A big hit to gold before the US markets were open
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Topped this morning.
It could just be doing a small correction. The trend is still up.
Up? Ha Ha Ha!….. I LOVE you guys who are so optimistic! But your chart is upside down I think.
The trend refers to the dollar not gold. Gold is still falling from the 100th floor but still looking good according to people because it is sunny out.
Oops…I am a retard. I thought you were talking about gold. Got to get new reading glasses. 😉
Hey, ‘Bird. Well, they eked the Dollar Index up into my triple-Fib resistance zone at 82.6 and just a bit beyond. The “line in the sand” now is 83.15, if that goes then as anemic as it looks the US$ should keep pushing higher but when it finally does run out of steam – wherever and whenever that is – the US$ will be the Short Of A Lifetime.
Either that or just concentrate harder and don’t get distracted. (At least that is what Kathy constantly tells me to do, Bird!)
Maybe the beer caused me to lose focus. Next time I give it up maybe I will just switch to wine and join the crowd.
I saw that Mad. You will probably be right about the dollar peaking. It looks like we are getting a sell signal on the dollar and a buy signal on gold so far this morning. Will have to watch this play out for more hours though before deciding because changes happen so fast.
Matt could be right Paul L.
Not much looks negative about GDX on the weekly chart; in fact, just the opposite:
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=3&dy=0&id=p11896904774
It is positive/bullish that gold is down more than silver today and GDXJ is not down much more than GDX.
I am not that interested in gold but I like silver. However, silver has decoupled from gold somewhat, especially when gold gaps down. I remember silver goes down twice as fast. No longer.
That’s your “clue” that the bottom is very, very close.
I think the bottom has passed over a year ago. We are looking at a regional low now. Sellers are in hiding or they sold out long time ago.
Actually, I was thinking we are now on track to drop below the June lows in gold. A rebound tomorrow after this kind of drop today is not expected by too many. The bears hold the high ground. Another drop should be anticipated. We have just broken the clear wedge pattern that had been developing and was signaling a major move. Until todays action most pundits were sure it meant gold was on its way to the stars. What this all means chartwise is not yet clear but if tomorrows chart pattern is a continuation of today’s drop we are in different waters and as Gary suggested the trend in gold will be down, down and down.
SLV just filled a 3 cent gap and is at support and oversold. More support and a low is nearby —in both time and price.
Bird keeps saying the same thing every time the price drops. It has been over a year now and price never touched 1179 which was reached in June 2013, let alone 1000. You are wasting all the opportunities the market has given to you, for now at least the ones below 1265. If market drops, you can buy more but what if it does not drop, are you going to wait till 1900? Inflation is the fact of life. Most likely, most people will watch the price drop and do nothing and only chase the price up later. I have never seen a gold bear buy any since 2004 when I started invest in gold. 10 year is a long time. Someone like Dennis Gartman always claims that he loaded at the lows but never tell anyone until the price tops.
You must be pretty confused Lawrence. I have been very clear I was siding with a price drop which is in total opposition to Docs and Gary’s assessment gold was about to stage a huge breakout. I have been warning anyone who would listen that it was my opinion gold would fall, not rise. We are seeing that now. So where you are confused is that you think I wrote those words after gold fell when in fact my remarks on trend changes precede the actual events. I am not trying to be pissy here either but I have not read more than a couple analysts whose judgement I trust more than my own. That’s the facts man. Now get me another feather for my cap and make it snappy.
Bird, your assessment is that gold will go down and down for a long time in this environment of faster monetary expansion. I think that will a wild dream come true for central bankers if they can pull it off. If it happens, it will be once in history. I rather use my common sense and not pass on this opportunity. So far, economic law has not failed. This might be the first time.
Nope. You have got me pegged wrong Lawrence. You probably don’t read what I write that often. I am in fact bullish gold long term. Just not yet because it still stinks to all heaven. I will let you know when I get interested again in the long side.
Bird,
Sorry I may not have followed this site for too long. But since I start visiting the blog section early this year, I don’t remember you have anything good to say about gold.
