Is the move in gold today just a short term blip?
Craig Hemke from TFMetalsReport.com shares his thoughts on the $1.5 billion of notional gold that was dropped on the market earlier today. Unless you are a day trader this move is not that important. The question you should be considering is will this move change the overall trend in the metal?
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Glad to hear that, Matthew. Wish I’d waited till today to buy OR and TAHO.
Bonzo, to be clear, I am not calling a low here. I bought GDXJ because the move was big and fast and that usually means that we will get a good, tradeable bounce – but I do expect a little more downside tomorrow morning. I will be watching the 43.50 to 43.75 zone.
As the silver-gold ratio is hinting, we might be closer a low than many expect (with respect to time, if not price).
SLV:GLD
http://schrts.co/hBGNNf
44.13 now and closing in on a technical breakdown. Lets see if it holds.
Added to some specific positions today as well and looked for long-term dated options on the miners ETFs… First time in a while.
Best to all, and GL investing/trading.
LPG
Craig figures the market is manipulated, Bob M doubts it.
Other than all markets are manipulated.
I have come to believe it doesnt matter much.
All markets are manipulated. It doesn’t matter till the day it does. When the manipulators lose control, all markets will seek to find fair value.
Ken,
If you’re waiting for manipulation to end on all markets… guess you’re waiting for Godo.
What you said is akind to “waiting for the day the world is a fair place” or “waiting for the day there are no more liars on earth”.
Once you realize all markets are and always have been manipulated, then you can move forward w. your investment process.
My 2cts.
GL to you,
LPG
Gold mining shares can correct to the 89-week EMA, and we’ve seen this during bull market legs. I’m thinking that short sellers may not be as aggressive this time in the mining shares after the brutal boiling oil treatment they got, but there’s always a short seller anxious to big themselves up.
Gold prices are correcting with conventional markets, and something aught to be brewing in the way of a rout – even during Jackson Hole or just after. Gold prices can correct to the 34-week EMA, without dramatically changing the technical picture.
Volatility should be a good parry against declines.
The G/S ratio is heading to 75 again.
Anybody who says silver is not manipulated…is a muppet.
Mahna, mahna……
Craig Hemke has been a welcome addition to the K E Report.
Whoever lobbied Big Al and Cory to get him on the program deserves a pat on the back.
That be me,thank you very much. 🙂
Good work The Claw!
I was hoping it was our past requests to see if Turd Ferguson could be our celebrity spokesperson for our line of Precious Metals Depends….
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Just look for the “FullOfIT” label and you’ve found home.
Yukon try then out at the fed up meeting, where “FullOfIt” was found.
You are correct. Just look for the “FullOfIT” label and you’ve found the Fed.
If you look for the lable “FullOfGold&Silver” then you’ve found the Yukon….
Irishtony:
Anyone that says the manipulation of silver means anything is a dumb muppet. If it means anything, give me one example where such information or belief made a dime for you. Tell me what the signal was to get in the trade and what the signal was to exit the trade.
Everything is manipulated. Saying that silver and gold are manipulated is like saying the sun rises in the east. And only a total chump would believe silver was suppressed from $4 to $50.
Bob M…could it be that silver went from 4 to 50 because the central banks weren’t dumping paper gold contracts to keep the price down????
Gator:
While silver went from $4 to $50 we had a lot of people screeching that it was suppressed and the most manipulated commodity in history. Obviously in hind sight we know they made it all up. Central banks don’t trade in gold and silver, the markets are way too small for them to bother. All commodity contracts are paper and when people harp on the term, it means they don’t know what they are talking about.
Commodities go up and they go down. Like all financial markets, there is manipulation. It is meaningless and no one has ever made even a cent believing in manipulation but the scammers do well by telling people what they want to hear.
The HVU.TO is rallying, after spending weeks in the worst funk. There is a moving average crossover of the 13-hour with the 34-hour EMA. The target here would be the 89-hour EMA. Once this ETF gets over $5.00, this would be a big psychological relief, where the next target is the 231-hour EMA. Remember this is the hourly chart here and us basically all a tempest in a teapot until the markets fall into a rout.
Gold:
Price Support Pivot Point Resistance
1,324.41 1,330.91 1,339.28 1,347.65
I am hoping for $1309. At which point I hope I will be fully invested.
Earlier this week Rick Ackerman mentioned 1309 as a possible loading up the truck price.
I’ll have to make some space in my truck then.
AL,
Can you ask Rick to do a technical analysis on NAK Northern Dynasty Minerals? It’s the largest undeveloped gold mine in the world.
I’ve followed NDM for a number of years. It is a very large mound of dirt. Peter Grandich, in autumn 2004, said he didn’t expect it to make it to Christmas 2004 without a takeover.
Too much environmental opposition. No reason to touch this. Very low grade but reasonable infrastructure. A sound mining plan. But just too much opposition. If the permits get granted, it would surely be a buy before the masses crowd the trade. But why waste money on this one when I do not expect it to be a mine. Pretium and Seabridge have massive higher grade deposits that are moving forward.
I to have followed this for many years.
December 24,2015 NAK acquired Mission Gold.I do not know what properties Mission had and if somebody here knows maybe they could share.
Sprott has taken a position in Northern Dynasty
I use to commercial fish Bristol Bay and I have contacts that have a real good pulse what is happening there.
If I hear anything you can bet that I will post it here first. JK
Big Mike,
FYI, Rick did discuss NAK a few weeks ago.
If you click on Rick’s picture and looks at his past interviews, I think you’ll be able to find it. It was c.2-3 weeks ago (if my memory serves me correctly).
Hope this helps.
Best,
LPG
Small thing/technicality…
according to my IB data as well as Stockchart… (and memory 🙂 )
Gold bottomed on the 1st week of December… not the “very next day” after the Fed December meeting… (Craig @ 8mn31sec).
My 2cts.
LPG
You are correct but he wasn’t too far off considering that gold did drop almost $26 on the day after the rate hike to come within $1.40 (0.135%) of the actual low on December 3rd.
That’s my .2 cents. 😮
If you get the data off by $1.40 on one day…(outta $1,000ish)… that’s “fine” w. me.
If one says something bottomed the very next day after an event while in fact it occurred 13 days before that event, it means something else is at work in one’s memory box 😀
My “very next day” 2cts. 😀
LPG
That’s just my point. At work in his memory box might have been the following thought: “The retest of low was successful; the low is now in place. Yippee!”
I can not respond to the idea of gold manipulation but Dan Stinson in his Elliott Wave charts has been showing this dip in HUI FOR MONTHS.
In other words, IT HAS BEEN PREDICTED BY ELLIOTT WAVE THEORY!!
Johnny generic: If you can predict moves with accuracy, it’s rock solid proof that there either isn’t manipulation or if there it, it’s meaningless. But there are flocks of sheep out there all patiently waiting to be sheared and they all are talking about how they know markets are manipulated. But sheep always get sheared. The answer is to not be a sheep.
+1 Bob.
Best,
LPG
Listen t Andy Hoffman on today’s (25/8) FSN
I just bought GDXJ (at 44.29) for the first time in almost a year and added to five other positions.