Gold will be higher by the end of the year… but there might be a couple bumps in the road
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Good question. I am also interested what Gary thinks about 1280 resistance and then 1340?
Cycles are pretty much worthless for picking tops. I have no idea whether gold will manage to make a higher high above 1347, but if it does then the odds would go down that it makes one more lower low this year.
Sure, by all means, sit there to watch guys like Matthew to run into the big bumps. I guess gold has to go to 1050. Why? is it because GS said so?
Well said! Is 1050 written in the Bible or something? Why not 1025 or 1010. Let’s say we do get to 1050, what next? Does it bounce higher or does it continue lower?
Yes. I have long suspect that manipulators like GS, JPM, HSBC will give people a low ball price to put the out od market before these guys load up.
Not certain but if I am in control I will do that. I consider myself a moral person. But there is some much at steak, morality is the least concern.
Yes Gary please tell us why gold must go down to 1050?
Only rational explanation i can think of that you picked 5100 on Naz as top.
Naz does not need to go that far. It can top here at 4750. Yes it makes sense for naz to go to 5100 but who’s to say it doesn’t top here after extremely stretched in time bull market in stocks. ???
I agree, Stewie, and it is extra bearish when a market reverses before its obvious target (like the Nasdaq probably has).
Regarding Gary’s C-wave top, the reverse is true. It is extra bullish when a market (like gold) reverses before its targeted low.
Matthew, it is possible but we should remember hugh amount money has been printed. Fundamentals have changed so much.
1050 was the previous C-wave top. Every major retracement of this secular bull except one has retraced to the previous C-wave top.
And that is exactly why it will not this time. When will you learn.
Yes Goldman does god’s work as Blankfein has claimed so gold may go down. I would say 1033 as that is where it took off from in 2010 but it may overshoot by much more to longer term support around 800.
Lawerence…a possible target could be $1034…just enough to test the top of that extended C-rise from 2008. It was the odd man out as shown in Aden forecasts.
I remember it is 1020. Matthew remember it better. But money supply has grown by 6 fold so the base for gold is a lot higher. Early wave top may not work any more.
1033.90 was the c top, but like I said above, it’s very bullish if it has indeed reversed at 1130. All things considered, I’d say it is likely that gold has bottomed. Gold is in a huge secular bull market and it is typical bull market action to overshoot upside targets and fall short of downside targets.
100%. With all the effort they have put in, they cannot even get the the 2008 high. Gold is extremely bullish.
Getting ahead of yourself.
Hi, just went through my chart list and dug up this one which shows inflation adjusted values for gold prices. Concerning intermediate cycles, this one is pretty mind blowing:
I think gold needs to correct to around the 50hr average around 1250 (1242 to1250) while the general market moves up, then moves to 1300+.
You may be right here. Miners are under performing when they should be screaming now with that gold move. Disappointing a bit.
I bought a large position back in oil yesterday withe xop.
Al
You say a drop to 1050 in gold this spring would not be a big event in the gold market.
It would in my books Al.
Gary there you go again. I guess everyone is entitled to an opinion, but why do you insist on trying to predict gold is eventually going to 1050. Why not let gold have its run and when it peaks ( where ever ) look at the structure of the market and the market fundamental (what the world looks like then) and make your call. Your prediction is sheer speculation and nothing more, and no one can predict the future not even you my friend.
Peter
I agree, Peter.
Market cycles over the years have changed, especially with HFT involved. Sell-offs that used to take months to complete now occur in days or weeks!
There are too many variables involved to make six month projections. Markets price dynamically by the millisecond now. Even if you could grasp a handle of all of the variables, how would you weight each of them to predict price? This also gets many Elliotticians in trouble awaiting the next wave 😉 I am not sure why Gary changed his opinion, as I remember, back in Nov. he was quite positive on gold and since then, it has only gone up. $150 bucks off the lows isn’t chump change.
Peter,
I don’t have a crystal ball anymore than the next guy. I’m simply basing 1050 on the tendency for D-wave declines to test the prior C-wave top.
