The Doctor is Now In
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Currently, the price of gold is off $13.60 in downward trend. Is this temporary or do investors perhaps have the opportunity to repurchase it a lower prices if they choose.
Mr Lucky eh!
Well thanks for the endorsement Al but do you really think I am betting on dice and random variables that amount to luck? I got a chuckle out of your comments at least.
Anyway, as Doc says, there is a chance we get a bounce back and that would not surprise me in the least. I am hardly declaring victory yet (I’m not that arrogant) so this will just have to play itself out over time.
The market has still not bought into the idea that gold will be going down very far. DUST volumes were at 112 million shares today which is decent but the excitement won’t really get going until they hit numbers much higher than that.
So its a good time to watch from the sidelines. Not sure why you guys have no confidence in my calls though. Most of them are pretty decent including that one on the Canadian dollar from a few days back.
Corvus is already down a third since I warned on time to get out. Oh well……….
Birdman ! You make much people miss the the GOLD boat ! Laste 2 years ! A little respect ! I love you’re info ! https://www.youtube.com/watch?v=x34icYC8zA0
I meant that as a compliment, Bird.
Of course. I knew that Al.
All the best to you.
Hey Al, next time Rick is on can you ask him where he sees the Canadian dollar going to next or how far it might drop?
Nice Birdman…looks like I pulled the trigger a bit too soon and exited my DUST position early…darn, today would have been a nice profit.
Interesting point you make, Dave.
exactly the point. It is not crucial at all. Especially when it comes to gold and silver.
My concern is, your listeners get scared because of comments from Chris and Doc.
Chris in particular constantly beats down those who want to protect themselves against the monetary madness of the John Maynard Keynes school of thought. e.g. goldbugs.
One day they are bullish, next day bearish. At least that is how I interpret their comments.
The risk is not being in the gold and silver markets, period.
It can literally destroy you and your loved ones.
Gold is not gonna hold doc.You can count on that.By the end of the year gold is gonna be in the $850 region.Birdman and me have been saying that for way too long.At the end of the year I bet you will invite us on the show big Al..just kidding 🙂 However it is nice to join the muskateers
Don –
I sure hope ur kidding…if not good luck with that!…:)
I think he is kidding. Even I don’t think gold is going to 850 this year. But neither do i think its going to 1400.
Gold is going to 1323 birdman by next week.11th may is the target date but I will update you as we go along.
I’ll keep my eyes open. What makes you so sure btw? And if you are correct then I really should get the hell out of thus DUST trade while the going is good.
If you have averaged down at 1.27 I would suggest you to book profits and buy the dip again.My prediction is that dust is gonna fall to $1- 0.90 birdman.Always dydd birdman just incase I am wrong.I dont have a crystal ball.I wish I had 🙂 I base my assumptions on technicals.I will fine tune my target as we go along birdman using the 5 day chart.Keep you updated dont worry.
Now I really don’t understand you, Don!
On the previous page you said the dollar was going up.
But we would have asset price deflation.
Now you gold is going up to $1323.
So I conclude that recent anti-correlation between gold and the dollar is toast in your eyes.
$1323 from current levels i.e. 1280 is not that much cfs.By next week gold would have reached that target and down it goes from there.I am going on a limb here saying that gold is very near to its pinnacle. $43 to be exact.There is nothing contradictory in what I have said.Dx is forming a bullish reversal hammer on the weekly.I am on the record cfs .I dont hesitate to give targets bescause they are backed by lots of technicals.
You will see with your very eyes at the end of the year that I was not kidding and mind you;I am being very modest with my target because some analysts that I follow are predicting a drop to the 700-750 range.
You mean Harry Dent? Or are there others? I don’t subscribe to those lows for this year though. If we hit a 1000 I will be more than impressed.
Birdman I follow many analysts on tip tv finance.They come randomly on the show and some have been projecting a long term target of $750.Harry dent target is $700.It is gonna be a waterfall decline birdman like the one we had from oct 2012 highs.My projection could be extended a little further but not further than the first quarter of 2017.Birdman I watch the best proxy of gold that is out there i.e. the dx and it tells me that it has further to go to the upside.110 is the level that I am watching.Target date mid 2017.
Hello all, the new civil James the Lesser here…
For those who know me and for those who don’t …
What have I been saying for the last 4 years ?
Gold must take out and hold $1340 for three consecutive days to end this bear market once and for all. Everything else is noise.
I believe the bottom is in.
I believe $1250 is now support.
We breached $1300 and now are having a minor pullback and everyone is getting all worked up.
What do you want to go up in a straight line?
The FEDs Lockhart made some delusional statement about two rate hikes this year and everyone is back on the $. Nonsense.
