Views on the Forum, the U.S. dollar, gold and, of course, the conventional markets.
Click download link to listen on this device: Download Show
Finally, someone said the word “Bowl”; this means I Can post my VERY favorite chart of all time: The 35-year cup-and-handle pattern for silver.
economati.blogspot.com/2013/08/another-techincal-analysis-modeling-of.html
I love the cup and handle pattern Brian…typically a bullish indicator.
Since Al and Doc mentioned posting links as helpful info, here’s one on that chart pattern:
Now, I just going to repost my comments from Rick’s thread hear, as this was a great daily editorial from Al and Doc on the USD, PMs, and the general markets. I feel sandwiched in between Rick Ackerman’s outook and Doc’s outlook with a higher dollar (but only to 110), some pressure on PMs and commodities when it tops, but maybe like a 7-10% fall, and definitely not a 30% fall. So again, somewhere in the middle of the those two very intelligent gentlemen.
On April 14, 2015 at 11:05 pm,
Shad says:
Interesting comment from Rick A. today, and I agree on the dollar still having room to run higher.
Earlier in the year my first target was between 100-102 for daily cycle top, and that came in on the March 11th and March 13th double top in the dollar at 100.39. I stated several months prior that the dollar would roll over from that area (which it did), and give a short term boost to PMs and commodities (which it also did).
Around that same time I mentioned that my intermediate term (and possibly major top) in the USD is targeted at 110 for the mid-term (next 3-4 months). Personally I don’t think we’ll take out the old highs of 120, but certainly wouldn’t rule it out of the possibilities. Rick is using a much longer term time frame for his 120 target, but I think the dollar finally gets it comeuppance after the next blow off top.
One thing that a surging dollar will likely do is put some pressure on the PM and commodity space, and this is why I feel that the major bottom in commodities will happen when the dollar hits those higher levels in the next few months. This will be a “back up the truck” moment in select stocks in many areas within the Commodity and Energy sectors.
At that point, I see the dollar rolling over for a while and running into headwinds, preventing the climb to new all time highs. This is a worn out narrative, but I have not been on the bandwagon of the death of the dollar yet until this year. It seems clear that US policies globally, its debt burden, and the American superpower days are coming to a close. As the US Dollar’s place as the reserve currency comes under pressure for the very first time, people will realize the cheese is moving.
When credit rating agencies and the other countries finally reconcile the crazy debt load of the US, they will see the emperor is wearing no clothes. Another headwind for the USD will be growing frustration at the Petro-Dollar from both OPEC and Non-OPEC countries. Lastly, as the currency wars wage on, it is clear that new alliances are being made and the US is being isolated. With the rise of the AIIB and the huge infrastructure of the developing Eastern world, there will be increasing interest in a new basket of currencies which will now also include the BRICS.
I don’t see how all those factors converging will allow the USD to rise much over 110, and think the dollar party ends around that level. Rick is a very sharp guy and he and many commentators that believe the 120 prior highs in the dollar need to be breached should at least be considered as a potential.
that first line should have said “here” not “hear”…..
P.S> For the short term I actually feel all alone as I thought Gold would pop this week, but it seems most are calling for it to keep heading down. I have been expecting a sell down in May, but Doc and Gary, and Matthew/Glenfidish/Brian all feel May will be a positive month, so I may have to eat crow 🙁
I see the points everyone is making, and will just try to stay nimble and react accordingly, but I definitely appreciate the daily editorials and this blog as a in incubator of ideas.
Don’t worry about it Shad. We all eat a little crow with our calls some days. It’s become part of my staple diet actually. I kind of like them done in a crusty pie with onions and potatoes. Crow pie, that is!
Yeah, I may have an order of crow pie served up soon, and offered the rationale for the scenario playing out, but will agree that many times technical patterns are far more of a driver than fundamental reasons. Sentiment is then the wildcard that oscillates between technical indicators and fundamental changes, and it can change on a dime if something suddenly breaks up/down.
If the USD double-tops and the Euro double-bottoms, as you expect to play out, I’ll be watching for that and act accordingly, but if the dollar keeps going higher past the 100.39 level (which I expect it do over the next 2-3 months) then 110 is where I’d cap the rally, and not expect it to take out 120.
I do believe a rise in the dollar would pressure the commodity space in May and maybe into June. However, if the dollar does roll over near 100-101, then I could see the calls for PMs and commodities to rise in May & June, as the reverse scenario would play out.
