Gary Savage – Wed 14 May, 2014

Regarding gold, Gary says wait and watch for a couple of weeks.

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Al KorelinGary Savage

  1. On May 14, 2014 at 8:59 am,
    MNH says:

    Times they are a’changin’……the Silver fix is done mid August….CME Price limits must be going to begin about then…

    • On May 14, 2014 at 9:24 am,
      J........the Long.............ootb says:

      HAS GARY READ……………..the article on SILVER FIXING TO END… AUG.14,2014, that was put out by zerohedge………..could he respond to his thinking on the matter. thanks……………………………………………………………………..j………..

      • On May 14, 2014 at 9:26 am,
        J........the Long.............ootb says:

        COULD DOC ……….do the same……………thanks………

        • On May 14, 2014 at 9:34 am,
          original jj says:

          The Silver price at the LBMA is set as currencies are with a noon rate on a daily basis…so regardless of silver being $19.80 today at noon or $75 the noon rate fixing does not play into those that believe silver is manipulated.

          IMO if gold and silver could be manipulated they would still be $250 and $4…or wherever the BOE and BOC sold all their gold….complete idiots…and we are to hold these central wankers in high regard….$%#@!!!!

          What is more important is the limits the Crimex is setting up for trading gold and silver, limiting the daily swings for both….they obviously see a lot of volatility coming.

          • On May 14, 2014 at 9:39 am,
            J........the Long.............ootb says:

            LIke we believe the LBMA…………

          • On May 14, 2014 at 9:56 am,
            original jj says:

            I don’t believe anything any longer J….but that’s just my opinion which means nothing…its what those follow/trade off that move the markets….. that matters

          • On May 14, 2014 at 10:09 am,
            J........the Long.............ootb says:

            I, like wise do not believe anything, because most things are manipulated……, politics, and food. But, when you understand that , you are able to avoid, big pitfalls.

          • On May 14, 2014 at 10:10 am,
            J........the Long.............ootb says:

            Know who you can trust, might be the biggest………….

  2. On May 14, 2014 at 9:15 am,
    Birdman says:

    Good point about the 1280 level Gary…no wait….a great point.

  3. On May 14, 2014 at 9:16 am,
    original jj says:

    Agree with Gary not based on any cycles or timeframes…just the key chart levels that need to be overcome on a Closing basis, until then the channel trading continues.

    Bullish to see a close above 250 HUI….$1331 Gold

    Bearish to see a close below 215 HUI….$1262 Gold

  4. On May 14, 2014 at 9:34 am,
    J........the Long.............ootb says:

    PLATINUM………………UP…$32…… $1480……HELLO…………

  5. On May 14, 2014 at 9:54 am,
    original jj says:

    Another well run Silver miner takes it on the chin….the 30% dive in silver vs Q1 of 2013 sends its earnings drastically lower….First Majestic

    These guys better hope Silver heads a lot higher cause at $19.00 the margins are taking a big hit!

    • On May 14, 2014 at 10:01 am,
      J........the Long.............ootb says:

      Dave Morgan……….indicated that the cost is $22-24 per……… silver is undervalued ……….if , there is any indication of the cost and earnings results as indicated by First Majestic…….
      ….or, they are poorly ran, because they do not have a handle on COST…………….

      • On May 14, 2014 at 10:17 am,
        original jj says:

        It seems to me J that this is a weird approach the silver gurus are pushing, if production costs at $20 then that will create a floor for silver, really? How about silver falls to $15…just like any other business if the returns are negative, close up shop…the strong survive! Just because average production costs are at near todays levels it doesn’t mean silver can’t trade a lot lower.

        Just like me, the silver miners have very little influence regarding the price of silver or any metal they mine as a by-product

        • On May 14, 2014 at 10:37 am,
          Birdman says:

          Agree. Average costs of production don’t mean that much. Most of it is BS anyways. Current silver prices are several multiples of what they were just one short decade ago. Not even mines had THAT much inflation.