Just one question, if you are bullish on gold in the long term, why not dip your toes in now? What difference does it make between 1000 to 1200 since the future price will look completely different from now. How about if the lower price does not materialize? Even more important, how are you be so sure you can get timing and price both right. If you could, you would be the richest guy on the planet. How many up and down the gold has made since 1971.
No problem Lawrence. The side of the trade I am on is whichever one has better odds of making money. That still favours the short side although I will be amongst the first to change if the trend swings in favour of longs. My cynicism by the way comes from the fact I have been following metals since the late Sixties. In those years I have heard absolutely everything on the topic and why it should move many times already. Most of it is noise. Honestly, i could probably write a book on the topic. Lucky for me I had some tutoring from some of the greats in the business up in Vancouver many years ago. One of two were fairly famous cheaters. They would just split a gut laughing over the stupidity of gold buyers and thought most were suckers born to lose. I learned a lot from those guys when I was young. Starting with this….don’t take it all too seriously. Trends rise and fall along with the fortunes of those who just don’t get when to bail and let others hold the bag. There is more theater and dramatics n the gold business than almost anywhere else. Oops…maybe that was why they shut the VSE down! About timing and price? Well, like everyone else here I have worked to attempt to better understand both those variables and have done so with some success. But you are right, nobody can call it all the time and I have lost before. Goes with the territory.
Not anymore Lawrence!
Man II wish I was more proficient in technicals, Matthew. I have to rely on Doc, Rick and a few select others. But, you are saying pretty much what Doc and rick said earlier today!
The latest comments by Marc Faber:
https://www.youtube.com/watch?v=Ye6BRWVKM9s
Just saw that he is now affiliated with Sprott Global.
The problem for current trade is volume. I am trying to buy central fund of Canada gold/silver and silver trusts. The trading volume is low and there is big gap between bid and ask. I remember the volume was 10 times of current level. Sell is exhausted even the price is pushed down. Unless we want to buy GLD/SLV, PM is hard to get. Unfortunately, as Canadian, the I have to pay FX fee to change to US dollar.
Off TOPIC: Big Al, I see recently the British Columbia government is introducing much of Agenda 21 effective Jan 1, 2014.
This will include so many rules and regulations regarding the building code that it will effectively kill rehabitation of older buildings and make new building costs increase by up to 25%…..any comments?
My personal comment: Which moronic official decided that any government had the right to require all residential door handles to be round in shape?
BC is killed by government. I remember it is much easier to get job in BC than Alberta. In early 90s, my wife had to go to Vancouver to get her first job. Now BC is in big trouble. Why don’t people get the SocCred back?
Did they kill the Heritage designations too CFS? That was what protected older buildings and did not permit major changes nor did it require conformity to all current building codes.
The heritage designations are still around but slowly the government continues to re-zone. The city is starting to look too much like Toronto when you are in the downtown core.
One day I will get back there again Cory and see for myself. I recall people griping bitterly when they built the Bentall towers as if they had destroyed the city. Too funny in retrospect. Lots of old friends to look up. There is the gold conferences too that I have not been to in many years now and the best were always in Vancouver. If I ever do come there again I will look you up (I am civil in person!). We can maybe go for a brewski or two and talk gold.
I agree with your comments about govt regulations.
Not sure either just how building costs can substantiate a 25% increase. Prices up there are already at nose bleed levels! And, I mean big time nose bleed levels!
Thanks for bringing up the new regulation CFS. No doubt BC is over regulated. In my daily life the government seems to have their hand in everything.
Condo and house prices here are so crazy already. That said pre-sales in building are still doing quite well from what I hear.
Sorry…..Jan 1, 2015 for B.C. new regulations.
Just came back from vaction.. Nice to see that my outlook is becoming reality. Again Iv’e been one of the very few that has advocated to wait and be on the sidelines for a much lower target and better entrance points.