Gary, nothing is carved in stone when it come to charts. That’s why i said the other day why not let the market tell you what it whats to do, and then act accordingly.
Few days ago GDX had a pull back, it turned retested resistance and broke threw, if i would have had a CLOSE STOP like you were advocating i would be on the sidelines with Big Al. Even though Al would make for good company I like making money alot more.
GDX has spoken!
Cheers Gary.
Peter
Peter gdx and gdxj are underperforming gold today. what you think about that?
Stewie
GDX is doing just fine. I think a mild pull back is in order as it achieved its target today and surpassed it, as it should have. This indicates there is more strength to run higher to the next resistance level.
This is the real deal. Oil weak and gold stronger. This back drop will impact the bottom line in the miners and the money managers know this. They will stick with it this time around, every thing has lined up for the miners. If Dragi announces QE for the Eurozone next week look out because gold will march higher anticapating that the US will not be far behind in doing the same in the near future.
Peter
I agree Peter!
Matt,
Do you mind putting up one of your finest charts showing this C-wave decline that Gary is speaking off. If that’s ok with you. Dating back to 1999 or 2001 so we can see all the ones including the one that never happened.
Thanks in advance
Like the others I put up, it updates automatically so click on it again a little later for today’s close.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&yr=16&mn=0&dy=0&id=p06753598470&a=385225828
Never mind, it is already showing today’s close. 🙂
Your the best pal!
Matt,
I was hoping you could circle the d-wave decline and circle the testing of the c tops? And if you could include the year that gary says that did not come down to touch that c-top.. 🙁
Pretty please 🙂
I think this is what he’s talking about:
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&yr=16&mn=0&dy=0&id=p06753598470&a=385225828
I’m sure there are plenty of other c-tops of lesser degree that Gary can probably show have also retraced their moves, but I think this illustrates his point. I’m not an Elliott Waver so there’s not a lot I can add to this simple view.
This is a silver chart, but I think this is how Gary might be looking at it.
http://stockcharts.com/h-sc/ui?s=$SILVER&p=M&yr=20&mn=11&dy=30&id=p02588312540&a=385344972
Peter, well said my friend or to repeat the maxim: ‘He who knows that he does NOT know is never a fool’.
How true those words are Andrew de Berry (Rev).
I think Gary talks alot and covers quite a few bases, so he can say ” You see I was spot on”, ” I ‘m the guru “.
I keep asking myself how can anyone make money listening to what he has to say, all he does is fip flop back and forth with the daily gyrations of the markets. A ball of confusion!
That’s definately not for me, thank you 🙂
Peter
Anybody can throw their fishing line in the river and catch a fish Gary 🙂
Peter
Not me. In the end I gave up using hooks.
just use dynamite……….guaranteed to work every time………..
Jerry….That’s the old Irish way….especially when the salmon are running.
Tony what about the Paddy who tickled a fish using dynamite?!
hello Irish and Rev…………………….you guys are dynamite………..or is that DYNOMITE……….(what is the name of the black character, who use to say DYNOMITE)
JJ…..JAMES EVANS JR………SHOW” GOOD TIMES”………………1970
I do know if you guys noticed but manipulation in 2015 market is no longer there.
Gold would not be allowed to break 1200 then 1240 if manipulation and capping has been allowed. I thinking 2014 was end of capping. Someone at high level said that’s it when 2014 ends. Whether it was china or fed or whomever don’t matter. It’s gone at least from 1180 til now!!! Well see once we get to 1380. Gold is trading how it should have traded for last 3 years. Its clear in price action.
I feel the cap still there but the push down effort is not obvious, except a bit in the morning. Before the new year, it looked very difficult to push price down. I mentioned several times that it is extremely difficult to maintain the price under $1180. Manipulation was exhausted. Is it possible that the bullion banks got a dead serious order from the top to keep the gold price down for two consecutive years. And then they were so burnt out so they have to retreat? Even Birdman was not impressed with the marginal difference on yearly close. He felt it looked like a joke.
Lawrence: NOt sure what you mean by that?
