6 days in a row the markets have fallen… Is this the start of something?
Rick continues to think that there will be a significant fall in the markets in October. This will hit everything but gold may actually do well in the short term what it happens.
Click download link to listen on this device: Download Show
The Dow now has four lower lows.
And volatility has been smashed.
“Six days on the road and I’m gonna make it home tonight!
Some old school Sawyer Brown from when I used to listen to him! Nice, Silverdollar!
FYI:
http://www.goldcore.com/us/gold-blog/gold-bullion-demand-in-chindia-heading-over-2000-tons-again/
The West continues to give its gold away.
Good article CFS.
Rick
It’s a shame you are one of the best technical guys on the site and yet you are so wrong on the U.S. $
You are totally on the wrong side of history.
Why does anyone want to believe the $ is going to 120?
You keep talking about this rising $, yet it has stalled out between 98 and 98 and is going nowhere.
Cory you can’t think of many reasons why we won’t have a rising $
I’ve got a trillion reasons.
You must be listening to Larry Kudlow and his king dollar crap for too long.
The U.S. DOESNT WANT A STRONG $
the U.S. Will print as many $ as needed to get inflation
All these countries merely pass QE BATON.
Sure enough the U.S. Will get the Boston again.
You envision a deflationary world where all asset prices are crashing and the $ is in demand.
BORROWERS WILL NEVER EVER BE ON THENWRONG SIDE OF THE $
People LISTEN CLOSELY
THIS IS A DANGEROUS AND RECKLESS POSITON HE IS RECOMMENDING.
IN TWENTY YEARS DOCYOU REALLY WANT TO HAVEYOUR CHILDREN HAVE A PILE OF $ OR A HOUSE, OR QUALITY STOCKS, OR EVEN DARE I SAY GOLD
Once Europe truly implodes, the Fed could print all they want and will still have a higher dollar because the US is still the most credible and the world reserve currency (with the only other competition, the Euro, making anyone questioning a competitor laughed out of town). What will make the dollar fall? The yen? The yuan? Gold? LOL.
Hyperinflation will happen once the US is the only one left standing and then down the road, the world will realize the emperor USD has no clothes. Until then, everyone will be focused on the bigger problems in the rest of the world, which will drive the USD up.
BUT there is absolutely no reason why gold can’t soar while the dollar soars against other currencies. Even if the vast majority of funds are flowing into the dollar, enough are likely to flow into gold that it can rise substantially even before the dollar peaks and turns down.
Here’s a little 3 month long example:
http://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=1&mn=2&dy=0&id=p19947228747&a=419391434&listNum=1
In order for gold to soar while the dollar soars, it must become a “safe haven” in the eyes of many who have given up on its safe haven status.
From the dollar’s all-time low in 2008 to the middle of 2012, the dollar went up 18% while gold climbed 80%.
Oh, and Matthew, what are your thoughts on PZG and the latest news in GORO today?
I took a look at PZG a few years ago and came away with a positive opinion of it but I didn’t buy and have not followed it since.
I sold the last of my GORO in the $20s and haven’t bought it back. It looks like a great deal to me even though they seem to have struggled a little in recent quarters. The yield is not bad at all and if gold is finally near an important low, the dividend should be safe and eventually rising. No one should act on my opinion though since I have not taken a close look in quite awhile. I could be missing a lot of new info, but it sure was good to me in the past.
I just took a look at the chart for PZG and it looks very good to me. Even a modest rally for the sector could see it go to $2.45 easily before taking a break.
http://stockcharts.com/h-sc/ui?s=PZG&p=W&yr=5&mn=3&dy=0&id=p80441525580&a=419445078
I’ve followed Paramount Gold for couple years. I like them, and it would depend on how things go the next few days on if we get the bounce in PMs or a major dump.
First support is the recent low at $1.11 ($1.12 was peak on 03/24/15 as well).
Next major support is at $.95 (the low on 03/11/15 that was bracketed by $.96 on either side)
First major overhead resistance at $1.50-$1.60 zone, then 2nd resistance right at $2.00 even (04/17/15 peak).
I think both you and Matthew are right.
I am wondering how many years Rick has been bearish. I don’t remember he was ever bullish, on the market all the time and gold most of the times..
I have a profit in the gold miner PZG… but to be fair I bought yesterday 😛
is that blood on the tongue…………..(.like buy when there is blood on the street)
The smiley’s mouth does look a little bloody now that you mention it (gross). I’m pretty sure this company is nearing its bottom (but let’s wait until Spring 2016 to make the final call).
http://finviz.com/quote.ashx?t=PZG
I threw in my 2 cents on support and resistance numbers above. Good luck!
THANKS RICK………