Gary feels that now is a good time to buy gold. Here is why.
Click download link to listen on this device: Download Show
Hi: News heavy day. Our hearts and prayers go out to passengers of Malay airlines. if rebels [criminals a better name] in eastern Ukraine did shoot down airliner, it will be a minor positive, for crude oil prices, and gold as well. Putin needs his head examined. love to all S
I agree with Gary. On June 26, I commented that: “I would buy the sector if it (gold) goes to the 1298-1293 area.
——
I think we’ll see $1433 in six weeks or so on the way to the $1530 P&F target by November.
I personally agree with both of you Matthew.
Surely the Malaysian air crash has confused things? I heard news of the suspected reason being a missile attack break on the BBC/Sky News and, as I heard the news, gold and silver went vertical in front of my eyes.
My personal opinion?
Someone is trying to make the Russians look very bad!
What a great world we live in Bob UK!
Yes, there are plenty of people saying that this is a red flag. However, surely the spike in gold today might settle down once there is a clearer picture of what happened and I just wonder whether Gary’s cycles have been affected by today’s reaction to the tragedy?
I personally am much more concerned about economic issues.
The commercial flight was a tragedy no doubt about it, but how about all of the negative economics issues that are also hurting and even killing people?
Conspiracists no doubt already hard at work Bob
Within minutes Rev. Occam’s Razor.
Gives em something to do!
You would think the jet getting shot down might have something to do with gold going up.
Cant figure just how anyone would think it ok to travel thru a war zone.
They do it all the time. They usually think they are safe at such high altitudes and have the belief that neutral aircraft will not be attacked. But mistakes happen – such as when the US Navy shot down the Iranian airliner over the Gulf in the 1980s.
They also fly the most direct route as it saves fuel and money.
Apparently Malaysian Airlines has been having trouble selling tickets since their 777 went missing in the Indian Ocean – so perhaps they needed to fly the direct route to save cash. Having said that others, such as Emirates and Virgin, apparently have been using the same route whilst others, like British Airways, have been avoiding Ukraine completely.
I suspect it was a terrible mistake.
Not the first time this particular airlines has made a big mistake or, at the very least, had an unfortunate indicent hit it.
What I want to know is who had the bright idea to authorize a commercial plane to fly over a war zone? It could have been an accident, or maybe someone had a sinister motive. In the bizarro world we live in today, anything is possible.
Bob, I want gold and silver to head higher as much as the next guy, but this morning’s pop turned my stomach. Knowing that gold and silver popped because somebody shot an airplane down didn’t sit right with me. To be honest, I closed the gold/silver charts when I saw them moving.
Ditto.
However, I suspect it spiked partly because of the terrorist fear and partly because of the geo-political risk. Whether we like it or not gold is the go to place in times of trouble. It spikes and then people try to figure out the why.
Agree!
Bob, if you don’t mind me asking, where do you live in the UK? I have relatives who live in Liverpool and London and they are telling me things are very, very bad. They are thinking of jumping ship.
Can’t comment on “jumping ship” but on the other issue, I would not agree that the Malaysian airliner was the primary reason for the upward move in gold.
I way this because there is just so much stuff going on right now that could lead to disaster to the financial world.
Just a few:
La Garde’s speech;
Bloomberg Poll re: the likely possibility of a stock market buble;
LA Time Poll showing that 60% of people feel the govt is rigging the markets;
and the list goes on and on.
Big Al, to sum it all up, we’re going to hell in a hand basket. I don’t remember a time in my life when the world was this chaotic. And I see now on Bloomberg that Israel is launching a ground invasion of Gaza. I think everybody can agree that things will not end well.
Gower, South Wales – a good 200 miles South of Liverpool. I am Welsh/British.
House prices have gone nuts here. We had a massive bubble from 1999 onwards but they never crashed in 2008 and now the hubble has just got much bigger. There is an election next year and the govt has engineered a bigger housing bubble via various schemes and almost non stop ramping.
But food and fuel costs have soared and people are paying so mucb for mortgages now thsg they often have a choice in wjnter between food and heating. People are downgrading en masse to cheaper supermarkets and High Street shop sales – Main Street – are suffering big time. It simply has become too expensive to live in the UK.
London has become the whore of Capitalism and house prices have gone nuts thanks to dodgy Chinese and Russians buying up houses as a safe place to park their money. Add to that 10 years of an open door immigration policy and the country is nkw swampped by different cultures – some of whom loathe our Western way of life. Many Brits say that London is no longer a British city.
So loads of people are emigrating to Oz, NZ or Canada. In 50 years the UK will be a Muslim country as the indigeous British birthrate has plunged. There is a new political party called UKIP – UK Independence Party and they had a massive swing to them at the recent European elections.
Thanks, Bob. My relative in London runs a restaurant and he is about to shut it down. Just the amount of rent he needs to pay every month keeps him up at night. Not to mention business is way down.
Regarding UKIP, do you think they have a chance of winning in 2015? I just can’t see any of the good ol’ boys winning. Lib/Lab/Con have cause so much damage to the UK that you have to be a fool to vote for any of them.
