You can’t ignore the move in gold today
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I some times have doubts that WW3 could move the metals to their proper 100 cents on the dollar exchange rate between the global economy and real ounces of above ground tradeable bullion. The market manipulators have to go before monetary justice can be done!
I think it started long ago.
The better question is: Has world war 3…been declared yet!!!!!!!!
Dipped a toe in short this morning and boy… a flock of piranya came biting me…. had to undip very quickly.. LOL…
Keep an eye on this story: Congress has passed the Keystone pipeline; Senate probably does not have the votes to overturn. Obama is moving towards the stage; let’s see what he will do.
I too had sold short on this move down this morning.
Rick,
Thanks for the input..
Where are all the posters today?
Good bullish day reversal for gold.
Missed this move trading wise.
This may be the move that takes gold to march rally and then down. Id hate to be in at the close with sunday night open. This volatility is just getting started.
Hi Glenfidish,
I wish the scenario of Gary (even though his oil call has not been quite realized yet) came true that we can be in a whipsaw/bankruptcy phase..and this will be final… I am very bored of more down side… it makes me sick.. :D.
Hi genesys,
Wti to me is still headed lower..This move in gold this quick out of nowhere can’t be discounted, however 1200/1220 is technical key and a bounce was expected as doc had mentioned before. I personally would have preferred a bloodshed now then later. I believe it’s still in the cards.
We have a pretty compelling break in the GSR…
http://stockcharts.com/h-sc/ui?s=GLD:SLV&p=D&yr=1&mn=3&dy=0&id=p11551979199&a=370460853
It would not surprise me if hedge funds are shorting gold while going long the miners and/or silver.
Bird,
Doc,gary,bird what are your thoughts?
HA HA HA YEEEEEEEE ! https://www.youtube.com/watch?v=qHX34uMNXQ8
lol good one franky
I think gold rallies for another few days as the dollar moves down into a daily cycle low and then has one more move down into the end of the year as the dollar rallies again.
I’m still expecting the euro to reach it’s 200 month moving average at about 122.
Gary.. thought you’re on climbing trip?…. but thanks for your opinion!… do you still think a whipsaw is this we’re in?
Gary,
Thanks for the very quick reply as everyone appreciates your taking time out of your day. Hope the trail is doing you good.
I very much agree with your vision. I had been looking for the miners to go up and tap the 30 day moving average before it diverges and then back down. It looks as that is what is exactly happening. All my holding are closing those gaps left behind a week ago. We shall see. No way im jumping in at this moment.
cheers
I now Gary cool is the way ! ha thank’s !
Is the RALLY over ? Is the woman real ? https://www.youtube.com/watch?v=EarxmX11mK8
Holy moly… testing $1200 now… bottom to top is ~$50 move since last night… What a world..
While people have rightly focused on gold, I think what’s VERY INTERESTING is the price action on silver, and esp. looking at the daily chart….
Best and GL to all,
LPG
LPG…….Silver..( Physical ) IMO is the place to be , I sold some gold this week & put it into silver..(Physical )
Try another short in here?
I wouldn’t short going into the weekend. Last thing you want is some major event breaking during the weekend and gold blasting higher Sunday night/Monday morning.
Chris the opposite could be said to your statement. Id rather higher prices and dip in then a quick turn.
The messenger
Shorting gold here is crazy. We are not elites, we are just retail investors. Don’t try to play heavy weight game. When they gamble, we pay for their loss. When we gamble, we still pay for the loss. They know the game and we are in the dark.
Great comment Lawrence…very true……Me I buy & sell the real metal.
Just heard Keystone pipeline has passed congress. It will pass Senate as well. If Obama vetoes it, it only means he is realyy working against US interest. It is a good news for stressed out Alberta.
Alberta is stressed a bit but giddy that they are getting a price closer to WTI than in past years. This time doesn’t seem to be nearly as gloomy as in 2008. Took profits in the uranium stocks and may look at silver stocks again now.
I set a price to sell CCO but not there yet. uranium price is still going up. It is over 43 now. Long term is close to 60. Read Marine katusa’s article on goldseek.com
Will do! Uranium has had a good run and I will surely be buying in again after a small correction IMHO.
Goldseek article;
Dan, I had 3 close friends layed off recently. They are all senior geologist and senior petroleum engineers. These guys usually are in high demand. They never face this issue since 2000. One of them has to take a job in California. It is also hard for my son to get coop job now. He is petroleum engineer student, high achiever.
Thanks for the info. I haven’t heard of major layoffs yet but most of what I hear about has to do with the safety aspect of the oil field.
Yes two of them were in oil service companies doing projects for oil sands. I think French and Norway guys are pulling out and the rest are looking.
You might hear of some layoffs on the oil side (some companys are so poorly ran they can only make money at 95bbl oil) But the condensate rich gas is going nuts (Wapiti Montney )
On Twitter, I was throwing in the towel this morning on Gold at the very instant Comex futures went bonkers. Technically speaking, today’s blast in the December contract has fallen two ticks shy of an 1194.10 target that could have been extrapolated from last Friday’s impulsive spike. I remain skeptical, but if buyers are able to push the futures past the target, and thence — without correcting — past a small peak on the hourly chart at 1202.80, I’d need to reconsider.
Gold’s rallies have often erupted when I was at my personal threshold of despair — but also from lows that, technically speaking, were just a tick or two from actual breakdowns (as was the case this morning). Whatever happens, we should keep in mind that each and every one of those rallies for the last 3+ years has been little more than a bear tease.
According to the technical method I use — my own system — turning the daily chart bullish in a way that would suggest a decisive end to the long bear market, would require the December Comex — currently trading for 1188.70 — to hit 1297.70. Moreover, the rally would need to be uncorrected once the 1255.60 peak recorded on October 21 was exceeded.
This is exactly why I don’t do short term trading. Short term trading is great if you enjoy losing money over the long term.
Is anyone considering that the pop in metals has to do with ISIS news that last night (thurs) there going to mint there own currency in gold silver and copper? 🙂
Except the pop happened this morning… Maybe ISIS joining with Al Qaeda.
The people in the know would not be holding dollars knowing this is going down, just like the russian billionaires with cyprus, its a knee jerk reaction from the west, which is why i feel nothing happened until this morning
Better news than Japan printing, Got Black Swan
ISIS……….is going after Saudi family……….for the gold………
I am caught short Dec. gold. $%^&*! and also $%^&*! My cycle work shows $400 gold.
Is Bo the reason: http://www.gold2020forecast.com/
This is same as To Da Moon, except to the one in the water.
John, 400? Hmm
My cycle work shows 5 to 600 bottom. And soon
Rick you don’t know why gold is going up?
I think you need a current events lesson
A very strong day for 2 of my three tech stocks with 3.5 to 4.5% up days and my other one was just barely down. A great week in the general market.
I think this month is an important indicator on how December plays out in the spot market. Two competing interests in gold derivatives are playing against one another to remain in-the-money for tuesday, options expiry on derivatives, a week before precious metals options expiry. The weekly close in after hours above 1188 is very telling, and may indicate that derivatives contracts opened in December, 2011 are set to close at the end of the year.
Fran Six……A big welcome to you.
Has world war 3 just broken out !!!!!!!!!!!!