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Don’t get tricked into betting against the markets for a counter-trend move

March 9, 2015

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Discussion
112 Comments
    Mar 09, 2015 09:48 AM

    Economic investment advise ! SMILE NICE AT McDonnell’s ! The sock will go up ! Don’t eat the food !

    Mar 09, 2015 09:49 AM

    Excellent opinion regarding conventional markets and gold, Gary.

    Mar 09, 2015 09:12 AM

    From the movement of gold price, I can see FOMC meeting is coming.

    Mar 09, 2015 09:14 AM

    Gary,

    With all you said about gold then I assume your expecting lower lows for the miners?

    Can you please give us your opinion on that matter.
    One last thing how many days are we into the Intermediate cycle decline.

    Thank you and I appreciate your comments and also good on you for not saying to da moon. I respect you much more when you talk in this manner as Im all ears and respect your calls.

    Keep them coming Gary.

    Mar 09, 2015 09:34 AM

    Glen,
    I was thinking that miners might resist and not make lower lows as they have been holding up well. But the last two days they are playing catch up. So at this point if and when gold makes new lows the miners probably will to.

      Mar 09, 2015 09:38 AM

      Thanks Gary!

      Let us know the day count of ICD so we can have an idea of the cycle in gold. Thx!

        Mar 09, 2015 09:59 AM

        The intermediate cycle is on week 18 and the daily cycle on day 9. So I don’t expect the bloodbath phase until another 3-5 weeks yet when the current daily cycle bottoms.

          Mar 09, 2015 09:04 AM

          Thanks pal ๐Ÿ™‚

            Mar 09, 2015 09:46 AM

            Thank you Gary. Please update us on daily and weekly cycle count when when we get close to those cycles bottom. Thank you again.

      Mar 09, 2015 09:39 AM

      My evaluation based on analyzing historical data of last 2 years is, that GDXJ will go down to 16 USD during the next 1,5 to 2 months before this medium cycle is over. I would like to know what you guys think of this?

        Mar 09, 2015 09:00 AM

        16 bucks?

        I think that would certainly qualify as the bloodbath phase that Gary is talking about. Even now I suspect that there are few goldbugs who will even consider GDXJ down that low. But it is only going to take one more sizeable drop in gold and GDXJ will see its 52 week low broken so… who knows…

      Mar 09, 2015 09:46 AM

      Gary, gold silver equity is speculation based on gold price and mining cost. They will not make money at present so the longer the gold weakness goes, the price of equity is going lower too and a lot lower.

        Mar 09, 2015 09:02 AM

        Lawrence,
        We certainly could see an annihilation phase at some point this year, where price drops to unthinkable levels under the assumption that every miner is going to go out of business. (they won’t)

        An annihilation phase is often how a bear market ends.

          Mar 09, 2015 09:13 AM

          Agree on not every miner is going to go out of business. However, I still doubt the annihilation phase will happen since this is a money printing age. In 1980s, it was more likely since interest rate was 20% and monetary policy was tight. Only annihilation phase I can see is the dramatic increase of mining cost but gold price does not go up much.

          Mar 09, 2015 09:03 AM

          Then stewie is IN ….lol

    Mar 09, 2015 09:38 AM

    My evaluation based on analyzing historical data of last 2 years is, that GDXJ will go down to 16 USD during the next 1,5 to 2 months before this medium cycle is over. I would like to know what you guys think of this?

    Mar 09, 2015 09:42 AM

    Clive Maund on gold:

    http://clivemaund.com/article.php?art_id=68&PHPSESSID=cba1928f8384d0539934ee5501bdd0fc

    Clive Maund on silver:

    http://www.clivemaund.com/article.php?art_id=67&PHPSESSID=b0d5b2994cfde7c69e8076d9aa97ab4f

    He is very negative on both – which ties in with Doc and Gary’s views.

    Mar 09, 2015 09:46 AM

    Fresnillo is down another 2% today – I use this as a bell-weather for silver. If we get another move down in gold then FRES will probably break its 52 week low.

