In spite of the major selling effort in the gold market, the price remains well above $1100/oz
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Huge number of sell side contracts in the gold market and, in spite of that, the price remains somewhat elevated.
Zero. They may at times purchase futures for hedging but they don’t deliver or take delivery through futures
The Fed is not buying SPY. No one is manipulating gold.
Gary is just making stuff up to sell subscriptions for $20/month.
Even Gary’s paper portfolios have all blowed up. What is this Gar, the 8th or 9th time you’ve reset it?
Troll
Interesting action. Is Gary talking abut an attack at the start of the COMEX session? There was no action in price overnight. Anyway, a big dump of contracts during the COMEX session is at a time of high liquidity. Price bottomed today at $1110 so far.
It is fascinating isn’t it.
You have to wonder what kind of meetings these people have when they go into work each day and what the decision process is regarding when they decide to dump all these contracts.
Whoever “these people” are they do know one thing: There’s no regulatory authority action, so they are not limited by anything other than the amount of money they have available.
good one…..cfs
Proud and Strong,Fair and Free INC..
The Shake & Shake Boys ! Cool is the Way ! BUY BUY REAL GOLD !
Franky – I think you meant SHAKE & BAKE!
He is taking belly dancing……………after that he is going to toast some croutons …and then he is going to start a news letter …………. 🙂
funny.
I have been trying to work out how the mechanism of intervention in the stock market by buying S&P futures can work. How does the futures tail wag the S&P 500 index dog? How come futures are traded anyway since the S&P 500 is not a commodity like wheat to be delivered a month later. Unless fund managers take delivery of stocks to cover pension fund payouts every month!
Surely index futures buying means buying across the entire market. Then if that feeds into buying of the S&P itself (perhaps by someone arbitraging thew futures against the ‘spot’ S&P 500?), does that not make the market have a large breadth if the entire index is being purchased? However the breadth is decreasing to very low levels with most stocks not going to new highs. I guess that the index buying is balanced by selling by funds and insiders in most stocks whenever whoever it is pushes the market up, leaving only a few stocks that have any net buying against them. It’s all a bit confusing really.
My late Dad used to say, “It’s all a big fiddle.”
It is more likely they are buying futures in targeted high flyers like Apple, Netflix, Facebook, Chipotle, Cisco, etc… This is enough to keep the indexes higher. In addition, they manipulate the VIX down through futures, so the computer algos go out and buy more because….times a good :-). The retail investors pile on after that, and the hedge funds sell to the retail investors into the strength….so distribution from strong hands to weak hands. The perfect setup for a steep correction.
May we be protected from Morons and the president:
http://news.yahoo.com/us-proposes-cut-methane-oil-gas-nearly-half-144040516–finance.html
The president has egregiously ,and unconstitutionally in my opinion, usurped the power of the states. Impeachment is overdue; long overdue.
US has been converted by the several latest presidents into a socialist and welfare state. The majority have their interest aligning with the current president. So impeachment is not likely.
lawrence and cfs, you must be short, perma bears with that comment.
This president has been an opiate for investors, with one of the longest running stock market rallies in history, from 666 in 2009 when he took office. as an investor where’s the complaint unless you follow the perpetual doomsters on this site and others.
Buy a call on something and you’ll feel better
Unless you are talking about asset market, which is bullish since FED has multiplied the money supply by 550% during the last 7 years. Whoever bearish are closing his eyes. However, I am bearish on social and economical decay. People will buy less things with the money they earn as time goes a long. In short, stock market, gold market and almost all the asset market are bullish. However, it does not mean you can necessarily buy more thing with stocks. It is a strange effect of money printing. Zimbabwe’s stock market was the best stock market for several years and their average portfolio can buy 3 eggs to the end. I am laughing at those deflationists. They are dumb.
I am probably the only one here who lived under socialism. Trust me it does not work.
Murki’em into wave v of iii lol
Well Stewie, today it sure looks like wave iv of 3 topped, and wave v of 3 down has started, but I’d want to see another down day tomorrow in metals to confirm this first. Gold could also reverse up tomorrow and make another run at $1131 (Nov 2014 low that was support and now first resistance), and that would mean we’re still in wave iv of 3.
