Let’s give Gary credit where credit is due.
Click download link to listen on this device: Download Show
Gold is definitley moving up slightly and the domestic conventional markets are not moving up as many thought they would. Gary Savage makes some thought provoking comments a to where this all could lead.
It’s been my thought that this rally would be different than the last four bear market rallies. This one may make a higher intermediate high and go above 1230 scaring all the bears and making it very difficult for the shorts to get back on board. That would generate the fuel needed for a final drop to 1000 or maybe even as low as 850.
Thanks again. Just listened to your comments again. It sounds like you think there is still a chance for scenario 1 to play out if they succeed in knocking gold down to 1033ish on Sunday night/ Monday?
Well it’s more dependant on oil and the CRB. If it continues to collapse then gold will probably follow and the attacks will succeed whereas the one this morning appears to have failed.
I’m leaning towards they will succeed in attack on thinly traded market on sunday. I don’t remember when they have not so one would want to stay clear until then IMHO.
That will run stops on Monday AM and create that reversal candle by 12pm on Monday. STAY NIBBLE!!! HAHAHAHA. Thanks Gary as always.
I’m cautious about that as well Stewie, and may trim some of my profitable positions today to take a few chips off the table and see how it goes on Monday. I’ll leave a few positions in place in case the rally continues.
Glad I left a few positions on as Gold has broken above $1103.66 and is currently trading above $1108.70, confirming that Friday was the start of the August rally.
Yes, I was actually happy to see this mornings attack fail and reverse right back up and punch through the $1094-$1095 ceiling, but didn’t think Gold would break $1100 on its first attempt anyway.
I wanted them to break 1080 so they can run it to 1064-1043-1033 levels wherever it may fall. That would give us more explosive rally from those levels as both short covering and commercials would go long for the trade. I guess we will know soon. I’ve always been too early on the trade so this time I’ll see if 1100 or 1080 breaks first. Even if 1100 breaks i expect Wave 4 to be weak anyway so if 1100 breaks to the upside commercials may setup actually trap for longs and drive it lower, although since they are capping it at 1100 i think they want capitulation now/soon. I’m staying nimble. hehe
Good thoughts Stewie, and I agree with you that the move up may have more percentage gain if Gold got pushed down to $1064-1043-1033. Whether on not $1076 will break on Monday or the beginning of next week remains to be seen.
If $1100 + breaks to the upside then I agree with you that the move up will be more muted, but I’ll sell into whatever strength there is, and go back to the sideline for the next drop down if that is the case.
Good luck man!
Shad agreed bro. Good luck. Myself i don’t care for small rallies. Too much risk not enough % but if one is good one can definitely make some $
I generally just play short term moves, so I like the small counter-trend rallies, and do fairly well with them. My weakness is selling out of strength too early on the larger rallies.
I guess we’re waiting on Monday to see if $1076 will get breached to the downside to the downward support levels, or $1103.66 gets breached to the upside (using Don C’s number) confirming we are already in the bounce. I trimmed my positions in some of my winners back a bit today, but still have some positions in place in case Monday is a continuation.
Great conversations today by the way!
Have a great weekend man and we’ll pick this up again Monday morning and see what the market serves up.
We are not there yet gary imo.The intermediate low is yet to come.gold is in consolidation right now and as long as it does not rise above the 1103 the chances are that it will drop lower to below the 24th july low targeting the 1071-1035 target.it is gonna be a swift move because 5th waves that come out of long consolidation tend to be violent taking approx a 2-3 days.
PERFECT !!!! I AGREE 100% although Gary outlined those both scenarios. It’s impossible to know which way it will go. One has to take a side now. No way around it.
stewie this move up must not exceed the 1103.66 otherwise it would be invalidated which means that the bounce has already started.gold is consolidating into a symmetrical triangle.it is testing our patience.My belief is that it is going to break to the downside to the 1071-1035 level from were a bounce is expected.The bounce is gonna be violent imo.What we will see in the next coming days is a v shape recovery.Bounce will then target the 1106-1230 level depending how low it will drop when it breaks down from this consolidation.
Don i was thinking the same thing myself. Good thoughts Don and Shad.
Don do you expect this to be final bear market bottom or do you expect another leg down. Just curious?
deflationary pressure is gonna be so huge that it will choke every commodity on earth stewie.Don’t know the exact figure were gold could drop in the distant future but If I guess I would say 450-600.When we reach the 800 area a huge bounce will take gold to the 1500 but then down it goes again to 450-600 level.That will coincide with the downfall in stock market which is gonna be epic.
Don C, do you think the bounce will be on the next dollar bear market, if the dollar follows its cycle of the past 45 years that might occur 2016-2014)? Then new lows to come in the next leg up in the US dollar 2024-2032 to a final low in gold? Or do you think the move to 800 then 1500 and then to 450 can occur in the next few years?
I wonder if the US dollar has broken its 30+ year down cycle to the upside and is going to reverse higher over a long period (20, 30 or 40 years). I think it depends most on the Eurozone crisis and deflation generally plus the potential for hyperinflation in Japan. The UK at present is kind of tracking the dollar a bit.
Potentially, European integration between 1970 and 2010 might go into reverse. This was the period ond the dollar downtrend channel so if Europe unravels I can see the possibility of a highly extended dollar bull market.
Of course the next president in the White House might also be a factor.
I meant dollar bear market from 2016-2024 possibly then bull mkt 2024-2032 on it’s typcal 7.5-8 year cycle up and down.
30 cent Al…………….
I think Gary is correct on SUNDAY NITE ATTACK……………..
WHY? a Sunday Night Attack.?
Note: 1. We are not close to a settlement day in US on COMEX or in London.
2. The amount of physical is getting low and thus the duration of low prices prior to settlement days must be kept short or too much physical will disappear.
3. If the Bullion Banks are still trying to make money out of price suppression, they have to allow time for the idiots to acquire a large long position.
This was just a pattern that was applied by those pushing price down….dumping paper early on Nyglobex, while most were asleep ….MOST are asleep early morning, that watch Comex or London,….
Btw……..maybe we get a switch this Sunday, ….who knows for sure……
Can not disagree with your LOGIC….on point 2 and 3………but , there is nothing logical at this point.
I find that if something does not appear to agree with fundamentals + logic, that it is because usually of my lack of knowledge. of course, in applying analysis one has to consider manipulation; by whom, their motives, their capability, etc..
In this regard, given the capability of the Fed with regard to money printing, one really has to be very careful, because logic would imply the Fed has incredible power for propping up or knocking down any market. That is where true motives are important.
Good point CFS. Especially the last one. Gold needs time to burn off its oversold condition and absorb longs that are anticipating a big rally. It will take buying and / or short covering to get it moving again but for the moment seems pretty subdued. On the hourly chart we can see that gold is slowly tracing out a pennant formation though going back to July 23rd so the movement within the trading range has been narrowing for the past couple of weeks.
