Get ready for some counter-trend moves
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Mark,
Opinions without reasons are garbage. You had a fifty-fifty chance. If you wish to be treated as an intelligent observer of the market, you need to provide logic.
ALL NO YOU DON’T…………….YOU’RE JUST MAD BECAUSE I WAS RIGHT AND YOU ARE WRONG………….DEAD WRONG !!!!!!!!!!!!! LOL !!!
Here’s a * Mark. Now run along.
……….LIKE I SAID, GOLD WOULD HAVE A GOOD OPENING ON MONDAY…….AND BINGO…………THERE IT IS !!!!!!!!!!!!!!!!
Agree Mark. This is a reversal or just a correction in a bear market.
http://www.screencast.com/users/tuamotu/folders/GOLD/media/718fcbd2-f5c6-4d31-92d5-35b01cdd4de0
Ok Mark, you got me. Gold is a whopping 3.70 up…
Metals are going to reverse and get clobbered. It’s hard to say about the USD, that is a big mystery.
Mark,
Gold is in a wedge right now bouncing off the top rail. When it breaks out of the wedge, it will be Down! And down hard!
Murki’em lol
Chartster is right.This is just a dead cat bounce.
The movement in gold price today is entirely due to US Dollar movement down.
The price of gold at this moment today is actually down in:
Euro, Swiss franc, Rouble, Danish K, Swedish K, Czech Coruna, Polish zloty, Hungarian florist, Turkish Lira.
NEVER MIND ALL OF THAT……………….I SAID PLAIN AND SIMPLE ON FRIDAY AND SATURDAY THAT GOLD WOULD BE UP ON MONDAY !!!!!!!!!!!!!!!!!
THE BOTTOM LINE IS YOU BOTH WERE WRONG…………….FACE IT !!!!!!!!!!!!!!!!
CFS, I still believe the US Dollar has one more leg up before we see a significant correction. The US Dollar is and will continue to be seen as a safe heaven. That will not change this year. That means that gold/silver will have one more leg down or trade sideways. I for one will start nibbling on gold/silver miners during the summer doldrums.
That should be safe haven.
If you were referring to any prediction I made regarding gold price movement, perhaps you could remind me, Mark, because I cannot remember making any prediction. Period. About gold prices today.
And I will accept your apologies, when you care to make them.
Gold will be higher in 2020. Just so you know, I made the call first. I will make sure to remind everyone in 2020. Pretty sure my chances are much greater than 50/50. A lot of financial and industrial initiatives including mine closings that are supporting the price of gold so I am a in the camp that supports Gold has put in its low and will climb higher. There will be head winds along the way but there is also the potential for some major upshots. I have been trying to track mine closings and they are starting to add up. Still well under 5% of annual production but they are growing. Shanghai gold exchange. Apple’s meaningful push into the gold market, not only watch but gold color options on all devices. Apple is showing they take Asia’s love for gold seriously. Also, Silver will also help drag gold higher. The emerging uses and demands for Silver are insane. I haven’t even mentioned the political reasons to love gold. Just cant see it going lower. Way way to many positives.
Considering the current full cost of gold production is now currently below the gold price, for many companies, Peter R, I would suggest that the simple law of supply and demand will produce a higher gold price by 2020. Combine this with the probability of gold-backing for the Rouble and/or the RMB and you get a very good guarantee.
Agree. but I don’t see that occurring until gold price is on its way back up for good. It is to risky otherwise. Backing your currency with gold when it is in a poor trading range or still going down will only add another reason for no one to invest in your currency.
By 2020 gold will be at its lows at $250 to $400 an ounce.Deflationary pressure is gonna choke all commodities to death.Every correction comes in three wave and this is the first wave down .
I would love to hear you theory on the events that result in $250 to $400 gold. Does it involve sesame street taking over the financial sector and Barney running the Shanghai gold exchange.
I would like to see that.
You know why usd is appeciating?Because traders are anticipating a financial collapse.Financial bubbless are not created overnight.Many are overextended and waiting to pop at any moment.Greece exit,chinese housing bubble,derivatives bubble and last but not least sovereign bubbles.All these could create a devastating effect on the stock markets all over the globe and believe it or not the one thing that is gonna thrive is the usd.Yeah usd is still regarded as the safe haven.Gold bugs dont admit this because it is not convenient for them but unless the us debt is not downgraded it will remain so and the stronger it gets the cheaper the commodities will get.
