The move in gold has Gary adjusting his upward target in gold
http://www.youtube.com/watch?v=1o1gqjtriBY
Don’t ever mess with the Russian BEAR !!!! ..Don’t do it…..
2.50 minute mark on the video.
ITS LOAD AND CLEAR….back off….or world heads will be coming off.
MASS DISTINCTION….. a message to the US especially.
BACK OFF !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Its going…..THERMO !!!!!!!!!
not looking forward to “clutter” around here this weekend.
lets see what happens.
BB….maybe you should reconsidered and PUSH OFF….to..
New Zealand or Paraguay. …
CFS is a lot older than you and renounced his citizenship.
BTW….won’t be here this weekend. Mermaids will be waiting for me.
Not missin that to be pissin in here with you. (old slug). No thanks !!!!
Signing off. Please…no more messages. I’m done for a few months.
World War 3 is here. If you want to stay in denial. …..
CONTINUE ON……remain dumbed down and naive.
Cheers !!!!!
BB, it should be a dozy!
Weβll probably get endlessly tag teamed by the apocalyptic dynamic duo, and this will ensure that the site participation numbers will be going parabolic.
V…..lets see how you feel in several weeks.
Because….you, me or anyone here will not enjoy laughing
as the real misery of this world sets in.
If your not spiritually prepared I wouldn’t want to be that
someone.
This world is entering very perilous times but yet most walk
in darkness.
V……at the end of the day its your loss.
HH….STOP been such a drama queen…
Tony…we are going into a hot war with Russia.
Its not drama queen..ITS DRAMA KING……
Believe what you want Tony….
SUIT YOURSELF…..this whole world is taking the bait.
DEBT 200 TRILLION….etc etc etc…..bye Tony…….
BTW..none of you have no idea the catastrophe thats coming
to this world thats in debt past its eye balls.
GUESS WHAT….everyone is about to find out. With economic
collapse comes wars. Only this time is going to be Armageddon.
ONLY A FOOL WOULD BELIEVE THE EMPEROR IS WEARING CLOTHES.
looooooooool Irishtony !
This whole board is dumbed down.
LOL……X 1,000,000,000 to infinity…LOL
Raging mindless people who can’t get out of their own way.
Precisely why the world is going into cardiac arrest.
LOL…LOL…LOL…. However you won’t be laughing anymore.
This board is loaded dice. Still going to lose. Blind sighted !!! !
Message to…..MARK…
If you post here consider the source. Unfortunately for
them they are lost sheep. Baaa .baaaaa…..LOL
All I saw in the video was a loud mouth russian.
Loud mouth Russian. …Miller.
A nation who is being threatened as I type this post. Equipped with
over 8000 nuclear war heads. This is not a middle eastern country.
Maybe you should remove those rose colored glasses.
THIS IS HIGHLY DANGEROUS AND ALL OF MANKIND AT RISK.
http://www.youtube.com/watch?v=zVcjvDIIhsY
YOU BETTER LISTEN…..ALL OF YOU…
BIG AL AND ABSOLUTELY THE WHOLE BOARD.
THIS IS SO SERIOUS YOU HAVE NO IDEA. …you too Andrew
Whats coming its a complete cataclysmic event.
WATCH THE VIDEO….get prepared too.
HH, I know who Russia is. I do not have “rose colored glasses” on. You are not telling me any thing I have not known for years. Was that loud mouth Russian, Putin? No. Zhirinovsky is a politician and just a Russian colonel. He has been saying the same kind of wild things for over 20 years. Now if Putin starts saying things like that then it will be worth listening to.
Miller….do you know who NATO is ???
NATO in Ukraine is a complete disaster. If NATO does not get the
heck out of Ukraine there will be thermo…
ASAP….Russian territories are threatened. Equalize the pain Russia
will use nuclear missiles. They can’t send troops here.
Do you get it. The denial is so severe regarding this catastrophe ready
to unleash. Russia will…HAVE NO CHOICE….
The media has blacked out the real critical news. YOU KNOW WHY TOO.