We’ll have to see where the market pushes the greenback, and when it will decide to roll over and head down to 92.
Well maybe not……..against all the odds, Gold is popping today as was expecting, but I don’t really see why other than technically. It is also to be noted that it was traveling up in tandem with the US dollar most of the day until the dollar just turned down.
If Gold comes out of it’s daily cycle low here and rallies for the next week or two, then things may still play out with the pop in PMs into mid-April, and then a correction in late April down into May. It will depend on if Gold can rally above $1222-1223 and head towards 1239 by the end of April.
I will say that GDXJ is on a Freakin’ tear today!!
It might be a bowl-shaped formation like the one in 1999-2001 but it’s not a sure bet though. Other similarities are the potential peak in a stock market bubble, a rising dollar that will come to t top eventually and potential for rising interest rates. Also weak Euro as in 1999-2001. Once the Euro turned up the gold bull market began. However, this time the fly in the ointment might be whether the Euro turns up or blows up.
Also these guys aren’t so bright. They are just stating the bleedin’ obvious as the Monty Python sketch said. We have a bown formation for 2 years it looks like a bowl and then these promoters come out and say it’s a bowl. Where were they when gold crashed under 1500 in mid-April 2013? Where were they in 2011 saying gold was going into a bear market and it would be years before the $1900 region would be seen again? Where were they as the sector started to melt down? Nowhere.
Oops, I meant “bowl formation” and the people I am referring to are the promoters.
And they would admit that.
Great points Silverbug Dave.
Sprott said that gold would be $2000 by last 31 December, didn’t he? I wouldn’t call that right on. I would say that Sprott’s call was ‘right off’ – or a ‘write off’ perhaps!
It’s time to ‘write off’ the promoters.
Funny Silverbug Dave. I do still value the insights of Rick Rule, and while he often has been wrong on his calls, he does have a way of talking that always catches my attention. Rick also has a great deal of experience and track record that I do respect. In addition, the company analysts for Sprott Inc do have a general pulse of what is going on with the miners and this sector.
He was a little early to the party though……
sorry….bonne chance mes amis!
Apr 14 Gold: Are Greed & Fear Becoming Irrelevant? Stewart Thomson 321gold
Thanks Agatha!
Confused, you can add one more to that group FWIW. Doug Casey sez the lows of last Fall at about 1140 were it. May they all be right. At least they put their reputations on the line and are NOT in the group that sez it’s “going up unless it goes down but it might just chop”, I get real tired of useless commentary……..
Ditto that. If you have to hedge every opinion, you don’t have an opinion!
What amazes me Chris is how different all the analysis is on gold lately. At one time it seemed you could get a consensus view amongst the gold community but right now it is like a state of confusion has set in. As always though, the market will fool the greatest number of people most of the time. Only one call will be correct in the end.
Great comments Doc! Your advice to just ignore certain comments it is excellent.
he give good advice 🙂
Doc:
You mentioned getting through spring, before your apprehension subsides. Knowing that gold’s low from a seasonal aspect usually comes in late June, early July, are you thinking the lows may happen before then?
This is what I’m “hoping” for in the technicals. I believe we have some downside pressure here yet in April and I would like to see the monthly close below last month’s close but not appreciatively. If we get that, the laws of average and odds say we would most likely see a higher close for May. That would give us a cushion going into June/July. The other interesting technical I’m watching is the monthly bollinger bands which are really starting to narrow. If we get a jump in May, they’ll really be narrowing and that set’s up ultimately in the following months a significant move either up or down—-especially if the lower BB is moving laterally and in May we have a close above the 20 month BB moving average. That would be a close between 1250 and 1300.
In a general term I think gold has found its fair value and will rise with inflation and the dollar. Maybe…..I think…..hmmmm. (;-)
Maybe 🙂
Good question Silverdollar. I think this late Spring May/early June will be very key for completing larger and longer term patterns, so it will be fascinating to watch.
From the COT report I that gold should go up now …
– Massive double bottom.
– Inverse head and shoulders
– Volume bullish
– Elliott wave 1-2-[i]=[ii] …
– COT report suppose we go higher :).
But manipulation can cap the price.
1200 is a psychological level.
We will see …
Very nice summary from a multi-indicator perspective ~ Brian
This is an excellent article about the situation in Greece from UK Channel 4’s Paul Mason – whom I rate highly. It is worth having a read as you get a good grasp of just how much, or how little, money Greece has left.