I don’t really disagree with your bubble or USD perspective but believe the answer to the bubble bursting is inflation not deflation. The impacts from deflation are much or significant for those running the show, which is why it will never occur.
Yes, USD will be seen as a safe haven in any Euro Grexit. The USD will spike up enormously IMPO. Commodities will get hammered as a result.
I think we are, at most, weeks away from a Grexit. It could be days.
The “D” word shall never but spoken of again. Don’t you know we always strive for 2% inflation and we never stray to far from it.
The world is an a deflationary period right now but somehow it is being cancelled out by q.e. and zirp (zero interst rate policy)When feds rates are raised deflation will set in. Mark my words.
I agree , Don.
Soon as rates go up so does gold.
And sooner than most expect.
Really, electricity prices in my part of the world are increasing 9%, 6%, 3%, 3%, 3% in the next five years, all other utility rates water, sewer are rising at similar rates. Nat. gas is the exception to the rule. Gas price remains high relative to price of oil, taxes keep going up (municipal 1 to 3 percent per year). Housing prices continue to rise after a correction. I could go on if you wish. My local and regional world is one of inflationary pressure so I am biased. Admittedly, I do not bring any where near a global perspective. Rates will only rise (meaningfully) when inflation booms and debt seems low again. Don. I hope you are correct as deflation will help all of the billions low down on the totem pole but that is the exact reason why I know it will not occur.
Chartster imho if stock market goes down everything including houses,cars,commodities etc will go down with it except the usd.The next move up in gold is gonna happen during the ongoing stock market bulltrend and not when it collapses.In other words the stock market has further upside to go.Mark my word.
Banks didnt put the foreclosed houses to the publict.Instead they are selling them quietly to hedge funds and private equity firms who in turn are renting them out.Thats is why housing prices are increasing for joe the sixpack.If it was not for these firms that are borrowing at zero interest there would be an oversupply of houses and price would go down.Eco 101.demand-supply.Regarding electricity it depends on the efficiency of the company that is supplying it and the municipal tax which as you know could vary from one state to another.But if overall it is the stock market that is showing the highest level of inflation and the reason why is due to share buybacks by the listed companies themselves and the central bank.It is convenient for a company to buy its shares at zero interest because that way it would have less dividend to pay which in turn reflect better on the earning per share.Besides that board directors/ceos are paid in stock options hence you can draw your own conclusions why it is convenient for them to raise thir share.
Deflation chokes debt more than anything. Gold is neither debt nor a typical commodity. The dollar IS debt.
****I’d like to go on record in that in the year 2035 gold will be higher, so that I can say you heard it on this blog first : – )
*****You don’t even want to know what’s coming in the year 2525!
Just kidding. Here is a quick review of what I forecast:
My thoughts were Gold would get sold off hard into March with the seasonal weakness and PDAC curse……and it did. Many were optimistic that things were basing in Feb and ready to move up, but I knew after Gold’s epic fail in Jan/Feb to keep moving past 1308 to 1323, 1347, and 1382, that the overall trend in PMs was still definitely down into Spring (with emphasis on fallout in the months of March & May).
At the beginning of this year when the US dollar was stuck in the 94-96 range, I stated often that once it got up to the 100-102 range, that it would put in a short-term top. I forecast the dollar would correct down from that level and this would reverse the trend in commodities and other currencies up in a counter-trend move for about 2+ weeks. ….. and that’s exactly what has happened.
When on Wednesday (11th) and Friday (13th) the US dollar got up over 100 I mentioned it could be forming a double-top at that point (with almost everyone else betting the $ would go higher)….. I kept the door open for 102 for a FOMC freakout, but felt it had topped. It was rather lonely voicing this opinion at the time, but the USD did put in the temporary top and reverse….right on schedule.
The dollar started the begining of last week down on Mon & Tues from it’s high at 100.39 the prior Friday, and when the USD noise-dived down hard on the FOMC statement on Wednesday the 18th, it was merely confirming we had definitely double-topped from the prior Wed & Fri @ the 100+ level.
Due to the severity of the move, many incorrectly started claiming that is where the dollar topped, forgetting about the the actual double-top the prior week and the falling prices from those levels on the 2 days prior to the FOMC.
