Even we are surprised to see gold below $1,200 before Thanksgiving
Today with Doc we discuss the sell-off in gold. Gold is now trading below $1,200! while we thought the precious metals were looking weak this drop before Thanksgiving on a trading day that is typically slower is surprising. With the technicals continue to move closer and in some cases deeper into oversold territory a bounce should come soon. The question will be if it this bounce can be strong enough to overtake this downtrend.
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Sounds like PMs are dangerous right now.
Potential rate hike, tax loss selling.
Doesnt a bump up historically happen about mid Dec.?
$1200 is more a psychological number but the $1180 support is more important to hold for Gold.
So far it has held, so we may see relief rally next week and the first week of December.
Although, this final plunge will accentuate some final tax loss selling for some investors.
I added mining positions this week anticipating for support to hold & for a relief rally.
Now, I’m mentally resetting for eating and drinking for the next few days with different circles of friends and family.
Cheers! (and likely a few beers 😉 )
….. followed by a food coma nap….. (well maybe a few naps)…..
I disagree.
I think we are about to see a sell-off in the PMs and in the S&P/DOW once people are back from their holidays next week. Sometime between Monday and the rate rise in December. That will be it.
Well that is entirely possible Bob UK. I positioned for a rally if this level of support holds. That James Flanagan video from Gann Global Financial also resonated with me that this is a good place to bottom, consolidate, and start the next leg up.
However, if we get a decisive close below $1180 today or Friday in Gold, then it would appear the Dec lows ($1045) may get tested and I’d buy back in again if Gold drops down right above that level, to position for a W-shaped double bottom in gold.
Either way, it’s gonna be a wild ride.
Look at the DOW/S&P/NASDAQ – an hour has passed since the FOMC minutes came out and they have barely moved. No big move up. No big move down. Nothing. No doubt because nearly everyone is gone on holiday.
The fireworks will begin next week IMPO.
Oh, and who knew about the minutes beforehand that resulted in those massive gold contract dumps this morning? Hmm…
I’m pretty sure that was IrishTony. 😮
James Flanagan is one of the best analysts I’ve ever followed.
Thanks GH
Trump selects Betsy DeVoe(Prince)…..who’s brother founded Blackwater USA…the private security firm which had operations in Iraq …no wonder Jeb Bush approved…..here we go ….
Why do we need a billionaire running the education department …
Other than she is from Doc’s state of Michigan
Because it’s big business to shape young people’s minds and beliefs.
Dr. Jerome has the answer to this gold/silver plummet on TF Metals Report: http://www.tfmetalsreport.com/blog/8002/short-term-bear
“By year’s end, gold cannot be seen as a better investment than stocks…Money must NOT flow into gold, not even a little bit, especially with the degree of leverage that is present. Thus, the levels must once again be manipulated, giving stocks the advantage, enabling financial headlines to argue that stocks outperformed gold, once again, as they have for the past several years. Hence, we have seen anti-fundamental moves in gold and stocks since August.
What needs to happen to achieve the results that the Banker-orchestra wishes to have? Higher stocks and lower gold. If gold were to close at the bottom of this channel ($1180), Stocks would need to close at 2290. Raising the S&P up 90 pts from here is possible, but it still shows gold with a nice 11% gain on the year.
If the S&P stays flat the rest of the year, gold will need to be lowered a mere $60 to $1140. This seems more likely to me. The orchestra can do that overnight, when they want to. And with gold sitting on its 100 week moving average, can we expect the bankers to NOT take advantage of this and kick gold down through, then keep the pressure on?”
So it really is manipulation as psychological warfare.
Same old crap….
Well there goes the 1200 handle i mentioned previously. On the back of what news, the fed aupposedly ready to move rates higher??? Jargon at its best. How far does gold and silver go down if and when rates are actually increased 25 bp? I remain steadfast that the pms will have their day in the sun again but have lost abit of faith in the near term. Gold has lost $150 recently on the mere premise of change in the white house and alleged looming interest rate increases. Its all speculation and heresay. What will be the pms reaction on actual events taking place? Im in total agreeance that nothing can move up in a straight line and gold would need to move down in light of current us $ headwinds, but to this extent without anything actually occurring as yet… these sorts of moves are orchestrated with futures dumping im sure. How do the pms contend with this battle on an uneven playing surface?
Putin buys the dips..Russia gold buying in October largest this millenium … zero hedge
BTFD
The HUI still hasn’t bottomed yet…
I had looking for $19 GDX when it was 32. It may get much worse than 19.
Lots of odd things going on today – some biotech stocks up sharply. Copper going crazy – currently up 3%.
Isn’t this just sharks taking advantage of the low volume today to spike X and dump Y with most traders having already left for the Holidays?