Thursday morning with Chris and Rick
Click download link to listen on this device: Download Show
Chris here, pinch-hitting for Al and Cory, and starting off the day with Rick Ackerman. Chiefly, we talk about the continued surges in the three key “risk off” assets: The Japanese yen, long-term Treasuries and gold.
My best wishes, Big Al, for all Health concerns.
DITTO
Yep. Prayers on the way.
Many thanks CFS; Frank; and, JayT
Big Al – When you took off the error in the audio on the other blog, you also deleted all those comments.
Big Al – Can you please repost all those comments again?
Yes, there is
Thanks. Showing up now
DITTO
WARNING:
If you are in paper gold/silver on COMEX, I think there will be a default.
I know they cannot cover the longs!
I AGREE 100%…………….WARNING
That has been happening for years. They can always find a way out such as cash pmt.
This is going to be a $100 up day.
In gold
Ah geez cfs, ya just jinxed it. lol
There will be a pull back so that it looks like it might not make +$100, but wait until Hong Kong opens this evening!
All those who said this could not happen are licking their wounds today. And some even said they shorted gold recently…ouch. Goes to show you the markets always have something new in ‘their’ tool bag. The FED’s is empty.
We got what I was hoping for yesterday morning. I don’t think retail shorters understand that at the end of a four year trend, they should be focused on the weekly chart, not the daily; the forest not the trees. Big money positions itself according to the big trends so it ignore the daily just as most little investors ignore the hourly.
Most people are not pros so most people should do very little shorting, or none at all; and their long positions should be 3 to 10 times as large.
On February 10, 2016 at 7:03 am,
Matthew says:
Most bullish, in my opinion, would be for gold to extend this move up significantly enough that even a large pullback afterward would not take it back to where the abandoned bulls are hoping.
It’s a real show of strength that Monday’s gap up in GLD remains open.
Good thoughts Matthew on the new environment, on getting the bigger picture weekly view to smooth out the noise, and taking larger long positions (which can be trimmed back if it is a healthy core position).
Yes, I’m curious to see if the pullback in the Spring will even make it back down to where the bulls were abandoned. Very exciting times.
What happened to the cartel? Did somebody kidnap all those guys so they can’t suppress the gold price?
Mr. Temple,
The cartel ran out of Physical.
the LBMA………got to greedy last week…….
Temple is right, they were kindnapped, by the drug cartel, they owe money.
I knew it had to be something like that…
thx guys
Dang, gold up 59 right now.
you been asleep…….the party been going on for awhile……. 🙂
Been working…but with my effectiveness today some might mistake it for sleeping!
Keep up the good work……. 🙂
The world turning upside down….
Phillips 66 Dumps Crude in Distressed Deals with Negative $2.50-$2.75 a Barrel Spreads
http://mishtalk.com/2016/02/11/phillips-66-dumps-crude-in-distressed-deals-with-negative-2-50-a-barrel-spreads/
Thanks guys. Good discussion
Warning:
Anybody following Financialsense may well be invested in high dividend stocks.
Some of those may be OK in the long run, but if they are Insurance/banking stocks, my advice, (not investment advice, of course!!!) is get the h*ll out now.
banking stocks , start licking your wounds………..
I am in but shorting.
I remember in December the Pup was telling listeners of the Financial Sense News Hour that we were entering the last stage of the bull market and 1026 would be up and away. That was bull.
I am a little disappointed in Jim. He was so good prior to 2013.
1026
Dang typos! Should be 2016!
I stopped listening to JIM P……several years ago…….his timing is all messed up…jmho
You need a fog machine to go with the echo.
Great isn’t? Like he’s stuck down a well. Gives it more gravitas.
You make a great host, Chris, and agree that gold has bottomed. Rick makes a great point about overbought readings. Yes, they should always be watched and respected but I’ve stressed the same point many times here. Whether we’re looking at the stochastics or the RSI, huge moves can start from an already overbought reading and is especially likely and common in a bull market.