Since the dollar had spiked all the way down the a retracement level and trend line around 95.5 and then snapped back so hard, everyone was convince the dollar was going to take off to 105 or 106 or 107….. I disagreed, and guess what? It didn’t.
As mentioned last week, it is very normal after an out-sized move in an asset to have a snapback, but one that does not take out the prior high/low. I disagreed with the people that were just so sure the dollar was going right back up over 100 any day now…. Guess what? The dollar didn’t get back above that level, because this a counter-trend move, and the snapback was just that, and I mentioned it had further to fall. Yep, the 96.93 on the chart I just looked at is less than 100.39.
As for Gold, I stated repeatedly for weeks, that I didn’t believe we’d take out the November low of 1130 in mid-March, but that we would very likely test it by May when the dollar started it’s run into a blow off top in May-June. However, there were many talking heads on CNBC, newsletter commentators, and bloggers that were just so sure Gold was going below 1130 any day now in mid-March, and I continued to doubt it would be hitting new lows. Guess what,? It didn’t…..
Lastly, I mentioned that with the pullback in the dollar, that there would be an accompanying pop in commodities & commodity currencies that would run for 2 weeks. This was in the face of many experts/non-experts that were claiming this was all a 1 day over-reaction. Well if use the Friday the 13th high (as the second top over 100 in the dollar), then we are already into week 2……right on schedule.
Now, could the counter-trend move last longer? Sure it could, and it may go 4 more weeks like Gary mentioned, however, I doubt it will last that long personally.
I feel we get through this week in a general uptrend in PMS, but don’t believe we’ll be getting to new highs in Gold, and I expect weakness to return in the metals in the near future, and the dollar to resume it’s uptrend (which should pressure PMs, the Euro, and the Loonie at that point).
All we can do though is take it one day at a time, and be nimble and ready to act if new information floods the perceptions in the marketplace.
Good luck to all!
I find it interesting that some of the streaming/royalty companies are having a hard time finding good quality streams, because this does represent a funding mechanism for smaller companies with known resources to develope those resources during these times when other funding is difficult.
E.g. Sandstorm has just acquired a diamond royalty, on top of its gold, silver and base metal streaming/royalties.
I don’t see them having a hard time. SSL has been making a ton of moves lately. True gold, amending Luna agreement, the bought like 20 NSRs in a big package plus the Diamond deal. Franco N. has also been making deals. I wouldn’t say hard time but they are definitely being careful. I think the uptick in deals by SSL over the last four months is also another bullish indicator for resources in general. They see the competition moving forward ready to write cheques so they are make deals before they get scooped.
Mark’s beginning to sound like Birdman – full of empty boasts. That said I’m with Peter when he says gold’s going up by 2020, or is that 2020 gold meant for 2016? lol.
I’ll go w the first option, Rev [ Like YEAH…RIGHT!!] 🙂
TWO(2) Funny……..lol
Not funny for Mark, I like Mark, he did get the call on Option Expiry correct.
J
I wasn’t referring to Mark, but ”…gold’s going up by 2020…”
Your TWO(2) rating is hereby down-graded to a ONE(1) rating 😀 🙂
I am perturbed by the increasing desires of countries to eliminate cash for transactions of even normal size. 1,000 euros in France, $5,000 in the US now invite scrutiny.(see zerohedge)
In fact, locally $2000 US bank withdrawals and 2000 pounds UK bank withdrawals have been questioned. Now in France it is 10,000 per month that will be a problem in euros.
Heck my hotel rooms can exceed that!
Your are correct, not good for travelers…….
correction, You not your
USDX Presently [12.28 NY time ] @ 97.2860 [up from 97.1070 @ Noon NY time – 1 min candles – real-time]
OMG! Now @ 96.9520 huge spike Down from overnight high 98.2360 set @ 4.30 am NY time
Congratulations Cory.
Thanks Bob! It was an amazing day… still sinking in 🙂
Congratulations cory ! enjoy your holiday and dont forget the dental floss 🙂 argentinian beef is super.Its taste and texture is undeniably the no1 in the world.Have fun buddy.
SORRY……BUT NONE OF YOU KNOW MY METHODS……….so that’s okay because tomorrow GOLD will be UP AGAIN !!!!
Smart not to reveal it if you got it.
IT’LL (GOLD) BE UP AGAIN TOMMOROW…………..it’s going up NOW……………….oh, and I will NEVER reveal my METHODS on here………….where’s that UP.UP AND AWAY song !!!!!!
