An interesting day in the markets. We comment on energy; precious metals and the conventional markets.
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on COMEX
Frank, this happens in all commodities all the time. Additionally, we don’t see the off-floor, non-regulated swaps markets, which, like forex, is massive. The focus on ‘naked shorts’ and the idea that there is some issue with how many futures trade versus underlying physical or warehouse holdings is pretty meaningless imho.
Good thing it is your opinion……Trader Terry…………best
AS, old BOB M. says………”there is no such thing as a naked short”
my opinion and 30 years in the futures market, from the floor FWIW
Big deal………
No disrespect intended…………
You are talking to a wall of ignorance Terry. There is no way to get through.
Is see that AL. Wow, a buddy told me to check out some of the podcasts, which I’ve done, but I see that when you post something trying to offer something that comes from real-life trading and professional running of money you get slapped from the tin foil hat crowd. Oh well, what can you do other than to fade em and trade em cause they make for easy picking 😉
I don’t have a lot of time anymore for the tin toolbar crowd. Too many obvious “salesmen”!
You are talking my language, Terry. Personally I am in the scalping business. Pure mercenary. Them’s easy pickins!
Nice. I scalped a lot when I was on the floor because it was just a matter of trading the paper flow. I pretty much just trade futures and options now. The gold trade has been pretty easy this year – things line up and you see the turn coming. So many of the newbies just react to price and are on the wrong side and the wrong time. I chuckle when I see these traders say ‘well I has right but the PPT or the Fed intervened and ran me over.’ It’s always the bullion banks or some other nonsense, LOL.
What cracks me up is that most of them never even bother to just look at a longer term chart and see the ebb and flow as gold cycles up and down. It is so rhythmic and easy to pick off it ain’t even funny yet as you say, some of these guys keep blaming the Fed, banks, insiders and other assorted Martians for their own bad timing and poor performance. And the funniest damned part is when I try to point out the obvious they accuse me of being anti-gold or pro-Fed or some other such nonsense. The best one is I am called a statist. That’s what you get for beating them at the trade I suppose.
True, you are pretty astute Listener. I would be very curious as to what you did in your previous life. I would bet that we know some of the same people.
Interesting (and funny yet sad). I nearly feel off my chair when one of these guys yesterday said “I am the only one that ever gets this right.” LOL I think maybe there isn’t a lot of people that work with and interact with the hedge fund community of the HFT clowns and their ever changing algo trade.
Typical wallstreet ………….scalp um……real life trading in the pits…….good place for bottom dwellers……….
Huh, a wall of if not?
A.L. just to clarify. If in the future if Comex has to settle in cash due to depletion of its inventory, do you feel it is acceptable? Or is it considered normal behaviors by your opinion?
Owl……WHAT DOES your buddy JAY TAYLOR have to say about it…..?
About what Moscow.
If you mean Rye patch, at this point he is not crazy about it. I will be talking with him later this morning. And, will definitely post my findings.
ASK JAY TAYLOR…..ON HOLTER AND DAVID JENSEN……….
Cory, just an FYI – GDX and GDXJ aren’t things that ‘follow’ anything – they are ETFs with defined share ownership – a true basket of miners that, in GDX’s case, is heavily weighted to the big caps in the basket – GG, ABX, NEM, GOLD, SLW, etc.
Terry, that is what Cory meant by his comment.
Chris, I have to say that I enjoy your insight on the bigger picture.
Thanks, Terry…
thanks for the post Chartster……………………..CCF
BILL HOLTER AT……………..usawatchdog
Did you listen to that Holter interview Frank? Almost every word was complete nonsense. I wasted 20 minutes of my time on him and could not believe what a pile of tripe he spewed. He gets EVERYTHING dead wrong.
I have to agree. Bill Holter is not very bright.
Janitorial work might be a better fit for Bill , what do you think……..
Remember, everyone had an opinion. As promised above, I will be back with mine.
I have virtually all day today as I am at the hospital whete Kathy is having “minor” surgery and will not be leaving for about seven hours.
I do not think Bill would even be able to do that. Most people could not. At least not do a good job.
You’ve got a good point there, JMiller.
Never mind, Frank, I see you touting Bill Holter, so once I see that, Sinclair, GATA, blah blah blah I disengage. Good luck to you.
Good for you that would be wise…………………best
Thanks Terry. Glad you said it instead of me. I have given up on the repetitive drivel long ago.
A…….L………you are to funny……..btw, how is the turtle………
You might have gained a new friend since, you both have similar bad habits.
Al Korelin, you made a pretty strange comment today suggesting I was only a short term trader. It sounded rather accusing to me. The truth is that I have left hundreds (HUNDREDS) of posts on this site on macro themes in the past that you have never bothered to comment on any of them. I have repeatedly suggested you open the forum to ideas outside of the usual boring gold and silver and was ignored by both you and Cory. I kind of suspect you don’t read anything people here write or you would know about that. No disrespect intended of course because I think you’re a great guy but come on!!! A mistake that big means you don’t follow the blog.