Expect nuclear war. In fact, I guarantee it. NATO is not leaving.
Prepare spiritually and emotionally. Miller….Armageddon is here.
Miller….say this without malice… ITS OVER.
Prepare….immediately. You know what I’m talking about.
Lets not revisit that subject. Thanks. ..best : ) ..IMVHO
BTW….E.Europe..Poland…
Military major military equip. flowing in. MAJOR BUILD UP. HUGE…
Thanks for the warning HH.
I watched that Gregory Mannarino video. He is more of an idiot than I thought. If he really believes the U.S. is at great risk of nuclear annihilation why is he not moving to a safe area? He lives in Las Vegas. And why is he talking about making money in the markets at a time like this? What good is making money if your about to die soon? If Gregory Mannarino really believed that the U.S. could be nuked at any moment he should not be just sitting on his ass and talking about making money.
Forgive my ignorance but where do you live HH? In the U.S.? Sounds like you might? If so, are you in the process of moving out of the country?
Sorry Miller
My analysis has nothing to do with Greg. If you might need someone
else to tell you or others. That was the purpose. Greg is not going anywhere
niether I’m I. No where to hide. Lots of nations will be hit.
Again, NATO in Ukraine is risking mankind. YOU CAN’T DO THAT.
You need to prepare like advocated. Thanks and God Bless.
THIS IS SO VERY SERIOUS YOU HAVE NO IDEA.
Here’s something else. NATO in Ukraine is setting up for world catastrophe and
I said a year ago if NATO occupies Ukraine we are going to have a nuclear war.
THAT HAPPENED. The war is yet to come. Soon I might add. A week or 2. ?
The very very disturbing fact that I find shocking is everyone and everywhere is not
concerned. Few and I mean few know where this is leading. The public is so very
naive and there is a good reason fot it. Last weekends blog is filled with my comments
regarding this and can’t elaborate here writing pages of comments again.
With NATO protocol and majority of the public very high percentage who have not
one bit of concern this makes the coming catastrophe a 100 percent guarantee.
Just like gold several months ago everyone was on the same page guys in here
that were the worst ones to listen to sceaming gold 1000. Always following the
crowd and I knew we were close to a bottom.
Only the public regarding NATO in Ukraine must be a record for almost everyone
on the same side. NO CONCERN AND NO CARE IN THE WORLD. Nothing !!!!!
We must be at 98 % who are completely ignorant. A RECORD in the history books.
I talk to many people in society and in here its the same. NO ONE CARES…NO ONE.
Just one more nail in the coffin. The majority of the public are so naive and are the
last one’s who never wake up. It’s always too too late.
Sorry, but….YOU ARE BEING WARNED! !!!!!! This is a event mankind will never forget.
I sincerely mean that. Great great misery to the planet is coming and already here.
Thanks Gary, that is a sound warning about us not having enough time in the remaining rally to get to 1347. I have my concerns as well, but figured we’d at least test the 1305-1307 triple top area from the Jan top and go higher than that. This bounce will have to be watched very carefully, but February is a seasonally good month for Gold and March is a seasonally rough month for Gold.
The intermediate gold bull upleg that started in Nov should run through Feb (maybe first few days of March), and then I agree we start the next leg down. It would be key for either the congestive 1180 support and most importantly the 1137-1140 support (the 2014 bottom) levels hold in that spring corrective move. If those don’t hold then 1050 would be the next stop.
For now I am curious to see how next week goes. If we take off on Monday, that would be more encouraging than continuing to head down to test the 1220-1218 zone of support. I’d like a little positive momentum for a few weeks before the bloodbath phase begins in the Spring/Summer.
$1050 low…………….this summer…….good time to go on vacation………..
IS GARY playing a little ? https://www.youtube.com/watch?v=58TxMRI31rA
franky ,,,Al is not going to like this tape…………kind of gay , would you say…………
Yes ! J,,,,the long ,,,,,ootb ! A sorry AL !
Gary must be short.
Gary you believe we topped inter at 1307 so what would your daily cycle low next would be 1220 1200 1180 before we head back higher again?
