marceau

I'm with you. Fundamentals unchanged yet sentiment and price at a massive low. All of the longs have been washed out and everyone who is going to short has now done so. When everyone who is going to sell has sold, there's only one way it can go - up. We may sit down at these levels for a while longer, but as that Fed rate decision on the 25th approaches, all the strong dollar muppets are just going to disappear. Talk is cheap, actions matter, when the Fed doesn't do what the market expects, all hell will break loose.

Again interesting, if we break back above $864 and hold to the close there's the possibility of a bear trap and rally. Very dangerous to be short here. Very stupid as well, the risk/reward is monumental.

This is quite interesting. You could see the early buy orders hitting the price as we went through $860. They bounced the price straight back up by a couple of dollars. I fully expect gold to continue downwards, but I think the bears are going to have a hard day from here on in.

You're absolutely right. Gold is on its knees at the moment waiting for the cartel to finish it off. The problem for the cartel is those buy orders at $850, even if gold does drop it's probably only going to be by a 'massive' $15-20 before we have a lovely double bottom on the charts and a solid gold set up for a rally back to the highs. Should be a very interesting day today. Edit: Here we go, $850 coming.

Has anyone read Nadler's kitco 'analysis' today. It's particularly obnoxious and asinine even by his standards. It reaches the peak of stupidity in the second half, where the crux of his argument for gold to go down is based on the fact that gold newsletters and forums are still too bullish on gold in the face of this correction. Taking his argument to its logical conclusion gold will continue to fall as long as gold bulls are bullish. Yes, it's just as idiotic as it sounds. What an utter buffoon Nadler is. A truly unpolishable turd of a man. Read it and weep: Kitco's Chief Gold 'Analyst' Working Hard to Support his Employer's Primary Product as Usual

Copy of my post from one of cgnao's threads, HBOS are going to reveal an awful lot about their current situation by what they do next: Closed at 260p, well below the issue price. Looks like HBOS have screwed this up massively. Good. Serves them right for trying to fool the market for so long. If they hadn't been in complete denial that there was even a problem they may have been able to complete this issue at a far better price earlier in the year. As it stands they are now going to struggle massively to get any kind of financing from existing shareholders. It's alright though, according to their board they don't need this money at all! Well we shall see if that's true over the next few weeks, when their new plans reveal just how far they are prepared to go to get this cash. I see the media are still harping on about insider dealing and wicked bear-raiding speculators being to blame. Funny how those 'wicked' bear raiders that hit HBOS a couple of months ago (of which I suspect many on here played a part, I certainly did) were actually acting on the fundamentals after all. HBOS' bluff has been called by the market. Now we get to see what's in their hand.

Oil taking off once more. Quick Ben, start talking like Volker again! What do you mean it's not working? Talk harder! At this rate they'll have to broadcast Paulson and Bernanke jawboning to the masses 24 hrs a day via a network of specially build cartel minarets. On second thoughts, why bother, they already have 24 hr dollar propaganda on CNBC.

If the DOW drops below 12000 again all of this 'strong dollar' nonsense will disappear immediately. I'm still not sure what the Fed and the treasury were trying to achieve with all of those hollow words. As Jim Sinclair said, Bernanke has backed himself into a corner and set himself up to look very foolish indeed. The DOW is on life support and its supposed buddy Bernanke starts talking about cutting off the interest rate power supply that keeps the machine going. What did he expect to happen here? Did he really think the market was now strong enough to go it alone without his bailouts and artificially low rates? If so he is even more of a halfwit than I originally thought he was. I really do hope they talk gold down to $850 now, it will be the buy of the decade as far as I'm concerned. Edit: Chances of $850 diminishing already, gold back over $880 with some strength. Looks like buying the 'v' (or fishing line) has worked again.

Is gold going to drop and the dollar rise every time Bernanke repeats this strong dollar statement? What he said today was almost identical to what he said last week, so the market has effectively reacted to the same piece of news twice. It may be pure bullshit, but it's working, gold is still selling off with no let up in sight.

Gold is getting its ass kicked today, but based on what? More empty words from men famous for their lies and ineptitude. This move is way overdone, but given the prevailing air of stupidity out there today I wouldn't be surprised to see the market try to take gold down to the old lows. All of this while oil sits near all time highs. Beyond belief. In fact I don't believe it so I'm buying more.

Great work Pluto, holding all the way down must have taken balls of steel. I think you're right about the possibility of delisting, why would anyone in their right mind want to buy this dog now? I can't see BDEV escaping its fate, it just amazes me that it has taken this long for the market to admit the shocking truth about this company's future.

Gold just took another smackdown to the $870s. Can't say I was expecting it but someone on another board listed all of the US cartel posterboys speaking today. Bernanke, Paulson, even the chief chimp Bush himself, so I guess the cartel came in fully tooled up today. I'm buying here at $875.