” Even Birdman was not impressed with the marginal difference on yearly close. He felt it looked like a joke.
Reply to this comment”
Hope Bird can answer this. He said the drop on the last day is a joke. I remember it was at 1195. It ended a little lower but now diffeence. I guess he may want it lower.
Lawrence,
You MIGHT be right about manipulation exhaustion.
To me, the “funny” thing is that the more people look at various numbers to analyse things, the more they tend, IMHO to confuse themselves.
Personally, I try – sometimes – to simplify things in order to see things clearer, to enable me to think clearer, in order to hopefully make better investment decisions. So to me:
1) back in Oct end/early Nov 2014, price was going down almost every day (I like this: it means things get cheaper)
2) sentiment on gold was at c. 15 yrs low (give or take a few years) [I liked that from a contrarian perspective: “almost” everybody on one side of the trade]
3) in my mind, AISC of MOST producers is clearly >$1200
4) physical demand still strong, and physical supply of mine output only able to grow marginally (low single digit %)
5) ETFs inventories (think GLD) nicely depleted over the previous 2 yrs (so it’s difficult to raid them much more in order to extract physical gold to feed demand)
–> Simple conclusion back then:
at c.$1150-1200 gold last year, the PRICE of gold was good VALUE. Period.
I admit the price could have gone down another $20, 50, $100 ! Who knows ? …if so, it would have represented a BETTER VALUE.
Again, trying to time the bottom consistently is IMHO, a fool’s game – a futile goal.
But to “like” gold as an investment w. a muti-year horizon and not buy at those levels last year. at that time is/was “antinomic” (schizophrenic ? 🙂 ) in my view.
This is why, personally, I DON’T like the current environment of higher gold prices and low oil prices when it pertains to PM stocks. This environment (higher prices, lower input costs) enables all those “zombies” company to still stay alive … and pushes forward in time the necessary cleansing of the sector. The faster those zombies PM companies disappear, the faster we get improved reallocation of capital within the sector, rewarding the best companies “better” (via higher share price).
Just my 2cts
Best to all, and GL investing/trading.
LPG
Agree LPG. I use price movement for reference purposes. I will stay in anyway since I feel the growth potential is high.
Stewie,
People might have made the same comment last year from the 1st week of Jan till the 3rd week of March just because gold went up almost in a straight line.
In the space of 3 months, it moved up c.$210 from its late Dec 2013 low…
IMHO, just because gold goes up these days doesn’t mean it’s not manipulated. We’re “just” $150 above the Nov 2014 low… yet we are still >$100 BELOW March 2014 highs….
Question is: what will you say if we again witness gold below 1130 ? (who knows ?) Or gold dropping $50 in one day in the next say…3 weeks ? Will/would that price action negate your views ?
The point I am trying to make here is that because the price is moving in the direction that you (and myself) want it to go doesn’t mean it’s not manipulated… and conversely, the fact that it is sometimes going down doesn’t mean it is manipulated either – wether we dislike that thought or not. My contention is that the price can be manipulated 100% of the time, and the fact that it goes a few days in our preferred direction (up) doesn’t mean the manipulation is off nor has ended.
Just my 2cts.
Best to you and GL investing/trading.
LPG
Have to admit that I am unable to think of what might possbily cause gold to drop next week other than a massive contract dump.
Hello Bob UK,
Let’s take the ASSUMPTION (probably flawed) that gold has ONLY/SOLELY moved up in anticipation of ECB QE.
Then it would be fair for it to correct once the QE is announced.
It would be an illustration of the classic: “buy the rumour, sell the news.”
Please kindly note that I’m not saying this is what will happen. I’m just saying how it would work under this simple and single assumption that I tool.
We have to keep in mind that big money, the smart one, hardly buys on news: it buys on thesis/rumours (ahead of most players) and then SELLS when the thesis is proven right/when the news come out – just at the time when the “dumb” money joins the bandwagon thinking the road is clear.
And then, we know what often happens: a huge truck comes – and we have a roadkill 🙂
Best to you, and GL investing/trading.
