The burden of proof for gold is still on the bulls
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Held up pretty well today Glen
Al if gold can close and hold above 1198, I like my chances with swiss vote next week being pumped on the media.
GDXJ up over 11% for the week. Folks we have our recognition candle that I’ve been talking about. The intermediate bottom is complete. It’s time to get in and stay in.
The time to be timid is when everyone is greedy. The time to be bold is when everyone is fearful.
No one believed me at the beginning of the week, because they were waiting for the next shoe to drop. So they missed a big rally in miners this week.
I don’t know what else I can say or do to convince people when we get these intermediate bottoms. But no matter what, no one every believes me and 90% always miss the initial big surge off the bottom.
I would urge people to quit thinking like retail traders, always waiting for their emotions to give them the all clear signal, and start thinking like a professional trader. The pros buy when they are sweating bullets.
If you can develop the ability to buy when everyone else is scared, you can make money like the pros do.
Thanks Gary
Gary,
I guess I believed you, with some caution. I had missed the Nov. 7 and Nov. 14. Listening to you I was looking for a pullback to get some position. Figured Fed. day on the 19th would be a possibility. It was, and I took advantage at the close. However, I did not take full position, but a pretty big one for me. I know I could have taken a full position and placed a stop, but man can mining stocks collapse in a hurry sometimes to well below the stop before the market opens.
Let me say that you have experience with cycles and intermediate lows, and many of us do not. So it is not so easy for me and others to pull the trigger when you identify an ICL. Speaking for myself, I still worry about what the strength in the USD will do, plus as Dan Norcini keeps pointing out TIPS spreads remain low. So it seems to me that there is still not much worry about inflation. So, TA and cycles not withstanding, I still see potential headwinds for gold.
But, thanks for your advice, and I hope you are right, obviously
Gary,
I very much agree with your statement. Everyone was thinking lower today. Your really need to have cojones to get in as you say.
Would have liked a commentary from you gary earlier on but im sure you have your hands tied up with subscribers and charts etc. How do you think it plays out next week?
Gary
The only other reason for why Cory, Doc, and Big Al being on the sidelines is they have probably sold their gold miner stocks for tax loss selling.
That’s the only logical conclusion for the way they are acting.They are trying to get to 2015 but I think the market has caught up to them.
Peter
a good speech mr. gary. we need more of this call encouragement.
AL,Cory One more time for you guys!
Rick,
What is your next target short term for gold on a bullish stance. You know that hidden pivot number?
Can we get a late commentary from Gary..Gary you sure back up your statements with big cojones.
I am with Gary on this one…..the big money is moving.
I have a lot of gold stocks up over 20% the last week. This has happened many times before only to correct again but the difference is that unlike the last few years it is on very high volume. The shorts are covering and going long.
Paul I don’t know what it is but i’ve spoken about this months ago on here, everytime wti oil gets into the mid 70’s miners make a move. Happened in 2008. It’s classic. I bet the farm some miners will hedge at these prices and with cost cutting margins will start to become more attractive. We still have some ways to go. I personally think a pop was long over due. Im with gary. I see another 6-8 weeks at the very least into february. Gold trading around 1350/1450..
I hear ya….
Everyone is obsessed with the price of gold in USD but it is only one piece of the puzzle. When oil went up, it took a long time for the mainstream press to say that it was one of the major reasons that the miners went down. Now that oil is going down, there is relative silence once again. How long will it take for the mainstream to twig that the input costs for the miners are going down and profits are going up. This is especially true if you are a mine not located in the US and paying costs in local currencies but getting paid for your gold at USD prices.
excellent point…………..
Well said paul!
Gold is up 33% vs oil since June and is going to outperform for a long time. This is very good for the miners.
http://stockcharts.com/h-sc/ui?s=$GOLD:$WTIC&p=M&st=1981-09-07&en=today&id=p61642187752&a=366698528&listNum=1
Silver looks better than oil:
http://stockcharts.com/h-sc/ui?s=$SILVER:$WTIC&p=M&yr=20&mn=0&dy=0&id=p32694551671&a=374029009&listNum=1
Matt,
How in the world you manage to trade 50 billion times in one day+post 50,000 charts+return my messaged and lastly have time to give jj a shot or two is unbelievable lmao. You are like Iron man of stock trading.
I’ll take it glen, Ironman beats the heck out of ahole! lol
http://www.youtube.com/watch?v=xRQnJyP77tY
Nice matt,
Reminds me of the good old days and im not that old. The days were stadiums used to be sold out. Very few bands or singers were able to accomplish that. Today they team up 4/5 bands to try and fill half a stadium. Could it be inflation and prices that don’t allow for bigger crowds anymore? or is it the quality of music and lack of talent? Who knows 🙂
Rick,
Im with you on this. Short term I have gold going higher into next week. I have miners spiking above 50 dma. Lets see if it happens in the close or the next day or so.