Again as it stands im on the sidelines yet to deploy trading wise. To many pumpers/gurus with gold to the moon or breakout coming. When I see panic and miners red for a duration of a week minimum the capitualtion will finally set in.
Price is still up a lot from 1180. I think it is time to set buy orders. The volatility is no longer here. It is hard to touch lows. My orders have been there since early June and only one filled.
I am buying very selective juniors right now. Not pumping because you all know what I am doing before I do it.
Witness somewhere between 40,000 and 60,000 shares tomorrow of Idaho North which I announced last week.
If you buy 40,000 shares the daily volume will spike …daily at 8500@ .14cents…., do they have electric at the sight., I can see you and Cory, with pick and shovel in hand, lookin for gold in them there hills……..
So what is your opinion Al? Is this one a good bet in your opinion or is it just a spec play and start backing out if she doubles?
Patience everything else in noise and will cost you money. Listen to Bird, glen and few others including cory. To many bulls yet!
I disagree that there are too many bulls. Look at the weekend comment section; of 269 posts, I was pretty much the only one that wanted to even look at gold/gold miners.
I wonder if you see anything negative on that weekly chart of GDX that I posted above. Patience is a virtue, but objectivity still comes first in my opinion.
I’ve been a buyer of miners and options today.
Yes, I am a strong bull but I am afraid that the miners will disapear if price continues this way. I am not buying miners. When they got wiped out, my silver/gold will shine. Paper can not be used to produce solar panels, TV, cell phone, etc. I feel that miners will be in this depressed margin for a long time since governmenment is trying to suppress the price as much as they can.
I have to disagree completely. Miners are smoking gold YTD and will continue to do so for a long time. The good ones aren’t going away anytime soon.
Most primary silver miners went bust during 1990s. That is why P/E for silver miners was sky high in 2000-2008 since there were very few of them and only a couple of them made any money. People had no choice. The situation will repeat but it is not that point yet since a lot of them are still dead man walking. They should just stop mining since they are doing things against their interest. Even silver price goes up from here, it may not be able to make these guys profitable. Currently, the problem is more severe since at least the there were by-products due to high base metal price but now they are down as well. It is funny to see production cost is so much higher than spot price. I believe that the market will reach a point where only silver for sale is paper and all the physical has been taken to factories. Who want to fund miners knowing that they may not see their investment back? I think only Rick Rule is doing private placement. He can do it since he has control and I don’t want to invest in management I know nothing about and not any control. I buy physical so when they go bust, silver goes up. These miners have the worst management among all industries.
I bought more IPT.v and AXU today. Both will be fine.
Barracks and Newmont………any thoughts…..only, asking because I read that Newmont would be in trouble if Barracks did not take over Newmont……They seem to be the big boys in the arena…If one is having trouble, what does that say for the rest of the miners…………
I think all miners are in trouble, even the big ones. No silver miner can survive at this price.
I feel more uncomfortable with some of the big miners and all their issues and debt than I do with the tiny ones.
It’s the current silver price that can’t survive, Lawrence, mark my words.
thanks Matthew and Lawrence………..I also, think they are all in trouble, ….but, a smaller miner, can mover a lot easier than a behemoth …
Mat, I think you are right that the current silver price is not sustainable. However, central banks may be crazy enough to kill the geese for the short term gains. They can short the market to death and declare all trades as invalid due to Force Majeure. So the long side will suffer all the consequences. The future market is under their control. If they decide to do that, only the non-production mines and most solid mines can survive. The period of 1980-2000 proves they have no mercy for mines.
Here is a comment from Doug Casey….”there are 1500 miners on the stock exchange in Canada,,,and only 50 worth investing in”
!980 to 2000 was a secular bear market, showing no mercy was well rewarded. This time, they will cover and even get long.
I agree completely with Doug Casey but I don’t know which 50 he refer to. I heard same thing from Rick Rule. But these guy buy private placement with control. They are experts in this filed.
IF you find out which 50…..LET ME KNOW……………
Me too. I would love to see that list.