Gary do you put any credence in miners holding pretty good with this hit?
That’s usually good sign.
I don’t have targets. Just timing bands. Gold is in the timing band for a cycle low so I expect it soon. But I have my doubts that the rally will have enough energy to get above $1347.
Gary I agree with you, I don’t think we will see $1,347 during this current cycle.
Larry Edelson is adamant and pounding the table on a weekly basis telling his subscribers that gold is going to at least $1,000 in 2015 and gold is in a bear market.
He’s put a time horizon of the lows being reached either in June or October.
His ultimate bottom is below the $1,000 range and only when that final bottom is reached will the PM bull resume.
Take it for whatβs its worth. Heβs just another voice in a sea of voices. I am somewhat conflicted with some of his analysis and numbers but his projections are certainly worth considering and he has been more right than wrong.
Vortex,
Go to his blog and go down to comment section. Then go back to previous days,weeks,months..I’ve never seen such negative commentary about someone on his own blog. The guy’s record apparently is sub-zero.
I could see a small chance of 1000 in the bad scenario that the spring “March Madness” and “Sell in May and Go away” tendencies push gold down into Summer and maybe June. I find it very unlikely that gold would be anywhere near that level in October which is seasonally a good month for Gold (Sept-Dec).
I expect the lows for the year to be this spring/summer and the highs to be towards the end of the year, where the gold bull has come out of its bottom. This is just based on analyzing the yearly charts (1 yr, 5 yr, 10 yr), the fact that we are over 3 1/2 years into a counter-trend bear market within a larger 12 year bull market. The typical retracement from a high at 1900 would be around 50%, and Jim Rogers says he’s waiting on that point to be smart enough to buy a ton of Gold for the next leg up of the bull market.
I think Gold has 3-5 years left to run once the bear downtrend reverses, the institutional investors and hedge funds and even the retail investors come back into the market. I could see the second half of 2015 being much like 2009, and 2016 being much like 2010, and 2017 being much like 2011 (and then who knows….) That is a long time-frame and I like much smaller time frames to work with.
I’ll actually have to shrink my seasonality range from (Sept-early November “per-holiday season”), because the last 2 years were rough at year end. However, Sept/Oct are typically great months in the PMs and it tends to carry over into early Nov. so that would not be a normal time to expect the lows. I feel the PDAC curse, and March (down) April (up) May (down) June (down) July (up) Aug (Flat) Sept (up) Oct (up) Nov (flat) Dec (down) is most probable, but Dec can be more 50/50.
Can you let us know when cycle low is in. Oh so you don’t expect it to go down now ot 1150 let say but to bottom and try to head to 1300 again correct? Thank you Gary
stewie,
With all due respect to Gary he had the timing wrong with November low and and got off to early. We could have the same scenario playing out here. Gary has made good calls and gary has also missed out on some. My point is that Gary is no God and nor am I. What I would say is that we are all human and we all have the same probable chance of it bouncing each way. Thus far the miners have retraced but not the entire november low. This means we are still up quite some and more. Remember the turns can be very explosive and i have a hunch we will get an explosive move off this bottom. I’ve said it once and I will say it again, none off us have a crystal ball. You must make your own decision in the end. Don’t base anything soley of one,two,three or four muskateers or anyone in here including myself.
Gary has mentioned that cycles have been known to extend beyond normal length. keep that in mind.
Keep in mind as well that very few and i mean on one hand in here caught that november low and ran with it. I expect fewer to catch this next one.
For Gary sake place stops as we head higher from the low.
Sorry I meant for all are sakes place stops.
Vortex…TUT-TUT…He’s put a time horizon of the lows being reached either June Or October….What a load of rubbish…that’s flipping a coin…Me I just flicked & I can see a high in either June or October……Now who are you going to go with.
Irishtony,
You really make me laugh today with your comments.
