Jobs numbers not impacting US markets and an update on Oil
Rick Ackerman joins us today to discuss the jobs number that was released today and relates that to the lack of any major US market moves. We also discuss the continued rise in oil prices. Rick is not impressed by the OPEC deal and continues to think that we could see crude touch below $40 again.
Click here to visit Rick’s website for more technical commentary.
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The CRB looks great and is breaking out of a huge inverse head and shoulders pattern.
http://stockcharts.com/h-sc/ui?s=%24CRB&p=W&yr=3&mn=7&dy=11&id=p18327257837&a=453259048
Looks like my panic may have been the perfect contrarian indicator. And I considered myself a resolute bull ready to ride the miners down to my breakeven point after holding for more than a year. Your posts helped me to decide to buy back all my miners yesterday. Even if this is just a deadcat bounce, I greatly appreciate your well reasoned posts.
The smart people in China are buying gold……look at volume yesterday.
Thanks for keeping us up to date on SGE
Silver took a real jump up in volume yesterday on SGE. Currently at about $18.25.
I won’t have volume until end of day, but looks high.
Sge may not be in price control yet, but it has a magnetic attraction to stop the COMEX manipulation.
Spanky, the dollar is all set to provide us with more relief very soon!
http://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=1&mn=1&dy=22&id=p34203530782&a=491065247
Spanky did you post your buys yesterday in realtime? If not your blowing air. You’ve made every case possible to believe even yourself that gold is going to fail. What gives? Let’s us know in realtime when you sell your silver.
Hi Glen, Spanky did post the following comment on Thursday:
On December 1, 2016 at 11:11 am,
spanky says:
I bought back my miners today for a little cheaper than I sold them yesterday. What the hell it’s just money.
AG is catching a bid.
Hi matt
Thanks for clarifying..
And from Gary Savage:
Gary has some good comments on big money tricks
Some good comments except he is saying wait to buy the Nasdaq until it breaks out again and you would end up buying the next top and into a correction. Now is the time to buy some big tech and play the bounce and if it dies you get out. So far my Intel purchase is working out great-a new buy signal happening.
Thanks again Matthew
Picked up some Intel on the sharp dip yesterday below 34 and some xop at 42 and 41.60
Yo I am up like $1400 on my Bitcoin stock today! What is going on!?
India,Venezuela.
Interesting to follow, which is actually more popular, bitcoin or gold.
Fake News
That seems to be all the rage today.
So what exactly is “Fake News” and who is publishing it?
I suppose fake news is any media outlet that does not go along with the mainstream narrative.
Many entities fall into this category.
Alternative media comes to mind.
Through radio, internet, social media, tv, alternative news is every where.
Let’s face it, anyone with a camera and a laptop can have his or her own “news” channel.
The truth of the matter is there is a lot of fake news out there.
Some people (at least Al) on this site advocate hearing as much information as possible and processing all of it.
I’ve argued for years you need to do the EXACT OPPOSITE.
THERES A LOT OF GARBAGE OUT THERE THAT NEVER SHOULD ENTER YOUR CONSCIOUSNESS!
I’ve pointed out some of the many fake news gurus out there who make a living off of telling people what they want to hear.
Let’s face it, the media in all it’s forms is the best self filtering mechanism that exist.
You have the power to turn the channel, flip the knob, surf the net.
YOU WILL LAND ON AND STAY ON WHAT YOU BELIEVE IN, WHAT YOU AGREE WITH, WHAT YOU WANT TO HEAR.
Most of these gold pumping Armageddon types know this and they exploit it.
Do you want to hear gold is going to $5,000, $10,000 or $20,000?
There’s a pumper out there for you.
Want to hear the dollar is going to crash?
There’s plenty of You Tube channels you can go to listen to doomsdayers.
I TRIED TO EXPOSE MOST OF THESE CHARLATANS FOR WHAT THEY ARE.
Like the Donald I want to drain the swamp of these parasites, living off the fear and greed of the unsuspecting public.
Remember some of them are subtle, but are nothing more than wolves in sheep’s clothing. They come in all forms, from punters with You Tube channels right to the top, like CEOs of companies.
There is even one of this very site.
I was told my “must go” list was “silly” and “despicable”
What’s despicable is the out and out fraud, lies and opinions masking as truth these hucksters peddle.
Whether it’s fear porn, or CHART PORN, it’s all the same nonsense.
A few weeks ago we were fed another lie, how the change in Sharia was going to open up more trading and investment opportunities for gold, which right now is being limited due to Sharia system. This was supposed to be a game changer and gold was going to rocket higher. Complete bs.
