Friday Morning with Rick Ackerman
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Gold is definitely looking very strong this morning. Let’s see where it stands at the end of today.
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Paul:
LOL !
funny Paul L.
King Petrodollar is dying.
PETRO is dying………
It’s looking that way guys.
The US Dollar closed at 93.01. That’s the pretty low end of a support range (with 92.52 being the lowest recent peak and last line in the sand). I am curious to see if the Dollar at least recovers into the mid 93’s or even 94 next week, or if it plunges to the downside. The Emperor (King Dollar) may be wearing no clothes…….
92.52 is the lowest recent trough (not peak). Sorry about that. It was back in August.
Here is a chart showing the recent troughs in the US Dollar:
http://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=1&mn=0&dy=0&id=p87762871466
Hmmm Stockcharts has the close today at 93.03 where Kitco has 93.01.
I guess it doesn’t matter. It’s clearly broken below many of the recent lows.
Here’s the same chart as a Weekly instead. It’s a bit easier on the eyes, and you can see this prior week’s Red candle in all it’s glory. What a trip down…….
http://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=1&mn=0&dy=0&id=p71787915624
And there will be no gold or silver available to make a sarcophagus.
Mybe
Maybe they will have to use lead.
Cardboard?
Silver at 72 ….GSR
REMEMBER …..we were at 90(?)+
Here’s that SPY chart again and my call for a bull trap is looking better and better…
Do you think silver will keep climbing for a while or will it need to correct?
Priced in real money, silver has been consolidating for a week and still might take a dip but I’m not so sure that it is about to fall much versus the dollar yet. This is cyclical stuff so investors should not read anything bearish into silver’s current underperformance. It is not a bearish “non confirmation.”
Since gold is now breaking out of a nearly three month consolidation, it should easily pull the overbought miners and silver along to new highs.
SLV:GLD
Thanks Matthew!
Nothing continues straight up or straight down indefinitely; there are always corrections.
However, in my 50+ years of investing, l have rarely seen a more obvious fundamental buy and hold on a years time-scale being set up.
But then I’m sure traders who are prepared for repeated in and outs of position will do better than I will, but then I like to believe I actually have a life, rather than dwelling on getting richer, so I’m off to Europe.
A Toast to Matthew for his many charts.
Thank you, CFS, and I agree completely.
ditto CFS
I need to dwell a little more……….
CFS, haven’t seen Europe in 45 years, be safe!
Hey Matthew. I just now saw your post about Golden Reign on yesterday’s market wrap and responded. Thanks for the heads up.
Thanks Ex, I saw it.
They’re……GRReat!!
Darn right!
I understand where Rick is coming from vis-a-vis the US dollar, but I think he is fundamentally wrong in the longer term with regards to the dollar and deflation/inflation.
The Chinese monetary system is clearly not ready for the RMB to replace the dollar, and there is probably insufficient collaboration between China, India and Russia to create a Pan-Asian currency, but I see an increasing reluctance to accept the USA bully and its currency. I believe this must increasingly stress the US banking system and soon no amount of QE or similar measures will support the US monetary system. Eventually, I believe, this has to depress the purchasing power of the US Dollar, and from a dollar perspective, be inflationary.The only question, as far as I am concerned, is the time scale, and will a war evolve.
Here’s a chart I posted a month ago that has not been altered since. The 200 week MA at 1325 is next. Some might remember that a couple weeks ago I said gold would be on its way once it closed above 1258 (the 233 week EMA) which it did yesterday.
RICK,
I clearly listen to your daily updates, you are such an asset to the general public.
You clearly care about your fellow man by doing what you do.
Thank you for your time.
Gold should head to the 1337 target and then 1379 is likely the next big target after that and then hell breaks loose.
Re: inflation/deflation,
Short term, it looks like a key inflation is picking up:
http://jaytaylormedia.com/inflation-or-deflation/
Long-term fundamentals, to me, will force very high inflation.
Like a key…… Likely, my dumb IPad again! I
I saw the chart in the pre-mkt showing it was about to break 1280 so I bought 1000 gdx at 24.60. I feel stupid selling 2k at around 13 with a tiny gain when the experts were saying more pain is coming for the PM’s. It is headed well into the 1300’s soon.
My very big position in Vixy is almost making money now.