GLD broke the long term up trend line
this month and then retraced above it.
The November low held by a dime and
with less volume. On the weekly chart
the hanging man candle, which usually
demands a retest, did so with success.
An interim bottom is most certainly in!
Cory,
Congratulations on the marriage!!! When are you going and where for your honeymoon?
Thanks Confused! Shannon and I leave tomorrow afternoon for South America. Brazil, Argentina, and Chile. We both love amazing steaks and red wine 🙂
Only thing I am predicting as a certainty is that v.fmg will be a shining light in the pm sector in the coming months. A deal is close.
First Mexican is bankrupt as far as I can tell. It has not even filed 2014 financial statements at the time.
You are not wrong. Give the CEO a call or send him a message. Jim Voisin 519 580 6774 or email him at drift@golden.net. The reason to invest has nothing to do with their current balance sheet.
While down there please check out the Pascua Lama situation. Bon voyage!
Bonzo please…
You want Cory’s new bride to file fordivorce proceedings already ??? 🙁
— LOL
Cory and his bride might enjoy hiking near Pascua Lama high up in the Andes. It is autumn there and maybe the leaves are turning.
Oh. Now I get it.
Profuse apologies, Don C !!
I was thinking of the Barrick-Pascua Lama litigation fiasco.
The penultimately last ”romantic tour” a newly-wed couple would take on their honeymoon is a guided tour of metals mine.
Heaven forbid when the day comes wherein Cory & Shannon are asked by the grand-kids: ”So where did you go on your honeymoon?” – LOL
Talk about ”Bloopers of the Year”. Yes, go ahead, ple-e-ease, call me a ”nincom-bloop”.
I graciously accept the nomination. 🙁
Cheers 🙂
— LFP
Correction:
”Profuse apologies, Don C !!” meant 2 B » ”Profuse apologies, Bonzo Barzini !!”
-LFP
Cory,
sounds like it will be great. The Chilean’s make some great Bordeaux style wines that are perfect for steak. Go visit some wineries if you can. Montes, Errazuriz and organic producer Emiliana are terrific houses around the Colchagua/Maipo Valleys. Never been….will love to visit there one day.
Have fun
******** THE PRICE OF GOLD CONTINUES TO GO UP…………just like I said it would. ********
Gold silver ratio drops below 70 first time for many months. It is a good sign. Hope it lasts.
Tuesday morning gold smackdown coming…. maybe 🙂
Bob UK
You gave me some food for thought
The intra-day low was set Tues, May 17 @ 1142.67 [9.00-10.00 am *NY time*, btw].
The intra-day high was set today ca. 4.30pm @ 1191.56.
In that very same hour on Tues., May 17 the USDX hit 99.32, havongsteadilyretreated from 100.35 set on March 13, zig-zagging sideways until Mar 18 [” Flash Crash Wednesday”, as I call it].
After a short recovery, lasting less than 14 hours, the patient was quicly wheeled back into the I.C.U. and, commencing ca. 11 am NY time, Thur., Mar 19 to present, suffered another relapse, which started with a ”temperature” reading of 99.37 whcih plummeted to 96.8x at 4.40 pm this afternoon.
I’m anticipating an overnight ”raid by Da Boyz”, maybe even 2 of them, in the overnight markets & specifically 1 in the 1.45-3.15 am period [I call it the ”witching hour”].
Gotta go. Market openin as I type
Chhers LFP
IMO, if it holds 1188.55 to the close we’re AOK [but in all honesty, it’s been a good run for DEE BOOOLZ, SENOR
[I’d be taking profits like a 1-armed bandit calling on twin sisters. HeeHee]
Any way 5.01 pm NY time on the dot as I type.
1188.55 now being tested
Either tomorrow or the day after bob….lets get ready to rumble 🙂
P.S. Bets anybody ?????? ….
Gold has had 4 consecutive UP days – this has not happened in quiet a while.
The downtrend for gold seems to have been broken on a daily chart.
I think the odds of a fifth UP day are low. However, sideways or slightly down for 2, then up again is my guess. I don’t trade gold, so I really don’t care about exact prices for resistance/support. I trade PM stocks, and every one is different.
5.10 & holding @ 1189.34 , but the last 2 mins are the biggies
5.11 & holding [1189.270
Last 2 mins will tell
I’m thinking it starts going down tomorrow with the big gap down Wednesday morning.
