50sQuiff

Perhaps participation is narrow but in high volume. Several weeks back when we were at £975 I bought ATS Bullion's last Sovs of the day. They explained the reason: people had been buying 100+ at a time and cleaned them out. Great anecdotal. I only know two people that are 'into' gold. One is an inveterate gambler at work who is spreadbetting on the price. The other is a friend who finally bit the bullet recently after my gentle encouragement over a long period of time.

My god this is getting frothy. I just wish we knew how many people are actually participating.

Haliwide index vs my UK Housing sentiment model (based on datamining and natural language analysis): Here I've advanced the model (blue line) by 6 months or so: A few more details on the thread here: http://www.greenenergyinvestors.com/index.php?showtopic=15252

Chavez's bullion holdings, extracted from the latest "Things that make you go Hmmm" report by Grant Williams: Let's see just how much physical HSBC and JPM are able to relinquish. The rest of the report is well worth reading: http://www.zerohedge.com/news/things-make-you-go-hmmm-such-venezuelan-dictator-bringing-down-global-gold-cartel

Found it. I somehow missed it in the many pages of the Halifax Historical Prices spreadsheet.

Does anyone have a spreadsheet with Monthly Halifax HPI data going back to 2007? I can only find quarterly on the Lloyds website.

Wow. Just wow. Keynesianism is alive and well folks, even if in a slightly zombified state. I also love how they infer that without the gold standard the Great Depression would've just been a normal cyclical downturn, completely ignoring that it was actually the culmination an epic credit expansion.

Adam Hamilton calling for a correction now: http://www.zealllc.com/2011/goldob.htm Let's hope he's right!

Rocket Propelled Gold "This one's for Jeff Christian..."

I believe it's based on a price pattern called the "Sum of Squares" that Livermore used to forecast moves in new stock issues. Sinclair has often stated that he believes this applies to gold. It's a bit mystical and enigmatic but hey, that's Jim Sinclair. I believe $1764 is a 7-fold move from the bottom, which is supposedly a threshold that once broken will usher in the parabolic phase.

Just bought too. Ordered physical from CiD this morning.

Well, there are riots on the streets of Britain, equity markets tanking and a run on physical gold. It's almost unreal. When you've have quiet conversations with close friends and family about what the future holds, it's eerie to see it happening. Not enjoyable to have to call your sister and ask if she's OK. No-one here hasn't been watching gold today, but here it is anyway for posterity:

Last time I posted this chart we were re-testing the breakout: I took that opportunity to add to my physical stack, despite gold being just off its all-time high. I'm not knowledgeable enough about TA to trade it, but I have read evidence that if a bearish rising wedge in a strong bull breaks out to the upside, the move can be parabolic. Of course if this is a false break and we crash down through the rising wedge, the results should be equally spectacular to the downside.

After the biggest one day smackdown in a long long time, we're still at £1013 in sterling gold. I can smell the napalm.

The one and only Mr. Gold. Call of the century, no doubt. I genuflect.

When I read these articles I get a distinct impression that the authors and their colleagues do not own gold. It's a sideshow worthy of commentary and column inches, but there is no vested interest on display. Even less likely is that these people own real physical gold! Personally I believe the final violent upleg in this bull market will be driven by the collapse of confidence in all forms of paper gold. After finally taking some serious time to read the research of Adrian Douglas and GATA, I can't believe the bars in GLD are unencumbered.

Here's the latest sterling gold chart. Is it about to get unruly to the upside or is it ready to break down from the rising wedge? Any thoughts Bubb?

Lots of bubble talk on HPC, especially from those of the leftist persuasion. Don't think I'll be participating in the thread much even if I have permission to post to it! I was in ATS Bullion this lunchtime and it was uncharacteristically quiet. I was the only customer in fact, which is a first. I asked for the price of Sovs and the lady said "if we're got any!" I think I bought their last handful. Apparently they've been "selling them in their 100s". This is 2008 style action in the physical market isn't it?

Hi Doc, it was just a chart I made for my own use really, so apologies for the confusing lines. The green and purple horizontal lines merely represent time rather than a particular measured move. Each segment is exactly the same length and called for a peak on June 10. This pattern seems to repeat with amazing consistency. As I see it, red lines are the major support levels that we need to see hold if any breakdown from the wedge is to be a false break. It also amazed me just how well sterling gold obeys key moving averages and support levels. Maybe it shouldn't have. But perhaps sterling gold can tell us more about the gold market than dollar gold? We'll find out soon I guess, because the sterling chart looks more bearish than the dollar chart I think.

June 10 working out well so far. Now to remain patient and BTFD in early August.

Sterling gold holding the 50DMA but running out of time in the rising wedge: Pattern recognition edition calls for a top on June 10 or so, with a bottom first week in August:

Apologies if this has already posted, but I just want to flag up some of FOFOA's recent posts. They're absolutely essential reading I think: http://fofoa.blogspot.com/2011/02/view-classic-bank-run.html http://fofoa.blogspot.com/2011/01/who-is-draining-gld.html

Doing a bit of reading through the archives this morning, and I came across this from the Elliott Wave Financial Forecast back in October 2008. Explaining why the market could collapse another 27% despite registering historically high bearish sentiment: "One of the reasons a contrary approach works is that buying at the point of maximum pessimism usually means most investors are out of stock to sell. This time, despite all their fears, most investors have yet to sell their first share". This struck me as a reasonable assertion. Now let's turn it on its head: "One of the reasons a contrary approach works is that selling at the point of maximum optimism usually means most investors are out of cash to buy. This time, despite all their hopes, most investors have yet to buy their first ounce".

Indeed, it's been completely messed up. Sadly I believe this is actually a "redesign".

One thing I've learned in the past couple of years following the bear pundits much beloved on HPC and GEI, is that they're very smart guys who see things happening far down the line very accurately. But - apparently unable to contain or control their insight - they're always horribly early on their timing. They're always of an anti-government bent, and underestimate the ability of monetary authorities to postpone an inevitable crisis. Smart guys like Schiff were calling the housing bubble, 4 years before it was about to become the biggest mania of all time. Prechter was calling this deflationary depression to a tee (gold notwithstanding), 5 years too early. People are calling the gold bubble, probably 4-5 years before it reaches its climax as the biggest bull market in history.