Billy

Midas on the current action

The dollar weakened on the news, and gold popped to go up $6, 25 minutes after the Comex open. What a night! Platinum was down $130, palladium down over $50, and silver was 30 cents lower. Not for long re silver and more evidence of just how dramatic the silver market is today versus the last 9 years.

Normally, after a pounding like gold and silver took yesterday, there is an enormous amount of follow through selling due to margin calls etc. This selling almost ALWAYS occurred regardless of outside market conditions… ALWAYS!

However, those markets were driven by specs and funds loading the boat on the long side, only to be knocked out of the game by The Gold Cartel and silver price managers. As mentioned in this column for some time, the gold and silver game at the moment is in good part about Commercials running for the exits. They are desperate to cover short positions in both gold and silver. Gold and silver made their recent runs due in good part to this shortcovering, not spec buying. Thus, there are not the specs to wipe out as in past years … at least that is not asignificant factor now.

Those same Commercials are also competing against this enormous, new institutional investment demand for both gold and silver. This is my kind of situation.

Gold and silver are flying now. My friend Tony Wilson at Man Global had it nailed before the Comex opening (He was the only one around I could call at that time this morning). He said, "Bill they can only get down a few bucks after yesterday’s drubbing. In days gone by, gold would be down another $8 to $10. Gold will probably rally $15+ if it can go positive."

Wonderful insight Tony.

In addition to major league shortcovering, gold and silver caught some heavy tailwinds with the dollar falling into new low ground and oil shooting up more than $3 on surprise bullish inventory stats.

YOU ARE WATCHING HOW A PRICE SUPPRESSION SCHEME FALLS APART…

Moving the main gold thread from the main forum was the most ridiculous thing ever, in my opinon. I think the grand old thread has been closed now as well!

as i said earlier it was the most popular thread, nearly 10k posts and way more views, way more, so they have lost all that click through revenue

all because oldfart and his nazi-moderating pals got their panties in a twist :lol:

Wow my first post . Didnt realise i was a complete lurker here

welcome one and all, this place is taking off :lol:

Greetings. I have finally found this site due to a handy PM.

welcome!!! excellent stuff being done at hpc, LOL LOL LOL, v v clever some of you folks, u shd be in cryptography(wren) LOL

Yeah, I just don't see the public getting involved yet. I am old enough to remember the last great bull run in gold, and that was something else. All the teenage girls wore belchar chains and gold bracelets with trinkets on them. Older folk would go for the sovs and kruggers. For Christmas or Birthdays you got some gold. I still have a lot from the late 70s and early 80s. I don't see anything like it this time. Not yet anyway.

we are nowhere near it, nowhere near

obviously when the mania is in full swing, get out!

Yep - 'Pissing the night away, pissing the night away'

 

That's me alright!

me too, LOL :lol:

First he sells our gold then he uses the name for mortgages that are going to be tomorrows repos. Everyone with 1/4 of brain knows the Gold standard implies backed by gold. I would like to know what or who is the "GOLD" in the gold backed mortgage? Is it the bank of Northern Rock. Maybe the buffoon thinks the rock in Northern Rock is made of Gold.

 

It used to be Rule Britannia; now it is Insanity Rules.

it's quite disgusting

we have a snot-gobbling rocking horse riding nappy wearing paedophile protecting bisexual who is afraid to come out with a beard for a 'wife' allegedly running our country

http://images.google.com/imgres?imgurl=htt...s%3Den%26sa%3DN

all is reveled at the guido fawkes blog

MEW Mortgage Equity Withdrawal. It used to be called a second mortgage. Now it has a flashy name to give it some sexiness to attract the debt addicts.

aha, cheers!

Gold really wants to close at an all time high today. That will be bullish for tomorrow. It seems the market didn't like the ambac deal, it seems there are only two banks as backstop. Don't laugh - Barclays and Citi. I kid you not, some of this stuff you can't make up. The same turd names crop up all over the place. Silver taking no prisoners today and what about that yuckie black stuff - oil. 5% today. The masses are going to have to MEW to fill up soon.

barclays and cit, what a joke, they are both zombies walking

hey, what is MEW?

never figured that out

BTL buy to let, STR, sell to rent (what i did), MEW?