Alisten, hy don’t you simply depart… you are so much smarter than anyone here except Terry. I cannot comprehend why you remain…
Agatha, that seems like an odd thing to say. When I started trading in the pits in the mid 80s, I wanted to be around the older people who had seen a lot and survived. Same with playing a sport for example. When I decided to move from racquetball to squash I always wanted to play the people better than me, because that is how you get better and challenge yourself to excel. It seems that on this site (granted in my on short time checking it out) that the ‘team’ is considered pure genius and posters are too, until someone says something that the ‘herd’ like
I for one am happy to see your perspective Terry.
Don’t let the bugs bite.
Hopefully most at if not all of the bugs have left.
Hard to get rid of roaches………lol
ASSET BASED INVESTMENT…..banner reads…………
Pure geniuses Terry? Not sure about at least myself!
Based on Bird Listener’s modus operandi, his day job must be astroturf shilling.
https://www.youtube.com/watch?v=-bYAQ-ZZtEU
Right, only about 2 – 3 hours per day and generally more on the weekends. With what I perceive to be your level of acumen I assumed that you made significant Money trading!
Sorry Al. I might be a little touchy today. Fighting with the wife over nothing at all. You know how it goes. And some people think money solves everything. I wish! If only it were true.
Doesn’t seem to work that way. I guess that it did for Murray though!
I truly feel sorry for the poor woman it can’t be a pretty picture. DT
Great market wrap as always.
Doc, I think we are going chase gold down a good bit further than most think. I get that you are seeing that now.
I am thinking of getting long (short term) tomorrow because we have a bounce in store.
I agree. Seems like a lot will come down to how they trade the DXY off the NFP, but we’re oversold and due for a bounce (and maybe more, but 1 step at a time).
Indeed Terry. One step at a time.
Probably a very short term bounce on metals.
Conventional stocks are about to get real heavy too.
Could very well be, Chartster.
Reporting earnings tomorrow:
GPL/GPR
GOLD (Randgold)
HMY
RGLD/RGL
RIC
bill holter wants to sell gold.
You sure? He just said yesterday it could go to 100,000 dollars if China ran into trouble.
He works for a dealer!
Now now Mathew!
Well, I just read Bo P saying 2000 gold in November, he is bound to be right some day.
You would think anyway. But this year, every time Bo says gold is going up by whatever month, down it goes.
And you listen to him bb?
Just saw the headline Al.
Lots of articles thats all ya need to see.
November of what year?
lol Chris.
Good point.
2014 😉
BB,
This is directly from Mr. Polny’s website (http://www.gold2020forecast.com/):
Polny’s Exclusive Turn Dates
The second is a POLNY EXCLUSIVE TURN DATES subscription service that is for the active trader/investor who is looking to keep a pulse on the gold and silver marker on a daily/weekly basis. The service offers short term (weeks/months) projection for both gold/silver as well as providing a general long term (years) overview of coming gold/silver cycles. The trading I find to be rather simple. I have “key” turn dates and on those dates I either goes long of short for a SPECIFIC period of days depending on the next turn date. This service provides subscribers exact Turn Dates, Direction and Price Targets BEFORE the market turns making the subscription fees insignificant quickly. This is the ONLY service of its kind in the world! I started the Exclusive Turn Date service in May of 2013 and my Subscriber base at the time of this writing control over $7.2 Billion in total Gold and Silver.
In 2014, I was curious about the accuracy of the stated “$7.2 Billion Gold & Silver subscriber base” claim, so I contacted Mr. Polny. He responded that the statement was correct BECAUSE Mr. Eric Sprott was a customer. I would say that while possibly “technically” true, it’s a VERY MISLEADING statement. Something else Mr. Polny does regularly is intertwine religious associations and comments with his writings. The GOD I’m familiar with doesn’t find STRETCHING the truth for your own financial benefit as a very good character quality.
All The Best,
JIM
Guess Im just not a Bo fan Jim.
It seems every time I see an article of his saying “gold to 2000 by (choose month)”
gold drops in price.
Nor mine, Jim
And the moon could actually be made cog green cheese. Remind anyone of Amway?
You think. What’s?
Thank you All for yoủ daily job.
You are welcome. We all do try and certainly enjoy the effort
Making People Think Without Bashing Them Over the Head, with Comic Dave Smith
We’ve read from the same script before. A rise in the dollar, an inverted yield curve between US Treasury bills and Euro denominated or Swiss Franc longer dated bonds, a defence of the zero bound, a steepening of the yield curve, a stock market rally.
This led up to the precipitous drop in August.
History does repeat itself Fran Six
Look like today gold and silver will be driven down under 1100 and 15. So many times they reach critical point together and break together. Too much coincidence. I guess it is done to create maximum psychological damage.
Seems none of the good psychological levels is spared of attack. Stop loss will be stopped out for sure.
They are usually penetrated multiple times to make sure all stops are wiped out.
Thursday: Good discussion with all. I like Chris’ comments at the end tying in the dollar, the Fed and their bluster and his statement that the dollar continuing up will hurt far more than it helps, in both the stock markets and US business abroad. My question is……….how do they bring it back down? More QE? Or can they?
293 ozs. of PAPER GOLD…..for every oz of real phyz……………….zerohedge