marceau

Wow, just got back in and looked at the charts. Hell of a bad day for silver to be honest and I can see the commodity bears clawing their way back into the picture. In fact I'd say my sentiment now is downright negative and I'm fearful of a significant correction. This tells me one thing - time to buy more gold and silver. The bears have been suckered in and the bulls have money on the sidelines, a few more days and we'll be at new highs.

Looks like the megaboost failed miserably, the DOW barely got past 11940. Could be a bad week for the indices next week without another emergency rate cut. Best get cracking then, Ben.

PPT megaboost activated. DOW regains 12000 'miracle' on the way. You didn't honestly think it would be any other way did you?

Don't underestimate the PPT and the 'Bernanke put'. I think the liquidity taps are going to be opened in a big way now, in fact, I think the Fed will smash the taps off completely!

I'll admit the chart looks ready for a monster rebound. What I'm worried about is gold itself, if it corrects significantly (although I don't expect that before we pass $1000) the RGLD shorts will have a field day. Anyway, for the time being I'm holding, it's certainly not a good idea to sell today. I'll reassess following the next upmove.

Coincidence, I just posted about RGLD in the mining section. I have to admit I'm losing faith in it, I think I'll make a decision on it next week.

The DOW just took another down leg below 12000. Based on what's happened so far today, the cynic in me says that this drop is just to suck in a few more unfortunates on the short side before the PPT MAKES the index close above 12000. Gotta love those free markets.

This is all good for gold though, they just can't seem to take it down. When sanity returns next week the rockets will fly.

Indeed. I don't think I've ever seen anything quite as blatantly rigged as today's action. What amazes me is that people fall for it.

You're right, it's noise, but ridiculous noise nonetheless. I have no direct dollar or DOW position, although obviously they impact gold, but I just can't see how there has been any relief after today's news flow. Let's face it, that news was dire, real 'game over' stuff for the US economy. To see the DOW steady and the dollar rise after that is just incredible and real proof that the markets are being manipulated by the PPT. No fair and free market would be reacting the way this market is. Today has confirmed to me that going anywhere near the main indices is no better than gambling. Fundamentals just don't seem to apply (short term at least) and I dread to think how many average people are being suckered into these rigged arenas to be slaughtered by the corrupt actions of their own governments.

"Treasury notes surged and the dollar weakened after the employment figures." But the dollar is rising! For absolutely no reason! How can the dollar be rising on news like that?? Is there anyone out there who can think for themselves anymore?????

Things not making a lot of sense so far. I couldn't even see a glimmer of hope for the US in today's news, yet the DOW is steadying and the dollar is rising! Unbelievable! How can anyone think the dollar is the best place to be? The news today virtually guarantees a 75 bps cut by the Fed, I suppose the dollar will rise after that as well, eh?

Woah. DOW just went below 12000.

Friday, March 7, 2008 8:30 AM ET. Feb Employment Non-Farm Payrolls (expected 0; previous -17K) Unemployment Rate (expected 5%; previous 4.9%) 9:40 AM ET. Feb ECRI Inflation Gauge (previous 117.9) 3:00 PM ET. Jan Consumer Credit, in dollars Consumer Credit Outstanding (expected 6B; previous 4.5B) Big day for news. I wouldn't want to be in the DOW at the moment.

CTT should go and work for the treasury, they'll like his kind of statistical interpretation there.

I'm not a spreadbetter, but I know that very tight stops will get knocked out EVERY time, particularly in volatile markets like gold and silver. The market makers are very skillfull at knocking out stops and do it constantly. You'll be knocked out before any rise takes place and once that's happened a few times, the commission fees and spreads will have severely reduced your capital.

Just watching Working Lunch on BBC2, normally packed full of yesterdays information and banal, thoughtless analysis. Today is no different, but the market is trying desperately to educate them. Presenter: Let's look at the week's biggest fallers. Oh, it's banks, retailers and builders. Presenter: And the risers. It's miners and commodities. Erm, how can that be? Presenter: And for the month.... Oh, it's the same. Hmmmmm.... At some point these thickos will understand that the game has changed, the market will force them to. Our day has not yet come, but it will. Until then, I'll continue to book under the radar profits and build positions.

I don't think I will sell mine at all, but my position is probably slightly different in that I have a comparatively small percentage of holdings in physical compared to mining equities. I syphon off equity profits to buy physical on occasion, partly as a precaution in case things get truly catastrophic, but mainly because it's sooooo shiny. If I were to sell, it would probably be to a bullion dealer and it would be once the price has gone over $2000 (ie public mania phase). I suppose there are arguments to say that selling direct to the public during this phase would yield the best profits, as they will pay over the odds to get in on the game. However, the risks could be massive, even if you use (the very dodgy IMOP) e-bay. I'd feel safer taking the hit below spot to a bullion dealer and selling in small clumps on the way up. I think when the time comes though, I'll have great difficulty parting from my shiny precious , that's why I'm mainly in mining shares, far easier to sell!

Oh, and Nadler from Kitco has turned semi-bearish again. For the past few months he's been my perfect contrary indicator. Up we go , I say.

The dollar is still in 'lemming' mode this morning. I can't help but feel that gold is simply building up a head of steam for an explosive rise, the fundamentals just don't back the idea of a selloff. The market is just panicking people out of their positions at the moment, they will buy back in when an upmove is confirmed.

As an aside, I think these $20 - $30 swings are going to become the norm from here on in. It could make big money for those who play it right. Needless to say, I'm not going to be one of them, trading this is now a bit too risky for me. I'm going to stick with buy (on weakness) and hold.

I don't think it's anything specific, just pre-$1000 nerves and premature profit taking. Let's face it, no-one wants to get stung by the 'big one' if gold sells off at $1000. The good thing is that a lot will have sold out or stayed out today, which allows more fuel for the run up when it eventually does come. As far as I'm concerned, the longer we take to get to $1000, the more likely we are to hold it. Anyway, it could be worse, look at the dollar!

Below $970 again. I'm going to buy some here. Wish me luck.

Gold, silver and miners selling pretty hard today. Strangely though, this is actually making me feel more positive! It will be interesting to see the COT from all of this.

Yep, predictable as ever. And there'll be another one just before the London PM fix. Same old story. Sooner or later the dummies will learn (although a even a lab rat would have picked it up by now).