$990 getting tickled again.

yup

also silver showing great strength, up 5 per cent it flashed on cnbc, gold nearly 3? its all good

Dude, right now ALL PMs are probably held in limbo for approval by the Glorious Leaders.

count on it

they are monitoring this thread big time

lmao :lol:

I see Errol asking where everyone is and they delete his post. He must be smelling something fishy by now!

we gotta get crafty

Dear GoldThreadII members.....

 

I’m another HPC convert.

 

I’ve learned so much from the old thread (and enjoyed reading it), so I should start by saying thanks to everyone for the education and entertainment.

 

I’m a hard working young brit who got interested in gold about a year ago as a non-paper means of saving money (for a deposit once the property market gets sensible). I now keep about 40% of my savings in gold, having raised the amount slowly.

 

I’m not an expert on gold markets like some learned individuals on here but I understand the fundamentals.

 

I do however have a job that puts me in touch with an excellent spectrum of ‘UK Joe Public’, be it rich or poor, educated or not. I shall try and contribute with any info on the sentiment of the UK public towards investing in gold. I believe the drivers of the market will change as ‘global Joe Public’ starts getting in on the action in the post $1000 media spotlight.

 

At the moment, the UK population seem pretty oblivious IMHO, even amongst the business-minded, those with money to invest, and those that read the financial sections of the press.

 

Diet Cola Addict

welcome!

anecdotal sentiment is always useful!

yes cgnao errol etc i/put wd be cool, i'm sure there are 100s pf lurkers at hpc who wd come here if they knew the url...

Something has changed his mind. He was only a short while ago saying transfer pensions out of stocks and into cash in advance of a big crash. Now he's bullish. I can't see what has changed. Go figure.

brown envelope?

I been barred too LOL.

 

I'm gonna register with the 5 or so free email addresses i have and do not use.

 

and post as many links as possible here.

i been banned twice by olfart

ya gotta be crafty

there are good folks at hpc that we need to help or at least give them the info so they can make an informed decision

pm folks one by one?

OK here is the question. Does gold retreat to the 800s like oil did when it breached 100 (oil went back to 88)?

 

Or does it hit every newspaper and news show around the world and quickly run-off to 1,200?

 

That's a tough one..

could go either way but my gut sez it will try to run

i listen closely to what sinclair sez, the battle will be for 1050

989 to > 992 in 5 mins

1000 - maybe maybe?

from our freind CGNAO..

 

THEY WANT TO SAVE THE DOLLAR BUT THEY CAN'T

 

THEY WANT TO KEEP OIL DOWN BUT THEY CAN'T

 

THEY WANT TO KEEP GOLD BELOW 1,000 BUT THEY WON'T

 

HPC MODS WANTS THE SHEEPLE TO STOP DISCUSSING GOLD BUT THEY CAN'T

Superb. Guy's got CLASS! :D :D

HPC is a microcosm of the powers that be, the central banksters, crooked politicians and the bent FED and BOE. :lol: :lol:

Off course now it is ovious, the smackdown yesterday was to butter the markets up for todays report on oil. Also, OPEC overnight saying the price of oil is due to the falling dollar - first time they have said that as far as I am aware.

 

Week longs got shaken out yesterday for our next assault on 1K.

For a big'ish smackdown there's almost always a reason, and that is obviously that if they didn't smack it down we could easily be in 1000 bux territory right now. It's interesting to follow all this on a daily basis but it's all noise. The last 18 months I have lumped in on silver and gold whenever I've had the readies - I'm not concerned with timing anything to save a few bux, I'm concerned with getting on the train before it leaves the station. I think I bought about 200,000 bux worth of silver and gold in the 55 / 45 ratio, with silver at 13 bux and gold at 630 - just recently I sold 77 gold eagles at the peak and on the same trade (physical) bought silver bars at 20. I am now up to 9,000 oz of silver and 18 Au coins left - probably convert those to silver. The gold silver ratio has dropped/is dropping, hence my move. It went from 54, to 52 for a long while, then 50 49 48 quickly, so I decided to act. It's a gamble. As we approcah 35:1, if I am correct, I'll maybe go back 50 50. We'll see - ultimately cgnao and Sinclair are right, if things get as bad as they predict then gold is the thing to be in, physical gold, so that's my aim, try and leverage silver for as long as possible then jump ship!

