Currency wars are escalating with the actions of the ECB and PBoC today
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Sorry james but gold should NOT be up $50 on the news today
China’s rate cut the first since 2012 not 2002 Al is a move to create inflation which is why every commodity was up on the news…..key word hopefully create
The Euro$ tanked on Draghi’s speech in Germany as the min target is 120 a level which has held since 2010 that is not Gold bullish a lower Euro$
The $Swiss dove as well and that is not gold bullish….look at the low $Swiss put in Nov 7th as gold bottomed….$Swiss rolling over is not gold bullish
US$ index if it closes above 88.36 is a breakout again not gold bullish and yes removing QE and with interest rate hike in 2015 outlook thats $ bid as well so US fed actions are adding to the global currency wars!
Gold hit its 50dma today at $1208 and that’s where the last $1255 high turned back….not holding $1203 is bearish
Sorry you feel that way…but you need to distinguish between what we may all think, and the views on the other hand held by “the markets.” They have a LOT more money and influence.
I’ll go you one better – gold “should” be up $100 today on this ramped-up money printing (which in China may well have more panic involved than is on the surface). The problem is, you don’t change in one day the knee-jerk reaction that the markets have had to sell gold, etc. when the dollar spikes. THAT is the moral victory I’m talking about; that gold might end higher on a day when the dollar has spiked. That would be the first step toward some market acknowledgement of just your point: That as I even said (you seem to dismiss this) it’s, as always, “Inflate or Die” for the central banks.
And you seem quite selective in your comments. I have been pretty consistent in saying that the Fed’s supposed “end” is more mirage than reality. What I meant this morning is that we are not OVERTLY doing what the others are. That will change.
Temple,
I appreciate your response to james and you make very valid points. Thanks for your work.
James I don’t have nothing against your points as well.
I THINK some of what JAMES SAID IS VALID………………….JMHO….
Dollar is getting ready to breakout toward 90 and a good time to take profits before it is too late. I missed the last rally and will wait patiently to buy into gdx.
James,
I admittedly have a bunch to learn, but it seems to me what ECB and PBoC did is not to the same scale as printing to buy govt. bonds. I believe the ECB purchases is not govt. bonds yet – not quite creating money out of nothing yet. Hmm. That should be all I’ll say lest I show my ignorance, but I am trying to learn.
Derek what I read in between the lines is promises promises and more promises. Mario has yet to deliver on the action. So short term yes euro down, but i expect a reversal and higher with gold if i get this correct. Im also not perfect ๐
The fact that we broke through 1177/1183 resistance which stood as major support and we were able to close above it, tells me we have some type of strength here. Now it’s never a good sign when jj appears as 9/10 the miners drop. Let’s see if we hold. ๐
Was thinking the same about jj – he has probably been long, now I’ll bet he is going short, which worries me some ๐ I just do not want to go below 1180 again – that would be worrisome.
Derek I was long like everyone else from Nov 10th and sold at the open today based on the Euro and Swiss/ US$ action….those that like to use GDXJ should have seen the warning signs that it should have gapped up big time at the open testing $31.60 but instead it can’t break $29.80
That’s funny, yesterday you said that “traders don’t trade off opinions, ever!”
Matt, no idea why you are such a complete Ahole but at least your consistent….I never ever trade off opinions only the action of the charts which suggested long positions Nov 7 on off Swiss Franc and today profit taking based on the currency action not opinions….please do me a favour ignore everything I post and I’ll return the favour unless you want to read my opinion based off the charts only!
EL-OH-EL ๐ฎ
In golf you must be consistent to get AHOLE in one…………….
j lol good one.
Thanks, glenfidish. I like to listen to all thoughts, as long as they are not from those like B. P. :-). I will watch it, but it seems to me that fundamentally I expect the dollar to stay strong and the Euro to stay weak. Fortunately my currency and PM positions are not huge so I do not have to stay “married to the computer screen”
Well said derek.. May i just add the the news has been us dollar to the sky and euro to the shed. Be careful with the news. I like to buy the rumour and sell the news as many on here do as well.
cheers
MARKET ALERT!!! At least 270K GLD shares dumpted in less than 20 minutes. Maybe some breach point created to big institutions step in.
Maybe someone need cash to buy miners. ๐
Silver is coming off its most oversold readings ever…
http://stockcharts.com/h-sc/ui?s=$SILVER&p=D&yr=1&mn=6&dy=0&id=p83207688845&a=369611738
If it can close where it is now, it’s probably going higher. It was capped by a “fork” until yesterday…
http://stockcharts.com/h-sc/ui?s=$SILVER&p=D&yr=1&mn=2&dy=0&id=p24793671780&a=368707839&listNum=1
BIZARE EVENTS!!! Gold and dollar rising at same time???
For awhile, yes… and may repeat later.
It was once said: “Beware when both Gold and the Dollar rise together!”
Interesting times…
WHEN THE ‘RULERS OF THE MONEY’ BEGIN LOSING CONTROL OF THEIR MATRIX OF THE FINANCIAL/CURRENCY WAR, WE WILL SEE A RAPID RISE IN THE DOLLAR, GOLD AND THE MARKET WILL SEEM THE PLACE TO BE……….NOT ME! THE WAR IS ON AND MANY WILL THINK ALL IS WELL UNTIL THE ‘SUDDEN CATASTROPHIC COLLAPSE’. IT IS COMING AND IT IS NEAR PER SINCLAIR, ETC….I DO TRUST THEM. ALL OF YOU NEED TO BE MOVING TO PROTECT YOURSELVES AND GET INTO PMs AND MINING STKS.
simply well said……………..
Ditto
AL…………HOW CAN YOU be on the sidelines………..you have silver and you have stocks……….so you are involved………..you are in the GAME.
How could Doc be on the sidelines as every pm’s chart clearly showed selling short positions early Nov and getting long EARLY NOV both bullion and the miners….whats the point of reading a chart that screams buy and you watch it head higher, they should be sitting with at least taking 1/2 position profits at todays open…..WTF????
J…….OOTB Not for the first time Al (bless him) has left me confused.
I think, it those NITE CLASSES he has been taking…….something about OWLenomics..
OWL economics is a real hoot….if you have 2 owls , do you have HOOTERS ?
GO^OD ONE…………….
OR we could have a FLy by nite operation going on here………….
GOLD HELD…….1200……….GOOD SIGN………..IMHO
Absolutely J the long ๐
Wrong on all points here. Very wrong.
First you say it would be a moral victory if commodities end up even today?
What are you talking about?
We just crossed the rubicon into complete currency war, print print print and you say we should be even today. Are you kidding me?
Gold should be up $50 on this news.
Everything should be up on their news.
Then you and Cory say the US is not involved in this currency war.
Good God, all we did was take a brief respite to plan our next assault.
We’ve been in QE FOR 4 years and you say where not involved.
This is outrageous