Gold should go down at least until the jobs report is released and at that time it either spikes up or down. Easier way to make money is in the regular stocks as I mentioned before. Loco is up over 6% today as I had warned on the weekend it is headed up 10% to 20% within days or a few weeks. I have a large position in it. Short covering will take this from around 30 to over 40 very soon. Gpro shorts have brought it up 2 or $3 day for about 10 days now. Alibaba is the next big IPO coming this month.
Paul,
I think you are suggesting to follow the trend and buy overvalued asset and sell undervalued asset without looking at fundamentals. However, this is not a good way to make money since the risk is high doing it this way. That is the way most people trade so they get killed once a while.
I look at charts mainly and fundamentals too in terms of long term growth possibilities. Loco is now up over 10%. I have given up buying value plays which take forever to turn around.
Chart only tells you what happened prior to today. It looks the worst before turn around. You should know all the rich guys use tough out as a key strategy, called sitting tight.
I like buying when 95+% of the analysts have written off a stock and called it the greatest shorting opportunity (mentioned on cnbc). That is what occurred with gpro but I got out early instead of holding on too long.
I am not sure where I can get statistics for the ratio of bulls/bears. I remember someone showed that bull is nearly 0% towards the end of last year.
If people are 95% bearish in this hard asset site, the ration would be 99.9999999% in general market.
By this reading, we’re on a buy:
http://stockcharts.com/h-sc/ui?s=$BPGDM&p=D&yr=0&mn=9&dy=0&id=p47373468502
great chart………..
Glad you are joining me Matthew!
Likewise, AL!
$1224. And a brief stop under $19 one last time for silver.
Still? A few weeks ago I think you said that 1224 had until the end of August to happen.
No body can nail down the price to the day.
thank you Lawrence!
I have to completely agree with you. It is only blind luck that allows that!
When the facts change, I change my mind. What do you do, sir?
Credit for that quote goes to (quack) John Maynard Keynes.
His economic ignorance doesn’t diminish the validity of the premise.
I just find it to be a meaningless statement. Different facts are pertinent to different investors and even to different parts of one investor’s portfolio. Traders, speculators, and the average investor are each moved to act by very different facts most of the time. Context is everything.
great chart……………
I do exactly the same thing Dallas!
Hi Gary,
Is there a way that your cycle bottom could match up with Docs forcast? If so, how would you expect that to happen?
Another attack?
Seems like a good time for it with all the blogs talking about September being a positive month for gold.
If some people are taking physical delivery at lower prices there must still be lots available for delivery.
hmmm, is Karen Hudas right?
Ms Hudes has an interesting theory, but her theory requires waaaaaaaaay too much complicity by waaaaaaaaaaaay too many people. It strains credulity that some piece of this supposedly decades-long conspiracy hasn’t unraveled by now.
I agree with M.A.D. If she isn’t a shill, she’s probably being played.
You could be right Mathew, I have no idea really, except Ive read a lot of storys independent of hers concerning movments of large amounts of “loot”.
I find it interesting too that people like Sprott have no idea (his own admission) where all the metal comes from.
Nobody has explained it, the only theory we have is Karens.
Out of interest lots of pieces of her story can be cross referenced from history books.
Funny how it seems to work out.
Maybe she just did research before she told it.
Gold up down sideways lots around or none, doesn’t really change what I personally do, 5-10% per month of investable income to gold.
.
Who is Karen Hudes?
Karen Hudes studied law at Yale Law School and economics at the University of Amsterdam. She worked in the US Export Import Bank of the US from 1980-1985 and in the Legal Department of the World Bank from 1986-2007. She established the Non Governmental Organization Committee of the International Law Section of the American Bar Association and the Committee on Multilateralism and the Accountability of International Organizations of the American Branch of the International Law Association.
Definitely educated and ambitious.
Cant see how telling stories nobody would believe could advance her carrer or status.
Maybe there is another reason she talks about it.
Interesting thought about Karen Hudes, bb!
Maybe, she knows who shot JFK……………….
doesn’t everybody?