I would NOT – EVER buy PM’s to take “advantage’ of human suffering and devastation – this was STRICTLY a strategic move based on governmental ‘monetary madness” – the complete lack of coherent, fiscally prudent monetary policy is why I started in this sector..that is it..end of story…the only person I have to look in the eye when I get up in the morning is me……..I am morally OK with my internal intentions which is between me and the CREATOR.
Marc, you don’t have to defend your sound and wise actions!
A convenient little story will always be chosen to explain gold’s moves. TPTB don’t want the sheeple to put two and two together. Gold went up because it was TIME for it to go up. This is bull market action, plain and simple. Of course, after a three year bear market, no one believes it.
The top for gold will come when fiat money turns everyone’s stomach.
The Creator should be changed to YOUR Creator!
That’s not why gold rallied. It was due to rise out of a daily cycle low. It would have happened with or without the airline incident.
Yeh, I really don’t think that the airplane had anything to do with it.
I agree with both of you.
Im betting its a false flag op!
COOL COOL NO YET ! THE MIDDLE EAST NOT READY YET ! We can see DOW JONES 21000 !!!!!!!! And more LAING AND CORRUPTION MUCH MORE !!!!!!!!!!
I see that you agree with me about what a great world we live in!
Just keep lying in the weeds Al. Quite right Gary buy gold and silver as well. I’m with Matthew about gold topping $1400 in six weeks time.
And on the way higher Reverend!
Really good to be back by the way. I guess that is what happens when a person really loves what he/she does!
Do you happen to remember the very old Tv show, Mr. Lucky!
No but I know what you mean Al! Best, A
isn’t today an aberation? Gold/Silver went up for all the wrong reasons that usually get quickly reversed…will be nice to hear what Doc says
That is my feeling also NYC. I felt it was still heading down this week and then it just shot up because of the plane tragedy.
These things reverse pretty quickly, could happen overnight , tomorrow or Monday imo
So buy gold today at higher prices than where you sold the first DCL? To me it was worth the risk/reward setup to buy gold around 1300 or below because the maximum downside I saw was 1280ish. My target for this daily cycle is 1392-1403. Look at the first daily cycle for a clue. The bottom was 1240.2 and top 1346. Often large moves have a certain dollar move before profits are taken. Anyone long /GC at 1240 is going to sell and take profits at 1340 or around. That’s a 100 point move with leverage. If you look at the bottom of the first daily cycle, it was 1292 so I expect at least another 100 point move in gold and of course to test large round number resistance at 1400 as well. The 1403 target assumes another 8.60% gain as was the case in the first daily cycle. Good trading to all.
Gary says to buy today @1320, but Doc says wait for 1280. We’ll see who’s right. I just cancelled my summer trip to Kiev and will put the money into gold instead.
LOL…..
Chris – no chance of UKIP winning as they are a one idea party which is for the UK to leave the EU and get control of our borders back and stop mass immigration which is changing our way of life.
Also, there are parts of the country where if a dog was a Conservative or Labour political candidate that it would win as lots of people are diehard Tory or Labour voters. The Liberals will probably get wiped out as they are seen to have betrayed their core voters. But I think UKIP will get a big percentage of votes but probably few seats in Parliament.
People paying house prices of 10 or 15 times their salary cannot afford to go out to restaurants.
Thanks!
Mass immigration certainly hurts a lot of countries, Bob UK
Israel has just started a ground invasion of Gaza in the last few minutes – so gold higher and higher now no doubt.
They have no conscience Bob.
International instability, failed banks in Portugal and Bulgaria, faux job recovery pt time work only, no wage growth, end of QE, stagflation brewing, why would stock market rise?
Only the media and the Fed pretend to believe the economy is recovering. The rest of the world knows the difference but plays along putting money in the stock market. It will collapse swiftly once people decide to not play along and confirm that there are no economic fundamentals supporting the stock market.
There was another gold hit piece in Reuters today I managed to grab some of the language that they deleted after the Mayalsian plane was downed
“inflation is not in sight, southern European banking jitters are calming down and geopolitical tensions are not spreading….””
They replaced it with this wishful thinking ”
These events are very fast moving. If it I doesn’t escalate further, we could conceivably see prices fall back down. “
the UK version of the story still has the original language. The US version had to make the story about gold weakness or potential gold weakness no matter the events
it wont and prices will fall, the hedge funds ultimately screw everyone…and same here
And now this….the world is nuts.
Israel launches ground attack in Gaza.
Gold had risen before the airplane news broke
No it didn’t – I was watching my screen and had TV news channels on. The news broke on the TV stations and within seconds gold was going up.
The news might have come later in the US but, here in the UK, the news came before the gold spike.
Well, today’s “event” took gold $1224 off the table, probably for good. The $1292 low on the 7-11 4-hour window the morning of 7-15 hit a perfect Fib ratio number for the a-b-c correction, so that was probably the low. This is it, into the Wild Blue Yonder.
suggests that we might see another drop in gold in a months time!
Where are you guys!? Its 1130am pacific
For those interested in a spec gold play. Give a look at V.FMG. Between them and V.CGE and the group behind Alamos and Argonaut there may be a nice story developing.