    Mar 09, 2015 09:46 AM

    GDXJ hit an RSI(14) reading of about 9.5 on the 60 minute chart while SILJ reached 22. Likewise, GLD reached 17 while SLV only reached 27. To see the silver side of the sector hold up much better than the gold side is positive and not at all typical in any decline much less one like we’ve just had.

      Mar 09, 2015 09:48 AM

      See my above comment about FRESNILLO Matthew.

        Mar 09, 2015 09:07 AM

        Thanks. Nevertheless, I can’t see anything negative about silver holding up better than gold.
        Btw, another bellwether, NEM, would have to fall 21% to reach its 52wk low.

          Mar 09, 2015 09:09 AM

          Would love to see Newmont fall another 21% Matthew ๐Ÿ™‚

            Mar 09, 2015 09:13 AM

            Me too; and I still wouldn’t buy it! ๐Ÿ™‚

            Mar 09, 2015 09:16 AM

            Why not Matthew? At some point that would bounce and I think I am right in saying that it is one of the more cost effective miners?

            Mar 09, 2015 09:34 AM

            Is newmont more copper than gold? I think base metals will stay low for a long time.

            Mar 09, 2015 09:35 AM

            Unless hyperinflation hits off course.

            Mar 09, 2015 09:50 AM

            NEM is to big for me to be interested. I would bet that Al feels the same way.

            Mar 09, 2015 09:53 AM

            How about goldcorp and silver wheaton? Are you interested Matt?

            Mar 09, 2015 09:11 AM

            Lawrence, I like both more than NEM but only own them through SGDM.

      Mar 09, 2015 09:04 AM

      Like I said, during the denial phase traders will find all kinds of reasons for an imminent bottom. But it doesn’t usually occur until after we get a bloodbath phase.

        Mar 09, 2015 09:12 AM

        “Find all kinds of reasons?” Gary, are you saying that you have never noticed that silver typically falls harder and faster in a decline? Silver’s leverage to gold is very well established. This is why guys like Bob Hoye always short the silver plays when the sector turns down. “Denial phase” lol…

          Mar 09, 2015 09:31 PM

          Matthew, you are the sentiment indicator I like to see laughing at predictions of further downside to come. I’ll sell my JDST when you start getting worried and “pulling your hair out” as Gary was saying. But you keep on telling people to buy and I’ll keep on making money shorting. I have no idea how you have any money left at all by now.

            Mar 09, 2015 09:41 PM

            1. I guess you won’t selling you’re JDST at all.
            2. I never tell anyone to buy.
            3. I sell strength after I buy weakness, that’s how.

            Three strikes, wiseguy.

            Mar 09, 2015 09:19 PM

            Btw, Gary was one of MANY who were bearish right at the low at the end of 2013. I wasn’t and GDXJ rallied 59%. Also, I am not “laughing” at his predictions, that should be clear enough to most.
            If you sold no JDST at all today, then I am amused. Those who like to get in or out at one price point are funny to me (there are exceptions, but they don’t include JDST).

            Mar 10, 2015 10:19 AM

            Well, what do you know, a retired Merrill Lynch broker has noticed the same thing I did:

            “Like gold investors, silver investors have little to fear, if they place buy orders today. Good things are coming to the silver market, and this mighty metal has held up very well during the current sell-off in gold.” —Stewart Thomson

          Mar 09, 2015 09:56 PM

          Matthew,
          Agree with your sell strength on your 3 strikes comment way above. Specifically, JDST is up 70% in 30 days! I sold some. Lock in profits. I might regret, but heck, “sell at a profit, or you will sell at a loss”.