This is ii what – GDX?
ii = in
in Gold….although Avi trades GLD.
correct shad.Better wait for more confirmation because gold could easily fall to 1100 and bounce again for the final push up to 1130-40 level.
Yes, I’d actually prefer that option to sell a few positions I still have on in the miners. We’ll see how it goes….
Good luck to you in your investing Don Corleone.
Thanks shad and do not forget to put trail stops to preserve your profit.
Thanks man. And don’t forget to drink your Ovaltine :-0
Drink Your Ovaltine. Also referenced in the movie “A Christmas Story” w/ decoder ring.
Indeed sir. I’m want the murk tomorrow at fed fomc minutes so we can go down to 1000 and complete this madness. I also want that wave 4 to be explosive which is why i don’t want any more upside and sideways trading.
Bob yes both GLD and GDX
That’s a good point Stewie, the fomc minutes are not usually very nice to the gold price. We’ll see how it goes as the last few have been non events. This one may be more interesting considering the China effect and weaker jobs numbers lately.
Either way, yes, I’d like a nice Wave 4 up, and was in error previously thinking we had started that in July as noted yesterday. Let’s get this Wave 3 over with already.
Shad we were in wave iv but not 4 lol….there is still chance it may pop higher in c of iv wave up but i don’t care if it does. I suspect when v to downside completes wave 4 will be nice and wave 5 will be diagonal sideways or slightly higher high or maybe slightly lower low but i don’t think so and it wont wait for wave 5 as it may not happen at all.
Yes, I know, and we have to finish this damned Wave 3 first 🙂
The debate is have we finished wave iv and we started wave v (inside of Wave 3), or are we still in wave iv with the potential to still tag $1131, before starting wave v?)
Concerning the larger Wave 4 (that may start down around $1033ish), I was responding to your comment – “I also want that wave 4 to be explosive which is why i don’t want any more upside and sideways trading.” I agree, and will go in very heavy at the bottom of Wave 3 for that ride up.
Cheers and good thoughts man!
I re
Well we have remained in wave iv of 3 (as mentioned was a distinct possiblity yesterday) and gold went up and did make it to the $1131 level and few dollars higher in after-hours trading.
Well we have remained in wave iv of 3 (as mentioned was a distinct possiblity yesterday) and gold went up and did make it to the $1131 level and few dollars higher in after-hours trading.
Lol. yeah, well above. Way up there!
Gary,
If the FED is buying all these SPY futures, are they also selling it at some point or are they just accumulating SPY futures. If they do not liquidate the contracts, at some point the FED will be the only entity long the market. In that case if the market drops, will the FED even care that they will sustain huge losses?
You’ve got the SNB and BoJ publically acknowledging that they are buying stock market ETFs and individual stocks. Is it so far a stretch to think the Fed is doing the same, either illegally or via a proxy? Heck, those two CBs could be effectively Fed proxies.
Does anyone question the morality of what is transpiring? Forget about the economic ramifications. Printing money out of thin air to buy real estate debt, govt debt and stocks is so inherently corrupt and evil? Where does this put the common joe who has to actually work for a buck.
Al, It’s the piramide shifting to the east. In my opinion, this attacks on COMEX gold are contracts moving to other hands (when we see attacks like this, almost immediately someone buys all of them). So, something very BIG is happening here, and we are’nt invited…
Yawn, I stopped listening after the first minute. Anyone who believes the fed is buying spy’s needs their head examining. Gary, that may wash with your hillbilly gold bug subscribers, but not with me.
The fact of the matter is, yesterday’s post about the buy-backs tells you what’s going on. That is, ” if ” you have a peanut! And can actually desifer what’s going on..
To sum it up. The buy-backs are propping the markets!
..hello…..
BABA gonna buy back too. Here come my profit$
Where can we find overnight futures contract activity on gold, silver, oil, etc.?
We know Druckenmiller bought $300,000,000 of GLD. How much of GLD is futures?