SAME ole , same ole play……………Friday close will be up…..
TOLD YA……………..
And with regard to labor statistics; how can they have ANY meaning when most illegals are NOT COUNTED IN ANY WAY?
Good day CFS – I just responded back to you on the Doc Postma blog from yesterday regarding Silvercrest. I’ll just repost it here, but there is a bunch of info at the bottom of Doc’s blog from yesterday at the bottom, including highlighting the 22% increase in Seabridge (to circle back to the weekend show coverage).
__________________________
On August 7, 2015 at 8:57 am,
Shad says:
“CFS – They (Silvercrest) are being acquired by First Majestic for consideration of 0.2769 of a common share of First Majestic (the “Exchange Ratio”) plus C$0.0001 in cash per SilverCrest common share. For me, the bounce in PMs will help First Majestic, and the price of SilverCrest is now pegged to the mother ship.
The financials will be irrelevant once the acquisition happens, and Keith and the team at First Majestic are more than capable to get things rocking with Silvercrest’s assets.”
Silvercrest Mines Inc. (SVLC) -NYSE MKT
0.8869 Up 0.0569(6.86%) 11:40AM ED
First Majestic Silver Corp. (AG) -NYSE Watchlist
3.16 Up 0.14(4.64%) 12:08PM EDT – Nasdaq Real Time Price
________________________________________________
Silvercrest is actually outperforming the ratio at present:
($3.16 AG x .2769 exchange) = $.875 (Currently SLVC @ $.8869)
Sorry about that last post, as it wasn’t making sense that it would trade at a premium to the ratio, and I updated the pricing a few moret times and my browser was stuck. The ratio is back on the money and will likely remain pegged to AG from now on:
Silvercrest Mines Inc. (SVLC)
0.8721 +0.0421(+5.07%) AMEX – As of 12:15PM EDT
SHAD THANKS FOR THE FOLLOW UP ON SEABRIDGE…………………..ootb
Yes when I saw it was up 22% earlier, I almost did a laundry drop in my pants 🙂
On the Doc blog, I did a recap of last weekend’s thoughts on Seabridge, and appreciate that Big Al and Cory had Rudy on the show ahead of the curve.
SEABRIDGE GOLD PILOT PLANT SUCCESSFULLY TREATS SELENIUM IN KSM WATER
Tuesday, 4th August 2015
Correction – now up 23.71%. Wow.
Seabridge Gold, Inc. (SA) -NYSE Watchlist
4.80 Up 0.92(23.71%) 12:46PM EDT – NYSE Real Time Price
You can always start wearing ………DEPENDS……depend on the on going surprises.
Beginners Luck for OWL………….
Great point FFM – I am going to start marketing a line of Depend undergarments just for Precious Metals and Mining traders for extreme moves like this, so they don’t have to get up from their computer monitors if they get surprised….. Ha ha! 🙂
Precious metals depends
Expand your wealth at every blow off, a holding reserve in every issue.
for Further info mail request to:
Depends for Miners
888 Cover Your Arce at River Bends.
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Ha! “Expand your wealth at every blow off”….In case you have a blow out!
Seabridge Gold, Inc. (SA) Watchlist
5.57 +0.55(+10.96%) NYSE – As of 2:44PM EDT
I’m very happy to give up my SLVC for AG stock. Now if only XOM would buy my DVN!
Agreed on SLVC converting into AG, and good luck on XOM buying out DVN.
Thanks, Shad. I knew that…… and my age is showing…..forgot it.
🙂
Profile for First Majestic Silver Corporation (AG)
$ 3.15 0.13 (+4.30%) Volume: 1.26m 11:56 AM EDT Aug 7, 2015
Income Statements
Revenue (LTM) ($): 167.82m
Revenue per Share (LTM) ($): 1.75
Revenue per Employee (LTM) ($): 57,059.27
Revenue Growth 3 Yr: 3.34%
Revenue Growth 5 Yr: 23.13%
Dividends & Splits
Annual Dividend Rate ($): N/A
Annual Dividend Yield: N/A
Stock Splits: N/A
Quick Ratio: 0.30
Current Ratio: 0.80
Long Term Debt to Total Capital: 0.06
Total Debt to Equity: 0.14
Interest Coverage: -10.00
Leverage Ratio: 1.50
Gross Margin: 35.30%
EBIT Margin: -35.40%
EBITDA Margin: -7.70%
Pre-Tax Profit Margin: 108.20%
Profit Margin (Cont. Op): -45.36%
Profit Margin (Total Op): -45.36%
Management Effectiveness LTM 5 Yr Avg
Return on Equity -12.42% -4.79%
Return on Capital -11.33% 12.23%
Return on Assets -8.43% -2.45%
Asset Turnover: 0.10
Inventory Turnover: 7.40
Receivable Turnover: 3.00
P/E Ratio: N/A
Price to Sales: 1.73
Price to Book: 0.70
Price to Tangible Book: 0.73
Price to Cash Flow: 4.40
Price to Free Cash: -34.00
I hope they have not bitten off more than they can chew!
There will be some administrative savings on combination, but I don’t like the numbers overall…….they NEED higher gold and silver prices, more than other producers!
Agreed. AG had some balance sheet repair to be done for the last 2 years, but they are making gradual process. Higher metal prices will save their backside.
I’m just not worried about them going out of business anytime soon. I think this acquisition will help both separate companies (First Majestic and Silvercrest) be stronger for the longer term with the new combined company.
Great commentary guys, and yes Gary – congrats on the good call. I was there with ya man, hoping for a bounce today or the beginning of next week. In addition, it was significant today that Gold finally punched above the $1094-$1095 ceiling finally, and I didn’t expect it to make it through $1100 on the first attempt.
I agree there may be one short-term attempt at a Gold take-down on Monday, but if it fails, then we should get the continuation of the August bounce.
Mad props to you!
I BET there are a lot taking EARLY RETIREMENT………….and the sucking sound of the money from social security will be quicker and louder than most think…………….jmho.
MORE QE as the treasury needs to fund these BOOMERS…..earlier than anticipated.
Since the Government has perpetually borrowed all FICA tax payments as they came in, writing paper IOUs, all social security will be paid out of current taxation income or future borrowing. When/if borrowing capability dries up all social security recipients are well and truly screwed.
I hope at that time the revolution will take away ALL Congressional perks, pensions at a minimum and for future generations might consider the French Revolution as setting an example. And I’m not thinking about “let them eat cake”, but more “off with their heads”.
The bullion banks took out all remaining shorts this morning so the upside is where it is at.
1 in 3 Americans not working or adding to the tax base.
You guys need to adhere to shadowstats unemployment figures. You are living in Fed land.
good one Matt…….I bet Gary does not read John W…………….