‘Greece: why something has to give’
http://blogs.channel4.com/paul-mason-blog/syriza-verge-nervous-breakdown/3571
🙂
Ahh..it’s NYC!
Rupture or rapture an interesting Freudian slip – thanks Bob. I too like Paul M.
Great article—-what it also suggests are all the different moving parts, political thought processes and like QE no knowledge or plan on how this whole mess for Greece and the Eurozone will turn out.
‘Varoufakis sets up date with Obama to break Greece’s debt stalemate’
One thing that puzzled me Bob, was why on earth did the Greeks pull the Nazi atrocities card during a fairly sensitive period of negotiations on their debt with Germany. What ever Greek knuckle-brain was in charge of media spin sure blew it on that score. It made no sense at all because that play would just guarantee the Germans would get their backs up and put a chill on any further friendly discussions.
And now they want to appeal to the President. But don’t you wonder how the meetings Varoufakis had with Putin in Moscow just days ago are going to play into this drama. And is Greece playing off West against East even if they don’t articulate that publicly?
All I can say is something is going to give soon. But what we cannot know.
Well, the only country that came out of WW2 richer was the United States… and the United States pumped vast sums into both Germany and Japan… whilst all the countries that had suffered at the hands of the Nazis, or the Japanese, were left financially bust and in huge debt to… the Americans.
But no one has really talked about this for decades as it was seen as something acceptable in order to bring the European countries together. However, Germany has benefitted enormously from the EU and the Euro whilst everyone else has suffered to, at first, a strong Deutschmark and then to a Euro which was weighted in favour of the Germans.
Bottom line, now that others need help – such as Greece – the Germans are basically washing their hands of the entire matter… except that they want the EU to bail out allWW2 at the the German banks which lent out of control to the Greeks.
Germany’s wealth, in a large part, is due to massive debt forgiveness and financial support in the post-WW2 decades. So maybe it is time that the Germans were reminded of this. Greece suffered horribly during WW2 at the hands of the Nazis.
Uk Bob, I believe in your opinion, you have completely underestimated the German work ethic. It is a fact that for decades the Germans have been paying a large share of the EU running expenses. Certainly they have benefited from a unified large free trade zone, but it is not clear to me that they have benefited more from the existence of the EU than they would have without an EU. The other factor, of course, in Germany’s post WWII development is that their defense expenses have been smaller than they normally would have been and on re-building after WWII thanks to the Marshall Plan they restarted with new factories.
UK Bob, As a matter of information, England was forgiven much of its debt owed to the US for War Material.
From Wikipedia:
The Marshall Plan |4|
Between 1948 and 1951 the United States devoted over thirteen billion US dollars (eleven of which were freely given) to restore the economy of seventeen European countries in the context of the Organisation for European Economic Cooperation (OEEC, today OECD). The total of US aid amounted to approximately 90 billion of today’s US dollars. The United States demanded a number of commitments in exchange for their aid: first, European countries had to coordinate reconstruction expenses within the OEEC. The United States thus contributed to European cooperation, a prelude to the construction of Europe in order to reinforce the Western bloc against the Soviet bloc. Then they demanded that the money received be used to buy goods produced by their industry.
To those grants within the Marshall Plan we must add the partial cancellation of France’s debt to the US in 1946 (2 bn USD were written off). Similarly Belgium benefited from a reduction of its debt to the US as compensation for the uranium provided to make the first two atomic bombs which were dropped on the Japanese cities of Hiroshima and Nagasaki and which resulted in a first nuclear holocaust. The uranium had been extracted in the mines of Shinkolobwé (near Likasi, then Jadotville) located in the province of Katanga in the Belgian Congo. First move: Belgium was granted debt cancellation thanks to its colony, the natural ressources of which it lavishly exploited. Second move: some fifteen years later, Belgium transferred to the newly independent Congo the debts it had incurred in order to exploit those natural ressources as well as its population.
The 1953 London Debt Agreement, or the German debt
If West Germany could redeem its debt and rebuild its economy so soon after WWII it was thanks to the political will of its creditors, i.e. the United States and their main Western allies (United Kingdom and France). In October 1950 these three countries drafted a project in which the German federal government acknowledged debts incurred before and during the war. They joined a declaration to the effect that “the three countries agree that the plan include an appropriate satisfaction of demands towards Germany so that its implementation does not jeopardize the financial situation of the German economy through unwanted repercussions nor has an excessive effect on its potential currency reserves. The first three countries are convinced that the German federal government shares their view and that the restoration of German solvability includes an adequate solution for the German debt which takes Germany’s economic problems into account and makes sure that negotiations are fair to all participants.”