            Mar 09, 2015 09:52 PM

            Good for you; I don’t think you’ll regret it for long if you’re locking in profits. ๐Ÿ™‚

        Mar 09, 2015 09:19 AM

        Gary, what is the percentage of gold bulls now? I think it was near zero by last year stats. So gold bull is absolute contrarian play. No market has zero bulls. For any seller there is a buyer. If nobody buys, the price goes to $0.00 and no miners can survive and Chinese and Indians have to stop buying cold. What is the chance of that happening? I believe we have a bloodbath already, many times.

          Mar 09, 2015 09:23 AM

          Lawrence,
          The last report had gold bulls at 39%. It needs to fall below 20% or even into the mid teens to generate the next bear market rally.

            Mar 09, 2015 09:31 AM

            I thank what you quoted must be for gold itself by fund managers for the coming week. How about for equities? I have seen several so it is hard to tell because it depends on who they survey. If you survey this site, you will not get 39%. most people think deflation will push gold lower. This is considered gold bug site. If you survey general public, I double anywhere close to 39% knows what price gold is at. I am not disagreeing, but I just feel bearish mood is prevalent.

            Mar 09, 2015 09:38 AM

            Gary do you subscribe to the DSI by any chance? Last I saw this week gold futures sentiment readings were 40% bulls which is very close to the 39% you mention. You will have the current numbers perhaps which I don’t. Anyway, it is not a strong reading to suggest that gold has hit even an interim bottom. Interest is still surprisingly strong despite the beating gold has taken.

            Mar 09, 2015 09:38 AM

            The BPGDM bottomed at 42 in August, 2010 before it shot to 93 in just 3-4 months. It is currently 33.

            Mar 09, 2015 09:57 AM

            OK. It is a different reading than the DSI but also helpful. Linked chart…….

            Gold Miners bullish Percent Index
            http://stockcharts.com/h-sc/ui

            Mar 09, 2015 09:31 PM

            For anyone that wants to see latest sentiment readings. We have long way to the bottom to go. 1050 should bring sentiment to basement levels like Gary said.
            Wash out aka Murk coming up soon!
            http://news.goldseek.com/CliveMaund/1425910140.php

          Mar 09, 2015 09:25 AM

          I disagree Lawrence.

          I post on a UK property forum which, bizarrely, has its own gold thread such was the demand from gold bulls.

          Even now they are still adamant that buying well above the current price was the right thing to do. They still are adamant that gold will not go any lower… as they were last year… and the year before… and… so on.

            Mar 09, 2015 09:33 AM

            But do you think gold will go lower and lower as all the central banks printing money?

            Mar 09, 2015 09:43 AM

            I think it will rally at some point simply because, at some point, the big boys will decide to pump and dump it again.

            But, currently, I think Gary is right and that all the money is going into the conventional markets. Wish that I had worked that out 6 years ago.

            Mar 09, 2015 09:50 AM

            Bob, the gold buyers are not US based. US has been net gold exporter for years. Even the official record for non-monetary gold export is around 400-500 tons a year. The monetary gold export is not required to be reported by the law. For example, German repatriation never appears in the stats.

            Mar 09, 2015 09:58 AM

            I know they are not lawrence. I think I am right in saying that most gold is bought and sold through London on the London Metals Exchange.

            I don’t think it matters where or who is buying gold and silver. What matters is that the big boys manipulate it for their benefit. They drive it down, pump it up and repeat for their benefit.

            Mar 09, 2015 09:34 PM

            Well, it is physical buying which wins the war eventually. Others just add volatility.

    Mar 09, 2015 09:50 AM

    Good grief – XON is actually down at the moment.

    Quick, someone call me an ambulance. I feel a swoon coming on ๐Ÿ™‚

    Mar 09, 2015 09:51 AM

    Alek,

    Based on what some of these mining stocks have done last week, and where gold is headed, that value seems real. My best guess judging from past history looking at the cycle theory is that the bottom might be in early April. If that’s the case, things are gonna get real interesting this month.
    Exciting times for the gold bugs…

    Mar 09, 2015 09:58 AM

    I really enjoyed today’s chat – lots of really useful information from Gary that is certainly food for thought.