At 5am over here, I appreciate the entertainment ! π
Best,
LPG
Baaaa…Baaaaa…great entertainment. …sheep going to slaughter. LOL X 1,000,000,000
TO INFINITY……LOL…LOL
Heavyhitter ,
You also make me laugh big time. Seriously. Thanks for that.
I tell you something really honestly:
If we are all going to be thermo nuked (as you predict), I appreciate someone who gave me a good laugh before that event. So thank you – truly.
Much love X 1,000,000,000.
And if we indeed get thermo nuked soon, it will be “Much love – TO INFINITY” indeed.
LPG
PS:
Even if we don’t get thermo nuked, I’ll still love you.
OK…LPG… : )
Thanks. Same to you sincerely. So little time left. I just wish people would
wake up out of their sleep. It’s everyone and everywhere. Majority always
wrong Too. Precisely why its coming. Public is a indicator. When they
worry…its time not to. However, thats a small fraction of the equation.
ITS TIME TO WORRY !!!!!
You guys are nuts. Are the bars still open over there LPG?
BIRD………..nuts to a Blue Jay …..is good…………………lol
Hello Birdman,
At the time of writing, all bars were closed – at the latest they close at 3am.
But my bar at home is open 24/7 π
Best & Have a good WE,
LPG
Tony, I hear ya my friend.
I listen to Larry, but I still do my own thing. Listening to a variety of opinions gives me food for thought as the gyrations keep everyone in a constant state of flux.
V π
This is the face of Birdman, if you haven’t seen it before here it is, view it or you will not know what you are up against:http://www.quotesworthrepeating.com/quote-by/h/henry-f-potter/4-its-a-wonderful-life-quote-by-henry-f-potter/
Pretty funny Dick. Not even close though.
Larry Edelson has been saying the same thing for years. I don’t think his record is any better than 50/50.
For an interesting interview with John Doody who has probably one of the best records of anyone (audited), click here:
Thanks, good interview. Seems like a very long time since I’ve heard an interview with Doody. I agree with you about Edelson, btw.
If anyone has a better long term record than John Doody at picking gold and silver stocks, I would like to know who. As far as I know, he is one of the few that has had his record fully audited.
Sorry if it seems like I am trying to take anything away from anybody here. Doody is a long term trader who only makes a few trades a year. The traders here seem to be focused on the shorter term. It is really what fits your style.
I trade a lot but am much more into speculating in the riskier juniors that Doody probably isn’t interested in. None of my biggest wins came from trading in and out. They came from study, luck, patience, and the nerve to buy when the birdmen of the world think I’m an idiot.
I’ve only heard good things about Mr. Doody and he’s the only one that I know of with a fully audited record.
I don’t think you are an idiot Matthew. Not at all. You just crossed me so many times in the past and delivered so many insults without provocation I can’t be bothered to cut you slack anymore. I do think you are an arrogant ass though (if that helps).
Bird,
With all due respect your a little arrogant yourself. Fact is both you and him have talent. I really don’t know why people need to feel like getting in the last word makes one feel better. There is so much hate in this world it is sick to see. Everything is eye for an eye. Everyone has his agenda etc etc.
If gold goes to 300 or zero will you be a happy man? If gold goes to 3000 will I be a happy man? Fact is gold won’t change who we are as people. People need to find themselves and discover who they are and start doing more good in this world. Time is short here on planet earth as “Heavy” would say but make the best of it and be a happy person in your life. This goes for all of us bird.
cheers
Good call on 1200! Not there yet but close enough.
I agree with you glen. There is a lot of truth in those words of yours.
Yes Matthew is arrogant as hell
He suffers from pride, Bill. He can never admit a mistake.
boys , boys,,,boys….THERE is a book that describes all of us……….THERE are FOUR CHACTER TYPES…………and all of you that are fussing , fit into that group…which is not bad…..just what it is……..stop fussing, because everyone here can benefit and share with each others ,,,bad and good character……….jmho.
Personally, I love Birdman & Matthew.
