Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I am very happy as I am 80% cash. Didn't expect golds drop today but isn't it interesting that it happened today ahead of the COT. Perhaps the spec longs paniced. I want to go back and see how many sell off's like this occurred on Friday's versus other days. Hmmm? Licking my chops at AMAT 20 area.
YEOW!!! Gold sell stops got hit at 380.
Zeev,
I think I'm going to try AMAT short around 20.00 with a stop at 20.25. Formation just looks too juicy. If I'm wrong, I'm out a quarter.
Zeev, what do you think of AMAT short around 20? Looking at the perfect H&S setup I believe. Thanks.
FCX running countertrend to the other gold stocks right now too.
**Anyone have a link to a good technical scan site? Thanks.***
Thanks Dan. It's on the radar screen. Appreciate it.
One point he keys on is the strength of other foreign currencies. I think the foreign CB's will tank their own currency to stay competitive should the dollar tank. That is supportive to gold.
Dan,
Yeah, Wheldon is interesting. I like Saville and Leonard Kaplan also. They call it like it is technically. Sinclair has missed too many tops so far...he is good but is wearing pom poms too much.
Dan,
Looks like that push towards 410-420 is going to come sooner than later. Was looking for a decline to 372.70 then 365 worse case scenario. China is a huge support pillar right now. The only thing that would hurt gold right now is a crash since everything gets trashed in that king of drawdown. Watch that USD low at 91.88. A breach and all hell breaks loose.
It will be interesting to see what gold does if that USD breaks past 91.88. Looking for Fed intervention soon...maybe tomorrow.
Did so at the close Friday and this morning as well.
Squeeze on RGLD.
Dan,
As usual, thanks a bunch. Congrats on your Cubbies. My Red Sox are in also.
Well...the average bear market has been around 14-18 years in duration..the last from 66-82. I expect this to be no different..maybe even longer.
One interesting contrast on those targets. In 1932, there were no mutual funds, variable annuities, ADR's, IRA's, etc.etc. Therefore, the cash flows into equities was not nearly as great as today. Does that mean we could never achieve those targets like Dow 3000 now? I really don't know....I do know that gold will do well though.
George, what do you think of the gold action here?
Dan,
+ Northgate 1.56 scaling in.
Dan,
I'm in the LT bull camp also. This is a needed pullback en route to higher prices. I have it figured out. I trade 1/3 to 1/2 of my position.
Dan,
Question here becomes do the funds want to show gold stocks on the books for quarter end or not? Selling could continue through the 30th and then well get a lift on the 1st. WAG
Dan,
Looks like a correction is upon us.
Dan, Thanks a bunch as usual.
Hey Dan,
Just back from a mini vaca. I see business as usual for yella. What do you think of NXG? I like this one. Indices starting to roll over perhaps. Maybe another headfake or two first though...well see.
Dan,
This guy is good. http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19319041
Careful gold bugs. Do you trust these guys?
LONDON, Sept 18 (Reuters) - Speculation that European central banks may use this weekend's International Monetary Fund meeting in Dubai to agree on the renewal
of their pact limiting gold sales was keeping the gold market alert.
Analysts said that although the 1999 agreement restricting the banks' gold sales to 400 tonnes a year only expires in September 2004, they may decide soon whether to extend and modify it. Any hints of a decision could move the gold price.
The original agreement, known as the Washington accord, was prompted by concerns that disorderly central bank sales were creating massive uncertainty in the bullion market and were contributing to a depressed gold price.
Bullion was languishing at 20-year lows back in 1999.
Weeks of rumours about the fate of the Central Bank Gold Agreement (CBGA) have already helped to whip the price of the precious metal towards peaks not since seen 1996.
Gold prices this year have hit 6-1/2-year highs, thanks largely the depreciating dollar, which made bullion cheaper outside the eastern Europe. Spot gold finished European trading at $377.35 a troy ounce on Thursday.
"The market is expecting it will be renewed, whether it (the announcement) happens over this weekend or not," said David Rinehimer, head of commodities research at Citigroup Global Markets.
A London Bullion Market Association (LBMA) survey of gold market players published last week showed the market could absorb a modest rise in central bank sales. It said the average of the estimates gave a figure of 484 tonnes a year.
The current pact limits annual sales to 400 tonnes, with total sales over five years not exceeding 2,000 tonnes.
Officials from the European System of Central Banks said on Wednesday that renewing the accord might be discussed on the sidelines of the Dubai meeting.
However, a Bundesbank spokesman earlier this week dismissed as "nonsense" reports that European Central Bank Council member Ernst Welteke would probably choose the meetings in Dubai to urge renewal of the pact.
Dan,
I'm an thinking the spread traders might be active soon as they think a IT top could be setting up. Seeing a little movement in gold but very little on the PM's. Hoping they don't start that crap again.
OK Dan,
In about a quarter below you. Could be ready for a squeeze. Well see.
Dan,
Even at 20.87, that is not bad. Look at this.
http://stockcharts.com/def/servlet/SC.web?c=RGLD,uu[w,a]daclyiay[dc][pb50!b20!f][vc60][iLi14,3!Lh14,...
Could be the blow off bottom being put in for today. I would expect at least a test of 22.60 minimum. We have to keep that 20 from crossing down over the 50 or it could be trouble.
RGLD broke through the 20.58 fibo. 19 looks like the target now. I'll be waiting close to there.
George, I share that same feeling. It will end very badly but the question is when. Could be today or in early January. Wish I knew that piece of the equation.
Bernard, It's all about the funds now. Do they dump to get profits booked for quarter end or do they hold and ramp the price at month end? Dunno yet...so far they look to be holding. I'll be watching the last hour for signs of strength.
Dan, Once again...thanks for everything. Looks like the blowoff in gold has yet to occur.
Hey Dan,
PM's closing on their LOD. Looks to carry into the Monday open at a minimum. Think perhaps we need 365 gold before 400 to reset. Any thoughts?
Hot COT's http://www.cftc.gov/dea/futures/deacmxsf.htm
Hmmmm? Commercials aren't budging.
Dan, How are ya? Closed out today on the open...RGLD for a buck. Don't like the action ahead of the COT's...I swear those bastards get tipped off ahead of it. Do you have any updates? Getting weary of being long for too long. ROFL!
Just looking at that gap above and a little bounce. Too much too fast....maybe a buck?
Well...I'm going for the bounce. 21.98. Ouch, those knifes! LOL!
Dunno, but I have the cannons loaded with my finger on the trigger if RGLD starts to jump.
Dan, I think Schaeffer just put a strong buy on RGLD. Target 40 or better but no link. Sorry.
Dan, Feels like a blow off in miners today. All cash now. Wait for the correction to take place.
Pretty damn good internals http://www.bigcharts.com/custom/scottrade-com/markets.asp
This rally is far from dead.