    I really like Gary’s honesty when he says something such as “I am not sure…” in response to a question from Cory. Lots of ‘gurus’ feel that they have to make definite YES or NO statements about everything. I’d rather listen to someone who has the honesty to admit that there are uncertainties.

    To quote Captain Kirk: “Doubts? I’m full of them.”. Then again he had just approached an enemy ship with his shields down again… and got his bottom kicked again… and almost goot his ship destroyed. Who on earth made this man an Admiral? He should have never been let near a starship.

    I digress ๐Ÿ™‚

    Really, good talk – I am going to listen to it again.

    Mar 09, 2015 09:03 AM

    Apple Watch to be announced in minutes….lest see what happens to the gold price after….as well as the nasdaq….

      Mar 09, 2015 09:13 AM

      You are!
      Gold stocks are getting a pounding. Yahooooooo! Sold out…..a week ago…
      There will be no bull as I stated before. Be careful…Go USA!

      Mar 09, 2015 09:35 PM

      Yeah, but the “rumor” of the Apple Watch having an effect on the gold price is already factored in there. The only thing left is for the speculators to sell on the news.

        Mar 09, 2015 09:29 PM

        How can it be priced in when we don’t have any price spike prior to the announcement? We seems to use this sentence without even look at the fact.

          Mar 10, 2015 10:12 AM

          Stocks and commodities trade on expectation of the future. When the pro-gold newsletters I get highlight how the Apple Watch could use 30% + of mined gold per year (or something like that), if a goldbug would want to buy based on that, he would have already done it (that was last Friday’s or Thursday’s article, I believe).

    Mar 09, 2015 09:13 AM

    Chartster,

    Even if your scenario plays out of 700/800 gold, it aint going to happen in two weeks. Im willing to bet the farm on that one. “If” it played out id say the bottom in gold would be 15 months from today. Next June..First quarter of 2016 but id be leaningon 2nd quarter for a final bottom “If” that was the case.
    Dollar blow off top in 2016 summer.

      Mar 09, 2015 09:18 AM

      I am not expert – just in case you guys had not worked that out ๐Ÿ™‚ – but if gold was going to the 700 or 800 mark I would assume, along the way, there would be more bounces alongs the lines of last Dec/January.

        Mar 09, 2015 09:26 AM

        I really doubt gold goes to 700-800. There is a major support zone at 1050 that will bring in a lot of value investors. Maybe an over shoot to 950ish. But I doubt it goes much below that, and if it does I expect it would bottom quickly and reverse violently.

      Mar 09, 2015 09:04 AM

      Glen,

      I doubt it will be two weeks as well. But every washout ends with big moves. In the case for gold, big moves to the downside to end the bear. Look at what the top looked like in 2011. April should be the bottom. May at latest IMO.

        Mar 09, 2015 09:09 AM

        It’s almost been 1 week since we broke major support. The wash has barely even started. When the big news comes out, it’ll get rolling!

          Mar 09, 2015 09:10 AM

          The big news being asset based currencies and countries repatriating their gold.
          Under 800 is a gimme.

            Mar 09, 2015 09:13 AM

            You guys will call it a black swan, but have been told it was coming for some time now.
            You have been told.

            Mar 09, 2015 09:32 PM

            Chartster, you have one more week to been proven right or shut up.

            Mar 09, 2015 09:46 PM

            Lawrence,

            Read the post you moron. And shut up!

            Mar 09, 2015 09:49 PM

            you have said so many times that gold will to 600-700 in a few days. Lat time you said at middle of March. if you are not sure, do not give date. Do you have shame? Calling people moron is against rule of this site.

            Mar 10, 2015 10:15 AM

            Edelson says that countries repatriating their gold isn’t necessarily not because of lack of trust of the US, but that they want it back home so they can sell it (at least he did in the case of Germany). I’m not sure if he is right or not, but the price hasn’t really gone up since then.