Good time to catch everyone long gold and euro here.
great minds think alike chartster …..just kidding 🙂 GL buddy
Chartster take care and keep a tight stop loss because there is a huge support at 1170-1160 area especially the 1170 which is a weekly pivot point.If price goes below then lower lows(lower then 1130) are in the cards but if it bounces off that support barrier then another upleg (wave c)would take price to the 1210 area.Just nmy 2 cents.
They will smack it down soon. Just sucking in punters at the moment IMPO.
1193 is a huge resistance bob.It is almost there.I am in a wait and see mode.Bob the next down leg could very easily be wave b of an abc correction although I doubt it.Nevertheless I will keep a close eye on price reaction as it enters the 1173-1161 barrier.take care mate and gl
Chartster if the latter scenario comes into fruition and price bounces off the support then the 1210 target would likely be reached by the first week of april.
I appreciate the heads up.
It looks like we are a few days late in the cycle. Metals should drop for the next few weeks. I’m hoping it’s the washout that ends the bear.
Based on the financial happenings globally, and all the charts, something really big is about to happen. Like asset based currencies and bonds, debt swaps with countries. All kinds of things are happening. I think the big gold drop is when China pulls the vail off the gold holdings.
When China repatriates about 12,000 metric tons if gold?
Sum Ting Wong
Lol
Russia is thinking about launching a eurasia currency union together with kazakistan and belarus to help overcome oil prices and the decline of the ruble.This is the beginning of something much larger and china will be part of the game.Currency derivatives(26 trillion) tied to the value of euro are in jeopardy like never before.The financial collapse is gonna be cataclysmic.Its a matter of time.
I can almost smell that Russia is about to revalue the ruble.
Chartster gold will continue to lose its luster because it yields nothing.The biggest drop in gold will come when stock market starts collapsing.It will draw everything with it real estate ,paintings,vintage cars,wine, energy stock , pm stocks ,transports etc…A big natural reset like it is suppose to be as long as the fed do not interfere once again.
Don,
I’m not so sure about that. The dynamics if the financial system are changing rapidly. What happened under a fiat currency system before could be different this go around.
That being said, I think the stock crash is the last part of a reset of dismantling derivative paper. I think when stocks crash ( this time ) gold goes up.
Volume subdues Now the pop
small profit taking tomorrow is the easy call.
Congratulations Cory!! I would pray that everything Almighty God wants for you and the new Mrs. Fleck, come about in your marriage, and for you both!!
PEOPLE ARE SO NEGATIVE ON GOLD…
Congratulations with your marriage, Cory!
UK Citizen Won Law Case That BBC Had Advance Knowledge of 9/11
March 23, 2015 | Categories: Announcements | Tags: | Print This Article Print This Article
UK Citizen Won Law Case That BBC Had Advance Knowledge of 9/11
A British judge ruled in favor of a UK citizen who said that the BBC’s premature announcement of the collapse of WTC Building 7 proved advance notice and constitutes a violation of the UK Terrorism Act as the BBC did not report to authorities that the BBC was told the building was down before the event happened.
Very interesting. Read here: http://www.globalresearch.ca/bbc-foreknowledge-of-911-collapse-of-wtc-building-seven-british-man-won-law-suit-against-bbc-for-911-cover-up/5438161
Under UK law the police have to investigate, but Washington’s sock puppet Cameron will invoke “national security” to block the police investigation of the BBC’s advance notice
9/11 was a false to give the u.s. the excuse to attack the talibans in afghanistan and put a puppet regime.U.s. covert ops around the world are now being financed thanks to afghanistan i.e. poppy fields.Besides that afghanistan offers a superb logistic for u.s. troops when they come to attack russia.But above all afghanistan was needed to pass the trans afghanistan pipeline thus avoiding both russian and iran.
****** AMERICA HAS BOWED DOWN TO CHINA AND HAVE NOW JOINED CHINA’S AIIB BANK *******
This country knows that they are DOOMED……..help us CHINA HELP !!!!!!!!
Canada bowed first! Come on up lot Hongcouver. The place has been detroyed.
WELL,WELL, WELL…………….TODAY IS MODAY, AND WHAT DID I SAY WOULD HAPPEN TO THE PRICE OF GOLD TO ALL YOU NAYSAYERS……….CFS………CHARTSTER……..