"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


Wednesday, November 9, 2011

12 Hour Gold Chart

Gold failed to extend past the psychological level of $1,800 and is now moving lower towards the first level of chart support just above $1750 and extending down towards $1725 - $1720.

It was to be expected such a large rally in the US Dollar during today's session (Wednesday) would provide some strong headwinds to any move higher in gold. That and the fact that the CCI was hammered lower today as anything remotely resembling a risk trade was yanked off.

This evening, gold is moving lower as there is follow through selling across both the base metals and the precious metals with only slight weakness being seen in the Dollar. Clearly traders are concerned about the woes in Europe.

As long as any setback in gold holds ABOVE $1680, the pattern that will develop is more consistent with a market taking a breather. A drop below this level, that cannot recover it within the same session, will forebode a drop back towards $1640 - $1625.


  1. Dan, You are the man. I just want to thank you for all the posts, technical analysis, as well as you being you. Meaning you are a man who states things as you see them. I happen to be in complete agreement with most of your "Fundamental Outlook" on the overall macro scene and the controlled nature of this current market. I love it when the 'elite' guys get caught short. I happen to be on the sidelines, as it is very difficult to trade a market like this. No way of telling what the next headline, and/or solution will be. I am trying to make money buying low, sell mining stocks high, keep the fiat. I still have a sneaking suspicion that their is a few more tricks up the sleeves of both the Central Bankers, and the Big Bank Traders. I happen to believe they are in cahoots and stealing money less overtly than the MF debacle which was an overt "breaking of the law". I wish they could take a few of the thiefs down, including Corzine. He is ultimately responsible similar to Mr. Holder. Waiting..Waiting. It seemed easier to track the trends in technicals in 2010. Now everything is hell in a handbasket waiting for the eventual "Heidleberg print" bonanza. I am an ex business loan guy trying to put together his retirement, get licensed and start my own business. Thanks Dan!

  2. Thank you Dan, you are insightful :^)

  3. What happened to "TRX"? Seems to me Jim Sinclair has been to Tanzania on occasion on his journeys. Is this a buying opportunity? I always hear Bob Chapman saying: "Buy GOLD, SILVER, and SHARES."

    Check it out: TRX

    Seems like the miners are getting hit hard lately.

  4. According to Jim Rogers QE3 was already implemented. So are we waiting for QE3.1 then or QE4?

    Dan: What do you think of TRX? It seems to me that Jim Sinclair has mentioned Tanzania before. I don't know much about it other than watching it go up now.

    I can't figure out why there aren't so many COMMENTS in here with all the subscribers.

    Don't forget to visit The News UNIT:
    The News UNIT

  5. Was I instrumental in this? It's quite possible. This was a timely news update:

    Jim Sinclair is the President and CEO:

    Jim Sinclair on Tanzanian Royalty Exploration



    This will be interesting to monitor what happens here....

    The News UNIT

  7. I picked up 10,000 shares at $2.18 today. What a gift! :D

  8. dfly: You probably did the right thing. You buy with both hands according to Bob Chapman and you own "GOLD, SILVER and SHARES".

    I'm just a casual observer of news and commentary: The News UNIT


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