Three diverse opinions here.
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Sure Peter, yep regarding those orders of course Gary is correct.
My only thought is that, for the time being, I am waiting to see just what kind of trend will develop.
thanks for the heads up…….Peter…………..
Could have simply been a stock replacement trade.
Or unrelated trade.
Gary you are spot on!
100% agree with your take on this gold market at this time.
Cory – when are you going to realize you are stating the obvious
You say gold just doesn’t have the same narrative as it did before and you will stay on the sidelines.
Well of course it doesn’t have the same narrative, that’s why it’s been correcting for 3 years.
If you are going to wait for the narrative to change then you and everyone else will miss it.
This is what bull markets do.
You are waiting in the sidelines. Yeah you and everyone else who wants to miss it.
Al you too say it’s time to sit on the sidelines.
Not sure coming from you what that means
You say you are not a trader, but a long term investor
So does $20 really make any difference
Gary I’m with you!
everyone will miss it? narratives don’t change on a dime. you say the narrative is why its been correcting three years but worried about missing the next bull…
Agree with Cory, Al and Doc’s comments. There is time to be bold and so far no real reason to think the time is now.
The time to be bold is when your emotions tell you the exact opposite.
This is true gary.. Never second guess yourself as well.
I gotta tell you Glen, every single time I have second guessed myself in the past, I have paid a dear price for it. Witness my investment in Premium Exploration!
Yes thats true… I am currently long silver and gdxj through jnug but the trade i feel better about right here is being long natural gas(maybe i should sell it now haha).
Gold back above 1180 with juice… maybe that was just a shakeout.
I still think long term the dollar will move higher and pressure gold to new lows.
good trading!
Thanks Max. I guess that we belong to the same club!
You and a lot of folks, James, strongly support Gary. We happen to support him also. Cory and I and Doc just happen to have a different perspective of time. Sure, in the past we may have missed out on a few bucks. But in the total scheme of things, to us that is okay.
Took some profits (measly but profits non-the-less) and am accumulating uranium shares. Buying before the crowd I hope. Looks like gold juniors may correct a bit IMHO.
I use a combination of rick A’s method and TAS signal levels…. Reversed right at the midpivot (gold) and now fallen back below TAS signals key support level 1180 which is now acting as resistance.
Daily close below 1180 is the first warning for bulls (along with the wide ranging 60 min bar selloff today and mid pivot reversal). Close below 1140 and that will say it’s ok to be short and not ok to be long gold.
I was hoping for follow through to the upside in gold and silver which has still lagged and just another warning that this rally may be short lived.
All the talk of natural and unnatural/white knight black knight… how does that help a trader? I’d rather stick to technicals and forget manipulation theories… it seems like any big orders are deemed manipulation if they are sell orders.
Frankly, Cory’s analysis seems far more useful and the idea now to buy and hang on? Is that how Gary plays gold futures? that must be an expensive way to find out if you’re wrong.
GDXJ just closed yesterday’s big gap bullishly right to the cent and I bought back all the GDXJ calls (and more) that I sold yesterday. It has to be seen as bullish that GDXJ did not continue lower than the gap despite gold going back below the “triple bottom” breakdown area.
Matt are you sure the 27.50 gap filled? I don’t see it on my end. What are you an insider 🙂
On gdxj
Sorry, when the market warrants an aggressive mode, I’ll routinely use an intra-period high or low —in this case, the 27.63 high in the last hour before the gap. Based on the action today, it looks like I’m not the only one who does that.
Maybe we’ll still get down to 27.50 around the Fed minutes release.
Wow, GDXJ blasted all the way to 29.18 —1.55 above 27.63…
Most definitely Matt! You got some skills. Im old school I look for that precise gap but you seem to be a step ahead.
Frankly, I think this is just the normal pre-Fed minutes dump (and yes, it could be a manipulated event as Gary suggests). Depending on what the Fed actually says this afternoon, I would not be surprised to see the price come right back up or even go higher. Of course, if they release a bunch of “Hawk talk,” then that probably won’t happen. But this seems like a pretty typical “Fed minutes day” to me.
We will be recording an Editorial as soon as the minutes are released, Phil.
Matt, gary,
If this turns back up both of you should be commended. This move down is hard for anyone to stomach. This today is the main reason trading and investing is not for the faint. Lets see what 2pm brings us.
