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Solid move above the $1300 level - currently at $1320.

 

Encouraging signs that the long term bottom is behind us.

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I would like to say this is the bottom! If we get a weekly close above $1330 and you are prepared to wait with your investment, not a bad entry point.

 

50-day MA is at $1338.15. I note so far we haven't tested / passed it.

I think the real short-covering rally will be around 1355+. Hold on to your hats at that point, if we get there..!

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50-day MA is at $1338.15. I note so far we haven't tested / passed it.

I think the real short-covering rally will be around 1355+. Hold on to your hats at that point, if we get there..!

1338 is being tickled with now. What happens here could be important.

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Look back at the Gap down last month - this is a mirror to it - But a Gap up

 

These sorts of gaps need not be refilled - they create Islands

 

in edit: chart

 

s2k.gif

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All the paper bug chickens are finally coming home to roost.

 

(1) The COMEX gold shenanigans seem to be coming to a very sudden end. They seem to be turning themselves into a cash market (if any market at all) - credit to Sinclair for having predicted that one too! Backwardation in the first two months has been a stark warning for a couple of weeks.

 

(2) Bernanke has proven to the world that the Dow and T-Bonds will just collapse without QE - so any successor (Yellen) of his will have to continue it forever - if they want it or not!

 

(3) No single issue of the crisis since 2007 has been resolved. We are sourrounded by zombie banks that have been feeding on (now as well zombie) states.

 

This is the perfect storm for gold. However, the price action that we have seen over the past two years has been absolutely confusing, and without the intellectual ability and self-confidence to see through the smoke and without the emotional stability to not panic out of sound portfolio positions, many might have been pushed out of gold over the past two years. I suppose this is how it has to be, as otherwise it would (have been) very easy for anyone to become very wealthy in what I think is going to unfold now.

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A $100 move is possible this week (if the Shorts get squeezed)... or even more

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This is straight out of "Atlas Shrugged"!!

 

 

 

http://www.indianexpress.com/news/indias-cad-rupee-fears-drive-rbi-to-crack-down-further-on-gold-imports-price-to-rise/1145115/

 

In yet another step to contain India's current account deficit, the Reserve Bank of India today imposed restrictions on gold imports by banks and other authorised agencies.

As per the new norms, all banks and authorised agencies will have to ensure that at least 20 per cent of the imported gold is made available for exports and a similar amount is retained with the customs.

"It shall be incumbent on all nominated banks/nominated agencies to ensure that at least one fifth of every lot of import of gold (in any form/purity) is exclusively made available for the purpose of export," the RBI said in a notification.

It added that such imports should be linked to financing of exporters by the nominated agencies.

 

The banks and other entities will also be required to retain 20 per cent of the imported quantity of the gold in customs bonded warehouses.

 

 

It further said that earlier instructions with regard to import of gold on consignment basis and against letters of credit have been withdrawn.

 

 

 

To curb demand, the government hiked the import duty on gold three times in a year and raised it recently to 8 per cent.

Choksi said nearly US$3-5 billion worth of gold is imported in cash every month, which hurts the rupee. In July, over US$3 billion gold has already been imported.

 

India does not seem to be playing along with the BRICS "alliance" with regard to gold. I think someone has "said something" to the high-ups in the Indian Government. They have rolled over like lap-dogs.

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The Squeeze is not over IMHO

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Did it start yet?

Sure.

Such was the jump on Monday and Tuesday

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If Lawrence Summers gets the Feb job it could spell further trouble for Gold;

 

Robin Harding of the Financial Times:

 

“Lawrence Summers made dismissive remarks about the effectiveness of quantitative easing at a conference in April, raising the possibility of a big shift in US monetary policy if he becomes chairman of the Federal Reserve. “QE in my view is less efficacious for the real economy than most people suppose,” said Mr Summers according to an official summary of his remarks at a conference organised in Santa Monica by Drobny Global, obtained by the Financial Times.”

