GOLD

[G0ldfinger]

Not worried as such,... more.... confused. I mean it makes no sense - "they" must have bigger worriess than the POG now. Its Oil at the end of the day isnt it.

Maybe gold is more important to them than they would ever admit.

[ChrisP]

I honestly don't get why people are worried.

 

Because there is still a chance of massive deflation....even after the Feddie and Frannie bail-out.

 

[G0ldfinger]

Because there is still a chance of massive deflation....even after the Feddie and Frannie bail-out.

They're not even raising interest rates, which would have been the easiest way to help the Dollar. IRs to 20%, like Volcker, problem solved. And yes, then you might see a nice deflation.

[kernull]

after breaking 775 gold entered C wave of an ABC from 980 , next support is 700, more likely 710 than so widely circulated number 730. i expect tuesday this correction will be over

[ChrisP]

after breaking 775 gold entered C wave of an ABC from 980 , next support is 700, more likely 710 than so widely circulated number 730. i expect tuesday this correction will be over

Please excuse my lack of experience with charting but surely once a support line is broken, followed by another support line, doesn't it suggest that these lines are somewhat arbitrary? What does it mean if gold breaks support at 710? Is there a conclusion that can be drawn from that?

[Steve Netwriter]

Maybe gold is more important to them than they would ever admit.

 

This can't be true, otherwise they'd hold it themselves.

 

Oh no wait, they do :D

 

A year ago there were discussions on here of the potential for a big drop near the end. This makes me think we are getting closer.

 

Have you noticed how much more often the expression "end game" is occurring these days.

 

I just wish I could win the lottery so I could buy a LOT more !

 

 

[kernull]

Please excuse my lack of experience with charting but surely once a support line is broken, followed by another support line, doesn't it suggest that these lines are somewhat arbitrary?

no, these lines have years of trading, they are not arbitrary at all. 700 is previous resistance of 2006 year, which now will be tested as a strong support. anything in between would not hold strong imho.

What does it mean if gold breaks support at 710? Is there a conclusion that can be drawn from that?

it means that if 710 does not hold, we are going lower to 650

conclusion: not yet a buy time (from my point of view)

[Bobsta]

After witnessing the last few weeks' trading, and having taken on-board articles from all over the place, I see Gold & Silver continuing to be manipulated downwards, and the USD upwards, until the US elections. There's a small chance that things could blow up before then and we get our "event". But I believe the forces are strong and that until November, this isn't likely.

 

I raved about Saturday's Financial Sense Newshour First Hour yesterday. Today it's time to rave about the Third Hour. It's awesome!

 

For anyone with any doubts about all this talk of manipulation, physical shortages, etc... take time out to listen to "3a" (the first part of the third hour) with Ian MacDonald. I defy you to listen to him and think "this guy's an Internet crackpot who has no idea" - and yet he explains how interest in physical gold has never been higher, and how central banks are beginning to reconsider their policy of selling gold.

 

MP3 here or, as I prefer, log into iTunes and search for "Financial Sense" in the iTunes store. Subscribe, sync it to your iPod and enjoy your commute like you've never enjoyed it before.

 

(Others have previously pointed out how good this podcast is - thank-you to them - I 100% concur)

[CIGA]

Let's keep a track of support lines painted by the master a couple of months ago at GIM but still valid.

 

We can clearly see the primary trend is still in tact.. upwards.

 

 

Is this what Jim Rogers saw when he quoted 750 a while back?

 

 

And this talk of deflation.. christ someone please smack these guys around the choppers, US doubled national debt overnight to 10 trillion and have other liabilities over 55 trillion, they want to CUT rates not raise them, hence the orchestrated dollar rally and the commodities sell off, justification for lower rates. This has major inflationary consequences for the whole world. Jim Puplava has been doing one hell of a lot of reading and as far as he is concerned the move is textbook. This is a 1974 move - 'all is ok folks', people sell gold/commodities and trust fiat.... unfortunately a couple of years later inflation rips its ugly head and starts tearing new arseholes - gold and silver go parabolic.

 

750 the floor??

 

 

 

 

[Steve Netwriter]

And this talk of deflation.. christ someone please smack these guys around the choppers, US doubled national debt overnight to 10 trillion and have other liabilities over 55 trillion, they want to CUT rates not raise them, hence the orchestrated dollar rally and the commodities sell off, justification for lower rates. This has major inflationary consequences for the whole world. Jim Puplava has been doing one hell of a lot of reading and as far as he is concerned the move is textbook. This is a 1974 move - 'all is ok folks', people sell gold/commodities and trust fiat.... unfortunately a couple of years later inflation rips its ugly head and starts tearing new arseholes - gold and silver go parabolic.