Actually Gary addressed in the audio that he doesn’t agree with the government stats, but also doesn’t agree with the numbers John at shadowstats puts out either. He took a middle of the road estimate of unemployment in the 7-9% range and that makes sense to me (although I think it’s closer to 10-12%)
sorry, missed that one…………..
Shadow stats is even more ridiculous than the Government numbers. Real unemployment is probably aorund 7%.
Not if you figure …….35 hour work weeks……..
employed in a real job …….not flipping burgers or shuffling shirts at a retail store.
EXPERIENCE has taught me that manufacturers are now as necessary to our independence as our comfort…………….Thomas Jefferson 1816
For someone to flip burgers, someone has to buy them.
Burger joints cost more than grocery stores to feed your family.
Burger sales mean people have disposable income.
depends on the quality of food you bring home to your family……
kind of hard to find organic at a burger flipping place.
It doesn’t “depend” Frank, you could just as easily said grocery is more expensive if all you eat is lobster and t bone, Fast food is more expensive than grocery stores.
How many restaurants are in any givin city? It takes a lot of customers to keep them open. A demand for burger flippers and waiters etc means there is disposable income around.
bb…….you miss my point…….a hamburger flipper, can go eat at the same establishment, that has not created a GOOD JOB or one that would support a family.
I agree that it is likely a little more than 7% if you count all the workers that gave up trying to find a job, or people forced to take a part-time job because there were no full time jobs available (due to not wanting to pay them benefits – thanks Obamacare). This is why I feel the real unemployment is likely around 10% if you counted everyone, but do feel shadowstats is a little skewed to the upside.
How about a 95% correction in the conventional markets like they have done to many of the miners. I would think the scum that run the show could trot that out for the true believers.
S&P below 600, in the near future, is a very real possibility.
This may be UP wave 4 which will top probably today. This will allow some bulls to be drawed in. The 4 wave will be weak. Then like Gary said maybe an attempt to drive it lower on Sunday or sometime during next week. If they succeed that will mark final wave 5 of the correction. 5 wave should be half a size of wave 3 so it will be significant but not too big. GDX between 13.40 to 11.00. Good luck everyone.
Here is a chart guys. Publicly posted by Avi on goldseek
https://www.elliottwavetrader.net/images/charts/full-PyJdgRAzJ16SVCVE3XXv4.jpg
IMO EW is more a mental exercise in data mining than a real viable tool for timing markets. No matter what the chart looks like EW practioners will find a way to come up with the correct wave count even if they have to drill down to a 5 minute chart to do it and use a healthy dose of imagination.
Case in point. The decline into the 2013 summer low had 8 waves not 5.
And three of the last 4 legs down only had three waves not five.
Good point. There are many different Elliot Wave traders like Avi, or Gary Wagner that do fairly well, but love to reinvent where the wave counts start and end to fit their thesis. I think it is more art than science at different times, but sometimes there are clear 1-5 waves in the main direction, and then clear A,B,C counter-trend moves in the opposite direction that are helpful. The Fib levels are useful at times for support and resistance levels.
____________________________________________________________
Elliott Wave Education: Intro to Elliott Wave Theory
EW analysis is correct 100% of the time for historical data.
Yes, often great on backward-looking, and good to ok on forward-looking.
I too am great at counting waves in hindsight!
funny CFS.
Well Gary, with Elliot waves all I can say is it makes a big difference who is doing the analysis because some guys make it look like junk science. You can give anybody a set of keys to drive a car but only a few in a thousand make the grade to drive Formula One. Avi has been particularly good though and really works at it so it is easy to appreciate his efforts.
Agreed.
Got ya Gary. Thank you as always. I always keep 2-4 scenarios options open and never stick to just one point of view. I learned my lesson from listening to Sprott for years and that didn’t turn out so well for anyone that listened to him.
Based on that chart, Avi has GDX targeted to make it up to $15.75 for the top of Wave 4. We’ll see how it goes, but that doesn’t seem out of the question if we get a further bounce in August.
Shad according to Avi wave 4 has completed already with micro count. He’s expecting drop to wave 5 so if commercials drive gold lower on sunday night that may complete wave 5 although that would be short wave and not as deep as Avi expect it to be. I’m not in until wave 5 is in progress. I don’t care for wave 4 rally. It already completed or will be weak at best. JMHO and don’t listen to me. hehe
Yes on the Micro count. I’m talking about the larger count though. That micro count wave 5 on Monday will likely be the ending of the larger Wave 3 and beginning of a Wave 4 up (if July 24th wasn’t it).
On the chart you posted you can see the where he things Wave 4 may be headed in GDX at $15.75. This would be the larger count he is also expecting in Gold and miners as well that I’m discussing.
It’s hard with all these counts within counts to all stay on the same page 🙂
I appreciate the good thoughts man! Good luck in your investing.
1250 should put NUGT at around $15. Nice.
JNUG = $25 (4-bagger from here)
opps. Bad Math, but its going up a lot.
More interesting to me than price, is the duration of this bear rally. Avi points to about 3 months before peaking. (That is substantially uncorrelated with normal seasonal behavior……I wonder why.)
Never mind Brian. The math is shocking enough when you consider JNUG was trading at almost 350 just a scant 4 months ago.
OOPS…should have written 14 months ago. Still shocking though.
Just like Gary said:
Be careful, guys! This rally hasn’t even topped 1105 yet. There will likely be another down move to new lows before the rally.
Yep, time to stay vigilant of the moves and counter-moves.
well said wise guy.Beware guys.Stay on the sidelines for now.gold has to breakdown first from this consolidation to target the 1071-1033 level.
Don Corleone – do you think there is any chance it may just be a small pullback on Monday and then a continuation of the upleg in Gold to attempt to take out $1100 and above? I’m guessing not since you said it had to breakdown first, but just thought I’d get the odds on both scenarios from ya. : – )
my belief shad is that wave 4 of 3 is in the making right now.A perfect symmetrical triangle which abides perfectly to the ew rules(wave 2 and 4 must alternate) giving that wave 2 was a straight zig-zag.A bear flag is forming whose pennent is this symmetrical triangle.it is a bear flag imo and it should drop down.nugt has to drop below 3 again to 2.4 roughly give and take.That is my target but I will be scaling in from a little above.Bottom fishing is not for me though I like it very much.like I said before;all those who bought miners last week will be profitable but my motto has always been to buy as low as possible eventough sometimes I regret it.Scaling in is the best strategy that I found.Money management is the backbone of trading shad.
Very sound reasoning and great comments Don Corleone. You are a sharp guy, and I appreciate you taking the time out to unpack your thoughts.
Do you have a means of posting a chart with the wave counts labeled per chance as I’m more of a visual learner? It’s easy to get tangled up in the micro wave counts versus the longer intermediate wave counts and I get the impression you are discussing what Stewie is as well. I’ve been referring to the longer wave counts and this is why I am getting a big confused.