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How times have changed. Over a week gone by and no comments on the 1511 post GEI gold thread

 

As you recall i have said before that Gold is just a commodity like ammo or sugar or oil. Somebody has to have sufficient wealth that they can afford to buy it and justify holding onto to it when there are other things they need to buy.

 

The fact is we are now all quite a bit older and for sure while Gold has risen hugely in price since around 2008 or whenever it was when i first turned up on this forum after GHPC collapsed, for Gold to rise in price you need to find more people who have a need to buy gold where the number of people buying gold to speculate on a higher price is not likely to be so high in a situation where even while there are huge problems in the world it is not so far getting much worse than it was back in 2008

 

You guys need some kind of a game changer and I cannot see it around at the moment. Sentiment has to be against you for the time being and without sentiment you are in a bit of trouble since there is a huge oversupply of gold relative to people who need to buy gold to make a living via work

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It is true that gold is like any other commodity.

 

It is when it is used as a speculative emotional football, that is when money can be made. I was reading about a company that goes and buys houses. But they pull out on the last day offering a 40% discount (story is here)- they have to accept or emotionally lose the sale. Wow. But I don't think I can be such a monster. If one wants to trade and make money - they must exploit the emotions of others.

 

Anyway gold will have another run at being a speculative and emotional instrument. In a few years, I think it will challenge the all time highs. That will be the time "to go all in" and ride the beast. The world will be falling in, due to a new debt crisis, the end of fiat etc, what ever the emotional stimulus will be - just don't get caught up in it.

 

Plan your trade plan now. Someone once said, Fortune favours the prepared mind. I think this is the case with gold, oil, or whatever instrument.

 

Right now, I own no gold shares, and the only PMs are for the old 10% Wallstreet rule. I take comfort that I can move much faster than Joe Public - I will never be late to any party.

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How times have changed. Over a week gone by and no comments on the 1511 post GEI gold thread

 

As you recall i have said before that Gold is just a commodity like ammo or sugar or oil. Somebody has to have sufficient wealth that they can afford to buy it and justify holding onto to it when there are other things they need to buy.

 

The fact is we are now all quite a bit older and for sure while Gold has risen hugely in price since around 2008 or whenever it was when i first turned up on this forum after GHPC collapsed, for Gold to rise in price you need to find more people who have a need to buy gold where the number of people buying gold to speculate on a higher price is not likely to be so high in a situation where even while there are huge problems in the world it is not so far getting much worse than it was back in 2008

 

You guys need some kind of a game changer and I cannot see it around at the moment. Sentiment has to be against you for the time being and without sentiment you are in a bit of trouble since there is a huge oversupply of gold relative to people who need to buy gold to make a living via work

Its not about Joe public buying the odd sov its about nations like China buying thousands of tonnes.

Its about JPM stuffing their private gold accts full

Its about the GOFO rate turning negative.

Its about the Comex and LBMA stockpiles depleting rapidly

Is that happening ?

If all you are doing is watching the spot price on a ticker then you aint getting the bigger picture

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Gold just another commodity? After 30,221 posts on this thread, this is still a topic on here?

 

No wonder I had to essentially stop posting at this joint!

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Gold just another commodity? After 30,221 posts on this thread, this is still a topic on here?

 

No wonder I had to essentially stop posting at this joint!

 

And there was me thinking you went quiet because I told you that you should be buying that nice looking cheap property in a nice looking town in America that your wife was interested in.

 

:)

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Semper ad hominem, numquam ad rem.

 

And there was me thinking you went quiet because I told you that you should be buying that nice looking cheap property in a nice looking town in America that your wife was interested in.

 

:)

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http://edgetraderplus.com/market-commentaries/gold-and-silver-only-votes-cast-in-elections-count-same-for-markets While my sentiments for higher prices in both gold and silver remain positive, timing still belies it. At some point, a definite change will show up, but as yet, it just ain't there. I am posting my commentary, not as a puff piece, but to add a chart perspective to the mix. Cheers, all.

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