Please note I put Birdman before Matthew because “B” comes before “M” in the alphabet – just to clarify π
I love Birdman because he has interesting thoughts, although I sometimes wholeheartedly see things different from him. But I don’t wanna spend time writing why I see things differently because I suspect that I won’t change his views. So I keep quiet. π (and save some time π )
I love Matthew because he has interesting thoughts as well and I appreciate all the perspective provided by the charts he shares – although sometimes I tend to disagree with him too.
Finally, I love B & M together for the entertainment they provide to me.
Seriously sometimes I feel I am in a sitcom. Having a good laugh at 3-6am feels great to me. Especially given I am/we are – apparently π – gonna be thermo nuked in the next few days which, incidentally, renders any discussion on where the price of gold is going absolutely pointless. π π π And which IMHO also renders ANY conversation about the future (such as “be prepared” etc..) pointless too. π π π
Have a good WE everyone,
LPG
Re: “You just crossed me so many times in the past and delivered so many insults without provocation I canβt be bothered to cut you slack anymore.”
BS, Bird. Unprovoked personal insults started with you. That’s how it stared when you showed up. I made some general comments that had nothing to do with you that you were insulted by. You’ve attacked many here including Al’s guests.
Bill – I seem arrogant to you because you don’t like to be countered even on subjects you’re hardly familiar with. There’s a streak of Birdman and JJ in your approach which is dismissive and arrogant itself.
I’ve said it before, it’s amusing that those who’ve done no homework are always the most sure of themselves and first to call people “extremists” (as bird likes to do) or nuts.
Matthew seriously you actually don’t have a clue to what I know. I have 30 minutes a week for this type of BS. For real the best people I know are real productive member of scociety that contribute to their community. That’s what will make the world a better place. Nothing wrong with hog dogging it here and once in a while but people completely obsessed with say something like gold tells all. It’s actually not required for humanity’s sake. But take technology for instance. Can you imagine humans without it? The fact that currencies are manipulated who cares. The wealthiest happiest people I know don’t spend any time on chat sites arguing their knowledge on a subject. And as for the doomers and gold bugs their pathetic. I said it before try a world without oil. Gold is not required. What is is a honest governing body that MANAGES their currency and not to dilute as we do at present day. Look up Bill Still. Matthew your on the obsession side of things. Now back to the real world for me.
I agree with Bird you are talented on many levels. This IS more entertainment than anything for me.
I have a piece from last fall about the Dollar going to rally oil to slide and the U.S.being one of the safest places to park your money. That’s all I needed. To listen to people micro manage every turn. Talk about the US and the dollars demise was hilarious to me. Guys like Boob Moriarty shoute to the world about a crash in the stock market and a resource market is just plain irresponsible.
Bill, I know that you know plenty, just not about gold or money. Bill Still and the greenbackers are a complete joke, btw —totally misguided.
As for those calling for hyperinflation tomorrow or a complete (nominal) collapse of the stock market, they do not include me. Gold doesn’t need anything so dramatic to keep rising.
You do way too much assuming about me, Bill, but no need to go into that.
Good luck. I’m sure LPG loves you! π
Thank you Bird for that response!
Bill,
Your way out of line to attack Matthew or anyone in that regard. So what if Matthew hangs out here most of the day. There are many of us in here that come in to share with the community and if you can”t see there is a community in here then your out to lunch. I even think Bird would back me up on that since he is here most of the time sharing his thoughts and openly has said to others “This is a public forum” of which he is right that we all can say what we want. For you to take the 5 seconds of your day you say you have to attack Matthew at every moment shows me your full of shit! Why don’t you do something more useful with your time instead of gathering all that energy and hate you have towards Matt and actually share something of interest to all..
Believe me when I say this, you would not be missed!
Bill………GET A revelation ……..there was blubber before oil….., You are totally mistaken on oil. And you are not the only rich guy on this web site…..Do yourself a favor and do some studies on renewable resources………….
