Please click on the following link to listen in to my regular weekly audio interview with Eric King over at the KWN Markets and Metals Wrap. KWN is back online after experiencing some unusual issues with their website....
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2013/9/7_KWN_Weekly_Metals_Wrap.html
Thanks for the analysis!
ReplyDeleteWell, yes...support at 1360. Damn, I put my buy order at 1355, besides I didn't remember that 1360 was the fibonacci retracement level of the 1940-1180 move, which acted as first retracement to be vanquished as a resistance, and acts now as a support.
So, away from my screens all day with a nice buy order at 1355 and...I lost the chance tot take friday's move.
Anyhow, I'll keep in mind what you mentioned about a strong support zone near the ma50 daily, so 1320 $ area, which is securing initiatives as a bull.
Prices are drifting. Funny to see some comments on some blogs :)
Bears promising that 1000 $ will be reached again when prices drop 30 $. Then bulls promising that the highs will be broken soon when prices reverse back up 30 $.
appreciate the post Dan,...i like the 1350/1360 - 1440/1450 price range... what would one consider is the low on the HUI...280 - 244? (also the 50 MA)....i dont know if the HUI, gold, or silver is in charge of leading the others at this point...but does anyone reckon if the taper starts that gold will take a drop or is it all priced in? i heard peter schiff (in most recent radio blog) say he thinks gold will actually go up if traders feel relieved that the taper is very minimal (like 70 billion instead of 85 monthly)...if you conisder the season for PMs, the europeans backing the war a bit more now and debt ceiling closing in, maybe this is true...i feel like taper has been mostly priced in long ago, and plus, they may decide to delay/not do it...anyhow, what do yall reckon is the low on the HUI? and how come the GDX is ignored? i dont really understand the difference between the two, except you can buy/trade the gdx i think....thanks in advance!
ReplyDeletehttp://jessescrossroadscafe.blogspot.com/2013/09/comex-deliverable-gold-bullion-drops.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Caf%C3%A9+Am%C3%A9ricain%29
ReplyDeleteCOMEX Deliverable Gold Bullion Drops To Levels Not Seen Since 2003 - Claims Per Ounce Around 55
Yes. Also, pressure on GLD stocks seems to have receded. +/- 900 tons and stable.
DeleteIf the panic selling on gold ETF has stopped, it's probably helping to support prices / avoid a new collapse.
Now it's more and more about when price discovery will move from the Comex to other shores... what ratio between OI and stocks (55 now) will we reach before those who stand for delivery finally get what they are waiting for? :)
"Foreign nations sold an all-time record $40.8 billion of government treasuries in June, the Treasury Department announced earlier this month. China and Japan, America’s two most important foreign creditors, were the biggest sellers.
ReplyDeleteThat makes five months in a row that foreign nations have dumped treasuries."
God bless America...
http://www.thetrumpet.com/article/10929.18.0.0/economy/debtquake-a-lesson-from-verizons-massive-buyout?utm_medium=referral&utm_source=t.co
Since the 1180 low and subsequent rally we have had three pullbacks coinciding with NFP releases, with the day prior to each release being front run most likely by FED backed BBs. This is used by FED and BBs to slow the overall rise in Gold out of the 1180 bottom to support USD and all FIAT, to shake weak longs out of the paper and spot markets, and to create quick turnaround profits for BBs selling shorts creating panic and no doubt immediately covering shorts out of the panic. The other effect is to keep all Gold bulls in fear of the next crash all the time the BBs slowly accumulate. So we have June low $1179 then early July high $1267 followed by July NFP low $1207 and run to $1350 then August NFP low $1272 and run to $1434 now September NFP low $1362 can anyone see a pattern here! This week could be a tell because with taper already priced into Gold and the FED meeting next week look for the front running of news. If Gold moves over $1400 early this week and is pushed down again possibly this friday in similar fashion to NFP it may well mean no taper to prepare for an explosion higher in Gold on FOMC next week.
ReplyDeleteMartin Luther King said : "Our lives begin to end the day we become silent about things that matter".
ReplyDeleteWhat is happening now about Syria is for me a serious moral red line. Thanks to Internet, maybe some people will at last be willing to take a red pill to see the matrix instead of digging their head into the sand.
I'm sorry most readers don't understand French, because I couldn't find a translation from this brilliant statement of the reality of the situation, where this person exposes the 5 techniques of the propaganda of war, but I'm leaving it for the canadian, french and french speaking readers anyway.
http://www.youtube.com/watch?v=bdkBrW6-hjE&feature=player_embedded
Hubert; What you fail to understand is that this country is so far dumb downed that they do not even remember MLK, but they will embrace born losers like Dennis Rodman and Mike Tyson in a New York second; steve in sparks
DeleteAll major indexes including the XRT are now over the 50-day.
ReplyDeleteThe consumer is stronger than ever.
Homebuilders are staging yet another huge rebound.