Thanks again man!
Never tried before but if I find a way I will.All that you have to bear in mind atm is the 1103.65 which according to my count should not be breached otherwise this symmetrical triangle would be invalidated.shad it is possible that wave 5 has already commenced from 1099.56.I let you know when market closes.
Thanks again Don Corleone. I’ll be watching that $1103.65 level carefully.
As well as $1076 from July 24th.
It’s gonna break one way or the other soon…..
Well Don Corleone, Gold took out $1103.66 and is currently trading at $1108.70, so it has confirmed that Friday was the start of the August rally, but as you mentioned, it may be more muted now, since it didn’t pull back down to the $1033-$1044 level first.
agreed.
Wiseguy agreed. The rally of wave 4 already topped or is topping now. Wave 5 will be half of wave 3 and sunday attack may complete wave 5. Then we rally hard for month or two like Gary said. Soon we will know. JMHO.
stewie at the end of wave 5 that is yet to come,volume will rise considerably.That means that smart money will be rising their stake.stewie normally wave 5 is equal to wave 1 or 0.618 of wave 1.If extended it mostly will be 161.8% of wave 3 or 161.8% of the ney length of wave 1 and 3.In our case it wont be extended hence the chances are that it will be equal or 0.618 of wave 1 thus targeting the 1060-1032 area.Good luck buddy!
THIS IS OUTRAGEOUS AND TOTALLY DISINGENUOUS
First of all Gary called for gold either to go down to $1033 or we would have a big big bounce now
WE GOT NEITHER
instead we basically stayed exactly where we are now
Regarding the so called attack before the JOBS REPORT
GOLD WAS STEADY AHEAD $2 before the jobs report
There was no attack
After the report it went down $5 bucks then came back slightly
The whole move was in a word, quiet
I would love to give Gary credit she. Credit is due but there is NO CREDIT TO GIVE
This is very true James.
This is becoming self parody at this point. Gary claims to call every top and bottom yet begs people to subscribe to his newsletter. Something off there?
Gary call was right but how deep attack goes even commercials don’t know until HFTs are done with their paper dumps. You can’t expect anyone to know that. No one. Call was solid. How deep no on knows.
The attack was when it spiked down from $1092.40 to $1083.40 and then reversed right back up to $1095.30. See the Gold chart below:
The takedown was a “failed attack” because it failed to break the July 24th low at $1076 (which would have triggered the sell-stops), and it never made it there. It came right when the markets were opening, like it has the last few weeks. No dice this try.
Wrong Al.
Many of those 93 million not in the labor force normally could not and do not want to be gainfully employed. About 30 million of them are fulltime high school and college students. About 20 million are persons who stay at home to take care of minor children or elderly parents. And there are millions more who after 40 plus years of work decided to retire early. And lets not forget the severely disabled that are in that number.
PLEASE STOP WITH EVERYTING BEING AN ATTACK
IT IS A MARKET
MARKETS GO UP AND MARKETS GO DOWN
lol not if you dump 1 yrs supply of silver in an hour….as example. Get real
Yes Stewie. Personally, that is what I’m referring to if I mention an attack.
For clarity, I don’t blame every move in the market on manipulation, and agree people take that argument to extremes, and give the Fed more power than they deserve.
However, if a Hedge Fund, Central Bank, or large Institutional Investor keeps dumping a huge amount of contracts in the pre-markets or at the opening bell, then that is what I’m referring to as an attack to trigger sell stops. It looks like this was attempted this morning.
amen!!
that amen was for stewie post at 11:04
NICE call in GC Gary.
Thanks for posting.
GARY YOU CAN FOOL OTHERS BUT YOU DONT FOOL ME
The nap report was a compete non factor
Gold was up slightly before, down slightly after briefly, up slightly again
We never broke 1071
We never got 1033
We never got the big big bounce into the 1200s
You’ve been wrong wrong wrong
Shad
You call going from 1092 to 1083 an attack??
A $9 move in an asset priced in the thousand $ category an attack
KEEP DRINKING THE GARY COOL AID
It was a failed attack, as I think the goal was trying to break the July 24th low at $1076, and it never made it there. It came right when the markets were opening, like it has the last few weeks.
No need to get hostile man, I was just pointing out that the attack was early morning, and you were reviewing the time frame right around the jobs report.
I made some nice gains in some of the mining stocks I picked up on Wed and Thursday, so that Kool Aid tasted refreshing….
Agreed with Shad
Disagree with Shad.
what a surprise….
Just to be clear…
I don’t like you. Not one bit.
So yes….it is personal. Sorry!
your loss birdman.
You better go back and check the definition of loss.
Yup, definitely BirdL’s loss, whether he thinks so or not.
Check out Segment 5 discussing how these early morning runs on the stops are becoming more common from some larger institutional investors or bigger players.
http://www.kereport.com/2015/08/08/potential-market-directions/
An “attack” or not depends on the d (price)/ dt
Gold just went from 1100 to 1095
I guess it was attacked again
This is utter nonsense
Exactly James. I agree with you. The gold bugs are convinced there is systemic organized manipulation taking place at the highest of levels. All nonsense of course. They NEVER answer to why virtually all other commodities are also in decline no matter how many times that is mentioned and repeated
Nor do they see a connection where stocks are in a secular bull while connecting that to the fact commodities are in secular decline. I suppose we are to assume the all-powerful forces that they think control and rig markets are now in charge of every single facet of price management from stocks to bonds to resources and currencies.
WOW! ….. That is preposterous of course and insults the intelligence of everyone reading the crazy theory they keep putting forward as though it were fact. But the bugs are very clever.
They commonly use the few instances of know price manipulation to feed the idea that proves EVERYTHING is being controlled. It is bizarre they would suggest gold should be special. Gold is not special. It trades as a commodity and it is one of the most losing trades the past few years.
Not on this thread though.
In wonderland they all make money every day during a 4 year long bear market.
AMAZING!!!!
But,but, that’s the magic of gold Listener.
It drops and we still make money.
So funny.
Well, there is the short play.
And boy are some of these prices for miners tempting.
Read this morning Barrick is planning (not predicting) for $900 gold.
Here’s another article along those same lines from Randgold planning for a potential of $800 Gold:
Gold Miners ‘Fried’ at $800 an Ounce as Randgold Makes Plans
by Thomas Biesheuvel
August 6, 2015
Here is an article you might enjoy bb (and James). It comes from Clif Droke today and discusses the improbably silly idea of widespread, systemic gold-price manipulation.
Its worth a read because it is one of the better articles on the subject. Few writers on metals markets are prepared to venture into arguing against the bugs though and Clif immediately gets into hot water with readers for even venturing into that stinking moat.
For obvious reasons I suppose. Just read the comments section that follows for a rundown of the usual boring and pointless objections from the hard core lunatics.