Last month the day of reckoning and blast off for gold was the yuan being added to the SDR basket and the re weighing. This was another gold blast off reason.
Again more bs
Now the hucktsters are at it again, this time it is the Italian referendum, and how this is going to be another Brexit like moment.
More bs!
STOP LISTENING TO THE PEOPLE WHO ARE GETTING IT WRONG AND START LISTENING TO THE PEOPLE WHO ARE GETTING IT RIGHT!
I was told by a certain individual on this site when silver was around $18 and change that I should “prepare to be happy”
Now silver is in the low $16s, a good 10 to 15 percent haircut.
This was the same individual who ridiculed and dismissed Bitcoin remember.
I’d say Bitcoins gains blew gold and silver away these last few years!
Proving once again he has no idea what he is talking about despite all those beautiful charts.
Unless you are a sadist this does not make anyone happy (perhaps if your short of course, which doesn’t surprise me)
Now we are being told the multi decade bull market in bonds is over.
This time it’s different.
We also hear shouts from the rooftop more QE is coming.
It’s all bs, wake up people.
Everyone is asking is gold in a bull market.
THAT IS NOT THE RIGHT QUESTION !!
Does it even matter if gold is in a bull market if equities will outperform gold for the next 5 years?
The only thing that matters is VALUE AND EDGE.
One billionaire hedge fund manager says the commodity super cycle lasts 17 to 20 years. He got that one wrong big time.
Another says the commodity super cycle is over, a “once in a life time event”
One bond king says equities are done there is “no magic” another says equities are in a very long term global bull market.
It’s all bs
VALUE AND EDGE!
I know there are a few individuals (at least one) that have a following.
They salivate over the charts as the wizard illuminates everyone.
If I count them I wouldn’t be surprised if there are 12.
Gold : F
Silver : F
Here’s wishing everyone a very healthy, happy and prosperous 2017 !
Just don’t be naughty or you might get silver in your stocking !
Arrivederci !
And most of all, never trust swamp creatures. Even the diminutive and hapless pollywog can bring you the most serious harm!
I’m not sure the treasury is not deliberately propping up the price of oil in order to not have a banking crash. There are a lot of problem loans in oil industry.
Ha, the end line was a classic james. Personally, maybe i will misbehave if i wake up to some silver in my stocking. I can hear the frustration in your post regarding precious metals and i share some of that frustration. Would you become a pm bull again if gold were to clear and close above 1360 on a weekly basis?
I am still a little surprised that the following old fork has remained useful…
http://stockcharts.com/h-sc/ui?s=SIL&p=W&yr=5&mn=10&dy=0&id=p58918429649&a=491088089
The latest on oil (Zerohedge source)
A furious Iran threatened to retaliate early Friday (TODAY) against a U.S. Senate vote to extend the Iran Sanctions Act (ISA) for 10 years, saying it violated last year’s deal with six major powers that curbed its nuclear program. The ISA was first adopted in 1996 to punish investments in Iran’s energy industry and deter its alleged pursuit of nuclear weapons; it was due to expire on Dec. 31. Lawmakers said the extension would make it easier for sanctions to be reimposed if Iran violated the nuclear settlement. The extension was passed unanimously on Thursday.
While US officials said the ISA’s renewal would not infringe on Obama’s landmark nuclear agreement (which may or may not be voided by Trump), and under which Iran agreed to limit its sensitive atomic activity in return for the lifting of international financial sanctions that harmed its oil-based economy, senior Iranian officials took odds with that view. Iran’s nuclear energy chief, Ali Akbar Salehi, who played a central role in reaching the nuclear deal, described the extension as a “clear violation” if implemented.
KE Report is not run by communist DemoKrats so it must be fake!
Matthew, if $gold rallies from here, and assuming this is a new cyclical bull, do you think we are going to be stuck in a trading range for a year (or more) or do you think we are going to break through the recent highs without having to back and fill? (I know this is basically impossible to predict, I was just wondering if you had any hunch. I imagine the conservative answer would be that we will more or less mirror the consolidation pattern on the way down to the lows–and thus we will be stuck in a trading range for at least a year+ before breaking out.)
You’re right, it is impossible to predict but I am not a believer in the mirrored path. I think we can make Hubbartt’s red arrow half the length that he expects, or less:
http://www.321gold.com/editorials/sfs/hubbartt120216/gdxj_right.png
But even if it does play out as he and others expect, a lot of junior miners will deliver huge gains as more people realize that the trend change is for real and that they need to get positioned. Brave contrarians can get rich on that positioning alone.
