Tuesday and The Doctor Is In
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Marc, in the near future and with this move down in gold, I believe I’ll purchase some more “insurance”.
Let me again make this PERFECTLY clear: I have absolutely gave no thought to getting into the metals because of WAR. I have no interest in “profiting” from death and destruction….but what I do have a strong interest in; and a moral obligation to my family – is to provide protection from UNRULY and IRRESPONSIBLE GOVERNING…..hence, gold and silver…it might not be enough but at least I didnt walk around saying: It works until it doesnt”.
You, the Doctor and Cory are correct regarding the geopolitical situation….will not be a war of guns/bombs but a ‘currency war’, a battle of those with ‘the gold’ and a sound currency backed by gold vs. the fiat dollar! Good discussion.
‘simply said’….wyn
Agreed
Seriously? NO questions whatsoever on technical analysis at critical juncture of gold now with fed minutes and GDP numbers?
Stewie, I’ll give you personally my feeling about fed minutes, gdp, and other numbers coming out this week vis a vis the affect on PMs. If the affect is positive, it’ll be short lived. The path of least resistance according to the technicals I follow is down and we’ll continue down for the foreseeable future. The Fed and economic news may just be an excuse for the PMs and stocks to be sold off further. However, a lot of the PM stocks have so far maintained their pricing and that could continue for a limited number of them. Others will sell off with the PMs but shouldn’t significantly. The weekly bollinger bands on the precious metals are narrowing to a degree not seen in months. That is significant and will continue in the next 2 weeks. It is also true for a number of stocks as well. The markets are then set up for break out in later August or September. If historical price data is a determinate for that break out, it’ll be to the upside. If not, then we’ll have a very unusual seasonal move for the PMs that none of us will particularly appreciate.
Thanks Doc
Doc and Al thank you very much for your input. Doc do you think gold will go down to 1260 or 1280 this week or next? What are the charts telling you where the support lies IF fed smashes metals lower? I do not expect lower low from last 1240 low but that’s me but i’m trying to figure out next higher low.
Stew, I believe we’ll see gold at 1280 no later then next week. Of course, with the reports coming out tomorrow and the Fed coming out, we could see it sooner. You and I are both trying to figure out the low. You’re feeling that 1240 could be the low is probably pretty compelling to me as well. I believe how low it goes will depend somewhat on the performance of the conventional markets and the dollar. As always, after we hit the 1280 area, I’ll be able to more clearly tell you what I think as regards the direction from there.
stewie / RICHARD……Don’t ask me why !!!!!…but I dont think we will see a low of £1280 or lower.
Thank you Doc. My thoughts were that we will make higher low above 1240 meaning 1260-1280 just like you were saying doc earlier. That still keeps higher lows and eventually higher highs even with lower highs now which i don’t think it’s so important in longer term.
Bo Polny calling for summer low and opportunity of lifetime buy with no breakage of 1180 so that could mean 1200-1260 to me. He has given date and price to subscribers but his fees are astronomical and I have yet to believe it as even Sprott is failing with his $2000 call by year end. I’m losing faith in all those callers but i’m not changing course. Threw hurricane to sunny skies, someday.
IRISHTONY. I’m hoping for $1280-1270 gold as i got my bid lined up. This week will tell the tail and hoping for STRONG FALL TO SPRING RALLY THAT WILL BLOW OUT EVERYONE. Wishful thinking but Bo sticks to $2000 year end and he has been right so far on every single swing. I’m not gonna pay attention until $2000 happens but i’m hopping.
Great comments, fellow. “Financial wars” perhaps, but look at the people of Ukraine. People still die in them. Is the status of a self-inflicted fiat currency morally worth defending? Worth dying, killing, sacrificing for? Much better to get at the root of the problem.
Yes it certainly is better to get to the root of the problem cmc
If only we knew what the problem was!
Guys check this out. This is absolutely crazy meaning the numbers.
http://news.goldseek.com/GoldSeek/1406553336.php
Stew, I’m usually not an Elliot wave fan but in my view, this guy could be right about his projections——I believe we’re close to another bottom and then expecting a move higher. I don’t know if the rate of ascent will be what he’s projecting but his scenario overall is one of the themes I’ve outlined personally for myself.
Doc absolutely. I’m not buying this article prediction but just wanted to point it out. I think maybe by 2020 that is possible but maybe $10,000 instead crazy number like that. For now i just want $2000 and that seem like pie in the sky now
Interesting take on a long term look at gold. I agree that gold will move far higher however I do not think we “pop” in the short to medium term.
FWIW…..I think “THEY” are quite happy to keep gold at $1290-$1310…& silver at $19.50- $22.00.
Gold is basically stuck in a trading range going back six months Tony. Other than a brief point when it popped above 1350 it is going nowhere with a lot of conviction.
Bo Polny and Sprott still calling for $2000 gold by end of 2014. I do not think it will happen but Bo been endorsed by Sinclair and right so far. Problem is this market is still heavily manipulated and such calls right now seem crazy to me but i hope but don’t count on it.
https://docs.google.com/file/d/0Bywe0LES4bGiUFRhdG9lMlQ0dW9PcHdULTRjd3ZteE1pYlUw/edit
Extremely unlikely. I would not listen to anything Sprott has to say on the subject either as he cannot possibly have perspective given his tremendous losses on metals to date. What you heard is his secret prayer, not a real prediction that can be counted upon. Not sure who Polny is but it is best to stick with the more conservative estimates for price growth and be cognizant that setbacks remain the name of the game. At this point I would be quite surprised if gold finished the year above 1300…..Most of the discussion on the metals topic is just spinning wheels as gold remains firstly in a larger bear trend and secondly cannot even break decisively from a range it has lived within for many months.
Long term chart……….UP
i was talking to a couple up at church pancake breakfast at Mary Star of the Sea in La Jolla – a lot of well to do people in La Jolla – A LOT…when talking about the state of the financial situation in the US and the slippery slop which is our current fiat monetary system. His answer: “IT WORKS UNTIL IT DOESNT” My next question would have been: well, what are you going to do about it when it doesnt work? But, I thought; Why bother? Just dont have the energy to guide people to reality of situation……A LOT of drivers out there DRIVING on the “HIGHWAY OF LIFE” with absolutely NO INSURANCE….pretty sad really.