Thing is….Clif is right and he is being objective. The bugs……not so much.
The myth of gold price manipulation — Goldseek.com … Clif Dokes, August 7 2015
http://news.goldseek.com/ClifDroke/1438950720.php
And here is another from a very smart lady Danielle Park, who says gold is going down in a secular decline. Interestingly she is in the same camp as Louise Yamada who now states that gold is in a “structural bear market”. Hmmm….and these are just two of a large number of recent articles challenging the gold-bug myth that the current bear is merely a flesh wound rather than a gory, bloody, head-on collision.
Gold and Oil Heading Down for a Secular Count?
http://www.financialsense.com/contributors/danielle-park/gold-oil-heading-down-secular-count
Danielle Park was one of the dozens of “experts” that was extremely bearish stocks in August 2009. Anyone short the S&P or Dow at that time never once had the chance to get out of their position without a loss.
Isn’t the internet great that you can dig up a little dirt on anyone from the history of their quotes? I can even pull up great stuff on what you have been writing the past three years while you blew sunshine up our collective arses and made gold out to be the GREATEST of investments (priced in other charts of course which is usually code for worthless information that is not tradeable).
And its funny how fast you do your research Matthew. That is pure comedy. Every effort is worth your time if you think it can debunk the helpful commentary of actual professionals (unlike your anonymous self).
But you missed the point. Most handicaps do that. Whatever Danielle thought about stocks in the past has nothing whatsoever to do with her comments on gold today.
Why don’t you argue with this guy instead. He is also a lot smarter than you.
An open letter to investors who are bullish on gold — Howard Gold of Marketwatch
http://www.marketwatch.com/story/an-open-letter-to-investors-who-are-bullish-on-gold-2015-07-23
Good articles Listener.
Found it interesting Ms Park mentioned the possibility of gold languishing for 20 years.
If it does drop to about $400 Im gonna have to thro out all my miner picks.
Mine are only good down to about $800.
Or you can perhaps argue with Michael Khan who has similar feelings as Danielle Park. He wrote the following just days ago….maybe pay heed to him rather than just disagree with what I am saying.
—————————-
“Gold is a falling knife. I am not advising investors try to catch it. The trend is down, and as of today a fairly sizeable technical pattern is broken to the downside.
But there is something intriguing now about the yellow metal, and it has everything to do with fear. Investors seem to be willing to dump their gold holdings en masse even at already depressed levels, following the perceived lead of China, which reported last week that it wasn’t holding as much gold as originally thought.
It is ironic that gold, recently trading at a 5-year-low just above $1,100, is supposed to be the hedge investors use when they are fearful about other things, such as the economy. But right now, the fear is for gold”.
—————————
Gold Is Falling So Hard It Looks Like Capitulation — Barron’s
http://online.barrons.com/articles/gold-is-falling-so-hard-it-looks-like-capitulation-1437423053
Here is David Weidner’s recent comments from Marketwatch. He is also unimpressed with gold. And so he writes……
————————
“The sad part is that gold always has been a sucker’s bet. It’s supposed to protect against inflation. It doesn’t. It’s supposed to retain its value. It doesn’t. For those reasons, gold is supposed to be the ultimate currency. It’s not…As fund manager and blogger Barry Ritholtz said of gold’s fundamentals: “It has none.”
—————————-
Why gold is falling and won’t get up again — David Weidner @ Marketwatch July 2015
http://www.marketwatch.com/story/why-gold-is-falling-and-wont-get-up-again-2015-07-20
Right on BB. The bugs like Matthew and Shad have no good answer to articles like these that come from seasoned professionals and public analysts. They will not challenge Louise Yamada for example because she has bettered them by objectivity.
And they will always try to disparage the sensible commentaries of Barry Ritholtz even though he offers some of the most sane commentary on the web (and he thinks gold bugs are crazy btw).
But party on!
All I can say is that each and every person here needs to carefully read the words of the people like Matthew who chronically boost precious metals while expressing his hatred of government.
And think very carefully if you want to agree with him on a public forum knowing full well that each word written is being stored and recorded for another day. He is after all an admitted anarchist and hater of all things that represent civilized society.
And he is a so-called Libertarian and promoter of the Austrian School which is just a catch phrase for people who don’t want to pay taxes or listen to authority while they pine for a return to a gold standard and a defleshing of our social systems.
I am sure he would feel differently were he part of the oppressed that he thinks he represents. What a joke man.
Here is another. It is an article from Jeff Reeves of Marketwatch and he too discusses the end of the commodity super–cycle. So its not like I am the only one talking about this obvious event. But the gold bugs still cannot see it. Recency Bias maybe where they are being confused by other major world events that cloud their view of what is happening in metals?….no i doubt that. They are just stubborn and intent on seeing other lose as much money as they lost and their technique is to promote gold even during a secular bear decline to draw suckers into the fold.
Like that will make them feel better!…….anyway, Jeff writes:
“It’s also important to note that the broad trend for gold has been downward since 2011 because of some rather massive market dynamics, namely the end of a so-called “supercycle” for commodities. From the 1990s through the financial crisis, prices of commodities from gold to copper to oil were surging on strong emerging-market demand and supply bottlenecks, and then the bottom fell out.”
Gold’s slump is here to stay — Jeff Reeves of Marketwatch July 20 2015
http://www.marketwatch.com/story/golds-slump-is-here-to-stay-2015-07-20
By the way BB…..have you noticed how the bugs stopped arguing with me tonight?
You see they think they can get away with making a case against my words because I am a mere anonymous poster but when it comes to remarks from rather famous writers of major publications and the likes of Louise Yamada they just go dead silent.
*more crickets*
The bugs are beaten once more.
And they lost a ton of money this year with their stubbornness about gold.
***Tears***
All true from what I can tell Listener.
As for myself, Im stickin to my story, I expect China to increase buying at about $1000.
Boy people sure didn’t like me saying that when gold was a lot higher.
Maybe now Im contrarian that some people see gold going lower? lol
I could be wrong but that’s what I think, Chinese increase at about $1000, Ricks 817 could be the overshoot. If we go lower and stays there I never had a clue from the start. lol
Well, first time for everything I guess.
Time to think about shorts, $300 down from here might have a shekel or two profit in it.
Birdman and Benb -two complete morons.
Sorry Al, but the scary ignorance spewing from these two is just too much.
Scary ignorance? Really???
I just posted five articles from major publications and well known gold analysts who are dispelling gold mythology and you accuse me of ignorance? I guess it is just you and your dim bulb followers who know better than everyone else.
You do realize that EVERYONE is looking at the same gold charts.
So its not like you have some special insights that others cannot see. In fact I would hazard to say that some of the names I dropped are far more experienced in markets than you and they are a whole lot wealthier too.
