Continued focus on higher gold prices
Rick remains bullish with a few higher targets for gold. As for the conventional markets he thinks the fall will be more than a correction.
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I don’t believe that will be a problem, Jason!
The kind of conventional crash that Rick was talking about would surely sink all boats – precious metal stocks, gold and silver, oil, everything?
There would be a mass dash for the exists and a dash for cash that would take everything down?
I personally believe that the precious metal stocks could do just fine.
I think the crash will be similar to 2011. gold rallied during that crash.
I find it fascinating, that as the conventional markets tank, the PM miners are not only NOT following, they are moving in the opposite direction. Just fascinating.
Brian
GREAT COMMENTS RICK……………….
Thanks for the kind word, Frank.
Rick does not see hyperinflation in the future, that is interesting because like he say’s if you could pay off a $300,000 mortgage by peeling off a few bank notes from your wallet it ain’t going to happen. But Trader Vic see’s the government massively printing money to get out of a deflationary trap. All I can say is so far The Government has gotten us into this mess by not paying attention to basic economics so it’s anyone’s guess how stupid it will get before we see a real turnaround. DT
Yes Mr. Tracy, it is nobody’s guess.
DT…..if the Fed actually puts money directly into the hands of people then we will probably get some inflation. The big problem with doing that though is all the leakage into the rest of the world and that dampens the benefits domestically. I don’t think anyone has yet come up with a system to pump cash into the local economy without losses with the exception of social benefit systems where the majority live close to the edge. In other words, most of their income goes on rents, food and services within their community so little it lost to import consumption.
Massive money printing cannot happen for a dozen reasons that I’ve written about many, many times. The best explanation for this can be found in Fergusson’s ‘When Money Died’. He explain the Weimar hyperinflation in a way that will make it clear to you why it would be impossible in dollars. For starters, picture the government trying to bail out public-employees’ monthly retirement and healthcare benefits with printing press money.
Rick
YOU were touting sub 1000 for weeks and weeks according to “technicals”…common man technical are not very useful…..market psychology and “MEMTAL MANIPULATION” is the main theme….screw the technicals…when everyboy figures out that currencies are being destroyed in pertuity – then all hell will break loose – good luck getting PHYSICAL precious metals…and I mean ALL OF THEM!!
I use a magic crystal ball.
Ha! funny. Jason, why didn’t the crystal ball tell you wait until $3-$4 range for NUGT, instead of $6.01? 🙂
Are you ignoring what it is telling you and using a “magic 8 ball” instead?
Time to slice that Magic 8 Ball in half and use the crystal ball. Ha!
Interested in selling it?
The ‘technicals’ caught gold’s $50 rally and nailed today’s intraday high within 30 cents. Come in the chat room and see for yourself with a free trial subscription: http://www.rickackerman.com/lp/RicksPicks/
Sorry – Rick and all TECHINCAL analysts…there is NO markets anymore..get a day job because technicals are absolutely useless….concentrate on the MACRO analysis and geo-economical/political fluxuations – they will determine the ULTIMATE picture of paper wealth VS physical assets (cant be printed or debased) REAL ASSETS.not BS paper.
Marc, you have to understand that the charts merely depict a history of what has happened —good, bad or ugly. Criminal or otherwise, it makes no difference, actions are accounted for and overbought is still overbought and oversold is still oversold.
Yes, big money can always run stops or set a bull or bear trap, but that has always been true and they, too, consult their charts before pulling off any heist.
Disciplined technicians don’t tend to call turns until after they’ve occurred because such calls are based on evidence —which history-based tools like charts can’t provide in advance.
There are so many ways to use charts to improve your odds that I can’t imagine not using them.
Since nothing is perfect, I fade all but small or very short term trades.
Except at major turns (in other words, most of the time), I’ve been very impressed with Rick’s method for a very long time.
Matthew, I concur on the value of technical analysis and the value Rick A. brings daily. Longer term you are absolutely correct on the macro picture SD Marc.
Btw, I agree with Charles Nenner: “Technicals ARE fundamentals.”
Nice Nenner nuance.
You must work for Ninnesota Nining and Nanufacturing 😮
nay.
Nats!
You got my vote and two thumbs up on that comment Matthew.
PS: Great call Rick!
My vote also, Matthew!
It’s still possible. Rick’s $817 target is pretty old though coming from 3 price points in 2012-2013 but it has happened before in other financial instruments.
It’s interesting how despite all the ‘manipulation’ there are still stunning similarities in charts of different financial instruments over periods decades apart. So I sometimes wonder about the manipulation theories. JP Morgan was saving the Dow in October 1929 but it still went down 89%.
… in the fullness of time (by 1932 in the case of the Dow).
I wonder because of Doc’s thoughts that gold will have another downleg if we are seeing a September 1999 style pop in the price of gold here. That was followed by the BoE sales which were a big manipulation by the admission of the boss himself. There then followed a move down for quite a while but not quite to a new low by late 2000.
The $817 target remains THEORETICALLY viable. In practice, I set it aside whenever Gold generates a bullish ‘impulse leg’ on the hourly chart.
Rick’s target at 1153.4 was hit…..actual price 1153.7.
A move above today’s high without much of a pullback will be a sign of strength according to Rick’s runes.
Nice combo of Gary’s timing and Rick’s targets on the site.
Thanks to the gentlemen that publish it all.
Agreed. Good work Rick A., Gary, and Doc on calling this upturn. I’ve been using $1155 as next resistance if $1131 was to fall, and then $1179-$1180 after that. I am very curious to see if Gold will be able to close above both $1153.40 and $1155 this afternoon. If it pulls back sharply, I’ll be more concerned, but it has been a great day so far. Cheers!
I have noticed that gold is not respecting the lines of resistance dictated by TA from NUMEROUS guest and posters in the KER comments section.
Hoe does it feel to have GOLD ignore you 😉
“How” does it feel …
The “e” and “w” key are directly adjacent, so I take NO personal responsibility for that typo.
Not a big deal, as it has for a long time, at least as far as I am concerned!
I wouldn’t know, Brian. Please drop by the Rick’s Picks chat room if you’re skeptical.
Just trying to having some fun, Rick. Not trying to be combative.
FYI, using 1167.60 as a rally target at 10:40 p.m. EDT Thursday night. My ‘tout’ — just sent out — describes how to get long via a ‘mechanical’ entry.
And of course,thank you for your comment mj12!
Hmmm, gold has closed right at the high of today.
More upside is coming.
http://stockcharts.com/h-sc/ui?s=SIL&p=D&yr=1&mn=10&dy=0&id=p06682300602&a=375393662
Silver is just 5 cents away from taking back the 233 MONTH moving average ($15.64).
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=M&st=1981-04-08&en=today&id=p70141927333&a=402480773
(sorry, must be a subscriber to view monthly chart)
I think what you are seeing is the bottom of the handle forming for a MULTI-DECADE cup and handle formation on Silver. Target : $250
Shoot. I posted that before I read your comment box. So, we agree. ~ Brian
Check the annual chart for silver on Kitco if you are not a subscriber.
I need gold to hit about $1200+ so that I can take MY profit$.