Max you miss my point entirely.
The current narrative thst Cory is spouting is that gold is no longer perceived as a safe haven, and it is simply range bound.
This is a false narrative. Nothing could be further from the truth.
The narrative changes, but the underlying fundamentals do not
As far as I’m concerned the only thing that’s changed these last three years is the price.
Remember everyone is always the most bullish right at the top.
In 2011 everyone wanted in, and the narrative was only bullish.
Forget about the narrative. Stick with what matters.
Let Cory and Al sit on the sidleines until the so called narrative plays the tune they want to hear.
Gary is right on!
I agree with you on the last two lines………………………..
Whaaaat? You are not blindly and unthinkingly following what we are doing? You are thinking for yourself?
What’s that all about!
makes for a good story line……………..
Everyone invests in his/her own way. That is what the world is all about, James. So far we are pretty happy!
yes i see what you’re saying, but my point is not to worry about missing out on a new or continued if you prefer, bull market.
Gold has plenty to do to turn bullish, even on daily time frame let alone weekly and monthly. For long term investors, trying to catch the bottom is the road to ruin as very few can stomach sitting on losing positions.
The trend in the dollar should continue until something big and obvious appears to change it. Until we see that I am sceptical of strength in gold and view it as short term trade. I prefer that bear market continues until production is sufficiently affected and we see more companies going tits up.
Also i don’t claim to know the fundamentals behind gold but follow price action. If the fundamentals haven’t changed whilst price has cratered then I would say they are totally useless for trading and investing decisions…
Gary may be right this time but a broken clock is right twice a day, no?
Best luck and if you are buying physical for very long term view I think it’s good to scale in with the knowledge that bear markets can go longer and harder than most think and sub 1000 gold is a possibility. I’d want to have some capital left to buy if it does.
lol,
They just released news that the swiss vote is weak. Guys this is classic buy the news sell the rumour.
of course it is weak……….who controls the news………….this news is just trying to scare the people away from the poles…………..jmho
You’re right, J. It’s funny that so few recognize the difference between knowing and believing. Left, right, and center, the masses discuss and value what they’re programmed to.
Sigmund Freud’s nephew wrote:
“The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. …We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized. Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society. …In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons…who understand the mental processes and social patterns of the masses. It is they who pull the wires which control the public mind.”
― Edward L. Bernays, Propaganda
thanks for the backup..Matthew……………..jootb
J,
Im on board with you. The corruption is horrible. Sad to say that my kids will have to live through people like this in power. Is there no honor anymore?
thanks glen….for the reply……..
Don’t think too long term for this short term gainer
(with potential longer term possibilities).
Big Al
You are the BIG BELL that the market has been looking for. The guy who buys gold so he can sleep at night. Well the market finally turned you bearish so much for the reasons YOU buy gold. I my eyes, Big Al you are the ultimate indicator.
I like when you turned bearish, this also confirms the market bottom.
THANKS BIG AL.
Peter
Can I send you a bill, Peter?
Notice that I have said over and over that I don’t see gold going much lower. I believe that I said that a number of months ago.
But then, I can’t see it going lower because I am a blind bear!
And yes, we do buy a certain amount of gold and silver so that we can sleep better at night.
I am seriously thinking about changing my moniker to “Crazy Al” from “Big Al”!
It’s going to get real interesting when Janet starts Yellin today.
Little over an hour away from that Chartster!
Gary, Way to stick to your guns. Finally you are taking a strong stance and I have to agree with you are this I also think Gold has finally turned around.
I am now a buyer.
Me too.
Just like I said this was an artificial move to allow big money to scoop up some more shares 4% cheaper than yesterday.
Gary. Ur ability to guess the mind of the big money is second to none. Thanks for what u r doing.
Gary, I have to admit over the past two months you have been right on target on the conventional and gold market. You are in the zone for now at least.
I dont know guys… but I trust Gary’s gut… and he is quick to change his mind when new evidence shows up… will see..
We have to think like a criminal as David Morgan stated.
Kudos to Gary…..He has been consistent with the calls….We should be grateful for getting his knowledge and expertise on this site for free….Not that one should act upon advice but it certainly provides ammo. for making a calculated decision..
Couldn’t agree more Gator!
ditto gATOR…………..