 

750 the floor??

 

I like your posts. Particularly this one

 

 

 

Layman,

I'm downloading it now. Will listen later, cheers

 

[Bobsta]

750 the floor??

Looks like we might find out in the next few minutes. $750.80 right now.

[G0ldfinger]

...Ian MacDonald...

I calculated from the data on this page that Dubai's net gold imports since 2008 have been a staggering 2,016 metric tonnes!

[wrongmove]

750 the floor??

 

This could turn out to be the shortest lived prediction ever.

 

 

 

[Bobsta]

Layman,

I'm downloading it now. Will listen later, cheers

Cool.

If you're short on time, the piece with Ian starts at 38:50

If you're not short on time, listen to the whole thing, and also take in "3b" (Part 2 of 3rd hour) - which has a great explanation on the velocity of money and its impact on inflation; an increase in velocity will bring into play money previously created by money supply increases but currently lying dormant.

[Compounded]

Please excuse my lack of experience with charting but surely once a support line is broken, followed by another support line, doesn't it suggest that these lines are somewhat arbitrary? What does it mean if gold breaks support at 710? Is there a conclusion that can be drawn from that?

 

I know that I if given the task of getting and keeping the gold price down would suppress the price in such a way as to produce bearish charts.

 

[wren]

Horrified?

 

Here's the archetypal horror music (Bach's Toccata and Fugue in D minor) played by Karl Richter:

 

Weak hands need to be flushed out.

[confounded]

I know that I if given the task of getting and keeping the gold price down would suppress the price in such a way as to produce bearish charts.

 

Exactly, and the very reason I think the chartists have little to offer in the current markets. This is such a contrived collapse of gold and silver it is almost comical. I am someone who bought in significantly higher than where it is now but kept a majority of my powder dry for what is starting to look like a buying opportunity of the century.

 

The intervention in both the equities and the gold and silver markets are such a gift to prepare for the next phase of this crisis. Never before have people been given so much time to get to safety!

 

[G0ldfinger]

Horrified?

 

Here's the archetypal horror music (Bach's Toccata and Fugue in D minor) played by Karl Richter:

 

Weak hands need to be flushed out.

I think J.S.Bach was a genuine optimist. And he would always take physical delivery and accept physical gold & silver ONLY.

[ziknik]

Because there is still a tiny chance of massive deflation....even after the Feddie and Frannie bail-out.

 

I think you made the word ‘tiny’ too small. I can’t see it. I’ve corrected the above quote

[Johan van der Smut]

750 the floor?

 

Interesting. The POG on The Bullion Desk leapt from $751/752 to $758/760 in an instant, but on Kitco it's still showing $752.

[hotairmail]

I know that I if given the task of getting and keeping the gold price down would suppress the price in such a way as to produce bearish charts.

 

 

Classic.

[wrongmove]

............The intervention in both the equities and the gold and silver markets ..................

 

Commodities have gone down by around 33% on average. Gold is tiny compared to commodities, yet is has tracked them very well. How can anyone successfully intervene in the commodities market (over many years now, if we believe the stories)? Commodities trading is backed with real demand by real consumers. That demand stems from the entire global manufacturing industry, infrastructure development and public sector consumption. i.e. everything except services. The derivatives market is many times bigger than this. How can it be shifted by any secret organisation?

 

 

 

 

 

 

[kernull]

Exactly, and the very reason I think the chartists have little to offer in the current markets. This is such a contrived collapse of gold and silver it is almost comical.

sorry guys.

the job must be done, either you like it or not.

 

 

[wren]

Silver is at only €7,61.

 

At this rate we'll be getting to giveaway prices soon.

 

 

[wrongmove]

Interesting. The POG on The Bullion Desk leapt from $751/752 to $758/760 in an instant, but on Kitco it's still showing $752.

 

According to IG it is 752 at the close of Globex. Silver down over 5% in day. If this was any of the "hated" assets (property, cash, equities) their would be "black xxxday" threads. Why the difference? It just looks like denial to me. Luckily, people don't vent here when they reach the anger stage, they just politely move on. That's what it looks like from here, FWIW.