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An early “clue” might be coming not from NUGT, but from its little brother JNUG. Tuesday and Wednesday saw the sort of “wash out” capitulation volume one wants to see; today was up and the volume was decent on the upside. Tomorrow may tell the tale. Hope this formats well :
Day Date Open High Low Close Volume
=== ========== ========== ========== ========== ========== ===========
Thu 05-29-2014 14.00 15.08 14.00 14.41 2019419
Wed 05-28-2014 14.25 14.44 13.32 14.09 2883394
Tue 05-27-2014 15.80 15.90 14.15 14.35 3250663
Fri 05-23-2014 17.11 17.28 16.63 16.84 676058
Agree worth watching!
GDXJ the JR Gold Miners (Rick A sold) was the leading % gain for the sector coming out of the June 2013 lows and the Dec 2013 lowsâ€¦..it is once again at its June levels, worth watching as it could be the leader high again or its looking for a Triple bottom at $28.80 zone?
Yearly bottom in gold? Did I hear that right? Wow! A month earlier than most people are expecting… which would kind of fit into all this manipulation that has been going on…
I was expecting another 4 – 6 weeks down and a new low somewhere below or around 1100… interesting times.
Well Fri Gary better create a big upswing in gold and silver to create a very slow closing Bear Trap, a break below a key level, if its to be a trap, reverses hard and quick!
I have a gut feeling that Gary nails this and we will have the first big friday in a long, long, long time.
CFS that is exactly what the Gold and Silver markets have produced since 2011, Short covering reactions, every decent move is sold into, the sector needs the shorts not only to cover but to get long and start buying the dips.
Lower highs continue suggesting the overall trend has not changed.
says all markets are rigged
Well of course they are. The Fed has made a multi trillion dollar bet on their Keynesian belief and one would have to be nuts to think they aren’t going to do everything in their power to protect that investment and that includes manipulating markets to achieve their desired result.
Plain and simple…the truth.
Proven liar, war criminal Obama ….
Penalise as many foreign banks as you can and Americans look better.
Mother,Father,step-Father,Grandma and Grandpa all CIA.
Obama is just following tradition and carrying out his orders.
By Ambrose Evans-Pritchard
9:02PM BST 28 May 2014
If Europe’s policy elites could not quite believe it before, they must now know beyond much doubt that they have lost Britain. This island is no longer part of the European project in any meaningful sense.
British defenders of the status quo were knouted on Sunday
. UKIP won 27.5pc of the vote, or 29pc after adjusting for the negligence – or worse – of the Electoral Commission in allowing a spoiler party with much the same name to sow confusion. Margaret Thatcher’s Tory children are scarcely more friendly to the EU enterprise.
Britain’s decision to stay out of monetary union at Maastricht sowed the seeds of separation, as pro-Europeans fully understood at the time, though almost nobody expected EMU officialdom to clinch the argument so emphatically by running the currency bloc into the ground with 1930s Gold Standard policies and youth unemployment levels above 50pc in Spain and Greece, and above 40pc in Italy.
European leaders must henceforth calculate that the British people will vote to leave the EU altogether unless offered an entirely new dispensation: tariff-free access to the single market along lines already enjoyed by Turkey or Tunisia; and deliverance from half the Acquis Communautaire, that 170,000-page edifice of directives and regulations that drains away sovereignty, and is never repealed.
Ideological hardliners would prefer to see Britain leave rather tolerating any reversal of the one-way Monnet Doctrine, and some talk of shutting British goods out of the European markets. They are fanatics. Others know that the EU’s global credibility would be shattered if one of its largest states – and twin-leader in projecting military power – were to walk away in disgust, as Germany’s Wolfgang Schauble has repeatedly warned.
Br(itish)exit would change the chemistry of the union, leaving Germany in a hegemonic role it does not want, and leaving France in a very awkward “menage a deux”. It would deprive the smaller free-market states of their policy champion and risk a chain reaction. A looser trading sphere might all too quickly emerge as a more alluring prospect along the Nordic-Protestant rim. Eurosceptics won the vote in Denmark, just as they did in Britain.
