Wednesday and The Doctor Is In
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The only correction that could be justified is a correction that adds zeroes to the gold and silver price for physical metal. There is just too much cash, credit and other asset price inflation to justify the existing market prices. Also what needs to be smashed and discredited is the idea that paper and physical gold and silver are fungible. A coin or ingot of silver or gold is not the same as the ounces specified in a futures contract because the contract is not made of gold or silver. It is merely an electronic data entry or a piece of paper and is worth what it is made of.
Scratching my head on gold/silver reaction to Fed. Can someone shed some light? Thanks.
You mean the lack of reaction. So far anyway.
Gold AND silver basically DOESN’T BELIEVE in the GOV DATA any more at all!! That is what is going on – period….as soon…just as soon the FED calls “UNCLE” and does something to show that the market is in TROUBLE…..the bull market will resume…..i.e. they stop tapering and start the stimulus again…their games cant be played anymore then the PM move higher….MUCH HIGHER!
Yeah,… that was my suspicion. Thanks for the reply SD. I wonder if there was anything in particular in the language that stood out to the algos.
On the contrary the government and the banks certainly do believe in their own propaganda and they expect you all to to believe their gospel. There may be a gap between what they believe privately and what they tell the public but when they are doing their work they certainly take their propaganda as an article of faith.
Two weeks ago I said the following of GDXJ: “Choppy but mostly sideways action looks more likely here than a serious decline.”
So far, that’s been the case and GDXJ is higher now than it was then. The chart I posted on the 16th is relevant today, too…
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=1&dy=0&id=p80797917746&a=359630743
This has been a strong, mostly sideways correction. If GDX does fill the gap under $25, I think miners should be bought aggressively.
Matthew, I agree completely. I believe we have about 2-3 more weeks of this and then one should look at serious purchases. I always look at certain sentinel charts to make my decisions and GDX is one of them right now.
Here’s some interesting arc action. I put this chart up on the 16th (red arrow on chart):
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=1&dy=0&id=p78456644092&a=359640773
How about doing some guest spots with us, Matthew?
Thank you, Al, I really appreciate the invitation, but I prefer to contribute what I can here in the comment section. I think your pros have the airwaves well covered anyway!
I second, third and fourth that BIG Al…..Matthew is TOP NOTCH….but you already knew that…no disrespect to all the very AWARE and intelligent people on this site, of course – No I am not talking about you guys – DT, Jerry AND IRISH…..HA!!!
SD………remember, if it was not for our humor , this site would have closed down years ago………………….per OWL COINLAND………………..HA….HA….HA…., AND ANOTHER HA,,,,,HEE………….
Jerry,
That is so true!
btw……..I like your new moniker………………jer out of the box………
and you are correct on Matthew…..
Thank you guys.
Love me some $1280 gold. I think we will make higher LOW above 1240$ last low meaning 1250-1280 range new low, then reverse back to the upside and make higher high onto autumn.
Doc, Looks like our first target will hit! My indicators were right yesterday.
Where are all the SKY HIGH predictions that use to be on this Report every week. All you experts finally realized your wrong all the time.
My “Reo indicator” has worked well in the past and I think it is working well now. Reo only shows up to complain near important lows.
I gotta say that those stocks are hanging in strong but i believe they will break down somewhat at least to fill gaps.
Doc, there is a possibility we break out the upside today and then correct from a higher level later. The market sometimes only cares about technicals when is does, that may not be now
????? anyway just a thought, Gold nor miners what to go down and may not care what Yellin says as she is behind teh curve on inflation, or so may say the markets