LPG
Bob
The answer to that is profit taking before Dragi speaks next week.
That’s my two cents worth.
Peter
I know you Bob, your that little guy that jumps on to Mel Gibson when he is about to be exicuted in the movie Brave Heart.
Peter
What does that mean? That is a nasty thing to say.
Nothing nasty intended Bob 🙂
Wasn’t Brave Heart from your passed and neck of the woods.
Peter
past
Peter
Why does everyone keep talking about gold 1050 as Goldman’s target? I swear that was their target for 2014. What is their target for 2015?
hahahahah very good point. 2000 probably but they tell their clients it’s 1050 lol
I think it was the target for 2013. It might be the target they tried to push down but they were unable to do it.
Gold miner are under performing gold and gdxj is under performing gdx…any thoughts why? Usually that means topping out short term.
It is getting pretty late in the daily cycle. Maybe the juniors are anticipating a dip down into a cycle low next week.
Looks like a head and shoulders has formed on the gold chart stewie (the 5 minute chart) so we will weaken a little into the close.
The pattern is just a shape for now, as it has not confirmed/activated and is looking like it won’t (but it does remain viable as of 2:45 EST).
thanks guys
Birdman /Matt do you have that chart of h&s formation?
Not to worry stewie, the pattern was invalidated and in the end gold closed bullishly higher.
Miners have been under performing for a very long time. Time for them to over perform. Might get some chop around the $22 area but according to the weekly chart, we have another week up next week. We’ll just have to see.
I believe it is fear. Look like large companies have the best pop so far. Mid tier seems OK too, some are great like First Majestic. Some small miners are toasted, dead. I got two small mining capital companies, they are deader than dead. I smell dead fish when I look at them. Want to vomit.
Stewie,
Its all depends which miners you have. Some got way ahead of themselves and others are playing catch up. We should get a decent close and a pop on Monday/tuesday into ecb. Then the gold daily cycle low gary is talking about.
You can call me extreme stewie as I only trade JNUG (gdxj index) and looking now at USLV. lol. I don’t like to play around with individual miners when this etn give me more upside anyway. I don’t mess around. I’m looking for that million by 2000 gold price.
Stevie, JNUG is extremely leveraged and bank take large amount of money as interest for their previous loans. It is for day trade or gambling. The winner is the house. If there is another wave down, it is dead, again.
I look at it this way. You have $100k. You put it in JNUG. JNUG underwriter loans you a loan in mean of $200k loan against your 100k. That’s $300k you use for upside or downside. If one gets the trend right you’re borrowing 200k at almost zero interest. The slippage of 3% people reffer to is interest on that 200k loan. If i make 10x bagger and a million i won’t give two flying fu…. if i paid some interest on it anyway. Trick is to get the trend right. I intent to trade and hold this for 2 years now. The winner is me not house if i get the trend right and I will get trend right.
Due to the decay of JNUG, the proportion of loan is a lot large. It is used to borrow the other 2X. If the priciple goes down, it mean you pay a lot more interest. It may be 50%, who know. They won’t publish it. If JNUG has been increasing for a long time, the interest would have been low since principle grows. It is gamble with worse odds than casino IMHO.
Here is another plus of this ETN. You do not have time like in options and futures working against you. You can not get flushed out like in futures.
I don’t look at it this way. JNUG is up 200% already. Time decay has not been 50% on it since it when up 200%. NUGT for example was at high of 2000 on it’s index. Even if you pay in interest $40,000 on that decay, which you won’t, I can make 3 million on NUGT. exponential move up. For example at 1500 NUGT last 500 points will double my money from 1 mil to 2 mil. Does that $40k even matter then? You have to look at it from macro not micro pictures. When you borrow 200k from bank you pay interest on it. Why focus on interest when you borrow 200k to leverage your gains. Don’t make any sense.
Stewie, there are a lot of profit to be made by playing non leveraged ETF and stock or even physical. Why take the risk. Good luck. off course you may hit a lottery from here, I have to admit. This could be the point gold is rising steeply. After a year with JNUG, you don’t need to visit here. Live in Cayman Islands.