It is a fair bet that EU leaders would search for an amicable formula, letting Britain go its own way while remaining a semi-detached or merely titular member of the EU. Let us call it the Holy Roman Empire solution.
Yet Britain is the least of their problems. The much greater shock is the “SĂ©isme” in France, as Le Figaro calls it, where Marine Le Pen’s Front National swept 73 electoral departments, while President Francois Hollande’s socialists were reduced to two.
Mr Hollande’s address to the nation on Monday night was mournful. He had no answers beyond a few pro-forma utterings about “growth, jobs and investment”, instantly undercut by his vow to press on doggedly with the same contractionary policies that led to disaster. His premier, Manuel Valls, even had to announce that the president would see out his five-year term, as if this were already in doubt.
Well, between Gary and Doc hope seems alive.
Lets see if the call of 1260 not holding bringing retests of Dec lows happens.
So far Ricks 1253 turning point looks like its holding.
But as Norcini says “any rally could be sold”.
I guess well know more in a few days.
I will go with Ackerman and Norcini on this one.
Could this be a massive ‘cup and handle’
Yes it could be, will the bottom of the handle be $18….$16 or $14 that’s the key question, imo
If we get a June 2013 repeat performance it certainly WONT be $18…..lol
That’s one of my favorite charts—-if we are in the process of forming that handle, we could hang around this bottom area for a couple of years or longer.
Richard years? I’d like to retire soon. đź™‚
OK…now you are speaking a language I understand despite my disgust with gold technicals lately.
One more gap to fill on gdx about a buck lower, then it’s Leap time. Wait until end of June, and you’ll be happy.
steve, that’s the big? Everyone has different dates and times. From what I know and feel, majority won’t see it coming..
Agree. We have not seen the washout in juniors nor capitulation on physical buying yet. Both seem to be taking their sweet time to materialize.
Gary next Thurs action by the ECB could be negative interest rates and that would send the Euro$ a lot lower very quickly!! Gold could get one heck of a smackdown as the US$ heads a lot higher…..going to be very interesting, even if neg rates are just a verbal mention
Yes jj and like I said I would expect gold to head higher if that’s the case. Also follow canadian dollar as it seems to be breaking out higher. Most often then not loonie heads higher as does commodities.
Good point Gabriel although I am with JJ on this one. The Euro action could sink gold. In fact I strongly suspect it is behind the recent declines in price that are leading any ECB announcement. Seems JJ is the only one here who thinks that theory of mine is credible. It sure worked out a lot better than the idea that Ukraine was having any material impact on prices though. If it was I sure could not see it because the charts were flat for almost two months.
After last weekends European elections I can’t see Draghi continuing his stance, the ECB stands ready, if he delivers nothing not even verbal warning of his next move the Euro$ will shoot higher and be back testing levels that he’s stated is too strong for trade (Germany’s manu) so if he delivers the negative interest rates held in ECB accounts that should send the Euro$ a lot lower and of course Uncle Sam’s $ higher…..that may well be the lid on $1250 Gold and $19 silver.
Isn’t funny that JPM or BOA one of the primary dealers came out and said Gold wouldn’t see a close above $1300 again…..like they don’t know what Draghi is going to deliver…..#$%^#@!!!
Interesting isn’t it jj. My heart tells me I am 100% right with the Euro call and that its decline will kill gold. Sure they knew about it. But then again we all knew about it except it was not the focus on this show to discuss that aspect of the gold market. The tipoff for me was when the Fed decided to taper. From there I only needed to speculate how far off in the future before the ECB started its own QE since Europe and America play off one anothers currencies and economies like yo-yo’s. My call for ECB-QE is therefore that it will begin in the late fall.
And gold will get murdered exactly as I warned.
You read it here first.
Marty chimes in on June Gold : http://armstrongeconomics.com/2014/05/29/gold-for-the-close-of-may/
Gold For the Close of May
Posted on May 29, 2014 by Martin Armstrong
Gold is moving into the June seasonal low on schedule. A closing for the month on a Nearest Futures basis tomorrow below 1251 should result in the sharp decline. A monthly closing BELOW 1192 will warn serious of a sharp decline that will more than likely break the $1000 level. C A U T I O N is highly advised.
