere. It is just biding its time. If you have time great…if not, well find the time to hang on. I sound like a friggin broken record…it is very true!!! When reset comes you will be either on the right side (hard assets/wealth preservation) OR wrong side (US dollar denominated financial-paper assets) It is pretty simple. That is all you really need to know. History makes fools of us all – IF you dont pay attention to it!
What about porcelain dolls and antique rabbit’s feet.
Go M’s!
ditto………on” it is pretty simple”……..Marc……
I really appreciate the after market comment additions. Lots of extra work from Al, Cory and the panel. Thanks for the effort!
I appreciate it too, it helps for a best guess in what to expect over night and into the following day barring external surprise events.
Thanks mna!
Thank you too, Proud C
The Major Bradley turn system is as good as anything.
Keep using it until it doesnt work.
Many years ago there was a horse racing system invented by another Bradley, Colonel Bradley.
The system stated that any horse that could run its last quarter mile in less than 24 seconds was an automatic play the next time out.
The system did very well for a while until the general public caught on to the system.
Then it went south as the winners dried up.
So if you like the Major Bradley system keep using it.
But keep it to yourself. You wouldnt want the public to get wind of it
pure manipulation. can it be otherwise?
James, copper took a big dive too.
A flesh wound puts it well Doc. Good time to buy silver coins?
Andrew, there are very good odds that I will consider purchasing bullion in about 3-4 weeks.
Doc you should know better than anyone flesh wounds can get ugly fast if they get infected.
As far as BM and his off the cuff trite comments about whats the big deal, he has not credibility with me.
That said the bottom is in
James, you sound the most positive that I’ve seen you in the past—-and I believe you’re going to be correct.
one day does not make a market AL – This is three years for silver and 2 1/2 for gold.
weve had plent of these attacks, not just one.
enough days does make a market.
that said – the bottom is in
I believe that I have said that before!
Earnins dont matter until they do matter
Ukraine doesnt matter until it does matter
why did gold do so good to start the year and why is it doing so poorly now?
I wonder what Matthews take on all this is?
I agree with Doc that “it’s just a flesh wound.” The action in some of my juniors showed small signs of panic, but overall, I saw nothing alarming. My total paper losses for the day shrunk by two-thirds at the close and SLV was able to close above its March 27th low (by one cent) after dipping about 2% below it. Looking at the one or two hour chart, we can see that volume was more bullish than bearish today. I don’t think this decline will show much follow-through.
Today was a great time to buy miners and silver in my opinion, but one might consider waiting 3-4 weeks like Doc. He did make a far better call on silver than I did when this correction started. I anticipated more support for the stuff!
Thanks Matthew
ditto thanks…….
Flesh wounds can sometimes result in death. I sold out on Friday and went to copper and coal stocks and they got hit just as hard today.
Al asked about the double editorials – frankly I love them. They really aid me in understanding where folks are coming from. Hope you are able to keep doing them.
Many thanks mwfolsom!
Paul, I added today to the one coal stock I own.
It was ayear ago they crashed gold. We might see more tomorrow and Wednesday.
The powers that be that are behind this are in complete control
Doc – You say you just dont see a lot more downside.
a few years ago i was telling you we had seen the parabolic blowoffs in gold and silver and you said back then you didnt see it, that bul markets dont end that way.
my respose was it wasnt over
here we go again…
James, you’re absolutely correct. I’ve seen a few bull/bear markets in the past and this bull market would have been very unusual for it to end that way. I’ve never been as confident about a bull market as this one. Time will tell whether we’re delusional or not.
I sold some gold coins to pay for a new heating and air conditioner unit for my house monday and I thought for sure gold would go up afterwards, but it fell instead and now I’m really worried, my luck is never that good.
Gary – bravo!
You are the first actual person on this site to my recollection that actually put his gold towards insurance, the buying of your new heating and air conditioner.
With that said you shouldn’t at all care what the price of gold does afterward because it is for insurance anyway.
Of course if gold now goes to $3000 and you need to purchase more insurance that just wouldn’t seem right
2nd person, James.
That is the only reason that Kathy and I own and hold precious metals.
With due respect.
I agree
Yamana has hit lower lows than December.
Just an observation but here goes. I have been tracking Gold bullion for the past few years and Gold has been bottoming within one month on either side of a Majro Bradley Turn date. Next MBTD is July 16th, so expectation is that we see a bottom between Jue 16th – August 16th. I will keep using this method till it stops working.