Look at the volume in JNUG. There would be no big volume if it was any different then GLD. Also GLD, SLV, GDX, GDXJ will NEVER get me to were i need to get. JNUG NUGT USLV will regardless of the slippage ppl focus on. I don’t care about that. I look at numbers and multipliers. I would do futures or options but time is what JNUG excludes which is why i like it. There is 20x potential on NUGT just at 2000 gold. That’s not even new high so image that. Focusing on interest for me is none point but that’s me.
OK. Mr. Extreme.
Lawrence,
re: JNUG, It’s ok for day trade as long as one manages risks appropriately – as usual.
One thing to keep in mind, is that JNUG/JDST, like DUST/NUGT tend to trend to 0 in value overtime. So these are ABSOLUTELY NOT BUY AND HOLD ETFs.
That’s why my view is that they are fine for day-trading (again, as long as risks are managed properly).
Best to you, and GL to all investing/trading.
LPG
This is what I said. Mr. Extreme wants to hold till gold is 2000.
I actually do both. I have a core holding in NUGT, trading shares in NUGT (Considering JNUG), and core holdings in carefully selected, pure-Canadian miners (AXU, PVG, Claude, Kirkland, Victoria). Over the past month, my NUGT is up 85+%. The miners are up 10% to 40%. By doing both (3x ETF and select miners) you spread risk around while dialing down the volatility. I cannot imagine owning only a 3X ETF: Daily 10-15% whipsaw changes in your trading account? No thank you.
Brian
Stewie,
Looking at JNUG constituents, I don’t think it is “gdxj index” as you wrote.
Some of its constituents are different from GDXJ if I am not mistaken.
Its performance does typically reflect 3x the performance of GDXJ, but again, it is a not a replica of it if I remember correctly.
Best to you,
LPG
I’ll hold it for 2 yrs and if it does daily 3x of gdxj, even if it does 2.8x it’s still good enough for me. Million minus 50,000 interest is fine with me. I’ll never accomplish that with non-leveraged etfs.
So Alpari has gone into insolvency due to the Swiss Franc. Who saw that coming? And there were doing what?…better than a 100 billion a month business and then *poof* it was lights out in a single day. For those unfamiliar with the company it had been planning an IPO for early 2015 and would be on the big stage. Guess those plans are on hold (forever). But what is of greater interest is that Alpari was originally a Russian company that was at one time based in Cyprus until Cyprus blew an artery and exploded. The company still had the involvement of its two Russian founders. The Platform of the Oligarchs you might say. They have only been in London since 2008. And that is food for thought for the crowd who thinks that there is an economic war between Russia and the US……things that make you go hmmmm eh?
Important announcement — Alpari Enters Insolvency
http://www.alpari.com/company-news/posts/2015/january/important-announcement/
As Ron Burgundy said: “Well, that escalated quickly.”.
How long was it in the works? That’s my question.
It is still early days. I imagine it won’t be until the middle of next week that we begin to get a better idea of which similar hedge fund firms have also gone under in the past 24 hours. Might even be a few weeks.
As Al and Cory said yesterday….now THAT was a real Black Swan. Not one in ten thousand even had an inkling. There was nothing on the radar….not a peep in any chat rooms. But will it be the trigger that sets off something much bigger? It’s time like these you want to be sure you have a fully segregated and secure broker account. Alpari incidentally was big in gold trading. Want to wonder how many guys are about to get screwed? I just figure this is an attack on Russian assets held abroad….but what do I know.
Ahhh… the beauty of leverage !!! 🙂
One central banks catches many by surprise and …. ba-da-bing.
This whole financial system is a j-o-k-e.