Maybe you can try to be objective about the charts for a change rather than just call me and other posters “complete morons”. Such poor taste. Your anger over-rides your common sense and good graces.
And it smells like fear to me……the fear of being wrong.
PS: Note to Al and Cory……
Please DO NOT remove Matthews comment calling me a moron. I want that to remain as part of the permanent site record. Everyone here should see what a hostile environment exists because of his daily nastiness and very personal insults directed to everyone who does not see things his way.
NOTE TO CORY AND AL……………………READ THE ENTIRE SECTION………….
Bird L. said: “Isn’t the internet great that you can dig up a little dirt on anyone from the history of their quotes? And its funny how fast you do your research Matthew.”
Matthew says: I’ve known of Danielle Park for many YEARS and had to do NO research yesterday you presumptuous dirtball.
Birdman said: “And they will always try to disparage the sensible commentaries of Barry Ritholtz even though he offers some of the most sane commentary on the web (and he thinks gold bugs are crazy btw).”
Matthew says, Ritholtz is clearly a shill to anyone with any understanding of the markets OR half a brain. Here’s an article that Birdman posted a long time ago in which Ritholtz knocks Nenner for his 5,000 Dow forecast and calls it the worst call of 2013.
http://www.ritholtz.com/blog/2014/03/dow-5000-in-2013/
Get this, neither Ritholtz nor Birdman were smart or decent enough to actually view the video of Nenner’s call. Nenner wasn’t calling for 5,000 in 2013 as both of those buffoons thought. He was talking about 5,000 being reached in 2017 or 2018.
Birdman said: “And think very carefully if you want to agree with him on a public forum knowing full well that each word written is being stored and recorded for another day. He is after all an admitted anarchist and hater of all things that represent civilized society.
And he is a so-called Libertarian and promoter of the Austrian School which is just a catch phrase for people who don’t want to pay taxes or listen to authority while they pine for a return to a gold standard and a defleshing of our social systems.”
Matthew says: Only a completely ignorant fool, or worse, would characterize libertarianism or the Austrian School of economics in that way. This Bird Listener character is the real hater of all things that represent civilized society. That’s why he can’t stand anyone who criticizes those who have given themselves a monopoly on theft and violence. Bird is just a petty mini tyrant -the fractal equivalent of his masters.
No matter what you want the record to show, you’re still the worst and most despicable abusive commenter this site has ever seen -and by a VERY wide margin. No one has been so vile to so many here and the proof still exists.
Note to Frank from Moscow……
Your fly is down. Please zip it buddy!
And to Matthew…..
Loved it, man.
Hook, line and sinker. I catch a fish every single time! 🙂
Birdman, now we wouldn’t want to stifle anyone’s freedom of speech, and let the PC police get them….now would we?
You tell me since that is your role. Something you do to impress your girl friend Matthew. But does it really feel good? You are a follower man. A sheep. Why not be a man for a change and earn a little respect.
Nobody was impressed by that outrage you perpetrated on the site awhile back.
You mean like the outrage you had against Heavy Hitter, where you wanted him to quit being so confrontational, then you wanted him censored, then you wanted him kicked out. Then you asked if we could all get “back to business” on the blog and quit with all the wasted attacks (something you insulted me for asking just a few weeks ago) There’s the pot calling the kettle black!
You have done little the last few weeks (and last few years) except be a troll towards many on the site, and accused me of suppressing your freedom of speech when I asked nicely the first 4-5 times to maybe tone it down a little and treat everyone with respect. Then you got ugly towards me, so I reminded everyone of your track record of insulting, name calling, and negative behavior. Your adult way of dealing with that was to dish out more insults and cursing, so you had some of your comments moderated and you got all bent out of shape and left. Only, in the process you created this moniker “A Listener” to defend yourself as Birdman in those arguments (showing just how loco you have become).
Now you are on the censoring bandwagon from celebrating Heavy Hitters removal, to wanting Matthew censored. That seems like an about face from let people say what they leaving because the PC Police have taken over.
2 questions:
1) How did your stock pick (MOMMY) ever work out? You are an expert in that sector.
2) Would you like to be the new sherrif?
I ask because you love to pontificate about how you don’t care what happens to the gold price since you don’t have any money invested, so since you have know skin in the game, and are just here to attack peoples posts, then maybe you can be the PC Police. It is the only thing you seem interested and it shows how paradoxical you thinking can be from one week to another.
Good luck getting your thoughts and beliefs sorted out, and maybe lay off the sauce man.
Give it a rest, man. You are tiresome. Let’s just leave at the fact I have no respect for you whatsoever and never will until you make amends for your outrages and pointless attacks.
But you do *need* to keep impressing Matty. Shallow is as shallow does.
You’re psycho. Shad doesn’t need me one bit. You’d know that by reading his comments if the markets weren’t such a mystery to you.
BS, he constantly states you are the better trader and obviously looks up to you. There is little doubt you put him up to attacking when he was not even involved directly in any of the conversations.
But 28 emails a day to you and I guess he finally got brainwashed.
Lay off the booze, it’s affecting your memory. Shad is not Glennfidish. He and I have never communicated anywhere but here.
Dumbass.
Btw, Glennfidish doesn’t need me one bit either.
Dumbass now? Wow, you are really on a name-calling streak these past few days. Anyone ever tell you that you have a hostility problem? And you, the Anarchist want us all to believe life will be better with no government and no taxes. All I can say is thank God we have a police system and jails to keep people like you in check since you obviously cannot control your anger.
Anger? Don’t flatter yourself; I was just stating a fact.
Thanks Matthew. Birdman obviously needs some professional help.
The sad part is that he’s smart enough to read a chart, but if he spent half as much time trading the swings and bing in the market, as he does picking on others contributors ideas, then he may have made some money Friday and today on Monday on the price jump. All talk – no action.
Instead he rages against you, me, Chartster, DT, and has gotten into it with countless others in the past that he ran off with his antics. The fact that he admits he has no money invested in the precious metals yet laughs at anyone that is actually investing is puzzling. Why does he even come to this forum if he doesn’t invest, and then gets so angry with everyone? Makes no sense.
The irony is that he lashed out at me when I asked Al & Cory for some basic rules as the weekend shows were turning quite negative for months, and he was all about people having freedom of speech and worried about the PC Police. Then he made the mistake of lashing out at me for no reason, so I returned the favor, calling him out on his BS form just this year and all the negative posts. I’m not going to apologize for him making crude comments on this blog and me simply reposting them. He was so against being censored, but then weeks later he couldn’t wait to censor Heavy Hitter and was quite vocal about wanting him kicked out. When I encouraged less negative religious posts that were offending people and getting focused on business, he wined about how he didn’t want just talk about investing. Then when got into it with HH, he suddenly wanted to “get back to business”. Now, the same guy that left in a huff and a puff because he was cursing at me and got censored, now wants to censor you as well. Talk about a double-standard (and a double identity). Good grief just lay off the booze and get some professional help. I’m sure they have doctors in Africa.