We will target $1340 soon enough
Thanks, The New Civil James the Lesser.
A close above $1347 would be most encouraging, but I’ll settle for Gold closing above $1307.80 (Jan 2015 high) and $1321.50 (early 2013 spike low that started the last 3 years of sideways to down consolidation). Once Gold closes definitively above those 2 levels then I’ll break out the party hats and champagne.
I think we will see some currency shenanigans overnight from Japan resulting in the USD strengthening tomorrow.
What are you thinking Bob? An intervention by the BOJ?
Yeah, I am thinking BOJ.
But then why would they – a stronger USD means a cheapper Yen which means more exports for the Japanese. I don’t know what I am saying here. I just have one of those feelings. Perhaps it will be the Chinese. Who knows.
It would not surprise me if the USD weakens again briefly, gold goes back up briefly and then BANG! Then we get the rising USD and the big drop in PMs.
That is what I was trying to say… whilst I was watching NCIS and Deep Space Nine… with a bowl of french fries in one hand and a bottle of beer in the other. Boy, there’s an image I just created. I had done a 10 mile bike ride earlier.
I like that bang part. Whatever happens it looks like it won’t be as fast as we think. There is always back and forth. Ever notice that when you have an idea about a stock or trend that they always take longer to form than you first think?
But then take your attention away for just one day and bang…the thing is over and you missed it. Happens to me all the time.
20% in DUST in 2 days is a prime example.
I have a feeling that this is going to be choppy – up, down, up, down, down, up. That kind of thing which means it will be difficult making money from JDST and DUST on the downside. The gold bugs are nnow convinced that the metals are going to the Moon – they may be right – so they will be buying all the dips I guess.
Yup, that’s what will keep everyone frustrated alright. The idea is to shake everyone down including the bears who might panic when gold bounces and dump their positions. I am holding. DUST closed the day having moved 118 million shares but its not a record and the chart is not on a breakout yet. It looks to me we may get a bounce back in gold tomorrow too. That should reinvigorate bulls and give the pros another chance to sell into the decline.
Yep, would not surprise me if we have that bounce. Did not think about allowing the pros to sell out.
Keep an eye on UST volume. You know that.
it would not surprise me if the USD weakens again briefly, gold goes back up briefly and then BANG! Then we get the rising USD and the big drop in PMs.
You are spot on bobby.That is exactly what I am foreseeing.
Bob UK,
I am a bit of a gold bug and I am not in the camp of gold going to the money shortly. In fact, I really don’t care. There are still profits to be made!
Not sure what this means to y’all but Gary agrees with you.
http://blog.smartmoneytrackerpremium.com/2016/05/watching-undercut-bottom-dollar.html
Please explain your rationale Bob UK
You Al, I wish I could. It is more gut feeling than aything else.
It would not surprise me to see gold retest the recent highs and then we go down big time either on Friday or early next week.
Oops, meant the opposite. Should not have opened that beer.
I don’t know. My long term charts are showing divergence between silver and gold that I don’t understand. (I would never call myself a good chartist) I seem to show only a short term drop in silver over less days than I have fingers, then an upwards move for silver.
On the other hand my look at charts for gold gives indecisive results.
On the other hand my charts for $USD or DXY still indicate dropping long term trend.
So if you believe reciprocal behavior between gold and the US Dollar, that would imply gold price increasing.
Is Draghi messing around in Europe.
Or is the Brexit vote messing with the GBP?
I’m showing GLD support at $122.37 and secondary support at $121.79, so I don’t see the price of gold dropping quickly.
I think I need to look at Indian import data.
Do you mean reciprocal or did you mean inverse?
CFS,
Not sure what you meant by “My long term charts are showing divergence between silver and gold that I don’t understand.”.
I’ll just remind ourselves that
* gold and silver normally don’t top and bottom in synch and also
* the gold/silver ratio is not constant…
Best,
LPG
Look at larry Edelesons report today.
http://www.moneyandmarkets.com/beware-gold-rally-77890
OK, thanks Doug.
Isn’t he the same Larry who expected the collapse in Sept 2015? I think there was some religious B.S attached to his thesis. NOISE!
I have been taking his newsletter for 4 years. I am a Christian and if he had said anything about religion I am sure I would have picked up on it. You must have the wrong Larry.
Could be right
Doug,
A lot of folks are now saying that.
6 minutes of your time..folks.
https://www.youtube.com/watch?v=W7I92r9GqUw
some parody’s are better than others.
Thank IRISH…….good one…………..
Gold back-testing Fibonacci fan support:
Whether this has been natural profit taking and “sell in May” action or not, we’re getting a sentiment reset at the perfect time, in my opinion. There were already signs that the miners might start to melt up and that would have been fun but very bad for the health of the bull market.