Best to all,
LPG
It’s Not Just ‘Retail’: Head Of European FX Sales Out After Citi Admits Massive Loss
Submitted by Tyler Durden on 01/16/2015 – 12:48
All morning, mainstream media has been down-playing the insolvency of various retail-focused FX brokers using words like “contained” and even suggesting retail ‘moms-and-pops’ should not be allowed to trade FX. Now, we get more news from a non-retail institution:
*CITIGROUP SAID TO LOSE MORE THAN $150 MLN ON CURRENCY MOVES
So should Citi be banned from FX trading too? It appears so – Citi’s head of European FX sales, Alex Jackson, is ‘said to leave’ the company.
And just as an aside, Cyprus Airways filed for bankruptcy a few days ago. Tens of thousands were stranded as a result. Not that this is connected in any way to Alpari’s failure. It is not of course. Except that Cyprus Air was the discount airline out of Moscow for the sunny climes of the Cypriot Mediterranean. And we all know how much those guys loved to get a little sun especially at this time of year. Maybe they can drive instead….
Cyprus airways Destinations Map — take note of that big blue blob at the top of the map.
http://en.wikipedia.org/wiki/Cyprus_Airways#mediaviewer/File:CY_Destinations.png
Bird, do you see a wave of bankruptcy coming. I have heard so many in the last few weeks. Just too many for the time span.
I wish I knew Lawrence. This is shaping up to be far more serious than we first thought. Between crude crashing into the gutter, the US dollar ripping the living beating heart out of most emerging markets, rates dropping like rocks all around us for months and now this currency surprise…..well who the hell really knows except it makes sense gold would suddenly catch a bid.
This year may go down as the start of a new financial meltdown, I hope. This system is not worth preserving. It only serves the bankers. When everything is burnt, we may return to the individual capitalism. I hope.
Looking good (gold breaking down vs silver is good for the whole sector):
http://stockcharts.com/h-sc/ui?s=GLD:SLV&p=D&yr=0&mn=7&dy=0&id=p57450013358&a=385207505
Gold priced in yen looking great:
http://stockcharts.com/h-sc/ui?s=GLD:$XJY&p=M&yr=9&mn=11&dy=30&id=p66751001988&a=377752074&listNum=1
The golden uptrend looks ready to steepen once again. Maybe it will be another 6 years before the original uptrend is touched again (blue channel).
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&yr=14&mn=0&dy=0&id=p88178534636&a=367847899
That a weak prediction gary
GOOD WRAPUP FOR THE WEEK……………..
Gold – Dollar – Euro Posted on January 16, 2015 by Martin Armstrong
We are in a very fluid period, which can be confusing, yet it is important to comprehend that NOTHING but NOTHING is ever PERMANENT. On the one hand, gold will eventually decline for its final low on the benchmarks. The only thing that will call that into question is a Monthly Closing ABOVE 1350. Yet, gold is rising WITH the dollar.
Is he covering his backside with the ‘Yet, gold is rising WITH the dollar.’ comment?
Bob,
I was the first in here two weeks ago that said Marty will change his tone and release something different. Seems he himself is confused. Maybe it’s the batteries on his time machine. I firmly believe that we will get a monthly close above 1347/1350 and it may come in february.
Armstrong writes in that article:
‘However, we will eventually reach that point more-likely-than-not on the benchmarks where the shift in confidence will take place and gold will then rise AGAINST the dollar.’
Which I read as when the USD goes down gold will go up – which many people on here have been saying for a week or two now.
Bob,
Well said.. Marty has been good at times no doubt. There have been times with marty were he gets you out extremely early and I believe this time will get most of his followers in late.
Actually Glenn, I predicted way before the new year that Marty would change his outlook in time to still appear right to his fans.
You also predicted gold would hit 1550 by year end 2014 so maybe we will just wait a little longer before breaking out the champagne on your clairvoyant abilities.
Feeling cranky are ya?
Bird, Gold is almost 1550 in your dollar. Just kidding.
That’s fine,
It must have slipped me. The point is the change in his tone is evident.
I think Martin know insiders or he is an insider. However, I could not afford to follow him so closely that I miss the single biggest opportunity in my life. If gold does go down, I can take the hit, especially considering I will take a lot of profit from here.
Lawrence
That is ABSOLUTELY the correct point of view, especally at this point in time.
