Comments on the biggest movers today – PMs, USD and Long Term Rates
There were some nice moves for the precious metals today and a correspondingly bad moves fro the US Dollar. We now need to see if gold can break it’s recent high post Brexit possibly by the end of this week. So much is going to depend on the narrative coming out of the Fed.
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If she has to stay on the pot all the time, that is called “pot luck”.
Which reminds me ,.
Fake gold and silver bars…discovered in Michigan ,is Doc working Overtime,…see article at King World News….
Have not talked with him for a bit over a week. But I know him pretty well and I have to say that he does not need the money!
OOTB….or crack pot…
Interesting theory, DT.
There is always more than one theory that fits any set of facts.
That’s where Occam’s razor comes in.
I believe Hillary is truly sick, physically. I know she is sick mentally.
Super debtors like government will not allow higher interest rates or austerity for themselves. If push comes to shove they will either print or they will default by refusing to honour their debts in whole or in part. The moral of the story is never lend to government or anyone who can legally default or go bankrupt and screw over investors/ lenders. I expect people will find this out the hard way.
I see 1307 HELD.
Gold is looking pretty good to me. If it can finish this week the way it started it, I think it will easily reach the 1460 to 1480 zone and possibly as high as 1630 before suffering a significant pullback.
historically, it has been fairly common for bullion banks to attack precious metals after a 3 day weekend. I was surprised by no attack. I do not think we are out of the woods yet, though. My calculations imply not enough shorts have been covered, so we will get another attack; just maybe closer to options expiry.
We have now established falling price channels on gold, silver and platinum that look like they will hold. That means downside is now dead ahead so stay cautious if the pattern fulfills itself. It looks like a slow grind down now as opposed to rip-off-the-bandaid fall. As a result it will not be very satisfying for anyone day-trading the decline nor for anyone trying to pick the next bottom. Gold in particular looks like it will frustrate bulls and bears alike for the next few months.
Based on the standard, non-log chart, gold is trying to break out:
Silver Doc
Gold is being supported by the “competitive cost of carry” trade . LOW rates and negative rates on most fiat currencies make gold very attractive as a currency.
Targets 1382 & 1432
Gold stocks are well supported now,because gold is well supported by the competitive cost of carry trade. Against gold ,gold stocks have been in a bear cycle since 1996. The cycle appears to be ending now, ……For the Western gold community ,good times are here,and great Times are near. Per Silver Doc…. today
Bird….Check out Silver Doctor….and Sgtreport
Thanks Jerry but I will skip it. They have been running articles over there since forever about the great prospects for gold and they were wrong for years on end. Lately they are right but its not because of great insights….its just that gold was going up coincidental to their usual bull articles.
I will stick with my own charting….for better or for worse..
I read that, but it doesnt make sense to me, gold has been in a bear from 96?
That would make every blogger and chart guy wrong on Ker,Sprott,Morgan, Keen etc etc
From about 2000 it was looking bully to me, but what do I know?
I think it said…..,”gold stocks”
Remember there were 143 gurus that were wrong….
Gold stocks PRICED IN GOLD have definitely been in a bear market since 1996.
Thanks Matthew
Exactly…… gold stocks priced in gold. But I would not really call it a bear market because that had to do with performance issues in the mining industry, rocketing oil prices, labour costs and industrial inputs among other things. Without considering the factors its hard to use the term bear market in its correct context. In other words, unless incomes and salaries, oil, regulatory hurdles, environmental costs and the like all deflate or keep deflating (in the case of crude) then we might not see the good old days return with the vigour that is implied by saying mining stocks have been in a 20 year bear market. Actually it just sounds ridiculous considering how much money people made between 2001 and 2011.
Timing and cycles..
Right on time, this is so predictable it is becoming a joke.
No Jerry, its a pattern set-up. Just squint at the charts a little (the daily is best in this case) and you can see exactly what I mean. Most of the metals got stopped out at the upper boundaries of their falling price channels.
Now they should turn down gradually.
You failed to see that gold HELD at 1307.
Check out what Gary posted
But it failed at 1309.
1309 was Rick’s Number, 1307 was my Number 🙂
Not that it really matters much at this point Jerry. If gold breaks out above 1400 then I will be a true believer and agree we are indeed in a new bull market. Until that happens though everyone is just flapping their lips in my books because none of them knows for a fact what will happen to gold next. Just as nobody knows with certainty that the Fed won’t hike this year. I will play this by ear.
A break above 1400 hundred though and gold will have my rapt attention for years to come.
1404…. 😉
Actually its a few bucks less than 1400 but I can’t be bothered to get out my trusty ruler and check right now and I don’t feel like splitting hairs today so 1400 is good enough. Its a nice round number that everyone can understand.
That’s basically the line where the bear has officially ended and we are definitely in a bull market. Its in the price range where the big players will enter the market seriously based on technicals instead of all getting short during what they believed was a big dead cat bounce.
Its the line in the sand that once crossed could yield some pretty fast money too if you are on the right side of the trade. So even yours truly will get out the party baloons on that fine day.
We just need to get there first!
A Jewish retail ruler says 1399.99
The battle is not in the Fake comex paper number,….the real battle is between the Western banksters , vs……Chinese and Russia
Gold has completed a daily cycle Low and is beginning a new bullish daily cycle. PER GS
Ignore him. He is wrong again. He totally flopped on the dollar and oil the other day and all but wrote an apology about how the powers that be went against the trade (see….its not his fault…just blame the Fed).
His guru rating is better than most,and hit the Mark with his double bottom call in Dec
🙂
I missed his call on oil and dollar…l have my own thoughts on oil and energy.
No trader is right all the time. Quickly recognizing errors and cutting losses short is the mark of a good trader.
Nicola hits a good drill result and jumps 50% this morning!
I am liking Nim big time! On top of having a mill ready to go.
Lots of silver and gold. Thinking this is now the move towards a $1.00 have been waiting for. There is also a great wright up in Resource World Magazine this month.
Looking very positive.
Mcalvany this week
http://mcalvanyweeklycommentary.com/wp-content/uploads/ica2016-0907.mp3
Twilight Zone..The House of Red in battle with China and Russia…..yesterday’s news was good for gold.
Martenson on Greg Hunter today:
http://usawatchdog.com/bubbles-are-everywhere-in-franken-markets-chris-martenson/
Same old news..caught it early this morning….thanks for the post
Check out Charles Savoie at SGT Report..
I want to make a political comment, I believe Hillary’s health problems are non existent. This is a ruse, she can’t think on her feet so she is playing the health card. One for sympathy and the other more important reason will come out when she is debating Trump. When she is at a disadvantage she will start to harumpf, cough, cough, just like she did with Bernie Saunders. Excuse me it is time for Hillary to go to the washroom. On her way there her political advisors will be waiting to prep her.
Her inability to discover for herself the essential facts of a problem and to think it through makes her utterly dependent upon subordinates and friends whose mental processes are sharper than her own. This is not a presidential attribute it leaves the door open for, guess what? DT