        Mar 09, 2015 09:25 AM

        Yes but if we are in a bear we still have awhile to go and there will be moves down as well as moves up. It aint going to be an arrow straight down from 1200 to 800 lol cmon. This would be in line with oil prices in stagflation, at these prices for long duration as some have already suggested. Looking for dollar to soon put in a top with this decline in gold. 105? top and then decline for two months as gold gets a bid into May seasonality. Then gold down into october as dollar puts in its final top..
        This is way out there but dollar putting in a right shoulder in 1/2 quarter of next year and down she goes for the count and the start of the gold bull. This I could see playing out. This is of course of nothing big happens now. Something mind blowing that would have gold explode higher.

          Mar 09, 2015 09:52 AM

          Glen,
          In a fiat currency system that does make sense. We will be in a whole new system soon.

            Mar 09, 2015 09:39 PM

            So what you are stating then is here and now within then next month or so, they will roll out new currency system backed by gold. This will cause plunge in gold which is happening now but accelerate into a final bottom this year and within the next month or so. Is this correct with your assessment?

            And you feel 100% sure they will roll this out? Who is telling you this and how can you be so sure of it?

            Mar 09, 2015 09:33 PM

            I follow the financial system a bit better than most. And yes, it is certainly going to happen. When? Soon ( I don’t know exactly when )

    Mar 09, 2015 09:03 AM

    Its certainly not going down in a train wreck.
    PM Stocks are sure not going to bode well…Many more miners to die….
    I said the the USD will climb…US will surprise to the upside this year. The doom gloomers are out to lunch…Yes there are problem out there but USA is not as bad as ya think….
    Ya hey Bobbo M…A crash in the dollar!???..Ya right…BUY MY GOLD SHARES so I can continue to make a PILE on advertising!! Clueless

      Mar 09, 2015 09:33 AM

      Buy some Novo…its going to 10-20-$50!!!! Con man

        Mar 09, 2015 09:39 AM

        Bob is just doing his job. It’s up to the listener to use his brain and do his homework.

          Mar 09, 2015 09:44 AM

          I’ve found the problem with people (not all of them but the majority) who invest in precious metals is that they refuse to listen to opposing views. So they hang out on sites where everyone is bullish 24/7; and that is why they get burned. I am sure they will have their moment of glory someday….

            Mar 09, 2015 09:48 AM

            BTW, great interview Gary…also great discussion. A lot of fat to chew on.

            Mar 09, 2015 09:46 PM

            chris, I think most of the people who come to this site are here because they are concerned about the direction the world is headed. Their interest in precious metals is a sideline, I certainly don’t see you as one of them or myself and I could say the same for almost every poster except a very few. The problem here is that sometimes most of us get tarred by a certain person’s brush as being goldbugs.

            Mar 09, 2015 09:10 PM

            DT, I wrote “the problem with people (not all of them but the majority) who invest in precious metals is that they refuse to listen to opposing views. ” I should have clarified that I was referring to individuals who frequent sites who are bullish precious metals 24/7. Those are the individuals who don’t want to listen to opposing views. Clearly this site is not one of them…Big Al brings in guests who are bearish/bullish on precious metals, either short or long term. All opinions are welcomed here. Same with the posters- we might not agree with what someone is saying, but we respect his opinion. It’s the reason I enjoy coming to this site. Good information and good people. On some gold sites if you are bearish they will call you all sorts of names. I was once accused of being a government troll on one of these sites- go figure.

          Mar 09, 2015 09:22 PM

          That’s not a job. And your dead wrong.

            Mar 09, 2015 09:29 PM

            Last time I checked Bob didn’t put a gun to someone’s head and forced them to buy any of the stocks he was talking about. Just saying. You made a bad bet and that’s that. We’ve all been there.

          Mar 09, 2015 09:37 PM

          Let me tell ya something pal. If someone is yelling a storm is heading this way and going to wipe you out ( since 2001) and by the way I’m selling insurance! You think that a job you are very nieave. My best buddy work with secureties fraud and they agree with me. It’s fraud. People will be investigated and are. Clue in.

