How the Greek vote is playing into market movements today
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I believe there is a deeper reason beyond retail investor buying. It is not right. Either oil or oil equities. I suspect former.
Good analysis Gary, Al, and Cory. I agree it was time for a pullback and said at the beginning of last week that we’d pull back towards the end of the last week and the beginning of this week. I don’t expect it to last but a few more days, and I agree that if we don’t go below 1240 level then we’ll have 3-5 weeks up to test 1323 then 1347. I do expect after that another correction in March (seasonally a rough month for Gold). Good luck to all and hopefully most of the mini correction is almost behind us.
It would be incredibly bullish mid and long-term to take out 1347 and then 1382 before this intermediate rally concludes. It would be bearish if gold continues falling past 1240, 1200, and especially 1180, but this doesn’t seem as likely as the uptrend continuing on in a few days.
Gary,
Honest assessment and I appreciate your contributions.
I have a question regarding fomc meeting 27/28. What do you think the fed may announce? Also wanted your opinion on what is the longest ICL in gold you have witnessed in your career.
Thanks
glen
Bob.M…..says dollar just went paraholic………..and is due for correction………
FORGET THE RECOMMENDATION ………..
COLLECTIVE CULTURAL INSANITY…………
The Greeks were quite happy not paying taxes and having a bloated public sector – public sector pensions at 50 years, bus drivers paid a bonus if they washed their hands after bathroom visists, etc – but they basically lived within their means until they were cajolled into joining the Euro as part of the great EU power expansion.
The Euro was like a drug and Germany and Brussels were the drug dealers – the Greeks got loads of credit available to them and they went on a splurge buying expensive German cars and other goods. Germany benefitted enormously from Greece.
Truth is that the Greeks would have been better staying out of the Euro providing too tight white troused ‘waiter service’ to middle-aged British, German and Swedish housewives… and fantastic food and vino to holiday-makers.
Yep, a lot of Greece’s problem are of their own making but the ‘free’ money thrown at them from Germany was like throwing heroin at a crack addict. To now expect them and their children… and their children’s children… to live in poverty for the next 100 years so that rich Germany can get paid back all its car loans is too much.
The EU is turning into ‘The Hunger Games’ with, any minute now, the Greeks being expected to send its young to Germany to entertain the Germans in a fight to the death. Who’s next – Spain? Portugal? Eire? Italy?
Thanks – this is goes with what I’ve been reading. In the long term it will be best for Greece to start again on their own.
NO ONE IS TAKING ANY PROFITS AFTER THE GREEK VOTE…………IT’S THE CARTEL…….it’s those crooks that are doing this……….gold volume is up now in asia and in Europe. Watch again how they play with the price around the gold close at 1:30 EST…….and then they will let it creep up a bit after that…………they know that the GREEK VOTE IS BULLIS FOR GOLD, so they had to act……………these guys are CRIMINALS TO NO END !!!!
The Greek people need to do something to support themselves but they are no less or no more culpable than The ECB that lent them all that money, I mean really. What is wrong with banking these days they know when you lend money out to a deadbeat your not going to get it back. The banks were trapping the Greek consumer by chaining him in debt in the hope that he would be their servant. There was greed on both sides of the fence let’s get that out in the open. The Banks should have known better isn’t that what is missing these days, it’s called responsible lending.
The Euro has been highly profitable for various banksters and various politicians in Europe. If you look around Europe at the various politicians who pushed the Euro you will often find that they have done very well out of it and, in various cases, their families have done very well also.
Lots of very, very, very, very well paid jobs in the EU – ludicrously well paid and pensioned – if you are part of the clique.
Who have these politicians been representing? Their countries or themselves?
The Greek vote was a foregone conclusion, not the black swan event people had hoped for.
I’m thinking, though that something aught to cur that will stand people’s hair on end, which is a plunge into negative rate territory. If one market had gone parabolic, it was long term treasuries with operation twist.
If the market moves against this regime, rates should go negative, and I’m.thinking a dollar reversal.
Fran……………..BOB M. at 321 gold……says the dollar just went parabolic last week.
I agree with him Jerry. I said the same thing yesterday. The problem is that once that happens you just cannot know how far it will rise before hitting its peak. The ride up could be longer than most expect. But this is a great time to do some shopping buddy! Make the most of it while it lasts.
Bird…..do you mean Bob……., if so, I think Bob would agree with you on the comment concerning….”the ride up could be longer…….”
the problem with the dollar today, and the dollar in the past…..you use to get some great german auto’s on the cheap, now they are made in America, and are a bunch of junk……………………………..
Of course, yes, I was agreeing with Bob Moriarty (don’t be too shocked!)
I am not shocked……….you have finally conformed …………………ha,ha…..j.
That comment is like poking a bear in the eye with a stick. (;-)
the bear and I go way back…………………………….
FORGET THE RECOMMENDATION………………………..
Gary,
Very nice assessment today on currencies and gold. I think it’s a good honest opinion which I agree with.
Two questions Gary. 1. Will Fomc be negative or positive for gold in your opinion?
