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Hey NY, the rally started in the Asian markets and continued pretty much undetered into the US session, until of course the jobless number came out, but recovered from the low. That being said, strange with all the fits and starts the last 24 hours gold only managed to trade 117,000 contracts. I guess I don't get this rally, yes, we had a nice bounce off 1280, but I still think this is the rally about nothing and doesn't make sense. As Judge Judy says, "If it doesn't make sense, then it is a lie". Meantime I play the cards I'm given. :)
Lots of traders would be happy with breakeven about now. Did you ever get a chance to watch "Mother, Jugs and Speed"?
Hey Kap, I was thinking our rich uncle has you on overtime, or better yet you were vacationing in Rio with JUGS, I hear that's where the action really is. :)
Hi ZA, these nasty twins, DUST and NUGT are not directly correlated to POG (price of gold), but most of the time move with it. More often than not these two derivatives will move with gold, however, there are times when they are not in synch and sometimes lag or move in advance of the shiny stuff. Bottom line, these two twins of evil can be a bitch to trade. :)
They just plain love selling, mothers. :)
300 K consensus 318 K
Thursday's Economic Events
Jobless Claims
8:30 AM ET
Import and Export Prices
8:30 AM ET
Bloomberg Consumer Comfort Index
9:45 AM ET
EIA Natural Gas Report
10:30 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
5-Yr TIPS Announcement
11:00 AM ET
Charles Evans Speaks
11:50 AM ET
30-Yr Bond Auction
1:00 PM ET
Treasury Budget
2:00 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
WS, I like the idea of GBC (Gold Backed Coin), no mystery, might be the future world currency unless the founders blow it.
Wednesday's Economic Events
Wholesale Trade
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
10-Yr Note Auction
1:00 PM ET
FOMC Minutes
2:00 PM ET
Charles Evans Speaks
3:30 PM ET
Daniel Tarullo Speaks
7:00 PM ET
Hedging gold (long) with oil (short) ain't working today, I'm not sure if it ever was a good idea.
USD down across the board.
JOLTS @ 10:00 am est.
Market Consensus before announcement
The Labor Department's Job Openings and Labor Turnover Survey showed 4.0 million job openings on the last business day of January, little changed from December. The hires rate (3.3 percent) and separations rate (3.2 percent) were little changed in January.
There were 4.0 million job openings in January, little changed from December. The number of openings also was little changed in total private and government. The number of job openings decreased in retail trade; the number increased in health care and social assistance and in arts, entertainment, and recreation. The West region experienced a rise in job openings in January.
Sounds like you're thinking this bounce isn't all about the Ukraine debacle, that gold was on it's way up anyway. Right now it's in a funk, stuck between 1211 and 1214, breakout or tankola? Hey remember when we called the bottom @ 1280, feels like ages ago, but just last week. :)
Tuesday's Economic Events
NFIB Small Business Optimism Index
7:30 AM ET
ICSC-Goldman Store Sales
7:45 AM ET
Redbook
8:55 AM ET
JOLTS
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
3-Yr Note Auction
1:00 PM ET
Narayana Kocherlakota Speaks
1:30 PM ET
Charles Plosser Speaks
2:45 PM ET
Charles Evans Speaks
4:00 PM ET
Pulling back from 1314, the big squeeze or the big tease, watching, trading gods please give us a sign, is this real or should we short it?
Yep, the the sky's the limit today, looks like gold wants to put on 40 points, already up 16.
NY, I should have known something was up earlier in the Asian session because every long play I made rocked, what a night to choose to go to bed, I bet you're a happy camper this morning. :)
Please stop this juggernaught so I can hop on!!!
Final Bubble Phase For The Stock Market: Final Capitulation For Gold
http://www.investing.com/analysis/final-bubble-phase-for-the-stock-market:-final-capitulation-for-gold-208875
This is capitulation? :)
I guess gold is back where the action is, 45,581 contracts as of 5:22 am!!!! :)
Yes, I look at the volume of JUGS everyday, volume is everything when in comes to JUGS. Well almost everything. :)
"Where the Action Isn't", gold traders are have either been kidnapped or in zombie mode, possibly both. Gold traded at half Friday's volume.