          • On May 14, 2014 at 11:00 am,
            Lawrence says:

            If mines close up, there is no silver and then no solar, no electronics, etc.

            Please check at the cost of production, it goes up fast. They have to pay to employ geologists, pave the road, dig deeper and deeper, grade is cut in half in last 10 years. Inflation is quite big in the real sense. This is not CPI game, it is REAL.

          • On May 14, 2014 at 11:08 am,
            original jj says:

            Correct Lawrence, energy is a huge cost factor for the miners.

        • On May 14, 2014 at 11:12 am,
          Lawrence says:

          Governments around the world dumped over 10 billion once of silver to suppress the silver price since 1980. This supply was gone around 2003 and China continued it till 2008. If gold is dumped this way, the price will be under 100.

          Silver is consumed. Electronics and solar need huge amount of it. In the last 3 decades, the inventive to hedge increased the production from 200 Million onces to 850 Million onces. The grade is going down 50% every 10 years since silver is rare and we are running over drive.Someday, the silver in your hand will become public property. Be careful.

      • On May 14, 2014 at 10:21 am,
        Gator says:

        j…… From all reports, including the recent financial statement First Majestic is well run and their target is cost cutting. IMO the problem they face is the increased royalties Mexico has put into place. It tears directly into their profits and cost of production. The increased royalties were put into place AFTER First Maj. installed miles of water pipe to villages in the area, built community centers and helped out the local population with jobs, food and other material goods. I guess this move was in response to all the help. Reminds me of the one sided relationship between Mexico and the U.S.

        • On May 14, 2014 at 10:36 am,
          original jj says:

          Gator speaking of Royalties….what will be the outlook towards these miners when “IF” gold and silver ever trade at the multiples the bulls forecast…the fastest way for a country like Mexico to benefit from much higher silver prices is either tax the snot out of the miners are just declare every oz produced belongs to the state.

          But hey I’m getting waaaay ahead of myself, lol

          • On May 14, 2014 at 10:38 am,
            Birdman says:

            Ha Ha…no man… are waaaay ahead of the pack on this one!

          • On May 14, 2014 at 10:42 am,
            original jj says:

            ooooh yah, and I’ve learned the hard way owing Dead Money Investments, being ahead of the pack only works if the momentum crowd show up….at some point!

          • On May 14, 2014 at 10:50 am,
            Birdman says:

            They just need more fear, jj. Don’t worry….it’s coming.

          • On May 14, 2014 at 4:06 pm,
            Vortex says:


            Gold at $4,000 – $5,000 and silver at anything close to $75 – $100 will result in massive punitive taxes or outright nationalization of mining operations.

            I don’t see why this is so hard for folks to figure out. We can play the miners for a few more years but when this bull starts to really run investors had better stay nimble be ready to hit the sell button on the mining equities because greedy broke nations will unleash the tax hounds.

            The tax and nationalization man cometh.

      • On May 14, 2014 at 11:05 am,
        Lawrence says:

        Concerntrate on the metal and forget the mines. They will give you heart bleed.

    • On May 14, 2014 at 10:54 am,
      Lawrence says:

      At this price very few mines make money. The average cost of the primary silver mine is around $24 and cost is going up in double digits. It is great they keep producing at shareholder’s loss. I buy silver not mines. I couldn’t care less if all of the silver mines die out in the next few years.

      • On May 14, 2014 at 11:11 am,
        J........the Long.............ootb says:

        ditto on the physical………….

  6. On May 14, 2014 at 10:41 am,
    Martin says:

    Pretium PVG – Triangle break out $10, Then $14.

  7. On May 14, 2014 at 10:51 am,
    Lawrence says:

    Wait? How Long?

    Silver supply is down and demand hit record in 2013. It is now again in deficit. Someone has secretly supplied the difference.

    There is no kown above ground large stock pile for silver, unlike gold. The price may keep going up a little by little in a volatile way not unlike it has been for last few decades. You may wait quite long time before you get in at the top though.