I think it was the guy eating grass on the knoll ……or the guy in the drain……..
Might have been MR. CLEAN……..
Lee Harvey Oswald. That is not the real question, Jerry!
Lee must have had super sonic snickers on to pull off a frontal hit, and still be in top floor of the depository………
Bankers and Brokers trying to make their year’s profits at the expense of the wee people.
Same old story every year starting the first trading day after Labour Day.
CME/Comex-free n fair encapsulated.
Gary didn’t talk much about the other markets to concentrate on gold but his theory about the NASDAQ being taken back up to 5000 looks good at this moment, anyway. Both the Dow and S&P are down on the day, and quite a bit, yet the NASDAQ is actually UP. The “fix” may be in, all right.
Nasdaq is the safe haven. Added more tech today.
As I mentioned earlier, Dallas, that was a subject we all discussed over red wine in Reno last week.
It’s that time of the year again.
September.
When summer vacations come to an end and students head back to school.
It’s time to get serious again. The time for play is over.
It is also the time when gold is supposed to shine.
How many times have we heard this?
Last year gold was supposed to have a fourth quarter rally.
This year was supposed to be the same thing.
Don’t hold your breath.
Can there still be any doubt gold is in a protracted secular BEAR MARKET?
The only question is what stage of grief are you in?
Denial?
Anger?
Bargaining?
Depression?
Acceptance?
Too many people are still in denial.
Too many people still think we are in a cyclical bear market inside of a secular bull market.
Nonsense.
Some people will once again use this essay as a contrarian indicator and say this proves the bottom is in. Even within hours.
We have heard all this before.
The FACT of the matter is GOLD IS DEAD.
when gold bottomed in 2000 it was time to get long.
Gold was forgotten, unloved, and over sold.
That was the time to get long. I did.
The big money creates a story line that sounds plausible, like US $ collapse and hyperinflation; and that feeds the fire. It’s a good enough story line and the money pours in.
Then in 2011 after 12 years of gains gold gets too high and the smart money sells and creates a new story line. Deflation and rising interest rates will do.
The gold TRADE reverses and the hot money exits. The story line feeds on itself.
WHEN THIS BEAR MARKET ENDS IN 1,3,5 or 10 YEARS FROM NOW the story line will change again and gold will rise. Hope you are there to see it.
Right now it is time to get your head out of the sand, stop the denial and turn off KWN, PS, JR, AND ALL THE OTHER GOLD BULL(sh@t) propagandists with an agenda to sell gold, sell books or sell newsletters.
For those of you who thought gold was a safe haven in the midst of the storm and bought late I feel sorry for you. I feel your pain.
For those of you who got slaughtered in stocks during the credit crises and decided to plunge whatever you had left in gold to save what you could, I feel sorry for you. I feel your pain.
So long
Thanks for confirming the bottom again, James!
I don’t think he can confirm anything. He is a weak hand. Strong hands never buy at the top since they already bought at the bottom.
I don’t think you are giving James enough credit Lawrence. He might just be the strongest buyer on this site.
Bird, I never bought an once after silver went above 20 a few years ago and sold all my miners except SVM plus 25% of silver ETF after silver went above $38. If I bought it under $10 and why I buy it at $40? Please let me know I am not making sense.
You wrote “He (James) is a weak hand”. That is what I disagreed with.
I remember he said he bought at the peak in 2011.
I THINK James has indicated that he has been in the market since 2000, and most purchases were made before 08….and he state he has a considerable sum, of which I would mention, but, that is his business if he wants to repeat the amount….WEAK HANDS , I THINK NOT………………JMHO…………..THE LONG………
someone deleted my comments , concerning the week end report…….
that is to bad…………after 8 yrs……….I see where I stand……….
I doubt that J. Why would Al delete your comments? Probably an accident. I have done it myself (in error) several times. When you are posting there is a “cancel reply” button right beside the submit comment button. If you are typing fast you might have just pounded out your own comment and then cancelled before quickly moving on without checking to see it arrived. It happens to us all sometimes. Don’t sweat it.