I made 30 trades today selectively buying five miners.
Matthew…I made one trade today..bought another gold sovereign…………..
I know I’m a big spender………..haha
Well it’s about you added some gold to your silver tonnage! 🙂
Matthew……….SHUSH……….silver grams,silver grams…somebody might be listening.
Right, I meant GRAMS. Sorry.
+1 Matthew.
I added to 1 miner myself, and got my second add not taken into account as it was just in the last seconds of trading (me not next to the exchange…order needs to cross the Atlantic ! 😉 ).
Best to you,
LPG
It must be kind of nice to trade so much later in the day sometimes. I’ll have look into other markets.
Hey folks,
just wondering what happened to Novo Resources Corp today up %17 on the TSX? There is zero news on the wire. Technically it was due for a pop but that is a very large increase on a dud day for gold. Just glad I own it today.
Is it the only Canadian mine not on fire?
Re: Novo, Jay Taylor talked about it yesterday.
CFS. Thanks! Taylor must have a lot of listeners or other are speculating the next round of news will be positive.
Hope everyone is well.
Too much excitement recently and now mini-drama for nothing, imho. Waaaay too much noise.
If you believe this is the resumption of a bull market in PMs – as I do – add on dips selectively. Things will take care of themselves with time assuming you are not buying a turd.
You like a name? If it goes down, it’s gotten cheaper. In investing language, what is cheaper is “better”. A simple, boring evidence that it’s good to remember.
Stay away from the noise.
Focus on fundamentals, and on technicals. Have a plan, and a plan after the plan.
Also, I highly, highly, highly suggest anyone avoids having a “one fits all” TIMING strategy when it comes to adding capital or reducing risk (ex: “IF gold reaches $1200/Oz, I will add more to my positions”).
—> Treat each stock INDIVIDUALLY/SEPARATELY. (for ex: despite all the mini-drama since Monday, I’ve had a stock make a new high today…)
You believe the PM bull has resumed? Ignore the noise, add on dips selectively. TIme will take care of everything.
My 2cts.
LPG
+1 Ignore mini-dramas and avoid buying turds! How hard can it be? 🙂
That’s sound advice guys. Avoid mini-dramas and don’t buy turds.
and remember…….
“You can’t polish a turd…….. but you can put a bow on one”
+ C’est ça mon ami!
+1 C’est ça mon ami!
I haven’t anyone else’s posts on this blog today but I can tell you I have sold all my precious metal stocks and moved into the energy sector primarily natural gas overseas. DT
That should be read after haven’t. DT
Most, if not all of these price fluctuations in the gold market is just noise at the end of the day. I know its interesting to talk about, but price spikes are profit taking opportunities and adding on sell offs are opportunities to recapture and reenter positions bigger than before. Cascading and growing your wealth many times over.
Overall a smart investor who spends even a modicum of time of monitoring the PM markets are going to capture most of these moves. You can still have a life and win at this game. Many so called guru’s try to make this far harder than it needs to be.
If gold never makes it to 1330-1400 on this leg up personally I could careless. Likewise, I could careless if gold drops $250 dollars on a panic selling event. The trend is my friend and allowing that trend to play out is where fortunes are going to be made.
We are only in the first massive leg up of a new 3-5 year or longer, gold bull market that will encompass a 3 leg rise with corresponding corrections/retrenchments.
Its not a big deal, as a prudent PM investor you do not need to cower in the corner with sell-offs, you welcome these spikes and sell-offs and use them to your advantage.
The expected and well known price retrenchment that is coming up after the recent move higher will be the first of two over the next 3-5 years of this bull cycle.
This trend is even visible to a blind man.
I bought DUST at 1.36 and 1.61. Next buy order is 1.86.
In Doc’s defense, May is a pivot point usually for the markets, especially for metals. So yes, each week is crucial, will gold hold up or not?
I added to a position today in a small ASX listed producer.
They have more than 7 million $ in cash & gold in the bank.
Their Managing Director continues to buy their stock on the open market.
They own 100% of the mine now (debt payable is less than 6000 ounces of future production over time)
Opportunities are everywhere ATM.
Who….Dares….Wins.
Cheers.
It looks like Bix Weir and I hve much the same dream. $5,000 silver up from round $15.
Physical Silver “Once the Last Ounce Is Sold, Price Goes From $15 to $5,000”
http://www.silverdoctors.com/silver/silver-news/physical-silver-once-the-last-ounce-is-sold-the-price-goes-from-15-to-5-000/#mohttps://youtu.be/dLj6T2xCErI
re-66214
In my dream it all happened in one day.
Doc you’re funny. Each its “next week” is crucial.
Doesn’t matter what the market is doing. Up or down. …..next week is crucial.