Re: Bob UK: “and the United States pumped vast sums into both Germany and Japan”
Hmmm, that sounds to me like the start of a big round of outsourcing!
The implementation of the Euro effectively paid for the reunification of Eastern and Western Germanies. Have a google.
Those were all good points Bob. I have got to agree with you where debt forgiveness for Germany is concerned. I guess my point was that it just seemed bad politics to bring World War II into the discussions at this juncture just days or weeks ahead of a possible resolution. Those aggressive tactics speak loudly to the obvious desperation that is felt in the new Syriza Government and basically….it just looks bad on them. They probably should have held that Trump Card a little closer to their chests and used it more strategically down the road. Just saying….I think the strong stance, while legitimate, was premature and not well thought out.
I think the Greeks are simply being seen to have done everything and anything to try and get out of this mess… and then they will default… and they will do it when no one expects it to happen… the global markets will panic. Major banks could do a Lehman.
There is no way – NEVER EVER – that the Greeks can repay back what they owe and their debt is getting greater by the day.
If global IRs rise the matter will be taken out of their hands anyhow. But it won’t even get that far as they are running out of money and no one will lend to them. A default is inevitable.
I think they will default and then basically force the EU to kick them out of the Euro – but that would be a mess as well as there is no mechanism in place for this to happen.
Meeting Obama is just showcasing, as it was meeting Putin, so the Greeks can say “Look, we tried everything and everyone turned us down. It ain’t our fault!”.
I really must disagree with you again UK, Bob. This is not personal.
But the Greeks have done nothing to try to effectively increase tax collection or decrease spending.
They have done nothing. I’m in Greece every year, and for several years now on entering a typical ma & pa shop is that they ask you if you want a receipt and offer a discount if you don’t. i.e. they split the unpaid VAT with you.
The reality is that it is their fault!
The Greeks have done everything and anything that Socialists can do to get out of the mess – i.e. more or less nothing.
They have done nothing because the amount of money they now owe is so vast that a country the size of Greece can never repay it.
Have you been to Greece? Have you been there since the Euro was implemented and seen just how many Germans have second or third homes in Greece? What do you think that did to house prices in Greece? Who was doing all the mortgage lending? German banks perhaps?
Are you aware of all those German banks offering ‘cheap’ loans to Greeks to buy German cars? German electronics? German washing machines? Twenty years ago you would go to Greece and, outside of Athens, the main form of transport was a donkey. After the Euro suddenly Greece is full of Audis, BMWs, Mercs, Porsches – all with a convenient loan from a nice German bank?
The Euro was sold to the people of Europe, mainly by the Germans and the French, that the Euro would be like the US Dollar where a dolalr is worth the same in NY as it is in LA as it is throughout the US. The Euro in Greece is NOT worth the same as a Euro in Germany.
It was, and is, a massive stitch-up that paid for German reunification and powered ahead the German economy through its banking system. They got the Greeks massively in debt to levels that became unpayable and then, like a drug dealer, demanded payment for the drugs dished out.
Moscow now she is a great place to live and let live
They made a boo-booon their What Greece owes and when chart. They put the scale in € billion not € million. Otherwise, if they have got to pay 744.9 billion on 12 May then they are really in big trouble.
I am referring to the Telegraph article that Bob UK posted about a mile up this page from here!
‘Varoufakis sets up date with Obama to break Greece’s debt stalemate’
I agree with you, Big Al, over bickering and name-calling. When the signal-to-noise ratio on your site gets too low, I stop posting, which decreases the signal further.
I agree with Doc (as if anybody cared!) but not on the Eurozone. If Greece leaves, then what will happen to its debt? Won’t they default? Or will there be a write-down of the debt? What will happen to the banks in that case? Won’t there be possibility of a major deleveraging event or contagion, which could make the dollar rally big time?
If Greece does leave, the Euro might have a dead cat bounce but losses will have to be put on the books and the prospect will be of far larger losses as the other PIIGS countries come under the crosshairs.
What might be needed is a co-ordinated exit of all the PIIGS countries and some kind of plan like the Dawes Plan to work out Germany’s debt in the 1920s. Although both the Dawes Plans in he 1920s failed of course and Germany was eventually forgiven its debt just in time for Hitler to come into power. Are the Europeans up to the task? Not on current performance.