My comments was as follows……………This Sat. was the first time I did not listen to the weekend show..in over 8 years….I am not sure I missed anything.
bIRD……..I see that James posted twice, one in another location, and I responded to that one, SO….I RETRACT MY COMMENT…ON THE DELETION…..
You know what J? You are actually 100% correct. I read that comment from you earlier and now it is gone. As an aside, one of my comments following James post has also been deleted. It is one where I welcomed James back and requested he write a new horse analogy for us. Perhaps it is a technical issue because Al is pretty honest about not wiping away anyone’s comments where there was no obscenities or cursing. Don’t tell anyone but I skipped the last three weekend shows too. Summer and all you know. Just was not in the mood for for any gold commentary and then I got sick and stayed in bed. See you next weekend though. The excitement is building!
Seems our communications got crossed. So you are saying James DOUBLE POSTED! That is the mixup? He should be ex communicated. Look at all the grief it has caused. (Just kidding of course).
thanks for the reply……….appreciate…….WE NEED SOME EXCITEMENT………
No one here deleted any of your comments. I can personally guarantee that Jerry.
Al,,,,,,the confusion was with James double posting in two differ sections……., I posted my retractions and comments………….sorry, for the confusion………Jerry.ootb
Thanks for clearing that up as I was getting concerned, Jerry
Me too. I thought Jerry was about to snap. 🙂
good one…………he, he, ha, ha, he, he, he, he……….snap………….
James, I don’t know what you’re missing; the senior miners are beating the S&P by 100% in 2014 —as of… right now.
There will just be bear market rallies for risky plays for quite some time.
Bear market rallies do not possess this kind of volume:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=3&mn=3&dy=0&id=p95552293562&a=364657983
The low this sector has been working on for more than a year is far more important than even most gold bulls realize.
Gold is dipping into its original secular uptrend right now, but would have to fall more than $200 to threaten the secular bull market.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&yr=15&mn=0&dy=0&id=p11544197167&a=366074617
SOMEONE DELETED MY COMMENTS……..
FORGET THE ABOVE……….my mistake……….
Sure glad that we are not selling any products here.
Will also be interesting to see if Doc and Rick were correct in their comments earlier today.
I would bet that they will be proven correct. Just a feeling based on a pretty good knowledge of both of them.
Yup, kinda funny, Leeb @ kwn says yet again a good time to buy.
I bought phys today, there were a few people in there.
I agree with Leeb. It’s hard to go wrong buying days like today as long as you sell some when conditions are the opposite.
I have my suspicion of Leeb. I never really trust what he say but his call on silver and solar should be right.
Well he is a Keynesian, maybe that’s why you’re mistrustful of him. He was late to gold and it’s probably one of the only things that I would agree with him on right now.
He was all wrong six years ago:
https://www.youtube.com/watch?v=w2MYr1GcszY
Leeb ALWAYS says the same damned thing. The guy is a broken record.
And big picture, he’s damn right. Any short term trader with any cents knows that Leeb isn’t talking to them.
Big picture aint worth peanuts because it does not make money. Sorry Matthew but there is no better way to lose on trades than by staring at the forest instead of the trees. All the wild macro theories that get bandied about are mostly nonsense anyway. At least on short and medium term horizons. Perfect example is the one that states hyperinflation will soon hit the US. How about another? The dollar is doomed and the US will go to the levels of the Third World. Here is one more….all the lost jobs to China and elsewhere assure the US of its demise. Then we have the reserve currency domination will be ended when the petro-dollar is killed. It goes on and on. You simply CANNOT make any money following up on all those hair brained big picture ideas. They will just kill you in real time even if they ARE true in a hundred years. Spare yourself the agony. Just trade for the here and now based on facts and charts. Life is more relaxing and more profitable too.
Sorry Bird, it’s very difficult reading beyond your first sentence when my experience has been just the opposite. Big money is not made by the overwhelming majority of traders and emotional flippers.