Matthew is right.
would never argue with either of you guys……..professors……..
I can deal with miners staying overbought for a while and ripping higher.
Hey Gang,
looks like the bear market is over;)))
http://www.cbc.ca/news/business/gold-canada-reserves-1.3443700
DANG………a repeat of ENGLAND………
No more loan and lease for them…………….
I would like to see silver break $16 today………………
I think silver now has good support at the 200 day moving average and/or the dashed blue pitchfork “trigger line” on the linked chart (it will show today’s action after the close):
The action has been perfect for leaving even most bulls behind while smoking the bears at the same time. I wouldn’t want it any other way.
LBMA………screwed up last week….trying to smash silver down to $13.84(?)…the fix is over…….
or at least broken …..
Somebody kidnapped the guys shorting silver too???
Temple you are to funny………..
What do you think………?
It is criminal and a manipulation under daylight. Hope no one doubt it anymore.
Ronnie take a bow when you said your gut feelings told you gold was going to mid 1200s this week!
ditto……….a good gut check……..
FFM CCF
– Speaking of a good gut check……..
I’ve been promoting our precious metals depends business on the other KER blog today:
(I believe IrishTony could be our very first customer!!!!!)
UP TO THE MINUTE COMMENTS ON THE MARKETS – THU 11 FEB, 2016
http://www.kereport.com/2016/02/11/thursday-morning-discussion-chris-doc/
I think you are on to something……………………..
Well, I figured Docs summer doldrum low would be correct.
I still find it hard to accept it wont be.
But, if this really is it, golds on the way up, it hadda happen sometime I guess.
bb……..did you catch the above post……..Canada govt out of gold……
see confused….above
Wow, I didnt realize it was that low.
I did know Canada sold most of their gold along with Gordon Brown right at “Browns bottom”.
Its the same bank.
I dont understand why people have a hard time accepting that.
The important question to my mind, do Russia and China also have the same bank?
I havnt been able to discover either way, the only change I see happening (other than reserve currency) is another payment system.
I thought they have 2.5 tons. It seems it all went to Eric Sprott’s vault.
Well, it could have gone to Sprott, that way they know right where it is should they want it back.
How be it that treasuries are considered a safe asset when there is no real political will to honestly redeem debt but instead continue to contract more and more debt without limit? Is some one hoping for a miracle or do they think they can foreclose on a nation and take it private?
For as long as these present markets function, Steven, it’s the old adage of “when in Rome.” (Most appropriate, BTW.) Thus, with no immediate end likely to the PTB’s success in keeping Treasury values levitated, the best game in town for investors has been long-term Treasuries. And I think you’ll have ample warning before the markets turn on Uncle Sam’s IOU’s. In relative terms, U.S. finances are better off then Japan and Europe…and these days, even China (though the latter’s gold reserves should prove a cushion if things really get crappy for them.)
I’m waiting for Rick to raise his long term gold price of 815.
No need to wait, Greg. My subscribers have been long from 1085, when I turned short-term bullish as all get-out. I don’t let my long-term projections affect short- and intermediate-term trading opportunities that happen to go the ‘wrong’ way. Incidentally, my long-term projections to the low $800s will remain THEORETICALLY viable until such time as Comex Gold exceeds 1432.90.
Thanks Rick, I’m buying physical, and with the premiums it makes me an insurance holder. My hope is that it gets to 5k by 2020 or sooner. The same for oil. If keeps dropping to the low 20’s I’ll take a shot at buying some paper oil. Just averaging in to be safe. I know my limitations, I’m not nimble and I get greedy and its cost me. The smartest thing for me to do now is to listen to smart people and be patient. Thanks again.
FYI, my subscribers went long Goldman’s OIL ETF on Thursday using a 4.38 bid and a 4.29 stop-loss. This is despite the fact that I’ve still got an outstanding target near $22.