I just think that the Germans are laughing all the way to the bank right now as they trash the Euroo to parit wih the dollar and big profits roll in for German companies who are competing with the Japanese the other big currency debaser. When the Euro gets under a dollar maybe they might start to make an effort to resolve the Euro crisis but all they are doing at the moment is kicking the can down the road and devaluing the Euro.
Interesting commentary, Silverbug!
Cheers Al! The ol’ voice is sounding a bit better now!
I noticed that too Dave. Big difference in Al voice in just a few days. He is on the mend.
Slowly but thankfully very surely.
Thanks guys!
As. I said above, THANK YOu Dave
But that assumes that all those writedowns will actually be publicly and disgracefully admitted to by the Big Banks (as a shameful dunce cap for still holding debt everyone in the world considered to be toxic for many years). Did the Big Banks in the US ever completely show the value of all of their toxic mortgages? No, and if they had, they would have been all deemed insolvent. They live under their mark-to-make believe balance sheets, and I don’t think that (should the Grexit occur), whatever banks do have toxic Greek debt on their balance sheets will admit it. If there are probes from politicians, there might be, but as long as the politicians are in bed with the Big Banks (who threaten the end of living conditions as we know it should they fail), is that really probable?
Great point, Wiseguy!
Those are definitely some points to consider Silverbug Dave. At this point Europe and the Euro’s fate travels along the edge of a knife. Greece leaving could cause gyrations up or down depending on how it happens, and if it emboldens other countries like Portugal or Spain to do the same thing.
BIG AL…………….this is why I stopped posting,……I introduced the MARK GOLD COMPUTER SYSTEM here on your site a few weeks back, while you were out sick and it was demonstrated, tested and proven as an almost perfect set of algorithms for determining the price of gold………..because I got a lot of positive comments from others here on this site, there were some on here and they know who they are who hated the fact that I was drawing too much attention with my system as well as my post! These individuals are not only immature but they are both selfish and jealous! As a result I will never share my results or predictions which were almost 100% correct here on this site ever again!
Mark, you the man.
please share with us, I did enjoy yo cmments.
Sorry Mark but as you said I was out dealing with a stroke.
Mark, I would love to have your system brought to the forefront. I’m sure now that Al is in the saddle, he’ll have a chance to work with you on it.
Of course we will, Mark.
Guaranteed.
As for me, I was always interested in your posts Mark, but didn’t comment on them as there many people coming at you. In my experience, nothing is 100%, and I think I remembered you saying you needed to fine tune it when it was off the day that profit-taking took place, but you were fairly accurate.
What do you think will happen in late April going into May. Will the dollar top and send commodities higher the next 2 months, or will the dollar keep going higher and pressure the PM space in the late spring?
I will share this and only this from my system…….gold will trade higher in May and will reach new current highs, but as for April it will continue to hover around and play with the 1200 dollar price as we finish the month………..the dollar will begin to fall some in the month of MAY and also in JUNE………Look for more highs in GOLD and SILVER in the month of JUNE!
Thanks for your thoughts Mark. Much appreciated.
agree very kind man.
All I care about is when gold will stop the sideways trading so I can take some profits?
JASON…………..look for profit taking in GOLD for the months of MAY and JUNE! Happy trading!
What is R2D2 doing on Doc’s interview? (At 3:37). Where is C3PO? We need balance in journalism these days! 😉
We are still trying to figure that one’s out!
The dollar correction is so minor that it will barely show up on chart. I am staying in US dollars mainly and holding the rest in Cdn for unforeseen expenses etc.
Paul L. – Do you feel that the dollar will double-top at 100-101 or do you think it may keep blazing higher?
My target for the intermediate top in the dollar is 110, but many feel it is about to roll over again very soon. I’d appreciate your thoughts and you have made some good calls in the past.
Massive VIX spike end of the trading day. Anyone know what the hell triggered that?
Major earnings release jitters?
Could be, the Q1 numbers are not going to be very rosy in many sectors (oil, financials, miners, multi-nationals). This may hinder the dollar some, but also may cause a flight to safety in the dollar for the same reasons you mentioned above that you are going to cash. If people start selling the equities and go to cash, wouldn’t that press the dollar higher?
Could be the Titanic trade. Today is the anniversary of the sinking.
spooky.
Who knows eh? If it’s not a blood moon, numerology or an astrological event its an important historical anniversary or other significant market date. You do know the new 666 is 777 by the way? Let the doubters doubt me on that.