    • On May 14, 2014 at 11:16 am,
      J........the Long.............ootb says:

      the paper silver market is about to come up short………..if paper silver is levered
      100 to 1…..99 people are not going to get their silver.

      • On May 14, 2014 at 11:19 am,
        J........the Long.............ootb says:

        I think the banks see it coming………..FIXING IS GOING BYE BYE……..AUG.14

  8. On May 14, 2014 at 12:12 pm,
    tim says:

    The “boyz” are going to keep it between 1285 and 1320. Goes lower starts buying. Goes above 1320 dont want people think it is going to rise. Dont have gold to back up any of these prices!

  9. On May 14, 2014 at 12:43 pm,
    Duke says:

    They can put limits on metals but they can’t put limits on the miners. Nice that they put limits on the metals now that they have bottomed…. Bastards.

  10. On May 15, 2014 at 6:18 am,
    glenfidish says:

    Anyone in here like 27th as a turn date for miners/equities? options expiry I believe is on that date coupled with us long weekend and we could see the final blood bath.. Of course sell off can go way into june/july. Just some thought.

  11. On May 15, 2014 at 6:36 am,
    glenfidish says:

    jj how about 10 year treasury yield falling like a knife same way id did 2008 bottom

    • On May 15, 2014 at 6:41 am,
      original jj says:

      I’m with Norcini on this one, its a puzzle that needs more than 1 day to try a figure out why the action is out of sync

      • On May 15, 2014 at 9:27 am,
        Birdman says:

        I suspect someone knows that stock markets are about to correct and so its get out of Dodge time. At least until the correction is over.

        • On May 15, 2014 at 9:59 am,
          glenfidish says:

          Bird are you short miners? long? or waiting to get in on the cheaper? Miners that is.. Ive got an an eye on a few miners that are inching towards there 52 week lows.. Million dollar question is does it break the 52 week lows or test and up we go? Bird, jj or gary anyone your thoughts are welcomed.

          • On May 15, 2014 at 10:04 am,
            original jj says:

            I was telling J the Long this today:

            On May 15, 2014 at 8:19 am,
            original jj says:

            Well I was telling glenfidish on Wed that I was looking to short the miners into this strength which I did… I’m short looking for a 200 HUI sometime in June….how and why we get there “if” it happens I may hold that short….if the HUI can close above 230 I’ll cut my losses…….

          • On May 15, 2014 at 10:40 am,
            Birdman says:

            OMG!!!! Original jj is really Matthew. NOBODY else I have ever know quotes himself. Good trick buddy. You sure fooled me.

          • On May 15, 2014 at 10:55 am,
            original jj says:

            Lol, ya right!….Matthew who?

            Copynpaste baby, saves the finger work!

            I’m using DUST the 3X short the miners ETF bought 4200sh @ $23.57….HUI hits 200 in June I’m out est $41.00 level

    • On May 15, 2014 at 7:32 am,
      J........the Long.............ootb says:

      THERE is a good tie in piece… usawatchdog………from Dr. Craig P. Roberts, concerning “Belgium”

      • On May 15, 2014 at 10:41 am,
        Birdman says:

        Can you understand PCR? My head just swims as soon as I start reading one of his pieces. I really have no idea what the guy is talking about but he sure is bitter about everything.

  12. On May 15, 2014 at 2:11 pm,
    eagleeye says:

    On April 7, Gary published and article in which he presented a case where we should see “a final blowoff bubble phase” and for gold : “looks like it is setting up for a final bear market capitulation phase” that could take it down ” to the next support zone at the 2008 high a little above $1000″. On May 4 he flip flops with ” I think the final bubble phase in stocks is now off the table” and for gold “No bubble phase in stocks = no capitulation phase in gold” and claims that the ongoing “Ukraine event was a game changer”. Really? The Ukraine crisis has been ongoing for months so why is it now a “game changer”?