Bill , you really should get a lesson on fiat currency, and do a little history reading before you open your trap………
Ditto! J
Thanks Paul
I would have to agree with Paul W…….on Gary EDELSON, ..I stopped listening to his calls back several years ago. BUT, who knows, these guys are ALL GUESSING…….JMHO
If I remember right, Larry Edelson was cautiously bullish when gold was high. If he was bullish at gold 1700-1900, he should be wildly bullish when gold is 1,100s. Which one is closer the ultimate high? I would guess 1900 if my math is right.
I haven’t listened to him for years. He seem not coming out to publish articles any more.
I remember he was very active when gold was high. Hope I am not off base about him since I haven’t seen his articles for so long.
Gold priced in oil looks like it’s getting ready to head up again.
http://stockcharts.com/h-sc/ui?s=$GOLD:$WTIC&p=D&yr=0&mn=9&dy=0&id=p00360350090&a=378337402
I noted several days ago that the gold:oil ratio was at extreme levels and due for a reversion to the mean. It’s time for oil to rally and gold to drop for a while, or oil to rise faster than gold.
I think many will remember that I pointed out when gold was at a 21 year high versus oil (a once in 21 years opportunity) and said that SOME gold should be traded for oil.
So, big-picture, gold is expensive, but if you look at gold and oil independent of one another on a daily chart, it looks like gold can outperform again in the short term. The chart I put up (above) supports this in my opinion. Will we get a double top or a move to 33 barrels per ounce? I don’t know, but it wouldn’t surprise me if there’s more left to the move than even I can appreciate at this time. Maybe we’ll see new all-time highs.
http://stockcharts.com/h-sc/ui?s=$GOLD:$WTIC&p=M&st=1981-09-07&en=today&id=p61642187752&a=366698528&listNum=1
As of today, gold has back-tested its January breakout:
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&yr=6&mn=11&dy=0&id=p54080598104&a=386261423&listNum=1
Refer to oil gas equities discussed above, the future is not certain since this is man made crisis. In the last quarter of last year, the profit of large energy companies were down huge, less than half last year. Due to the fact that these companies hedge for 1-2 years for 40-50% of their sales, they should have got good price for their October to December sale. All of the sales were prior to the slump. So the first quarter result will be bad. If the price does not improve, the most companies will have bigger and bigger loss as time goes on. The good companies are all implementing layoffs. Most likely first wave will happen before the end of first quarter so investors will like the number. The second wave will be the second quarter. The bad companies may have to choose continue or increase production to pay off debt. This year will be really tough. The current equity is relatively high compared to crude price. If price is weak throughout the year, the share price will go much lower even if oil stay in this level. No one in the energy company is not worried.
The Commercials with big shorts re gold and silver on COTS did well today.
Not only they have shorts, CME raised margin on silver twice in a few days. The timing cannot be better. It makes sure the silver longs will be squeezed out. I always wonder why predator and prey relationship never change.
Some of the big commercials own the COMEX.
Cannot think of a game more rigged than that…
Best,
LPG
Bob UK,
Indeed.
A good indication is typically the COMEX’s COT.
When the short position on silver from commercials is going up up up but silver doesn’t really budge despite higher short levels, it’s typically “countdown to takedown”. As simple as that. Rince, repeat.
Best to you, and GL investing/trading.
LPG
Not only they have shorts, CME raised margin on silver too. The timing cannot be better. It makes sure the silver longs will be squeezed out. I always wonder why predator and prey relationship never change.
I come hear to listen & read views on hard asset investing.
I believe that is what this site is about ? Yes ?
So can those who are constantly preaching religious stuff & WW3 spray those thoughts on some other site where everyone agrees with them & sings in agreement…it has SFA with hard asset investing afterall.
My thoughts on this may upset some ?…but enough is enough of the constant BS spam imo.
Cheers to all…even if you believe your one of the above I’ve mentioned !
Skeeta.
Absolutely.
You stay out of it Lawrence. You sit on this board
24/7.. do you even have a life ???
You don’t. …money…money,,,money….out to self destruct.
Skeeta…proves you are so disconnected.
http://www.youtube.com/watch?v=zVcjvDIIhsY
You know so much more than everyone else even
those who prove to be “in the know” with solid track
records.
