Gold and energy sectors need to be watched
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This week will be interesting. Sure not off to a good start. The selling seems to keep on coming…
The bankruptcy phase takes longer than a week……………….
ever worked with any attorneys……………?
J, the bankruptcy phase is occurring as we speak. Just look at the TSXV. Companies are shutting down and getting delisted, and those who have managed to keep the lights on are being bought out for pennies on the dollar.
I agree, that is why I said last week, the bankruptcy phase is going to take at least 18 months…………bankruptcy does not happen in one week……………..
plus, you have to different types of bankruptcy…………7 and 13, or is it 7 and 11
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States. (In contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy.) Chapter 7 is the most common form of bankruptcy in the United States.
don……….which is corporate………..11 or 13……….reorganization……
Thanks for the rundown Don!
Personally I don’t think it’s going to take 18 months. About 6-8 months of prices hovering at this range should do the job.
AS I said , bankruptcy….could be a 7 which is complete, …..or a 11 or 13 for reorganization………….time is required for both.
On a positive note, you can still make money going long if you invest in companies that are working on their properties. Obviously these companies are going to get first dibs on financing. Just have to separate the wheat from the chaff.
thanks for the follow up and the post…..chris
You are right J. It will take some time for these companies to officially shut the doors but people have been calling for this for a while. I continue to think we need the exchange to step in and speed this up but I don;t think that will happen.
I disagree with you on the EXCHANGE SHOULD STEP IN……….let the process work it’s way out……….there are going to be some great opportunities if you guys have your ears to the ground…..(if you know what I mean)…..get some inside info. and share it with the crowd…………….”10cents on the Dollar” is a great book to read…
I agree there will be some great opportunities I just think there are a number of companies out there that have nothing and are only dragging the industry down. The sooner we can get rid of them the better IMHO
I agree, there are a lot of companies out there that should not be on the exchange. The real con game is the experts , that have failed to educate some of the investors early in the cycle OR THE PRETEND EXPERTS, that continue to fleece the uneducated.. This has and will continue to be a shakeout of investors and bad resource companies. But , that is ok, the strong will live another day, and the rewards will be there for those who do their DD.
I know I sound like a stuck record – showing my age – but I am 100% convinced that the spike up on Friday was Ukraine Russian tank related and nothing else. Not even the US job numbers.
The metals – gold and silver – spike up within moments of that news hitting the wires and that was it.
You very well could be right. I’m surprised that the Russia/Ukraine issue has been pushed aside by the media over here. As Chris keeps on telling us, it’s only getting worse over there.
If the powers that be want the price of oil to go higher, they are so far doing a poor job of making it happen.
For me looks like a short term pull back. The 30 minute chart on GOLD reach RSI 24.12, so It HAS TO pop up. Expecting some buying tomorow.
Even if it pops up tomorrow I am still not positive on a sustained run up just yet.
We’re on the verge of losing Friday’s gains in one day. Doesn’t look to good at the moment.
fwiw, I know a former director of a well regarded mining company who calls Gary’s bullion bank conspiracy theory, utter nonsense
agree… my question gary…. why are the evil bullion banks doing this?
What possible reason when govs are doing all they can to fight DEFLATION…?
Classic sardines, seals and sharks
For those bankers and hedgies reading this today who are trying to kill off the odd Russian miner by jacking gold.
Remember who runs the show over there.
Its not like the guy doesn’t have a history with solving people problems.
I am amazed at the brazenness of some bankers and hedgies who have turned on the algos.
Man I wouldn’t surprise to see a rash of bankers jumping off buildings again…….
Some people never learn I guess. I’m sure zero hedge will report it when it happens.
fwiw
Rumours of interest rate hikes could be cause for this gold crash today. Interest rates wrecked the gold market in the 80’s so be cautious.
Your banker may be nothing but guys dumping gold contracts to clear the books.
Interesting Ken. I would be very surprised if rates actually get raised anytime soon. That being said the Fed heads do like to talk about it and that seems to move the markets.
Gary,
Just wondering if the intra-day decline on Crude/Energy changes your outlook or it is too short a timeframe, in other words, it needs a bit of time to play out.
Ken they can never raise interest rates
Today was just a normal pullback
Remember sardines, seals and sharks
Gary,
The blood bath phase low was wednesday not friday. I sold my positions on a high on thursday. If you got in on friday you gained minimal. The low was thursday for the miners. Im on record here and everyone knows it. Not a pissining contest but your wrong on the date.
Sorry I meant the low was on wednesday for the miners. My timing was bang on. Only one person in here said
This is what i posted on wednesday.. Now that is a money trade.
Doc,gary,rick,everyone that pays attention to my calls including al and cory,
I pulled the trigger today and bought 4 miners which i like. Please don’t ask me what i bought as im not interested in sharing my portfolio at this given moment. But as promised bought in an will await the verdict. Impulsive move on my behalf as i earlier stated we would head lower but the miners i bought confirmed all time bottoms and double bottoms and two in particular did v bottom move with extreme volume. Ya want balls jj well there you have.. And enjoy it!
Cheers
Glen
This was posted to jj and all on the same day.
for the record jj i sold my positions today.. Any guess at what my returns where?
I have not seen jj since.
This was my second buy trade that i bought on friday morning. So i bought on wednesday and sold thursday. Bought again on friday morning and sold again on friday. This is what was posted below. And Dan from calgary said good move. It ended up being a great move. Thx dan!
Sold my trading positions and locked in the profits. Good luck to all.
Something is truly broken in the gold market but many trading opportunities pop up from time to time. You have more balls than me. Good trading.
Boy have I been correct regarding wti oil? Yes sir you have
Has anyone noticed? Not sure im still not one of the muskateers
This glen has been calling for wti oil lower prices since the day i joined here. Thats when gary and bird had oil going north of 100 i believe.
Mark my words once again ladys and gentlemen. We are headed to 35/40 wti oil in the next 12 months. No chart/fundamentals/cycles will tell you that. This is all based on past experience and knowledge.
The messenger
glen
jj had i bought dust when you said i would have been living the vida broka. Thank goodness im sane. lol.
Glen….what’s your predicition for gold ? Heading lower towards the end of the year with a pop in the first quarter, 2015 (like last year)? Then headed lower again in March?
Biggus,
Im realy not a 100% sure how this is going to all play out. Im looking at it day to day.
If gold continues lower from here towards 1050/1100 then i see us going all the way down towards 900 and change until end of month. Why? The timing would be in line with swiss vote. But I believe swiss vote will do opposite and send gold lower. I have a watchful eye and will keep reporting. Currently on sidelines
Great interview guys. Still early in the week to throw in the towel when is comes to gold. Obviously a pullback was to be expected after that large move on Friday. Let’s see what the rest of the week will bring.