Agreed. HH wasn’t the first guy he wanted out of here either. His hypocrisy and conflicting views showed themselves early on.
Yup and Yep. I would much rather have all the good people back on this blog that Birdman (aka A Listener) has run off the last 2 years, than his “wet blanket” commentary and combative response to half the posts each day…..Oh well, there is always a Troll on every blog.
I won’t even bother reading another of your long boring pointless posts Shad. I will just assume you are flattering yourself. Until further notice I have nothing to say to you anyway. At least in Matthews case he attempts to make an argument to support his crazy convictions and that makes him interesting.
Baaa….Baaa…Baaa…. (that would be sheep sounds for you)
How is Glenfidish by the way? Tell him I miss hearing his daily market perspectives.
nice.
I have learned if you torture the charts long enough, they will confess to anything….
funny mj12 😉
Shad I am not being hostile with you.
This price action has been going on for years.
The NFP report was a none event
A market has bulls and bears
The Bears bring it down until they can’t,cthey Bulls take it up until they can’t
It isn’t anymore complicated than that
Yes there are manipulations in the gold market, every market for that matter.
But if you listen to Gary you would think every price movement is an attack
It isn’t
Today’s price action has been relatively quiet and par for the course
he uses attacks and manipulation and the fed as cover so he can never be wrong
OK I apologize if I misunderstood – when you typed “KEEP DRINKING THE GARY COOL AID” it just didn’t sound very friendly.
I actually completely agree with you that the Non Farm Payroll was a non-event and mentioned yesterday it may be a non-event:
_________________________________________________
On August 6, 2015 at 9:22 am,
Shad says:
“Agreed. I think the reaction before and after the jobs report by the general markets, bonds, and currencies will be interesting to watch. I listened to some main stream media outlets last night (I know I know), but many pundits felt it would the numbers would come in weaker [just like the ADP report on Wednesday], but that it would be a non-event.
It used to be that the jobs reports would move the markets more, because people would read into it what the Fed would likely do in response. The last few have been minimal influence, so it may very well be a non-event.
I was in agreement with Bill Baruch on Tuesday about the effect the jobs report may have, until Wednesday afternoon where the lower ADP numbers were a bit of a yawn. The general markets marched higher because they felt the tepid numbers would postpone a Fed rate hike, and the report wasn’t bad enough for anyone to worry about the economy. It just may be a big snooze tomorrow, but the jobs report is really the only significant data point that has the potential to be a turning point to break out of the range we’ve been stuck in.”
_____________________________________________________________
I also agree with you that today’s price action has been relatively quiet (except during the opening morning hours).
For clarity, I don’t blame every move in the market on manipulation, and agree people take that arguments to extremes, and give the Fed more power than they deserve. However, if a Hedge Fund, Central Bank, or large Institution investor keeps dumping a huge amount of contracts in the pre-markets or at the opening bell, then that is what I’m referring to as an attack to trigger sell stops. It looks like this was attempted this morning.
Cheers!
again… BINGO
Thanks Dan. Happy Friday to you sir.
Be careful what you hope for–a 25% pullback would be healthy for this market. Unfortunately, I feel that a strong dollar will annihilate the stock market and the economy. the only safe haven is going to be long-term treasuries and the dollar.
Dollar Pulling Back After July Employment Report
Alliance News
Friday August 07, 2015
http://www.kitco.com/news/2015-08-07/Dollar-Pulling-Back-After-July-Employment-Report.html
My best analysis is that the dollar will pull back to support around 94, before making the larger move up to test the March 11& 13th highs at 100.39 and possibly break through it later in the year or early 2016. If we have all out chaos in Sept/Oct as many pundits believe, then I agree with you that long term treasuries and the USD may get the initial safe haven bid. I see the cap on the greenback around 110 for when that blow off parabolic move happens…..(if it happens).
Dollar surrenders gains, but Sept rate hike view intact
“The dollar dropped from a near four-month high against a currency basket on Friday, as investors pared back bullish bets on the greenback following a solid U.S. jobs report.
The dollar also had earlier risen to a two-month peak versus the yen and a near five-month high against the Swiss franc. By midday trading, however, the U.S. currency gave up those gains as well, in line with the drop in long bond yields,
The outlook though for a September rate increase by the Federal Reserve remained intact. Analysts said reversals in the dollar’s price action occur often on days where a highly-anticipated U.S. economic data such as the non-farm payrolls report is released before a weekend.”
http://www.cnbc.com/2015/08/06/dollar-steadies-us-jobs-data-eyed-to-set-further-direction.html
sounds like a widows and orphan’s plan………………
It appears that any rally attempt in GDX/GDXJ is being sold into, as the rally fades as the day progresses. Still no major breakout in gdxj despite over 4m shares traded.
the futures market is NOT manipulated……the futures ARE the manipulation
Aloha Friday
https://vimeo.com/8578344
Yes my lady loves his version of the song, but I believe the guy playing it has passed away now. A refreshing way to close up shop on Friday. Thanks!
Iz is playing it with a harp now……
Then it must sound heavenly…..
Exactly right james, Al gives gary credit for what? Please explain
Just like I said the miners are preparing for the Sunday night attack. The powers that be in this market have worked very hard to force gold down to new lows even though the dollar isn’t making new highs. They are going to try at least one more time to break 1072 before they give up and let gold deliver another bear market rally.
Total nonsense Gary and you should know better by now. There is no powers-that-be who are planning or carrying out a systemic attack on gold. At most we are talking a Hedge Fund that is capitalizing on light overnight action and making an easy gain by running the stops. But those guys are hardly the “power” behind the system. You are in a fantasy of your own making lately with these conspiracy calls of yours and they are beginning to sound very paranoid to me. Bob Moriarty wrote a few good pieces on the subject of naked shorting this past week…..maybe you should read them.
Listener…Bob M was wrong about naked shorting in the commodity mkt…it does take place and is practiced by the bullion banks…they sell gold they do not have..thats why it’s called “naked”..you sell something you haven’t borrowed, you don’t possess and you don’t have access to….it is not legal but overlooked by the regulators…happens all the time and will not stop until the rules are enforced which will not happen with this administration and /or while the fed is in control…
No, Bob Moriarty was not wrong.
Gator:
Go talk to any commodity broker. There are naked shorts in shares but not in commodities. There is no moral, legal or even logical reason for someone to possess a commodity in order to sell it. All they have to do is put up margin. Saying that there are no risk-naked shorts is nothing but advertising you don’t know how the market works and that’s just as true of Paul Craig Roberts as it is of you.
In futures markets you have hedgers who need to buy and sell a commodity and you have speculators who provide the necessary liquidity for the hedgers to be able to get an accurate price as any time.