I'm not too disappointed with the way PMs have fallen back, in fact I'm very pleased as it has allowed me to pretty much complete my core purchases at lower levels. I think we're currently sat in one last period of mild despair before a swift rise towards a battle ground in the mid $900s. Although I don't think we'll get back over $1000 without a few selloffs along the way, I do believe we'll soon have seen the back of sub $900 prices. I also believe the summer will be a period of steady rises, but not headline making price peaks. To my mind this is a very good time to be in the market, so I'm going to be buying the NY dips over the next few weeks with a view to building a speculative position during this relatively quiet period. Give it a couple of months and we'll have ground our way back toawrds the old highs and it is my intention to have accumulated some large positions by that point, ready for the 'headline' phase where gold surges past the old highs and the uneducated herd piles back in, creating big price moves. As others have said talk of rate rises are pure bluff and it is surprising the market can still be suckered by such posturing. I don't see this situation lasting much longer, something has changed in wider sentiment, we've reached a point where the bluff is going to be called. The hope of a quick end to the crisis was pretty much killed stone dead on Friday and that also killed the one thing supporting the dollar and the DOW, which was the market's fear of missing the start of a new bull run. Now that prospect is gone, we're going to start seeing some serious selling in these areas and the money will drift towards the only profitable game left - commodities.

Crisis averted, let's all get back into the dollar and buy Lehman shares. The DOW has managed a 'massive' 24 pt rally as I write. God I wish I'd bought some this morning.

I don't think the ratio will stay that way for too much longer. I've said before that expecting the gold/oil ratio to match in the short - medium term could be dangerous thinking and I still agree with that sentiment. Just look at that chart and see how long those ratios remain wide apart for proof. However, what is making oil rise at the moment is fundamentally what makes gold rise - too much liquidity and the resulting inflationary expectation. Yes there are some serious supply/demand issues and there is certainly speculation. But the supply side isn't the main driver of this move and the speculators have just seized onto the action in the charts. Liquidity is driving oil, liquidity will drive gold, and soon. Once the gold charts have aligned the speculators will jump back in and we'll see those same meteoric rises we are now seeing in oil. Now is the time to be agressively accumulating in my opinion, even if oil does correct, it will not drop to a level most will be expecting, further stoking the opinion that this move in oil is 'real' (which we on here all know it is). Every correction from there on in will only serve the same purpose, 'raising the tide' for the oil price and debunking the myth that this will just go away when the speculators lose interest. Gold will respond to this process, as oil will be the most publicly visible and painful indicator of chronic inflation possible. Even the Fed's 'strong dollar' jawboning has lost it's power. They can't cry wolf any more and expect anyone with even half a brain to take notice (not even the market can be fooled for that long). I just can't see the negatives for gold at the moment, not only do the arguments not add up, they obviously don't add up and that's about to become a real problem for the manipulators.

Good timing GF, congratulations. Not far from millenium guru now (sounds like something from Star Wars).

The manipulators will have to rest at some point, then asia will probably make all of their effort worthless over the weekend. Edit: Sanity 1 - Cartel 0. $900 finally breached.

Well, we reached a mid price of $900 according to my screens. I'm pretty sure we'll go through now. Next stop $950, then $1030. Long all the way from here on in. Have a great weekend all. M

Y - maybe briefly, but I don't think it matters to be honest. The charade has ended and we'll be well over $900 this time next week. They lose. Edit: Maybe N now. We definately need to get some of those oil buyers over into gold. They never know when to quit! Talk about a short squeeze!

I think Barrick recently said that they would need $700 per ounce to be cost effective in mining gold. Of course the beauty of royalgold is that rising costs aren't it's problem, it doesn't do the physical mining, it just takes profits from those who do. The royalties remain the same regardless of mining costs. Oil has now officially gone insane, well over $138 as I write. Gold could be finally about to move, you're right about the manipulators, they are all that's holding it back right now. They're going to lose in the end. Never mind though, they enabled me to buy lots of cut price gold and silver. The fools.

I just can't believe gold isn't responding. For those who don't believe in manipulation of the market there is evidence right here and now. Oil blasting to new highs while gold and silver mysteriously start to drop.

Oil pushing above $137 and going for $140 now, absolutely amazing. Gold still hasn't moved though, talk about manipulation!

Trying to stop oil is like trying to stop a speeding freight train today. It really has smashed the shorts to pieces so far. The most important question is whether it can make another high? If so I think gold will follow and cut loose itself. Edit: Looks like the cartel are getting scared, they just started bashing PMs again.

Yes, I can see a 'miracle' rally happening this evening. But just think of the hilarity if the DOW does plunge and Bernanke has to pull another emergency rate cut - straight after jawboning his 'strong dollar' intentions to the world. What an utter berk he is.

We SHOULD be on our way to $920 by now. But those cartel batty boys are digging in unfortunately. I still think we'll make it and they'll end up getting burned (for the millionth time).