Rick,
Yes, you and your group are very smart and nimble the same skills I lack. I also suffer from greed, but really its the desire to get back my huge losses very fast. But I still don’t understand how you do it with charts when the market is so overly manipulated? I did very well in the market up until the crash. After that nothing worked as it did before the crash. My thought are after “the boys” squeeze enough shorts it would seem a good time to start to short the dow and s&p with some etf’s . Averaging in for sure. With the markets unable to go up, it appears to be a safe bet.
Also, it appears that the manipulators work on Sunday nights and Fridays. Its a nice work schedule for sure but how is it factored in on a chart?
Gregd, the charts work as well as they ever have. The intent behind buying and selling makes no difference. Using very simple buy signals, no one here would have missed the move up in gold this year.
Even Rick’s free material over the years has proven without any doubt that is method is superb.
The really big money, and most tax efficient strategy from here on is to buy and hold for the next 3-5 years.
I’ve done everything I could to get people on board. Now it’s up to you if you want to give up your pot of gold.
I would agree with the buy and hold……..
But, I think there are some sharp traders on this board…………jmho( of which I am not one)
Buy and hold in a tax-deferred (e.g., IRA) or tax-free (e.g., Roth) account is even better
I happen to agree with you Gary, in 3-5 years gold will be higher.
And its not going to matter if you paid 50 cents or a dollar for your shares, or $2 or $4.
Other than “bragging”, your gonna be walkin in taalll cotton.
I hope the price of hamburgers only triple or so in that time.
I think I’ve made back that steak dinner and now I’m up one chicken burrito 🙂
gary..I think you have….& a portion of ice cream with chocolate topping.
Funny. I wrote Doc and mentioned you guys could call it a wash, and go out for burgers and fries…… Going Dutch of course.
However, if you’re Going Dutch on the dinner….
“Going Dutch” is a term that indicates that each person participating in a group activity pays for themselves, rather than any person paying for anyone else, particularly in a restaurant bill. It is also called Dutch date, Dutch treat (the oldest form[1]) and “doing Dutch”.
….then I would strongly recommend not trying the Double Dutch at the same time:
Malcolm McLaren – Double Dutch
Half way through that video is some of the most amazing jump-roping I’ve ever seen.
I’d like to submit a potential idea for The Korelin Economic Report:
How about a KER live remote where you film Doc & Gary eating lunch Dutch treat, and then immediately afterward Chris Temple and Rick Ackerman can move the jump ropes and Doc and Gary can do the Double Dutch.
Winner takes all!
Floyd Little Double Dutch Team
The Late Show with Stephen Colbert
Just the mental image of that is cracking me up 🙂 🙂 😉
gary, you posted few days back that you sold your gold holdings, have you reentered since that time.
tks
The really big money, and most tax efficient strategy from here on is to buy and hold for the next 3-5 years.
I’ve done everything I could to get people on board. Now it’s up to you if you want to give up your pot of gold.
Right on Gary!
Gary are you really advocating buy and hold from here without confirmation the bear market is over?
You will be talking manipulation again when gold trades down to $1020 this summer.
If you already have position, it is better not to buy here. If you don’t have, you may buy some and make sure to hold out another smash if it happens. This market is not for the faint of heart.
I agree dragonite. Held a position since Nov ’14 and through summer 15.
Red screens turning blue again but still holding cash for the final low.
We’ve ‘gone’ too early!
I missed this!
Reversal on the way in the next 90 days I’m hoping… then all in.
I have confirmation. Gold has rallied above two prior intermediate highs.
Great job Chris!
Love the “Lennon slap-back” effect too Rick. Very ‘Poltergeist’.
“Mummy… they’re here!”
funny
Still believe the telltale sign The Bear in Au is over – when the 6×24 MA crossover occurs on the monthly close. May take into March to arrive there( roughly around 1200 ). Hallelujah Chorus anyone?
Walk in good health, Al!
Thanks Marty!
Gary gold is not in a new bull market imo. We need a 20% weekly or daily close from the December lows.
That’s a Wall Street myth created to keep the little retail guy from participating before he’s supposed to.
No file uploaded Chris?