No one has commented on the gap left yesterday on the hui chart when pm stocks took off to the upside. It did concern me and funny thing……it got filled today with the manufactured sell-off. Now the gap is no concern and the big boys have become holders of more, cheaper shares. Confirms Gary’s opinion! Time to back up the truck and cross one’s fingers for a few week, anyway.
All those GDXJ calls I bought at today’s lows are now waaay in the money and GDXJ is now once again above the 200 ma on the 60 min chart.
Buy the dips remains in force (my opinion).
Al as long as you are happy that is all that matters
Ain’t that the truth, James!
Gary do you still expect pull back in gold and miners more specifically?
We had minor drop but it was bought right away. We had 3 days straight up.
Do you expect few days correction soon or are we off to races already?
We just had a healthy 5-6% pullback today.
Matt…that was too quick and doesn’t count in my opinion. Im referring to 2-3 days pull back?
I go by the depth of the correction. If it happens quickly, that’s bullish as it means buyers couldn’t wait to get in. It just plunged again (from 29.34 to 28.06). I wonder if anyone took advantage of the second chance.
Matt im on board with you. Stewie the correction was large. I expect tomorrow will bring in another high volume spike. Lets see if this glen nails it. It will be more confirmed if gold can spike above 200 tonight.
Matt what few people fail to recognize is the initial move up or spike up coming of a ICL. The initial move stewie is what you want to catch. That is the move that provides the biggest return.
I meant 1200.
I think GDXJ might briefly dip below 27 tomorrow before turn back up.
Thanks for the tips.
The 5 minute chart for GDXJ is showing a potential inverse (bullish) head and shoulders continuation pattern. Perhaps it will activate after the minutes. If so, we could see $31 very quickly.
Gary, you have to do another editorial interview today because of the GOLD market…
Today’s market is weird – I was thinking Avi Gilbert’s right today – this is going down, now it’s back up – the only thing you can say for sure is it’s a lot more volatile than it was -something big is brewing!
Definitely Tim, I certainly agree with you.
All my SPY puts started the day well but my gains evaporated on the Fed minutes. Mysteriously, they’re all up again. Anyone that thinks the planners aren’t trying to influence sheeple perceptions must have a logic deficit or is simply not paying attention.
Hi Matthew, what’s your opinion so far on gold and gdxj after Fed minutes?
I like the miners right here. The action looks good/healthy. The market looks determined to fill the rest of yesterday’s gap at 27.50 for GDXJ. Almost there…
It’s now below 27.50…
Thanks… will see if stop loss gets triggered.
Still looking like gap-closing action… holding above $26 should still be fine in your opinion, Matthew?
Yes. I don’t see anything troubling. The high volatility should be expected if this is a major low, so I consider it a good thing.
I agree with what Ben Davies had to say today:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/11/19_Man_Who_Made_Legendary_Call_In_Silver_Exposes_BIS_%26_Gold.html
DITTO ON DAVIES……….
I don’t know what to make of that down and up and down today. Just saying.
Bob, such a battle between equally convinced bulls and bears is typical at a major turn, up or down. Take a look at gold in 2011. The first time it went above 1900 it plunged over $210 in the next 3 days, then reversed and made a higher high in 7 more days.
It is bullish that no one believes Gary. If everyone did, this would not be the bottom. That’s how it works.
I believe. But tmorrow will be interesting.
I have no idea what the Fed said nor why gold went down afterwards? Anyone?
Gold is always hit and stocks always levitate on Fed days.
Question????? If this action in Gold & Silver in the past week, was not a bottom forming,
Would what has happened to some of my deadbeat ( or at least I thought they were deadbeat) stocks in my portfolio, take place.
Two of them were taken over by bigger companies thus rendering them profitable for me.
I was 50% down with both stocks, and both were share swaps so I am now the proud owner of better stocks and also in profit.
Looks like a BOTTOM to me!!!
What do you say to that, anybody.
I WOULD say, pick some more weak sisters,(stocks) and hope they get taken over……
I say I agree.
Big Al,
Did you ever call trader Dan and ask him if he would debate Gary on whether the gold market is being manipulated?
Gary was right. Someone trigged some sell orders and drop the GOLD price down creating a breach point. I saw a BIG sell order on NASDAQ GLD at 10:48am 128K+ shares dump, and a BIG number of buying calls after that. Comments?