Armstrong makes it sound as if a break below $1000 is a bad thing.
I despise Martin Armstrong
“Moreover â€“ as I have written of for years â€“ the sector is littered with frauds, charlatans, and â€śwolves in sheepâ€™s clothingâ€ť â€“ in my view, the greatest threat to PM investors, BY FAR. And NO ONE in this sector is more deserving of these descriptions than Martin Armstrong â€“ BAR NONE!” Miles Franklin
LOL, Matt you sound like the clown who yells at the Pro, you stink, and yet you sit in the bleachers!
Totally agree no sector has more Aholes than the pm’s sector, Marty has been bang on since gold topped and his calls have saved a lot of investors (intelligent ones) a lot of money not buying into the BS coming from the goldgurus these past couple years.
I guess when Japan’s economy was melting down and Europe’s debt was imploding Marty was summoned because you weren’t available, lol
Marty’s so called threat to the pm’s investors has made me a lot of money SHORTING the sector.
So you despise and label a fraud a guy who was wrongly and maliciously imprisoned for years and years for not turning over a his own proprietary, self-created, one of a kind, world renowned as vastly advanced computer program to govt enforcers at the behest of wall street because they demanded it.
So they destroy his life.
This is a man by all accounts who is trying to get his almost destroyed life back on track and appears to be trying to help mankind and investors the world over to understand the worlds millennium cycles work through thousands and thousands of man hours and untold millions of dollars spent in analyzing history and all that that entails and for this endeavor you hate him for this.
Humans, what a strange breed of beings.
Why in the hell would someone despise and hate Martin Armstrong? Its baffling. Not liking his cycle protocols and advanced computer modeling because you have a closed mind or some other contrived nonsense is one thing but to hate the man.
He’s just another information tool in the great big tool box of life.
“Ranting” Andy Hoffman (who penned that piece you linked to Matt) has ridden the physical metgls all the way from the top down to now.
No wonder he feels bitter !!…LOL
…& don’t forget he’s told everyone who listens to him weekly to buy all the way down too.
I wonder if he’ll ride it all the way back up again…and all the way down again ?
Andy Hoffman talks a good talk…but he’s just another gold shill imo.
Never heard of Andy Hoffman. Thanks be to God.
Uhh Matt, that link leads directly to another site that is a known attack site that installs malicious software. If you went to it and your computer did not defend the attack then you probably have junk on your machine you won’t like. Just saying to others….don’t open the above link unless you like problems.
Gary I tell you what, I give you lots of respect for laying it all out there! Not only do you have much on the line here with your site and subscribers, but you put your money where your mouth is. I for one enjoy your daily talk and enjoy the fact that your real and say it how it is. Wrong or right I prefer someone who is consistent. You have been that! So far lol
Just be patient. There is no confirmation of a bottom yet. We really need a high volume up day on NUGT before trying to call the bottom.
Thanks Gary your points well taken.
By Robert A. Hall
Except for one semester in college when jobs were scarce and a six-month period when I was between jobs, but job-hunting every day,
I’ve worked, hard, since I was 15. Despite some health challenges, I still put in 50-hour weeks, and haven’t called in sick in seven or eight years.
I make a good salary, but I didn’t inherit my job or my income, and I worked to get where I am.. Given the economy, there’s no retirement in sight
and I’m tired. Very tired.
I’m tired of being told that I have to “spread the wealth” to people who don’t have my work ethic. I’m tired of being told the government will take the
money I earned, by force if necessary, and give it to people too lazy to earn it.
I’m tired of being told that Islam is a “Religion of Peace,” when every day I can read dozens of stories of Muslim men killing their sisters, wives and
daughters for their family “honor”; of Muslims rioting over some slight offense; of Muslims murdering Christian and Jews because they aren’t
“believers;” of Muslims burning schools for girls; of Muslims stoning teenage rape victims to death for “adultery;” of Muslims mutilating the genitals
of little girls; all in the name of Allah, because the Qur’an and Shari???a law tells them to.
