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Columbus Day Thoughts on Gold

Big Al
October 12, 2015

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Currently the DJIA; S & P; and, Nasdaq are pretty quiet, but gold seems to continue to be in an uptrend. Could this be the start of a meaningful upward movement?

Discussion
30 Comments
    Oct 12, 2015 12:39 AM

    Let see if this time it plays out …
    https://www.tradingview.com/x/N2RBKeUd/

      Oct 12, 2015 12:38 AM

      Thanks Gabriel

    Oct 12, 2015 12:49 AM

    It sounds so good to hear good things about gold instead of bad things! Thank you Gary!!!! Been a “long haul” so far. I hope this keeps up—I have waited a long time for this.

      Oct 12, 2015 12:04 AM

      TW: Agreed. I think it’s our propensity to think in a linear fashion which makes the herd hard to turn directions. We’re more in tune with the recent past and usually assume things are going to continue in the same path. When they do change, most of us find ourselves on the wrong path, unfortunately. Gary’s thoughts are very timely and giving us something to really think about. I value his comments today. Good luck to all.

        Oct 12, 2015 12:39 AM

        Thanks Silverdollar

      Oct 12, 2015 12:36 AM

      My sentiments exactly Mr Winston!

    Oct 12, 2015 12:19 AM

    Pull back from what level?…….question for Doc and Gary.

      Oct 12, 2015 12:39 AM

      Fair enough!

    Oct 12, 2015 12:41 AM

    Sold my heavy oil position Friday as I sensed oil would fall to 46 to 48 as it was quickly shorted near 51. and it is now at 47.20. I bought back only 20% of my position and avoided a huge loss.

    Oct 12, 2015 12:50 AM

    Gary,
    I think you are right about gold going hit the 100 WMA. But I’d be careful after that, cause the bull trap will be, set.

      Oct 12, 2015 12:02 AM

      Chartster …..are you still looking at $800 gold….just asking…..no trick here….

        Oct 12, 2015 12:28 AM

        I do think it will go lower than that, on the final wash.

          Oct 12, 2015 12:26 PM

          Thanks Chartster for the info……………………………………..the CLAW

            Oct 12, 2015 12:18 PM

            Always! Claw Dawg…

    Oct 12, 2015 12:50 AM

    I hope I can buy back into GDX near 14.50. Now gold looks like it is being manipulated up when I need to get back in. Not fair.

    Oct 12, 2015 12:10 PM

    It wont take too long before you start blaming manipulation again gary.Mark my words.The only 2 things that are guaranteed in life are taxes and death and nothing else especially gold price.

    Oct 12, 2015 12:23 PM

    I bet that call writers of pms will rub their hands when they listen to what you have said 🙂

    Oct 12, 2015 12:24 PM

    Nasty reversal candle in the miners today.

      Oct 12, 2015 12:51 PM

      Yup, gold looks like a short here. There should be a corrective decline at the very least.

        Oct 12, 2015 12:04 PM

        I say that because the pattern developing is one of a rising pennant (higher lows) with what looks to be a flat top rather than a picture of a breakout taking place. So a pullback would confirm that right here. The other thing is the CAD looks like it has hit an interim peak and will decline for awhile as well.

          Oct 13, 2015 13:19 AM

          And BINGO……looking at the charts this morning we do indeed have a decline in gold and the Canadian dollar is in a correcting pattern that fits my above scenario very nicely. So I don’t think this is a breakout in gold just yet. That is coming…..but it is coming later. Gold should fall to about 1120 – 1121 at a minimum before its next bounce.

            Oct 13, 2015 13:05 AM

            How low do you think silver will go down before it bounces A Listener? Just curious.

    Oct 12, 2015 12:06 PM

    The Shanghai sure looks to me that it has hit bottom and is already on the rise again. Sounds crazy to some but that was my call recently and so far so good as A-Shares are again rising off a pretty good bottom. Judge it yourself by looking at a long term chart and you will see what I am talking about.

      Oct 12, 2015 12:23 PM

      Listener,
      I agree, the EMs have bottomed. So has most commodities. Not oil and gold tho.
      Been saying that for weeks now.

        Oct 13, 2015 13:20 AM

        Agree Chartster.

    Oct 12, 2015 12:32 PM

    Well like I said, traders will try to call a top all the way up. It’s just human nature. Heck they’ve been calling tops for the last two months and been wrong everytime. Why change now? Very few people can actually ride a trend.

    Oct 12, 2015 12:15 PM

    Lol, Gary.. They’ve been calling bottom for the last two years..!

      Oct 12, 2015 12:12 PM

      right before your very eyes, and right here.

    Oct 12, 2015 12:17 PM

    We might be close to a bottom regarding time. But price will be much, much lower.

      Oct 12, 2015 12:45 PM

      If the dollar is rolling over like I think it is then gold is done going down.