It could be argued that, as long as the miners remain below the big gap of April, 2013, they are still basing. Based on the volume since then, I think there is at least a degree of truth to such a claim and it is extraordinarily bullish for the big picture.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=6&mn=11&dy=0&id=p48120514948&a=385422417
The following is indeed chart porn; avert your eyes, James the lesser. For everyone else, the miners reached an area of very strong support three weeks ago that held very well even as gold went lower…
http://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=3&mn=11&dy=22&id=p21488376087&a=451260934
Significant divergences can be valuable…
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=9&dy=13&id=p06945664000&a=490609580
Matthew:
I thought JTL went bye-bye when the swamp got drained. I could faintly hear him screeching as the water circled ever downward.
His latest sounds like fake news similar to alligators swimming up your toilet pipes.
Job report is not accurate as it doesnot explain that persons who had jobs paying 20 or 30 dollars an hour , are often forced to take a job paying 9 dollars per hour as they are too old, or over qualified for lower paying jobs. I personally know of persons who in desperation after more than a year of searching did take low wage jobs as they were in thier 50s and just could not get a job. on another matter the appointment of sheriff david clark to be new sec. of homeland security will be exciting to say the least . He will get more photos that Trump as he has good posture and wears a cowboy hat . Trump will get jealous . love to you all S
Most US government reports are increasingly smoke and mirrors.
Believed only by fools and main stream (Faked) media
http://etfdailynews.com/2016/12/02/how-to-profit-from-oil-volatility-using-etfs/
Speculators up U.S. dollar net longs to highest since January-CFTC, Reuters
NEW YORK, Dec 2 (Reuters) – Speculators boosted positive
bets on the U.S. dollar for a second straight week, with net
longs rising to their highest since around mid-January.
The value of the dollar’s net long position rose to $24.82
billion in the week ended Nov. 29, from $22.25 billion the
previous week, according to Reuters calculations and data from
the Commodity Futures Trading Commission released on Friday.
Speculators, meanwhile, turned net short on the Japanese yen
for the first time since December last year to 269 short
contracts.
(Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft)
((gertrude.chavez@thomsonreuters.com
Sparky:
If you want the most perfect example of contrarian signal, take a gander at the new cover of The Economist.
http://www.economist.com/printedition/covers/2016-12-01/ap-e-eu-la-me-na-uk
You can take those sorts of signals to the bank. Add to it record speculators and you can know just what to do. Sell happiness and buy fear.
Nice find, Mr. Moriarity. Also, look at what happened to the dollar 16 years ago, the last time a Republican took office after a 2-term Democrat. That was a great time to be in precious metals again after a 20 year bear market, as you know.
http://stockcharts.com/h-sc/ui?s=$USD&p=W&st=1980-01-01&en=22222-01-01&id=p31276386542
+1
Nothing smokes a currency like deficit spending.
That’s a great sign that the buck is probably putting in a significant top and not just a short term one.
The action in copper has likely foreshadowed some serious pressure on the dollar.
That cover reminds me of this one:
Picture perfect action in commodities vs the S&P
Just a query to all those in the states, what avg price are you guys paying for petrol (gas as you may call it)? Here in Aus where i live, we pay around $1.25 per litre which equates to about $4.70 per gallon
Ozibatia:
I was paying $1.98 a gallon in Houston two weeks ago.
Wow! Do you know what class of petroleum that is Robert? Here in aus the price i mentioned is for 91 octane unleaded petrol- just regular fuel.
A Lesson on how to kill an economy…..raise taxes, increase government!
Spain Raises Taxes To Try To Meet EU Deficit Target
Associated Press – 1 hour ago
MADRID (AP) — Spain’s conservative government says it hopes to bring in an extra 7.5 billion euros ($8 billion) in taxes to help bring down its budget deficit next year to close to the 3 percent level permitted by the European Union.
Finance Minister Cristobal Montoro said Friday the government hopes to get most of the money — 4.3 billion euros — from increased company taxes and the rest from anti-tax fraud measures and taxes on alcohol, tobacco and sugary drinks.
Spain is battling to reduce its deficit from an expected 4.6 percent of GDP this year to an EU-agreed 3.1 percent in 2017 to avoid sanctions.
Spain’s deficit soared to an 11.2 percent high in 2009 during its economic crisis. Its economy is now one of the fastest growing in the EU.
Guaranteeing Catalonia to leave or fight civil war.