Gatesy Posted September 17, 2008 Report Share Posted September 17, 2008 Good for gold stocks ???? http://www.sec.gov/news/press/2008/2008-204.htm FOR IMMEDIATE RELEASE 2008-204 Washington, D.C., Sept. 17, 2008 — The Securities and Exchange Commission today took several coordinated actions to strengthen investor protections against “naked” short selling. The Commission’s actions will apply to the securities of all public companies, including all companies in the financial sector. The actions are effective at 12:01 a.m. ET on Thursday, Sept. 18, 2008. This and the gold/silver boost certainly feels like good news, but a millionaire footballer parking illegally is breaking the law, but is gettgin fined £30 a disincentive? ie. What will the real punishment be for breaking the law. ps wasn't it illegal already? Link to comment Share on other sites More sharing options...
drbubb Posted September 17, 2008 Report Share Posted September 17, 2008 The force is with you lately B... I was going to post around 2.30 how surprised i was that gold was rather lythargic today.... Could this be short covering? After a few hopeful wrong calls (noteably the BUY at Gold-$850 as the Olympics began), I seem to have regained "my touch" - But I feel drained and a bit scared like many here. It is worth recalling these feelings, since this is what it feels like at major bottoms. The best thing about today's trading is the HUGE volume going through. And I reckon the nature of this move- the speed at which it is happening suggests that panicky shorts are being driven to cover. That jump in lease rates was a sign the short side was getting set for a need to cover Link to comment Share on other sites More sharing options...
Justin Thyme Posted September 17, 2008 Report Share Posted September 17, 2008 One for the morale. Edit: I know if I was in paper, I would be a nervous wreck at the moment. Edit edit: Oh, just noticed gold up $30 hence the rocket... and here was me all morose like. Good to see the numbers with a "+" in front of them. The decoupling from crude is very encouraging. Link to comment Share on other sites More sharing options...
rgleeson Posted September 17, 2008 Report Share Posted September 17, 2008 All commodities are up at the mo, so we are still not seeing Gold decouple yet... bbc news is showing no trade on crude, what's up with that? Link to comment Share on other sites More sharing options...
alexreeve Posted September 17, 2008 Report Share Posted September 17, 2008 What a beautiful sight $30 in as many minutes. Link to comment Share on other sites More sharing options...
rgleeson Posted September 17, 2008 Report Share Posted September 17, 2008 This and the gold/silver boost certainly feels like good news, but a millionaire footballer parking illegally is breaking the law, but is gettgin fined £30 a disincentive? ie. What will the real punishment be for breaking the law. ps wasn't it illegal already? Steve Netwriter posted this presentation before (i think), it goes into detail explaining the quo. They describe it as being illegal to naked short trade unless you had already been doing it.... seriously the mind spins just imagining that this situation is even slightly true. http://www.businessjive.com/ Much more comfortable to assume this has been created by internet nutjobs and the casino is really not rigged against you. Link to comment Share on other sites More sharing options...
Gatesy Posted September 17, 2008 Report Share Posted September 17, 2008 over 50 buck now.... Link to comment Share on other sites More sharing options...
marmite Posted September 17, 2008 Report Share Posted September 17, 2008 This and the gold/silver boost certainly feels like good news, but a millionaire footballer parking illegally is breaking the law, but is gettgin fined £30 a disincentive? ie. What will the real punishment be for breaking the law. ps wasn't it illegal already? Maybe in the small print it says except gold stocks Link to comment Share on other sites More sharing options...
romans holiday Posted September 17, 2008 Report Share Posted September 17, 2008 All commodities are up at the mo, so we are still not seeing Gold decouple yet... bbc news is showing no trade on crude, what's up with that? Before oil and gold always moved together, as if joined at the hip... this is not always the case now... they often move separately, but still occasionally together. Edit: wow... up $46! oil only up 2. Link to comment Share on other sites More sharing options...
jinbal Posted September 17, 2008 Report Share Posted September 17, 2008 just hit 830 Link to comment Share on other sites More sharing options...
tl8177 Posted September 17, 2008 Report Share Posted September 17, 2008 just hit 830 Now that's what I'm talking about. just back from the dentist.. was feeling rubbish, until now. Link to comment Share on other sites More sharing options...
narco Posted September 17, 2008 Report Share Posted September 17, 2008 I still would like to see gold past $850 before getting too excited. I don't like the look of the potential major head and shoulders formation that looks similar to what we saw in the dow a few months ago. Link to comment Share on other sites More sharing options...