            Mar 09, 2015 09:03 PM

            Gold went from 250 to 1920 from 2001 to 2011, where’s the fraud? It’s still up more than 4 fold.
            Last I checked, Bob isn’t selling a thing. When people demand that the government protect them from the opinions of others, they are acknowledging their own incompetence.

            Mar 09, 2015 09:15 PM

            Matthew what are you his legal council?!
            He’s a fear pumper….he’s an opportunist but full of Sh#t
            Go buy some more TGM..

            Mar 09, 2015 09:42 PM

            Firstly don’t assume it was me. Secondly you know squat of any detail which I can’t report. Thirdly when you know an inside track and then write it up in pumping fashion and can put volume into something…
            Finally the fact is people came alone and bought for the wrong reasons because they believed these charlatans pumping fear….That have no credibility or are not professional analyst……He is so full of crap….I know people that actually have a clue…..and I know others that have lost money from these guys….They are out for blood on these clowns…

            Mar 09, 2015 09:06 PM

            It’s a deal. I’ll go buy some more TGM. I did just that today, btw.

            FYI, the clowns are the people who blame others for their investment decisions.

            Mar 09, 2015 09:32 PM

            Rock on you were pumping at .40cents. Howz that worked NG for ya ?

            Mar 09, 2015 09:02 PM

            On your claim that I was pumping you deserve nothing more than a big F YOU. I bought right into those lows and so did management. The political BS that caused the sell-off is a fact of life because there are so many incredibly ignorant people out there —not that you could detect them.
            Stick with pulling wire, speculating ain’t for wimps, especially the clueless kind.

      Mar 09, 2015 09:52 AM

      Who is Bobbo M?

        Mar 09, 2015 09:54 AM

        I believe he is referring to Bob Moriarty.

          Mar 09, 2015 09:05 PM

          Thanks.

        Mar 09, 2015 09:21 PM

        Not you dude!

    Mar 09, 2015 09:23 PM

    Friends : I have found several websites that allow me to help fund Ukraine army needs like uniforms, vests, gloves and radio gear. i contributed 300 dollars myself. There are even some Russian speaking Ukrainian men who are joining the Ukraine army as they are discusted by Putin the Butcher. Long live the freedom of Ukraine , Poland and the Baltic states. S

    Mar 09, 2015 09:05 PM

    Since next week presents an unusual historical date I thought I might make a comment.

    March 14, 2015 is Pi day and that will be 3 / 14 / 15 which only happens once in our lifetimes…… (3.1415 is Pi for those not familiar with the number or its meaning….. please don’t ask, just look it up yourself).

    Anyway, Pi is the central number that is the focus of our friend Martin Armstrong’s work and who is the guy who discovered the significance of the mathematical meaning where the economy and stock markets are concerned.

    So this is an important date for anyone here who has a legitimate interest in cycles.

    Not much more to add to that except that it lands on a Saturday which is not a trading day but could nonetheless be of some significance. The date prior (for those curious) is a Friday the Thirteenth so pay attention!

    Since I am still a bit new to Martins work I thought it maybe of interest to post an article I read today that was published back in October of 2009 by the New Yorker. You might also like to have a look to get a better idea of what Martins theory is all about.

    Personally, I think he is brilliant and his observations have added a great deal to my own understanding of the markets. My own quest to understand the repetitious nature of markets was mainly historically based and so this added information has added an important element of “cycles theory” although I never actually called it that myself.

    Nonetheless, ideas overlap and I feel Armstrong contributions are really significant to the body of knowledge that is being developed in our understanding of how repeating behaviors lead to the same conclusions over and over again.

    One of the ideas I often repeat here is that it does not matter who is in charge of interest rate setting because the length of the rate cycle is so long the Federal Reserve cannot possible be a significant player. Some of you will no doubt think me stupid for saying that but the evidence is quite clear on a cycles basis.