Please provide your great credentials. Gold has not
touched 1000 yet. As you predicted.
The guy in the video is hands down skeeta not in your
class. Keep your hot air. You don’t like what I’m doing
scroll by. I’m not putting up with you.skeeta.
OK, that was in interesting show. I am not sure about taking such a defeatist attitude to gold though, Gary. There is plenty of opportunity to profit at this time if you can gather a sense of direction. I agree with you that gold does have a destiny with 1050 yet although as I have been pointing out in a number of recent posts there is something very big brewing in the commodity sector in general. Why gold would remain depressed for long when we are clearly closing in on a sectoral rotation is beyond me but it is worth noting that Commercials have their biggest net short position since 2011 when gold was at 1800 dollars and set to fall hard. Maybe this is just pure technicals and nothing more where gold must complete its retracement in order to recharge for the move higher and we should thus continue to ignore the fundamental case. I am penciling in May for the bottom to be reached although that is subject to change since it might be a little too fast for a final resolution. Otherwise I feel pretty strongly that resources are going to get their lift this year off technical lows that have been five years in the making. And I am not alone in that thinking. We are seeing Commercials getting increasingly long the sector even as it is still declining into the bottom. This is probably a very good time to review portfolios and start clearing out the clutter.
Something odd is happening over here. About a year back, Saudi Arabia started expelling immigrants from its country because the economy was slowing down. In all they have pushed as many as a quarter million Africans out of the country who they termed illegal immigrants. Well now the repercussions are being felt. Ethiopia has had to absorb as many as 140,000 in little more a years time and one outcome is the country has responded by also tightening up immigration policy. Foreign nationals that have been working years there are suddenly facing difficulty getting visa renewals as the immigration department says that sufficient skill exists amongst the local population to do the specialist jobs they have been hired for. A friend has told me that he was being sent to bring documentation of his work history and education levels before he could be renewed; a process that was never discussed in the past. He has said that part of the problem had to do with US dollar shortages and that foreign workers who are being paid in local currency were taking too much out of the country when their work contracts expire and they finally converted back to Euro or Dollars. This is just one example of how the scarcity of USD is impacting on East Africa right now and it is probable that devaluations are in the cards as a means to cope.
What I am saying here is that we can probably expect to see this same story playing out all over the world as the global economy slows further. Tourists with ready dollars are welcome everywhere but labour is going to find this new environment increasingly restrictive.
The other aspect is that actions like that seen in Saudi will put greater pressures on those countries who have not yet put in place similar restrictive immigration policies and on the developed nations of Europe where boat loads of Africans fleeing economic hardship seems to be a trend on the rise.
At this time, Saudi Arabia is planning to deport as many as a million more people according to IBN news, most of them Africans, which will put considerable strain on the nearby countries and impact on their dollar inflows. For Africans working abroad, the majority work to help sustain families back home and send a large percentage of their pay back via Western Union.
Saudi Arabia to Deport One Million People in Anti-Immigration Crackdown
http://www.ibtimes.co.uk/saudi-arabia-deport-one-million-people-anti-immigration-crackdown-1471035
On the topic, I also note that the UK is apparently making it more difficult for foreigners to obtain a UK passport – if I am not mistaken.
Best to all,
LPG
Birdman,
I don’t share one of the views you expressed:
“Saudi Arabia started expelling immigrants from its country because the economy was slowing down.”
My understanding is that KSA expelled immigrants who didn’t have the proper paperwork – ie they were kind of illegals in the kingdom.
Secondly, IMHO, a somewhat more restrictive immigration policy was not designed because the economy was slowing down but rather because 1) unemployment among saudis was high and 2) discontent was slowly growing among many in the population because the “country” was seen as not doing enough for its own citizens. [I’m not even discussing the situation of the Shi’as in the Eastern Province who, for many, feel ostracized as this is another topic.]