Gatesy Posted September 17, 2008 Report Share Posted September 17, 2008 Before oil and gold always moved together, as if joined at the hip... this is not always the case now... they often move separately, but still occasionally together. Feels like today any oil strength is getting sold into whereas gold strength is getting bought feeding on itself? Link to comment Share on other sites More sharing options...
G0ldfinger Posted September 17, 2008 Author Report Share Posted September 17, 2008 See you up there!!!! +$50 intraday. Holy cr@p. I hope everyone has their physical safely tucked away. Link to comment Share on other sites More sharing options...
gwizzie Posted September 17, 2008 Report Share Posted September 17, 2008 I have 838.25 (close of 21st aug) as the next barrier assuming we are going to linger around these levels Link to comment Share on other sites More sharing options...
G0ldfinger Posted September 17, 2008 Author Report Share Posted September 17, 2008 Preserved for the afterworld: Link to comment Share on other sites More sharing options...
alexreeve Posted September 17, 2008 Report Share Posted September 17, 2008 I have 838.25 (close of 21st aug) as the next barrier assuming we are going to linger around these levels Why has this happened quite so suddenly though, the supposed tightening on naked shorts is for shares not commodities, isn't it? Link to comment Share on other sites More sharing options...
Justin Thyme Posted September 17, 2008 Report Share Posted September 17, 2008 Up $50 Link to comment Share on other sites More sharing options...
narco Posted September 17, 2008 Report Share Posted September 17, 2008 I would still advise caution. This could potentially become an ugly looking chart if it plays out. Link to comment Share on other sites More sharing options...
romans holiday Posted September 17, 2008 Report Share Posted September 17, 2008 Feels like today any oil strength is getting sold into whereas gold strength is getting bought feeding on itself? Yeah... and the rise in oil is pretty minimal right? only a couple of bucks... compared to what we just saw in gold. I think the banking crisis is driving this.... though we do not see directly a currency crisis yet, there is a more general monetary problem. Any whiff of a crisis with the monetary system/ banks will create some demand for gold. Just wait for the currency crisis proper and we will be posting rockets galore. Still, there may still be a few more dips as deleveraging continues... but I wonder if most of this has been worked through and the weaker hands have been shaken out. Link to comment Share on other sites More sharing options...
marmite Posted September 17, 2008 Report Share Posted September 17, 2008 Why has this happened quite so suddenly though, the supposed tightening on naked shorts is for shares not commodities, isn't it? If naked shorting is the reason ( its only my guesse ), then its because of paper gold ETFs and miner stocks. Link to comment Share on other sites More sharing options...
Magpie Posted September 17, 2008 Report Share Posted September 17, 2008 Now today is what a rocket should look like... I guess this is about the little FED IS BROKE story on Bloomberg? Link to comment Share on other sites More sharing options...
Gatesy Posted September 17, 2008 Report Share Posted September 17, 2008 Yeah... and the rise in oil is pretty minimal right? only a couple of bucks... compared to what we just saw in gold. I think the banking crisis is driving this.... though we do not see directly a currency crisis yet, there is a more general monetary problem. Any whiff of a crisis with the monetary system and banks will create some demand for gold. Just wait for the currency crisis proper and we will be posting rockets galore. Still, there may still be a few more dips as deleveraging continues... but I wonder if most of this has been worked through and the weaker hands have been shaken out. I take on board the cautionary notes in the above posts as well, but gold could be seen as having been strong these last few weeks holding the long term trend in the chart below (overshooting to the downside slightly) still one swallow does not make a summer. I feel there is a combo of factors apparently at play here. Nervousness re the system pushing up the lease rates and covering having to happen, feed into gold shares from the new anti-naked short statement. The only thing I;m not sure about is the effect on the bond market. i think I saw something earlier about lowest long yields since 1954 so they ahvenlt collased yet driving money into gold. It could be as you say RH, still to as fuel to the fire is money from currency panic and add to that money from bond panic. edit: or a decent porno... Link to comment Share on other sites More sharing options...
gwizzie Posted September 17, 2008 Report Share Posted September 17, 2008 I would still advise caution. This could potentially become an ugly looking chart if it plays out. The big one would suggest a move to circa $200....it couldn't... The wee inverted one is the one i have been watching after bubb called the bottom Link to comment Share on other sites More sharing options...
alexreeve Posted September 17, 2008 Report Share Posted September 17, 2008 Now today is what a rocket should look like... I guess this is about the little FED IS BROKE story on Bloomberg? That could well be it. If it is then this may just be an intro to when the asian markets open. Although USDX doesn't seem to have suffered noticeably? Link to comment Share on other sites More sharing options...
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