Newmont Mining: Deutsche Bank Upgrades Despite $1,200 Gold Forecast
http://blogs.barrons.com/stockstowatchtoday/2014/04/07/newmont-mining-deutsche-bank-upgrades-despite-1200-gold-forecast/?mod=BOLBlog
Based on this calculator using CPI, if gold was valued @ $30 in 1920, it would be valued at $349.50 in 2013.
Your US Dollar Conversion:
Sunday, 6 April 2014
The CPI index for 2013 is 232.957 and for 1920 it is 20 (US BLS - Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers - 1913-2013, 1982-84=100). It follows that, with numbers rounded to two decimals:
349.50 US Dollars of 2013 are worth 30.01 US Dollars of 1920.
http://stats.areppim.com/calc/calc_usdlrxdeflxcpi.php
Report: Force Feeding by Central Banking | Max Keiser
http://www.maxkeiser.com/2014/04/kr583-keiser-report-force-feeding-by-central-banking/
Saturday, April 5, 2014 COT Breakdown
http://traderdannorcini.blogspot.com/
GEORGETOWN, Guyana — Police in Guyana have closed a government office that regulated the sale of gold after discovering that millions of dollars worth of gold had been laced with silver.
The South American country’s Natural Resources Ministry says the office in the southwest jungle town of Bartica would gold plate the mix of silver and gold and then ship it to the capital as pure gold.
By Associated Press, Updated: Saturday, April 5, 9:27 AM
“We are seeing a key reversal, significant retrenchment in risk in equity markets. For days we saw equities going higher while gold and oil drifted lower and now this trend has reversed,” said Colin Cieszynski, senior market analyst at CMC markets.
“Traders are stepping back from the highflying stocks like Tesla and Facebook, which is a bearish indicator. This is a sign that this rally is tired and is in need of a pullback,” he added.
http://www.marketwatch.com/story/us-stocks-edge-higher-dow-hits-intraday-record-2014-04-04
Like the famous play, "Waiting for Godot", which is about nothing, so today gold rallied about nothing. To be continued.......... :)
Well Mr. Goldfinger, you did it again!! :)
NY, lower, higher, sideways, game plan please!!
Well you've convinced me Bruce, I think they're skimming, why else would the big boys like Goldman be selling their HFT divisions, jigs up, busted!
That being said, let's roast the crooked mothers!!! When's my check going to get cut?
Proof enough that speed isn't everything when it comes to trading. :)
I guess it's all relative, I suppose I should have used a different term that "skimming", let's just say middle man taking his cut as compensation for providing the market a service. Now that service is under scrutiny, and it may well be deemed illegal. If that turns out to be the case, I demand to be refunded all the money that they skimmed from me. ;)
Bond market could forget about long-term jobless
http://www.marketwatch.com/story/bond-market-could-forget-about-long-term-jobless-2014-04-03
When it comes to grievances about the markets, such as in equity trading, why are professional traders afforded 24 hour trading and the opportunity to destroy your position while you do not have access? And how about those big spreads you find in both futures and equity trading, on gold futures trading I usually leave $10 on the table each trade as a premium for fast entry and exit.
Yep, true enough some of the HFT's are successfully skimming, some of them however, are probably taking a licking, where do their losses go? Their are two sides to every trade, winner take all. Personally, I don't mind paying a premium to HFT's because I want action or there is not party, maybe those HFT's cost me money every day, but I'm sure I've got bigger expenses being charged to my trading account. But like I said, I don't see why they should be given preferential treatment with direct access, I call foul on that one for sure. On my trading I might be going head to head against those HFT's all the time, I say bring it on.
I get what you're saying Bruce, but your theory is only valid if, all HFT's make money, just like daytraders, some win, some lose, that's why I proposed that it might be a wash. If the HFT's bring liquidity to the markets, yep, I'll donate a quarter, why not, it's better than being in the dreaded "dead zone", when you can't find anyone to play with.