2. Do you believe that loonie will break 77/78 final line of major resistance?
Thanks in advance
glen
Bird, don’t worry about agreeing with me. I read all the entries last week about if gold is a currency and I found myself agreeing totally with you. Gold is not a currency and it is not money. It should be and it may well be one day but it isn’t today. I had to bite my tongue to keep from saying something. It was hard but I managed to avoid the “I agree” word.
OH NO………..BIRD IS REALLY GOING BE HARD TO GET ALONE WITH……..lol 🙂
Hey thanks Bob. And by the way, Kudos to you on the commentary regarding the dollar going parabolic.
Holy baked batman wings, Birdman 2, and the board 0.
Well now, isn’t that a humdinger of a revelation out of left field. The highly respected Mr. 321gold himself Bob Moriarty puts the hammer down and agrees with Bird that Gold is not only, not a currency, but its not even money.
That’s what you call a super double-whammy endorsement.
Love ya Bob. I’m wondering when your finally going to get fed up and call it quits on these broke, highly risky, crappy junior resource stocks and transition your website from “321gold” to “321medical device and technology stocks”.
I know its coming; it’s just a matter of time.
Respectfully
V
1. Check US constitution for Americans.
2. If people accept gold as money, do we need government to agree? Which government has the say?
3. Can we trade with gold in a black market? Black market is the fashion most goods traded around the world anyway.
4. Do central banks hoard gold? If gold is not money, what business central banks have in hoarding gold. They have to sell it unless it is held temporily.
5. Where gold is traded, currency desk or commodity desk?
It is formality and not worth arguing.
Lawrence, love ya man, I know you’re a good dude. Very passionate and well versed.
I know you’re trying to fight the good fight in your mind, but in the end it’s a lot of wasted effort in my opinion. Additionally it’s not necessary.
You believe what you believe, and others believe what they believe. Sitting around here all day every day screaming from the roof tops trying to change beliefs and predispositions of beliefs on financial/insurance instruments such as gold will not change the general narrative for those that believe otherwise.
Whether gold is money or not is the great modern dichotomy of Modern Monetary Theory (MMT) of interpretation, perspective and empirical evidence as voted on by the markets.
When I wake up every day, and I think about all of the many things that may be important and require my attention and there are many to be sure. But I can assure you that the talking points of whether gold is money or a currency and if it is viewed as such by the greater population is not one of them.
Bob was most likely threatened to have his MILITARY RETIREMENT CUT……if , he did not agree with the BIRD…………lol
John Maulden calls gold a neutral currency…………….kwn….today……….
That’s actually pretty good. Seems gold is in a grey area for now without a defined role for public usage. No question it is a store of value though. And it certainly has impeccable historical credentials and recognition as once being money that circulated widely. I guess only time will tell if it adopted once more or if it becomes (remains) the domain of Central Banks.
Vortex I agree.
I enjoy the discussion tho.
ditto
BB,
I also enjoy the back and forth. But after a while it becomes meaningless and always very confrontational.
All I know is I’m glad that my crappy Federal Reserve Notes are still excepted for payment of goods and services throughout the world and I’m also very happy that my gold bullion is still a sound alternative vehicle to store and hold my wealth in and very liquid to exchange back into paper currencies when those times arise for whatever reason.
All the best to you!
V
Gary
Keep waiting on the sideline and wait for 1340 gold.
There has been to much money made from the 1160 lows.
Don’t know why you can’t see that on the charts.
To much talk and not enough action looks like to me.
Peter
Peter,
There are years left in this bull market. Missing one intermediate cycle is meaningless. If gold does manage to get above $1347 it will almost certainly pull back to $1250 before the next leg up begins. That’s where I want to enter as I will at that time have some indication the bear is over.
I like to buy on week one of a new intermediate cycle not week 11.
Gary
I like to make money and that’s what is happening.
Keep waiting for the perfect scenario your hair will turn grey.
Peter
WASTE OF TIME…..just know the direction , get on the train and forget it, until it changes……………
Gary
Why would you want to predict which way gold is going to go.
Let the price action tell you how it will react at the resistance and support zones you mention, and then tell the listeners what is happening in the chart, you can’t predict the future why try. Your making your self look bad.
Peter
Peter, I really have to disagree with you. Gary has been making some pretty good calls lately. One in particular is the USD / Euro reversal that I have been waiting for since January 1st. He seemed confident the dollar would top yesterday or today and guess what…the dollar sure looks to me like it topped breaking below a technical level that triggered a sell off on the indices. Not sure why you keep mocking everyone with your “sidelines” remarks but after more than a month of the same repetitious comment its getting tiresome.
Did you call the dollar top?
PS….good work Gary! Feather in your cap.
gary is calling gold prices…………..why do you care……………….just asking…j…..
I thought you liked OIL……………………thanks j…………….with all due respect..
Good point, he also commented a couple days back that gold was ready to decline. And it did. You talking to me Jerry…or Peter?
Bird ….I was talking to you……………..thanks…………..j…
Oil etf XOP is outperforming oil. I am holding on to my XOP instead of trading it over and over. I wonder if GDX will start to do the same.