A few weeks ago I mentioned the stock NAT—-they came out with their dividend for the 1st quarter and it almost doubled quarter over quarter. Not investment advice but on a pullback folks might want to look at it as a possibility.
Thanks Doc.
You know what’s up with the VIX by any chance? I don’t see any triggers.
POPE FRANCIS ! Will save the USA OPEN BORDERS COMING !
Franky,
This comment is totally irrelevant to this forum.
If that’s not enough now they want to give men silicone injections.” DT
What does this have to do with any of our subjects here?
If you hadn’t deleted my other two comments but I now know what could be happening here.
Please remove my last two posts as well as this one, they are not relevant and as such do not belong here.
DT…..Aren’t you forgetting an apology long overdue to
Pinocchio and Jiminy Cricket. You’re not in compliance
with your master. BTW…knee pads are a plus. Be good.
All you fellow gold comrades and posters ….get it !!!
Do you ? …I certainly hope so.
Some of you never learn and can’t read the sign on the door.
Vantage drilling (VTG) went up 23% yesterday on 5x the normal volume.
With a small but probably the most advanced fleet of jackup and drillships they are a buyout target for the big drillers. Perhaps this surge yesterday is due to something is in the pipeline.
This was a 2 dollar stock just last year (jumped up to 40cents yesterday).
Thanks for pointing that out Biggus. I’m going to check into Vantage Drilling.
its a relevant idea for Al to edit comments due to the recent absence of editing by the forum members.
Thanks Al for keeping the comments on topic here.
Only seems like the right thing to do.
I don’t much care what anyone says as long as it is not derogatory and directed specifically at someone.
Keep an eye on the Canadian dollar in the next few days….it is maybe…..just maybe ready to break out from its base and head higher. Now, that would be very auspicious for both metals and energy.
Canadian dollar breakout coming? Get outa here, eh!
http://www.xe.com/currencycharts/?from=CAD&to=USD&view=1Y
Go oil Bird..some energy stocks doing well.
My LRE.To is flying. Price target is $3.25.
Yes Bill. Energy is up nicely. When I wrote about the CAD earlier this morning it was trading below .8050 and then it just took off like a rocket triggering crude, natural gas and heating oil all at once…..metals, grains and most softs caught the bid and down went the dollar. I keep saying that you can literally see the Algo relationships by their definitions on currencies, commods and bonds on a screener. So its readily tradeable even if you don’t have the computer power of the big outfits. But you have to get a good sense of what moves what day to day and what is setting it off. The relationships are constantly changing.
So anyway, today it was unquestionably the Canadian dollar that played a key role and it has indeed broken out of its range where it was stuck for the last three months.
Thx Bird
I’m actually on pulling a emergency generator. Way up to the oil patch. 4000km trip. Driving so ttyl
I have probably done that trip myself Bill. Its a fantastic scenic route from Vancouver up to Jasper and then Northward after you get through the Rockies. Man, I miss my driving days in those parts of the world. In times long past now I would go 16 hours almost non-stop without a break and cover two provinces. I had a great breakfast place in Jasper but just cannot recall the name anymore. Downtown near the train station….eggs, a heaping pile of bacon, potatoes and toast. It was worth the drive!
Jasper is great. But going through stinky Prince George the to fort john. Then a Helicopter. Do you thing the loonie could grw some legs??
Cherrsy
Want to text more but driving
Drive, do not text! I am serious.
I know you are Al….I’ve clocked 600,000 mm in BC building cell networks and talking on a cell since inception on cell networks. Thanks guy but you don’t have to worry about me. Zero accidents As well. Safety first.
Yes Bill…that move on the Canadian dollar was fantastic and it has wind at its back. I mean there is momentum in that trade and not a whole of major overhead resistance for awhile.
Bird is the loonie in for a good rally?? Thx!
Thanks Bird. Yes I want to buy a lot of USD and I’ve been waiting hoping for a breakout.
I agree with the doc here….as well as Rick Rule and the folks at Sprott who have been saying that we are in a “bowl-shaped” recovery in the gold/silver price. There always needs to be a “wall of worry” for prices to increase. As for the dollar index….that’s a wild card. During the Grexit(s),there might be a quick drop of the Euro which approach Rick & Gary’s 120 targets followed by a very quick snap back and a much higher Euro. My sense is that Sprott, Doc and Rule are right on the recovery in the gold price….who the hell knows….! Bonne change fellow speculators;)