Doc has some differing comments on the currencies and gold
Click download link to listen on this device: Download Show
2008 was a great year to buy platinum vs. gold………………money in the bank……
I think now is too.
You already know I like platinum when it is cheaper than gold……..so anytime it is cheaper, I would agree with you 100%
platinum really good buy today……….$30 cheaper than gold…………TUES…
IS DISS YOU RICHARD AK POST AK NUTY DOC ? https://www.youtube.com/watch?v=hpXWzRUHSCk
Another hedge fund bites the dust. – Michael Kosares January 19, 2015
Big Hedge Fund Goes Bust…$830 Million Loss On Swiss Franc Trade
Up until now, the announced losses from the Swiss National Bank’s decision to let the franc go have not been enough to cause a great deal of angst and outright pain in the world’s principal trading houses. FT reports that Citigroup lost $150 million thus far, Deutsch Bank and Barclays $50 million, and FXCM, a New York currency broker, needed a $300 million “cash lifeline” from Jeffries, the investment bank. Yesterday, though, things took a turn for the worse when Everest Capital Global Fund, a Miami-based hedge fund, announced it lost a $830 million of its clients’ money in the Swiss franc fiasco, according to a Bloomberg report. That’s a very big number – one that wiped out the hedge fund overnight and serves as warning that there could be more of this sort of thing surfacing in the days to come.
Doc,
Seems to me we are in what I expected to be a tight trading range. The hourly has an inverted head and shoulders that should start to look much better by 8pm-12midnight. If the trend remains higher, I expect 2-4am gold will start to rise.
Much can happen from here till then. Im personally looking for 1285-1292 next stop.
Glen, whether we get a pullback now or not, I continue to you believe we ultimately head higher into February and March.
hey Doc………..what is projection date on $8000 gold……….thanks j
J……..The Long. I’ve said in the past that if gold holds to its’ long term uptrend line, we’ll see it challenge its’ high no later then 2019. If that happens the $8000.00 level should be no later then 10 years from now. However, at the rate the black swans are circling, we could move higher a lot quicker then those time frames. I don’t make off the wall predictions as often as a lot of folks but base my projections on a number of charts and technicals. It’s not something I cavalierly throw out there.
thanks Doc…………appreciate the info………………….j…………..
This I very much agree with. Doc not sure if you have mentioned a target that you would really like to see on this move with gold. Can you please give me a figure or number that if gold reaches it on this move you really will feel good about it. Some of thrown 1347/1350..Others would really like to see a monthly close of 1350.
I value your opinion and that is why I ask you. Thanks
Glen, a couple of closes over $1550 would tell me we are getting serious about another upleg in gold that will take the previous high out. However, we shouldn’t see that for awhile—-we have more work to do. I mentioned about 2 weeks ago the fact that I wouldn’t be surprised to see gold hit about $1380 (I had first said $13800—a mistake) in the February/March run. If it hits that, I’ll be able to tell technically at that time what should happen after that (hopefully). The odds are good we should have a chance at that.
Thanks Doc,
Myself/Matt/stewie/Peter are also of the belief that this run has good potential for at least 1350.
cheers
Glen,
What an incredible call. Thanks for all your hard work. You sure are a visionary! 🙂
Keep them coming. 🙂
The trader’s wall:
“Don’t short a quiet market.”
Today is the birthday of Edgar A. Poe and R.E. Lee, 2 gold bugs, and it’s nice that the government is finally honoring them with a federal holiday. It was a long time coming!
Doc,
My hourly is on target! Inverse head and shoulders formation exactly at the time I told you. Looks good. So far if it pans out, miners should break up higher tomorrow. 🙂
Gold target 1285-1292 next pit stop!
Peter,stewie,Matt,
What do you guys see for tomorrow? Looks good from my end.
Out of town today Glen.
Talk tomorrow.
Peter
k
Doc I think we will pull away and higher because this market is not going to allow new comers in. Matt spoke about that. I think its grinding higher till 1350-1400 then the correction. There not going to make it easy for the shorts. There going to crush them from what I see.
You could be right, Glen.
Doc,
Just an observation. From what I have learned from you, you have been in this same position before. That’s what is sounds like. Prior to new years you were playing more safe mode but I believe that deep inside you feel we may have arrived again and bull may have started. I think i kinda get you and im in line with you. You said long time ago that you were really keen on seeing weekly and monthly picture aligning. That is exactly what has been happening and you mentioned that months ago.
Stewie made me think when he said we could run more then we think. I try to digest it day at a time. Problem is to many have been left behind and thinking we will retrace. When the bull moves you and I know that it can leave many behind pondering.
Doc,
Another thing when is the last time you seen the dollar this overbought on a weekly? It’s incredible to see the dollar continue higher in such parabolic fashion. Could it end all this week with ecb or fomc?
I just can’t imagine it going higher beyond this week maybe next. It needs at least some type of correction.
I meant a meaningful one..
Glenfidish I’m concerned for this week to be honest. The gdxj has set off red flag for me when gold did 30$ and gdxj did 1%. As Matt pointed out it ran into resistance and gdx already broke it. GDX was up nicely. Divergence in miners? Weird. RSI 5 on gold is in 80s, overbought and last few candle sticks went parabolic. From past all this spelled out correction and that’s probably coming Tuesday. If not and we go straight up to 1347 then we have significant short covering and new bull leg is in effect, with catalyst being swiss depeg. We will know next week. I hope doc is right and we only retrace $30. That would be awesome as RSI needs to cool off. I would hate for this parabolic rise to crash and turn out bear rally on shorts frying. I don’t want Gary to be right on this one. lol. We’ll know this week. BTW you’re getting too bullish (but you could be right) so that’s a warning sign too. Hope you don’t mind me pointing this out friend 🙂
BTW Glenfidish and Matt check out Gary’s post as i posted few comments on oil. That was good conversation imo. I’m interested what you guys think and if doc and anyone else wants to join that would be great too.
Gold’s performance against platinum and all the other commodities just shows that it does best best when there are credit concerns and the economy is contracting in real terms. The gold price also exceeded that of platinum’s during the turmoil of 2008.
I agree that $platinum has bottomed.
http://stockcharts.com/h-sc/ui?s=$PLAT&p=D&yr=0&mn=9&dy=0&id=p53138395151