I str about a year ago to get the ex wife paid her bit, i am glad i did, got her out for 9k she was desperate for money to pay of credit card debts, i pocketed the rest and got to keep the kiddies as well

I put most of it into gold and silver,and am riding the bull, i will also when the markets settle i will get into shares like energy and wheat sugar other copper etc..etc

The next few years will be most interesting and i am going to start selling gold when it reaches about $2000 in chunks but i will also keep about a third of it and let it just sit,and who knows it could be a nice pension that third in 20 years, or pass it on to my kiddies.

I'm property poor, but real money rich.

Great strategy. There's a v informative book, was on the bestseller lists a year ago in the UK, something like 'How to profit from the coming commodities boom' - well worth buying, British author.

I was thinking about yesterday's correction, and wondering if anyone thinks it was stronger because the previous few days had seen such weak smackdowns at NY opening time... maybe they'd held off for a few days, in order to go for a bigger smackdown? Or doesn't it work like that?

Bernanke was speaking. See my MIDAS post that I put up yesterday that explains what happened and why. They like to pint the ticker tape on a Friday too ~ suggest you sign up for a free trial at GATA.org and you'll soon be completely on top of what is going on.

Cheers!

Here's my gold sceptic thought of the day, feel free to skip it if you only like hearing pro-gold views:

 

One thing that worries me about the attitudes of current goldbugs is that they are developing a bubble mentality, together with some seriously defensive psychological tactics. So any drop in price is a temporary drop, probably as a result of cartel conspiracy. Anyone who says anything bad about gold must be jealous or scared, or a gold-hater. And so on.

 

My opinion is that the gold run has further to go, possibly a lot further, and I'm pleased for anyone who does well out of it. But history tells us that gold also has the potential to eventually peak and crash, and with all these defensive attitudes being reinforced by a long gold bull run, I worry that people will be left without the critical tools for perceiving a bubble forming.

 

I'd also note that almost all the things people are saying now about gold were being said in the late 1970s. Fiat was about to crash, gold was real money, the only safe store of wealth, etc etc. And then it peaked and crashed and a lot of people lost out big time.

 

My suggestion would be that whatever you say about gold, try using the same language about shares or property and seeing how plausible it sounds then. That might help give you a clue as to whether you are being rational or participating in bubble mentality.

from my buddy CIGA Jim

Gold has never made it thorough a round number without a battle. You may recall every 100 points since $248 gold battled at each $100 mark.

To assume we are going through $1000 with ease can only occur if my $1650 magnet is so low it is silly.

I don’t assume that.

The real number is not $1000 nor $1050 but rather $1024 with a maximum over run of $26. You may recall I suggested the run to $1000 was going to be as straight up as markets can perform.

I would expect a break above and then some rotation around $1000 until the third day above $1000. Following that it is off to $1650.

I will give you more minor angels as we move past $1024.

The ratios long the majors and short the juniors sold as an OTC derivative by the same geeks that have brought you the end of the financial world as we knew it, also produced the gold share ratio spread.

This spread is starting to contract now as the majors decelerated their climb and the juniors in the main have decelerated or ended their decline.

The US dollar has been for a long time and is now totally hopeless.

The price objective on the downside of the dollar is .5200. It will get there.

Gold is going to $1650. Remember this. It will get there.

No commodity share is going down when the underlying asset of the company is going to establish at least an appreciation of 665% from the low. The geeks only look at the momentum of a spread once again forgetting a thing called a market. When the recent OTC derivatives skewing a market explodes, as it will, the juniors will fire out of their silo like an ICBM, doing nuclear damage once again to those criminals and their overloaded laptops.

Just to say I think it would be helpfull to this site to click all available ads once a day to help La' Bubb for putting up with us ?

Anyone agree?

Yes, great idea!

I gotta say though at hpc the ads were so annoying and intrusive within each thread I made a point of skipping past them as fast as possible and never clicking them.

A while back I was having lunch in a restaurant off 42nd street and Charlie "the gossip" Gasperino comes in with a couple of his buddies. It was freekin hilarious you would have thought Elvis had been sighted. Everyone was drooling over this buffoon. I love the way on CNBC he starts a conversation by saying, "I just got off the phone with Joe Bloggs from Massive Company, and he gave me the inside scoop". Yeah, Charlie, keep taking the meds and reading the teleprompter.

He thinks he's a made man, a wise guy, Tony freaking Soprano, LMAO!