Saying that someone HAS to have the commodity in order to do a short position is as stupid as saying someone HAS to take delivery after taking a long position.
Stop listening to all the scam artists, they have an agenda and it’s not to help you. These are financial markets that go up and down and are far too big for anyone to manipulate over the long term. The big money players have always had an advantage and they always will. Pretending there is some mysterious force that no one ever quite identifies that controls every 5 cent move is absurd.
If you really believe market are so manipulated, you would be a fool to bet against them.
are no-risk naked shorts
Bob M..”If you really believe market are so manipulated, you would be a fool to bet against them.” ..unless you are an unregulated bullion bank who can write it’s own short contract and bypass the clearing house for regulation purposes…I am not saying that there are no risk naked shorts…but there are naked shorts and if I had the time, willingness and typing skill to fully explain my position I would do so…perhaps one of these days we could have a phone conversation….regards…
Gator: You made that up. The futures markets work exactly the same way for bullion banks (and who the heck are they anyway? Did you make that up, too? What makes you think bullion banks made that short two weeks ago? It could have been anyone.)
If they write a short contract, there is a long on the other side of the contract. The futures markets work the same way for every contract no matter who enters it. If as you say, a bullion bank enters a short contract, they are legally, morally and logically obligated to offset the contact with a purchase before the contract expires.
You have all the right in the world to your own opinion but not to your own facts. Fact, there is no such thing in commodities as a naked short. You are not allowed to start making stuff up. The markets work exactly the same way for everyone.
Sounds like James is still upset that he missed that call on gold bottoming at 1212. Could thing no one was listening to him 🙂
There is no such thing as naked shorting in the futures market. For every seller there is a buyer. Unlike stocks where you can in theory sell shares that you didn’t borrow.
Sellers can violate position limits and dump unlimited amounts of futures on the market. This is illegal, but doesn’t get enforced. This is why it is possible for the bullion banks to force price artificially down. If the regulators would start enforcing the position limits then these 12,000 contract dumps in the middle of the night would come to an end and gold would find it’s natural price based on supply and demand. Unfortunately until the laws are enforced the big players can create an artificial supply glut.
Uhhhhmmmm….you do know that gold and silver supply has been increasing for many years even as aggregate demand is on the wane. Forget coin demand. That is hardly a major consideration in the big picture. You do know that mine capacity has been growing and that commodities are simultaneously in a major bear market? You also know we are being flooded with silver. So you want to talk supply and demand? OK then lets talk supply and demand because its pretty obvious to me there are a lot of misconceptions around this site when it comes to price discovery.
Gold and silver output has been rising for years. Tonnage is way up.
Gold prices have been falling for just as long. (funny how that works eh Gary?)
So lets talk. You think this is manipulation. I say its fundamentals.
A Listener:
Actually what moves markets is nothing more that psychology. The fundaments you speak of were just as true at $1923 as they are today. Investors go from one extreme to another. They are either way too bullish as they were in 2011 and today they are way too bearish.
Here is an excellent link to a piece by Adam Hamilton who explains why not only was gold highly manipulated two weeks ago, he says why that’s a really good thing and an opportunity. He’s wrong about one thing in commodities, he says the shorts have to borrow the commodity in order to close a contract. He is wrong. It has always been true that most contracts are settled in cash and have nothing at all to do with the physical commodity. With the DOW futures, S&P futures and Naz futures, there is no physical commodity or shares, the contracts are entirely fictional and all contracts, short or long are carried with cash. You don’t need S&P shares to short an S&P futures contract and you don’t need gold or silver to short them. You need margin and all contracts carry risk no matter in what quantity they are sold or bought. There is no risk free trading in commodities. The short position in gold taken up two weeks ago is about to get burned big time.
The purpose of futures markets is price discovery, not movement of commodities back and forth. You do not need the commodity to speculate either long or short.
http://www.321gold.com/editorials/hamilton/hamilton080715.html
You have my vote Bob. I like you better all the time and appreciate your knowledge. As long as we never discuss Gaza or Israel we will get along like a million bucks.
If Gary is wrong it is because of manipulation. Gary’s analysis is never wrong. He has picked every top and bottom perfectly. Just buy his newsletter and stop thinking. Oh and he never told anyone to buy LEAPS or call for stock market declines the last 5 years. Nope, that was your fault.
Gary,
You lambast James over his 1212 or so call ?…
Don’t forget you told everyone the bottom was in and THE TRAIN WAS LEAVING THE STATION way, way, WAY above that price !!!!!!!
I told you at the time I’m glad I didn’t get aboard because your train was going in the wrong direction.
…you ain’t no train driver…your just a fella that sits in the Caboose.
They will succeed again gary.A drop below 1072 is a sure bet imo.
Have you seen a copper chart lately, Don? How about Platinum? Please give it a rest.
Rising gold price whilst conventional markets are falling is not what TPTB want IMPO. So I think they will be looking to smack down gold and silver early next week.
I am also wondering whether a solid correction in the conventional markets now is exactly what the Fed wants – an excuse to say “Sorry, the economy is not strong enough so interest rate rises are put back a few months.”?
Hi listener.I was kidding with gary.like him I believe that it will go down but not that it is manipulated.having said that I still believe that central banks are stretching the cycles due to their fraudulent policies.The strange thing is that strangely enough dr copper and baltic dry index have dreopped significantly and stock markets have been gone up.either the dynamics are changing or else markets are complacent which leads me to believe that markets are in the euphoric stage right and that a waterfall drop is in the near future.
OK.
The trouble with The Federal Reserve is they have lost the ability to curb speculation. With zero percent interest rates it was only a matter of time before Mr. Market was again in charge and now that Mr. Market is responding to conditions and falling The Federal Reserve has no tools left in it’s tool box. Mr. Market not The Fed is in charge. DT
NUGT, JNUG, and JDST to split!
Link please.
I find that stunning, but not surprising. This action will completely negate the small investor profit potential who is trying to take advantage of the leverage and a low price dynamic to build larger positions for an upside pop.
Reverse splits to improve general price and markets appearance are usually a negative even in the best of times. But doing this during a falling or weak sector environment, which is what this will be is even worse.
Moving these ETF’s up on an artificial price enhancer maneuver as a result of a (R-split) will allow another rinse cycle of price deterioration that facilitates much more room to fall back again as gold potentially weakens further and as the ultimate replay of a 2008 style credit and liquidity crunch approaches once again.
Wash, rinse, repeat in the worst kind of a way.
If they don’t act now the ETF’s will fall to zero and they are gone. I agree with you of course. What we really need to ask though is what they are looking at that has drawn them to the conclusion their vehicles will be wiped out if they don’t reverse split now ahead of the coming gold declines.
It tells us everything about sentiment and beliefs.
Thanks a lot, Gary. Approximately how high do you expect gold to go over the next 4-5 weeks according to the scenario you think is playing out?