Peter
Agreed.
Enjoyed the show today. Where do you think gold will end in 2015
Bullish Flag formation on the hourly guys! We are headed towards towards high 1285-90 next week.
cheers
This is what I posted Yesterday!
That’s what im thinking as well. My approach may be similar to LPG as I will start unwinding my trading portfolio once we breach 320ish slowly at a time. I have a rebuy target of 275/250 but I will follow Gary on that call as he see’s 1240 a possibility. Lets not get to far ahead of us lol.. These miners need to run at the close or tomorrow into weekend.
Nice taste of scoth 🙂
My favorite hard drink is Cognac.
My favorite drink is Red Wine “Napa Valley”
1. Opus ( If we hit 1350 I pop one open)
2. Cakebread (If we run up in the miners in next three days I pop one open)
3. Anything nappa after 🙂
Today we hit 1275 and I will pop open #2 🙂
cheers to all and have a fine weekend. Don’t let anyone scare you out of your positions. We are headed to 1350-1400..Some place in that vicinity. The charts are telling you this.
Glenfidish,
I know you want your Opus 🙂
Have a good WE.
Next week and the days after could be “Rock N’ Roll”.
Best,
LPG
LPG Thanks 🙂
Best of luck to you as well!
OBAMA OBAMA ! https://www.youtube.com/watch?v=YaXakwslF6Q
AND BUY BUY BUY ! GOLD ! https://www.youtube.com/watch?v=7miRCLeFSJo
Never saw Gary using concensus and chart when gold was very bearish in people’s views in last part of the year. PUTIN, will ask for real gold at the comex sometime this year.
Hello Tom Martin,
FWIW, and as far as charts are concerned, I remember Gary using charts just before the result of the Swiss Referendum (on gold) – unless it was the night the results got published. This was at the end of Nov last year – and I’m pretty confident sentiment re: the metal wasn’t very high (bullish) back then…
Best to you,
LPG
Gold is doing what it has always done it is saying look at me, what we have here is a public emergency in the financial markets and the politicians and the banking elite have had their kick at the bucket and now it is obvious that there efforts have failed. Is there anyone on earth who knows how to solve this mess. The answer is gold.
All the chart wizards who make their livelihood interpreting graphs can’t tell you anything other then what you already know, gold is going higher because common sense has dictated it so.
BINGO….DT..SPOT ON, RIGHT ON…CARRY ON…whatever!….:) Good nite all!…:)
ditto
Weird, cause my charts tell me this is a suckers rally… a dead cat bounce and that it will not hold nor satisfy. Assertions that this was the bottom are premature in my view. Lets wait and see if my charts are wrong or your knowledge is complete.
Your charts? lol
I think you should put down your crayons.
At least my charts go in both directions Matthew. Yours only point up which is why half the time you have to read them upside down!!!!
Bird,
Do you have an estimated timeline or chart to show of what you are speaking about? Curious to know what levels you feel this falls apart at?
Is there a specific number or resistance or trendline that if broken to upside would have you change your mind?
You did mention and have been on record as stating silver has put it’s low and that your gold target will not happen. Have you changed your stance?
Thanks
I mentioned before that I am watching TCK as a proxy for gold amongst a number of other resource / mining companies. I don’t know that anybody else follows the market in this way so maybe I am peculiar but this has worked very well for me in the past. I also watch the TSX, Canadian dollar, USD/Euro and other trades like JNK and the the GSCI. It is a pretty random walk to be honest. A bit like reading tea leaves but if I really concentrate I get the picture and even sometimes the timing. Right now it is my belief that gold will fail near 1350 and then we get a lower low from the current bottom. Do I actually know though? Sorry but I don’t. I just do my best to add up the variables and try to beat the odds.
Fair enough and thanks for your response.
In case you didn’t know, the market doesn’t care what you think will happen.
Hi Gary, is your 1280 still in your cycle analysis? You mentioned it a couple weeks ago and here we are. Are your cycles telling you that 1347 is in the cards now versus a correction from the 1280 level?