I’m tired of being told that, out of “tolerance for other cultures,” we must let Saudi Arabia use our oil money to fund mosques and mandrassa Islamic schools
to preach hate in America and Canada , while no American nor Canadian group is allowed to fund a church, synagogue or religious school in Saudi Arabia
to teach love and tolerance..
I’m tired of being told I must lower my living standard to fight global warming, which no one is allowed to debate.
I’m tired of being told that drug addicts have a disease, and I must help support and treat them, and pay for the damage they do. Did a giant germ rush out
of a dark alley, grab them, and stuff white powder up their noses while they tried to fight it off?
I’m tired of hearing wealthy athletes, entertainers and politicians of both parties talking about innocent mistakes, stupid mistakes or youthful mistakes,
when we all know they think their only mistake was getting caught. I’m tired of people with a sense of entitlement, rich or poor.
I’m real tired of people who don’t take responsibility for their lives and actions. I’m tired of hearing them blame the government, or discrimination or
big-whatever for their problems.
Yes, I’m damn tired. But I’m also glad to be 70.. Because, mostly, I’m not going to have
to see the world these people are making. I’m just sorry for my granddaughters and grandson.
Robert A. Hall is a Marine Vietnam veteran who served five terms in the Massachusetts State Senate.
There is no way this will be widely publicized, unless each of us sends it on!
This is your chance to make a difference.
As much difference as Rileys rally?
Gonna take the pheonix now.
Have to start somewhere…..
Hi everyone. Today is June 30th. Now is early morning. I believe that Gold and silver will rise in the afternoon since everyone in COMEX has either asked for delivery or rolled over to the next contract month for silver. Mission accomplished. Shorts need to cover earlier than others. Let’s test my theory.
Greg did not make as big a deal of it as I think he should, but maybe, he had more important things on his mind….He did.
What was the economic performance of the first quarter this year in the US?
A small increase of 0.1% growth, right!
I don’t know about you, but I thought; that’s manipulated.
Now quietly, it’s been adjusted downward.
You all heard that, right?
It’s been adjusted downward to -1.0% growth. i.e. 1% contraction.
The press has been all over the new number, right?
No, of course not. There is no viable press in the U.S. anymore.
Remember the President talking up the economy at West Point?
You don’t think he knew the actual truth?
Lies, Lies, and obfuscation everywhere….and the stock market continues up?
Not for much longer.
US market is not functioning normally now. I am not sure whether it is manipulated or not. It is definitely supported by money printing, should be to a lesser degree than gold though. It does not respond to any bad news even economy contraction and war. It never did this even during to Y2K bubble. I am in Canada and have about 5% invested in US on average. TSX used to be about 1000-2000 higher than DOW and now it is over 2000 below DOW. Actually Canadian economy is doing better. Just like Richard Russel said “I have never seen this before”.
Okay, who here wrote to Marty about $50gs Gold?â€¦..lolâ€¦..Wow, a must read boys!
Come on jj. Nobody here is saying 50gs. It is a non-issue here. Be nice to poeple. I am sure gold will go pass that number eventually but probably after we die.
Have to start working
But at that time a loaf of bread may cost $1000
Chump change for you CFS, what will your Dalis and Picaso’s be worth?
Hell even your camel will be valued much, much higher!
Its called humour Lawrence, $50gs is the goldbuggers ultimate goal….don’t shoot the messenger!
Even I am not goldbug but I believe very few of them are thinking 50gs immediately. Make no mistake, their ultimate goal will be reached and passed in the LONG term. I think you agree with that too. So the difference is in timing only.
My sugestion is to be nice to people. People here are surprisingly polite and nice. If you go to zerohedge.com, you will know what I mean.
BTW, CFS never said he owns a camel. You put words in his mouth. It is child’s play. Take care. I have a busy day.
Have a lovely day Lawrence!
ahhh CFS can take it, hell the guy has more money than God and skin thicker than a baboons a**
interesting he mentions pre 47 dates, or shape into jewelry.