This is why, in the wake of the so called “Arab Springs”, the gvt
1) accelerated the so-called “Saudisation” of jobs – whereby companies have to have a minimum of Saudi citizen within their workforce or face fines –
and
2) put in place more generous social programs (minimum wages, unemployment benefits, substantial salary hikes for gvt employees)…
The “Saudisation” has its corresponding programs in Qatar, and the UAE with so-called “Qatarisation” and “Emiratisation”, and again these programs were seriously stepped-up in the wake of the arab springs. Again, the idea is to reduce the unemployment of local citizens and pay them for working as opposed to pay them for doing “not much” (for lack of better terms π ).
Due to this relatively strictly enforced saudisation program, now, if a KSA based firm wants to recruit a foreigner, it will have to demonstrate 1) it has been looking for a KSA citizen for the job first and 2) it could not find a KSA citizen who was fit for the role.
Hope this provides some more color to the topic.
Best to you,
LPG
Thanks LPG. Maybe the term “slowing down” was a bit loose of an interpretation. There are major structural problems with employment of locals there though and I understood from people who had been living in the country that there was pressure to free up work that has been dominated by outsiders. Maybe it would have been better to say that the shortage of work for Saudi’s was accelerating due to the inflow of outsiders and that incomes were falling as one result. But that would have been getting complicated and off track and it wasn’t close to the point I was making. Poverty levels are surprisingly high there considering the wealth we all believe the country possesses. And the tradition of contracting out virtually all manual and skilled labour is truly an exception in this world. The demographic trend though seems to have demanded some kind of response as there are too many domestic job seekers and too few opportunities for them against a backdrop of the influx of foreigners. Anyway, they are kicking people out in record numbers and there is a huge knock on effect being seen here now that is materializing as a shortage of dollars of all things. Ain’t it funny how everything seems to come down to cold hard cash in the end? Depressing isn’t it……
You are make interesting points Birdman.
I would just firstly note that it all start with education. An educated population makes for a potentially better workforce than one that isn’t.
I will also note, incidentally, that in Bahrain, most taxi drivers are Bahrainis. While in Saudi, hardly any cab driver is Saudi.
Having spent a good amount of years in the Middle East, I’m yet to meet a taxi driver in Qatar who’s Qatari, a taxi driver in the UAE who’s Emirati, and a taxi driver in KSA who’s Saudi. But I’ve met taxi drivers in Oman who were Omanis – and from Bahraini friends, I understand, as mentioned above, that almost all cabies there are locals (ie citizens).
So, stepping back for a second, it seems to me it’s not only a matter of foreigners who have been taking jobs. It’s also a matter of who wants the job given the pay.
And the issue with putting nationals first when it comes to job priority – although a valid angle when it comes to “economic nationalism” – can result in “funny” outcomes in certain industries when the education isn’t up to par – money management being one of them.
Best to you,
LPG
Good insight, LPG
And that reality Bird, is depressing!
YES MAN ! Wake Up !
WAKE UP !!!!!!!!!!!!!!!!!!! OK !!!!!!!
OK, will do Franky.
Agreed Birdman. We have to wake up.
I will wake up too.
π π π
LPG
This is to funny lmao!
Heavy and franky are smoking something that smells good π
Heavyhitter,
You seem a Youtube fan.
Are you and Franky related ? π π π
Just teasing.
Best to you,
LPG
You bet LPG…he’s a brother in Christ. Bird is too, I believe. He use to share scripture
but has been quite lately.
LPG you are truly a breath of fresh air. Good values and sense of humor to boot.
+10…two thumbs up and β β β β β highest honors in my book. : )
You make me blush Heavyhitter π π π
Peace,
LPG
As long as you pay your taxes. ..LPG…we cool…
That 800 or so point move in the DOW in over a week folks – gee.
Can you please remove heavyhitter from this board? Like seriously, what a MORON!
No
http://www.youtube.com/watch?v=aeQ6QJ2DWEg
RUSSIA IS….FURIOUS……VERY VERY PISSED OFF
Theatened yeaterday to wipe out US and Europe.
Europeans meeting with Putin today. EMERGENCY !!!!!
TIMES IS RUNNING OUT. World war 3.
ITS NOT SERIOUS…..think again.