    Rate setting could be done by monkeys on 64K Commodore computers and the result would be the same based on the multi-century trendline that is pretty much set in stone………….. Sorry Janet!

    Anyway, here is an article that has not yet been scrubbed from history or removed from the online archives. Maybe make a bookmark or save the whole thing before the bankers arrange to have it extinguished!

    The Secret Cycle of Martin Armstrong — The New Yorker — By Nick Paumgarten. 2009
    http://www.newyorker.com/magazine/2009/10/12/the-secret-cycle

      Mar 09, 2015 09:42 PM

      I also like Martin Armstrong a lot, but I don’t recall he drew attention in any particular manner to Pi day 3-14-15. What I find most hilarious is that technically in rounding, it would be 3-14-16 since Pi is 3.14159265.

      Even more technically, the only real Pi day would be 3-14-1593, but even that has to do with years after Christ, so I guess we will never even really know what the true “Pi” day is.

      Unless you use the other date format which would make Pi day 3141-5-9, LOL

      Mar 09, 2015 09:56 PM

      How will it affect Aquarians?

      Mar 09, 2015 09:00 PM

      You guys do realise that most of the rest of the world use a different calendar system than you Americans… or, to be more correct, you opted to use a difference calendar system to most other people?

      So this 3 / 14 / 15 is actually 14 / 3 / 15 for most people? Did Armstrong or anyone else who believes in this mention that?

      Just asking.

        Mar 09, 2015 09:13 PM

        Armstrong didn’t mention “Pi” day as any particular meaning. Bird was just using that as a segue into mentioning Armstrong.

        And yes, I’m sure since Bird is in another country, he likely uses a different date format too.

          Mar 09, 2015 09:24 PM

          I think I have the Moon rising. Or something like that ๐Ÿ™‚

          Mar 09, 2015 09:58 PM

          you guys are to funny…………..lol ….enjoyed………..j

    Mar 09, 2015 09:49 PM

    Mathew check out the frank holmes video on Kitco

    Gold Game Film
    Mar 09, 2015
    No Reason To Let Dollar Get Stronger – Frank Holmes

      Mar 09, 2015 09:04 PM

      Thanks.

    Mar 09, 2015 09:53 PM

    This one is interesting: http://www.zerohedge.com/news/2015-03-09/why-greek-shipping-billionaires-are-sweating

    Syriza hasn’t figured out nothing. Greek shipping titans do not register their ships in Greece. Everyone knows this. My family has been working in the Greek shipping industry for over a century, and most of the time the ships they’ve worked on have flown a foreign flag. This law will just end up hurting the small players who don’t have the means or the connections to register their ships somewhere else.

      Mar 09, 2015 09:03 PM

      thanks for the insight chris……………………..

      Mar 09, 2015 09:07 PM

      This is how stupid some laws in Greece are: In the shipping industry, once you reach 22 years of service, you receive a pension. Now, if you want to continue to work, the government doesn’t allow you to work on ships that fly a Greek flag. So you have no choice but to work on a ship that fly’s a foreign flag. Therefore, the income you will receive is tax free…since the ship you work on is not registered in Greece. How about that! You can imagine how much money the government is losing because of this law.

    Mar 09, 2015 09:09 PM

    Martin Armstrong’s low for gold

    The ideal indications imply that the low for gold should form in 2016. This will be 5 years down from the intraday high of 2011. The worst case scenario would put gold during that low at $667. The Yearly Bearish Reversal lies at $680. This is the extreme target we have to respect is possible.
    According to our empirical models, the next two key quarterly targets for turning points will be the 3rd quarter 2015 and the 4th 2015/1st quarter 2016. Ideally, the 1st quarter of 2016 would be the primary target for the next key cycle low if any new low unfolds after the 3rd quarter 2015.

      Mar 10, 2015 10:18 AM

      Hi Biggus,

      I noticed you said “our” empirical models. Do you work with Armstrong?