My speculations run from weeks to years and have done extremely well —even during each of the last three years I have had big winners. Every aspect of my approach suits me.
Too bad these don’t apply to me since I am investing in Canadian dollar term. I just know money printing will result in inflation. I also believe in taking profit.
The ‘long-term’ is real, but it’s like folks ‘talking their book’ … like Soros, or maybe Buffet.
I think of it this way: “Honest long, crooked short.”
ditto on the broken record…………….
I think the consistent one is David Morgan. He recommended buy below $20 and recommend to take profit above 40 for silver. I heard him several times.
I think some of us might think differently……..concerning David on his calls., but,, I use to follow his post…He was the first one I followed before KER, KWN ,Sinclair,….
but, If you were on his paid subscription then you heard the news……best…OOTB
If nothing has changed, why change your tune? Leeb is just trying to help the rabble to focus on the big picture and keep their confidence.
setting long…………getting antsy…………….been setting a LOOOOOOOOOOOOOOONG TIME……
btw…….thanks for all the supporting charts………
I don’t believe I have herd anything but buy from kwn.
oops, my mistake, we here pretty regular the world as we know will end any moment too.
Same here. Like they don’t understand there are two sides to every cycle. It was just buy, buy, buy all the way down. Who is that stunned to not understand sell?
Bird, I second that notion… Many on kwn are broken records. Pump the same tune over and over again all the while miners have taken it up the arse since august 2011. Now we have a cat bounce of the december and june lows and pardon me matt but guys like you come out and preach its been 100% vs the s&p. Your still in the whole if you were a long since 2011. Now gold price has broken down and headed further into decline and denial has set in. More pumping and telling people to dip in and keep dipping when miners are already retracing that june low. Folks I mean this with the utmost respect and emotions aside, wake up to reality as the cat bounce and gains from december and june low will evaporate. Ask Gary and doc what they think or if there sentiment has not changed from few weeks ago.
The faster folks here or anywhere wake up and realize that a trend change in gold/miners has not been confirmed, the faster you will save yourself from further losses unless your willing to wait it out for a long time.
We are headed down and i sound like a broken record. We have left to much unfinished buisness and gaps that simply can’t be left behind if we are to move into 2000 plus gold. Many of my miners are whiskers from there 52 week lows. I mean 50-80 cents on a few. That can be wiped out in a day or two of solid correction/margin calls/short ratio. There is a force much more powerful then charts that needs and wants price of gold down.
We need to see capitulation.. Iam now convinced of that. I remember Gary saying that was a possibility few months back. I may have been correct and prematurely dismissed it.
Im on the sidelines and for the ones who care about my thoughts I will let you know free of charge when I enter.
Gotta tell you Glenfidish,
I am very much in the whole form the companies I bought in 2011 and 2012. How could I not be? I, for the most part, took my lumps and the losses and moved on. Not much choice man!
Nice post Glen. I recall vividly all the same arguments about miners being such a great deal because they could not fall further and that was three years back already. Well not only did plenty fall further but some also got delisted. Just because mine prices are low does not mean they cannot fall deeper. I really hate the constant pumping and rationalizations to be honest. You have to do your own analysis in this business and never, ever trust the words of anyone else no matter how convincing they try to come across.
I don’t have time to listen to KWN. Are there any bearish sentiments there?
By the way, I truly don’t have time. Nothing against that particular site.
Come on OWL………….you know you need to listen to all parties…….
Al, I think you should at least listen to KWN once a while. Gold pretty much has to be dead before he gives up. I was impressed when he said that he bought 3 tons of silver at $4 and put it away in 2002. It was in 2005 when I heard it when silver was $9. It reconfirmed my assessment so I bought more silver after that. I don’t think he ever sold it. Maybe You can ask him.
No al, no bearish calls at kwn. All to the moon.
Simply not true Glen.
Thanks Glenfidish,
I would have to call that irresponsible.
Al
? 🙂 ?
I see you are in FULL MOON………..
Appears to be another breakout coming for the dollar index.