Early comments on gold from Grandich.
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We will update these comments by Pete after the markets close today.
I agree $1,300 is key and it appears the resistance while strong, may not hold this time.
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have to admin $1800 became super strong resistence, then $1700, then $1600, then $1500, then $1400 now $1300
this is clear as day and undeniable.
maybe detroit wasnt enough to scare people
maybe we need something larger, like california and wall st.
who knows?
bottom line is we need something to take this level out, otherwise we go lower and test $1200
Good Day James (the lesser)
The Detroit bankruptcy was pretty much a “given”, as it has been talked about being an inevitable event, thus we are not getting the “reaction” one would expect. We need a true “unknown” event at this time, or a simple “wearing down” of the economic charade from the FED. Even if California were to come out with bankruptcy announcements, it wouldn’t deter a lot of investors, as again, this is also a highly “expected” event. We might get a real shift IF the German elections turn out to be a big surprise. Who knows?
$1300 is interesting, I wonder how many times it has to attempt it before it breaks down. Today is the 4th attempt I believe.
But Peter did make a point, each time the “repelling” is weaker.
usually after 3 or 4 times it gives up, regardless of weaker pull backs
detroit bankruptcy, oil north of $108 and $ down should have done
not to mention bernankes testimony, which in my opinion was very dovish,
confirming qe is here for a while
all not good signs
Hello, james (the lesser)
Since I live and die by the charts my pain level was $1525 Gold, $26 Silver and 300 HUI…when that fell I went short both bullions and the miners index…..I’ll cover if gold can close above its April low at $1321+……
Good Luck All!
KWN today is fully and eternally bullish on the PM’s including an interesting article by Grant Williams
Obummer has signed another Executive Order Accelerates Manatory HIV Testing For All Citizens for the ages of 15 to 65 years of age, this is a `O` bummer, http://intellihub.com/2013/07/18/executive-order-accelerates-mandatory-hiv-testing-for-all-citizens/ of course most of the old farts on this site are excluded.
PHEW!
HE CAN GO SUCK ON A STICK,,,I AM ALMOST 65 AND THERE IS NO WAY IN HELL THAT I will or my family will submit to that MORON……….
He can start in Washington, and have Spitzer and Weiner be the first to go and get the test…..I am sure they need it…………
Do I see an IRS audit coming? Remember IRS is his enforcement arm.
As I said ,,I am 64 3/4 yr. old fart………….
Hi Jerry, I`m 59 1/2 yr. old fart….. I hope Jesus Christ comes real, I`m ready…..
That`s real soon, but perhaps we`ll be at war with Russia & China, then will all be dead, then we at the mercy of who comes for us then, God`s angels for those who trust in Jesus, or going down to utter darkness and hell from beneath from those who have rejected the true Christ whose name is Jesus.
AMEN DENNIS…………
KWN is so positively bullish and unfazed by these price declines that I’m led to wonder: do they know something the rest of us don’t, are they just nuts, or just not interested in the facts on the ground??
I really don’t know what to make of it. How are these people so unaffected by this massive carnage, yet they don;t seem to question at all their thesis.
What gives???
From a “big picture” standpoint, I’ve been in the KWN camp since way before KWN existed. Don’t think for a minute that King himself isn’t trading this market. For his “retail” audience, though, I think King and his guests are right to focus on the big picture. When addressing the masses, it makes sense to try to keep the focus on the forrest, and not the trees since profiting from trading opportunities takes sophistication/experience. This bull market is very young.
The mainstream media’s extremely bearish, constant barrage of spin against gold is extraordinarily bullish. The huge number of gold investors who scoff at the opinions of James Turk, John Embry, and Stephen Leeb, among others, is also very bullish. It is a very good thing to feel lonely in, or even hated for, your investment convictions (provided you have said convictions). If you were bullish before the April smash, you should be much more bullish now since a huge amount of price risk is no longer present. The setup is very much like the inverse of what we saw in August, 2011 when gold was $1900+, the Dow was about 10,600, and oil was about $76. Gold is a no-brainer here, even you are NOT convinced about the big picture. There’s food for thought here: http://news.goldseek.com/GoldSeek/1374255203.php
Matthew…..great points………
Eric and most guests at KWN understand basic fundamentals very well, something most people don’t even think about anymore. There is a demographic separation which divides much of the Gold Camp. Older people who lived through and followed the 1970’s gold bull have a longer view, and because of the long bear after 1980 they learned and studied closely the why’s and where of world economics. When 2000 came around and after the tech collapse, these same people saw the beginning of a new bull in gold.
People who are just not fortunate to be old enough, and I say that with a bloody sore tongue caught between grinding teeth and cheek, have live all their lives in a completely manipulated and fraudulent market. Normal to them is entirely different from normal to folks greater than 60.
clay……great point…..from 64 3/4 yr. old fart…………go long….and be rewarded
stay the course….History will prove the point………………..ootb
cecil henry – KWN is always super positive on gold. That is their position. You need to take it with a grain of salt. This is not to say that the information is not worthwhile. I have a learned alot reading their articles. But they might be a bit of an exaggeration for effect (either price or timing) According to them a gold price explosion is always just around the corner. Read it for what it is worth. They are entertaining, informative and do have a good deal of truth. It’s not gospel though.
james…….be the salt of the earth………salt like gold is not man made and hard to manipulate.
Many attempts at 1300 have failed while the dollar was weak since the 9th of July or so. I think it is time for the dollar to come back and continue the rally very soon.
Gold is for savings.
Fiat currency for transactions
Chinese banks have had some interest rates on loans deregulated.