Rick’s comments on Gold, Oil, and the US markets
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What is the relationship of the price of gold to Ukraine and Greece? Just curious Ebolan. Maybe enlighten me because I don’t see anything on the charts to suggest there is a warm, cozy snuggle happening with geopolitics and precious metals right now.
Apparently, no relationship now so you are correct.
Many thanks for your honesty.
GDX- watch the 60 min chart setting up for the turn if we can get it over 20.77 on a houly close.
Peter
Away from my computer working – just popped in to listen. Out of interest are the miners finally going down with gold and silver?
Found it interesting what Rick had to say about conventional markets topping out – it is a long way down from where we are!!!
WELL………..BECAUSE THERE WAS NO SAFE HAVEN pile in on GOLD after the GREEK deal FAILURE and LOW CHINA DEMAND for the lunar year, the price for GOLD and SILVER are DOWN……………….but please don’t SWEAT IT……….THIS WILL ONLY BE TEMPORARY, so buy on these DIPS !!!!!!!
China demad is very high in the last month and half, 315 tons YTD till Feb 13th. By this rate, it would be 2800 tons per year.
I continuing buying oil mutual fund every day.
YES YOU ARE RIGHT……but because of LOW DEMAND for these past two DAYS this just gave THE RIGGING BOYS the OPENING that THEY were looking for along with the GREEK NO DEAL aftermath.
……..OH, AND THEY WILL GET IT DOWN below 1200, that’s the NAME OF THE GAME, right BOYS……………BUT IT’S OKAY……….just pile in and BUY UP, THIS WON’T last long.
…………….BUNCH OF DAMN FOOLS……if you ask me !!!!
Not much time today. I just want to point out that it is about control. Larry Summers research pointed out if they want to keep a low interest rate, they need to keep all the relieve valves shut, including gold, and even bitcoin will not escape if it is proven threatening.
A FOOL AND HIS MONEY ARE SOON PARTED……………….PROVERBS….
wti 35-40
crb 210 and lower
Please provide your update Glen. I feel time is running out. So I load Cnd$500-1000 each day on mutual fund. Rig count is dropping a lot in Canada and even some in US. With the current shale decline, supply will start to meet demand in a few months. Also demand will rise with declining price.
There should be a hugh drop before oil takes off. This is how maniplucation goes. Hope Saudi manipulates the way as US banks. I have my money ready.
Lawrence I think this is going to end up being a bounce in wti. My feeling is 35-40 double bottom from 2008. We have already had many double bottoms and the way wti took off tells me to quick and to fast. Good bounce.
Does not mean im 100% right but i will stick with those numbers they have done me well for quite sometime.
Sorry. I mean keep providing your update. I appreciate your warning since your call in October made me hesitate to put any money until I know Saudi’s intent. Then everything became clear, especially after my tenant told me about the doubling of drilling in Saudi Arabia, where the man is working.
Lawrence,
NP I will keep them coming and will continue to share what I see. Lawrence from my perspective even if one bought 1/4 th at that low in wti at least you got some exposure. We can both agree to leave funds for a rainy day and that is what im currently doing with gold. There going to smack her one more time is my thoughts.
Rick thanks for the hidden pivots. Would be nice if you could give us one if 1187 is hit to the upside?
I agree that this upcoming bounce will likely not take out 1308 due to how hard Gold has fallen. I even question whether it will take out 1259 or 1272 now. My bigger concern will be the further grind down to the test the lows once we get a bounce. I think 1180 and 1137 are back on the menu for the spring/summer major bottom as support, then 1044.70 from (Oct 30th, 2009) then $993.20 from (Feb 20th, 2009). I think Gold missed a big opportunity to change the tide in late Jan/early Feb.
Early this morning I played JDST from premarket until it topped in today’s trading and then sold making a little cheddar. Man am I glad I sold out of my JNUG position on Friday, and had a feeling due to the lack of strength in gold last week when it took mini-bounces, that it would come under more selling pressure this week. It looks like Doc is going to be correct that we bottom this week.
It is unclear whether this move down today is the short-term bottom, but I wanted to give Rick Ackerman, Birdman, and Glenfidish props for hitting the 1206 number. Gold went below it at 1203 and bounced to 1209, but that 1206 area kind of split the difference, and am waiting to see where gold goes from here [up or sub1200]
I guess Gold wants to revert back to the trendline from it’s recent poking its head up above the clouds in January, and it is likely it will bounce off this trendline this week. If Gold gets down near 1180, play the bounce!!
or 1187 apparently.
Wherever it bottoms Shad, we will get a nice tradeable bounce as this decline has been fairly deep. Right now we are still stair stepping lower as you will notice on a gold hourly chart. I am looking for gold to fall below 1200 before doing any bottom fishing though….and thanks for the compliment!
If the dollar rises from today’s lows,
the target of 98.27 is a good bogey.
Thanks BDC..Keep them coming.
If, if, if Rick’s target of 1187.1 was hit and rallied to 1222.3…….his gcj5 daily chart hidden pivot would be 1257.4 and a target pf 1327.6.
The weekly gcj5 also has the same coordinates.
mj,
Thanks for that import pivot I will be keep a close eye on that.
Interesting targets. Personally the first order of business I see is for Gold to take out the 1228-1232 zone of resistance with a close above it, however the target above that $1244.70 (Feb 10th Peak) also needs to get taken out…. then $1259, then $1272. I don’t believe gold has the juice to close above the Jan 22nd close of 1302.10, or recent high at 1308 but we’ll see.
yw
Different topic probably of little interest to many here. US Treasurys today and February- looks time to chalk another up to Dan Norcini over others. Usually I am good about locking in profits, but failed to do so here and they are dwindling. Anyone invest in US govt. or corporate bond investment grade ETFs and have confidence about when or even if this “carnage” will end? Thanks. I tend to like to have balance in my portfolio, and so have been in bond ETFs pretty heavily for about 2 years now, and so am still at a gain on paper, fortunately.
Rick, just superb analysis.
Thanks so much.
Dang, Greece is hitting the fan, cease fire breaking down in Ukraine so what’s gold do? It gets whacked.