Im not sure the issue will come up in Canada.
For high net worth people it seems Casey was right yeas ago. Store it outside the country.
Yes,but his choice of land in Argentina was dubious.
Yes BB…..but he meant store it in Canada!!!
There are still some countries where gold may be bought and sold without records being kept.
Turkey and most countries of the middle east come to mind.
Dubai and UAE are obvious choices. The problem comes in carrying any valuable amount of anything by air. Even most notes have detection strips in them nowadays.
FYI. Canada does not have a record. Last time when I bought my gold, the banker erased the record in front of me. If you buy as foreigner and take the gold away, you should be OK.
But Canadian is required to report Capital gains to Revenue Canada based on their honesty.
Interesting Lawrence. I havnt bought from banks so didn’t know. At Albern in Calgary they make you sign for it and provide id when you sell.
I always thought one of those fake id makers would be good to know.
No paper work bb if you buy from sprottmoney.com even in Canada
I bought in Scotia bank. I am planning to buy in Albern next month. I think Scotia bank look at your ID as well. They will erase record on computer. However, it was 1.5 years ago.
Not sure how they can track if you buy it here but sell out of country.
Scotia used to have a bunch of paperwork to be filled out.
From Kitco, the levels that will have traders reacting.
June Gold Buy Stops Sell Stops
July Silver Buy Stops Sell Stops
I moved out of all paper gold and into SPPP and PALL,mostly SPPP a few months ago, as I reported in this forum at the time.Not from TA, simply using supply-demand fundamentals. But then what do I know.
CFS don’t be so hard on yourself, your not a dumb as you sound, lol
Good move buddie, let me know if you want me to put up any charts of Pall so you can see your $$$$$ increasing
No, thanks. I’m looking for a good Agriculture or meat-related stock right now, bur haven’t found one yet.
I have some cash left over from selling JJG.
Perhaps I could wait and then just short the general market.
I’m going to sell my oil stocks soon too.
We are in a time of change, I think.
Short against the Feds=US equities, I wouldn’t attempt that even with your money
Notice “I should wait” before shorting.
No market goes up forever, but obviously the time is not right now to short.
Here comes the usual Friday knockdown from London…….should stop in about twenty minutes, hen maybe a little dead kitty bounce.
Here is your $PALL chart showing the breakout
I love these forecasts on cycle highs, lows and hidden pivots.
DAY PUP GOLD DOWN BOYS !
BYE FRANK BYE all you can, sell your video equipment and BYE, BYE, BYE!!!
YES THE CRYING CAN START ! https://www.youtube.com/watch?v=4o-VplYrqBs&feature=kp
franky, your spelling, YOU did it! not one spelling error, fantastic!
Next you’ll be youtubing yourself winning a spelling B
All I have to say is…
I thought bo polny said on 13/14 may in kitco interview that gold wont go low in may, that it will move higher for may-june .. yet it touched 1244.20 just now?
When do we say 1253 doesn’t hold? or if 1260 falls its look out below?
Dec lows could be tested yet I think, at that time the question will be do we go to 1000.
We goldbugs are going to look awful foolish if we go back to 400 and stay around there for 20 years.
Good Grief!! $400 well like I said when golds trading at the top of its range just under $1400 everyone calls to da moon, below $1250 its going to zero.
Lets see what the “close” is at that’s the key
bb, http://www.sprottmoney.com you can buy physical without important id released
jj, buying is not really the issue. Its selling.
Aparently the law is no id required either way.
The dealer next to Albern bought and sold for the same prices as Albern with no id required. He kept a copy of the law to show customers.
Just a matter of finding a dealer that knows it.
This is for all the gold-bugs…
Bitch-Slap!, Bitch-Slap!! pull yourself together Joseph, man the life boats!
It ain’t over till the close
This one is for Al and Cathy…
“Sit tight, do nothing and have fun” !
It is probably a reasonable time to buy antique silver.
(remember to store it in silver cloth. Sure saves on cleaning.
And buy it before you are no longer permitted to use cash anymore.