I don't see any visibility of a "Frightening Collapse" anywhere.
Gold still flopping around like a dead fish at the lows.
Best thing the gold bulls could hope for is Dow 17,000 with surging retail demand for jewelry which could push gold up to the $1,650 "Angel Battered Women's Shelter" zone by the end of the year.
@Hubert du H
DeleteHere Michel Collon in English where he talks about the 5 techniques of propaganda:
http://www.globalresearch.ca/chemical-weapons-in-syria-media-lies-and-propaganda/5347297
your erudite and level headed commentary is much appreciated.
Mark,
ReplyDeleteYou cannot believe the BS you print. You have to know that this whole recovery is manufactured. Rates driven to zero to keep a DEAD economy from death spiral. Please the only thing that is true you print/say is that they have effectively through complete manipulation destroyed the FREE MARKET
White Wolf,
DeleteWith all due respect, it is obvious Mark has other motives for being here. He is not seeking advice he is here to bash gold and silver with his velvet hammer. He is one of the more elegant bashers I have seen. Most bashers as you know are crude and obnoxious. Mark is a bit obnoxious but his message while bs in this crazy manipulated world has some traction. Hopefully it will end. I just don't know when.
He definitely is "part" of this system and uses his bugle horn to sound off. People like him are irritating. He has to know that what he says is a complete lie and that lying will only get him a seat in front of Satan himself. I really am sick of his mouth. Concord thanks for bringing me back to reality.
ReplyDeletePrice Discovery completely missing the only thing keeping the market abreast is QE. Sad. Jessee has it completely correct Mark. Tell your buddies the end game will come no matter how much they try to keep it from manifestation.
ReplyDeleteIf and when the government has to steal private pensions, IRA's, 401k's, deposits etc. we will utilize any and all assets at our disposal to bring down the system. We will search out and find all your buddies Mark. They will be sacrificed first. That will be FUN. So keep up the bugling of misinformation and the continued lies. When they fail as they will, the system will return to a true market. That is when you will run like a rabbit.
"Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole. If price discovery is compromised by manipulation, then we will all be gradually impoverished and the economy will be imbalanced and unstable."
London Banker, Lies, Damn Lies, and Libor
White Wolf:
ReplyDeleteI have no agenda but to tell the truth about price action.
Ask Dan what he thinks about following the tape and ignoring what you think should be happening.
It is the No. 1 key to survival if you are a trader.
I'm just describing what the tape is doing, and what institutional investors are buying or selling, that is all you need to know about making money.
If more guys like me were around, many people would have been spared the carnage in the PM sector and fantastic riches afforded to those who bought the sectors which have been leading and outperforming.
I appreciate your comments about gold promoters before the collapse they should have apologized. Can you not admit that your tone is like Tokyo Rose rather than constructive?
DeleteNo, if more guys like you were around the country would already be a communist country. The tape is driven by manipulation. Simple. You are part of the media attempting to get people out of what they need to be in. That is what is happening. So I have abandoned the gold silver market and went to real assets including lead, brass, and firing device stocks. I made money. What I hate is lies being spewed about "Consumer". That is a complete lie. You know it. Why don't you fess up to that.
ReplyDeleteThe consumer has so much money the taxes he pays are overflowing the government coffers. LOL..
ReplyDeleteThanks for the consumer statement, it tells us a lot about your true colors.
http://www.zerohedge.com/news/2013-09-09/guest-post-if-employment-so-great-why-are-withholding-taxes-declining
Facts:
ReplyDeleteMark does not care about Americans he just cares about whether or not they can conjure up more bubbles. He backs the current way to continue manipulation and continued FED money printing. He really could care less about real Americans. Period. He would like to see this "charade" continue until everyone but the governments make money and take over the entire system. That is all that matters to him. A socialist, totalitarian agenda.
If we drop another 15 million unemployed from the labor force, the unemployment rate will fall to near-zero. "Unemployment rate drops to 1%" will make a warm and fuzzy headline, but it won't mean there are more jobs or higher earned incomes. An official account of the economy based on 20+ million unemployed people not counted as unemployed is a shameful lie.
The lying has gotten so bad that last month they had to adjust the NFP down 58,000 to 104,000. Imagine if they had reported that number in August. The thing we have to be aware of this lying has gone on for a long time and very long time. It did not start with Obama or Bush, it came way before.
ReplyDeleteYes Concord they have been manipulating and changing the definition of the stats to be able to print stats without meaning. We have finally reached the point of where they now have back dated GDP gains in order to reduce the debt/gdp. Is that not amazing? It is called lie to everyone in order to continue a deleveraging world, but drive stocks to P/E's to keep the WEALTH EFFECT going and manipulate "Expectations" both domestically and globally. Hope the world does not understand so the stock machine (holders, investment houses, Wall street) in order to facilitate a "mirage" economy.
ReplyDeleteUnemployment At historic levels
Wages Falling
Housing Market Dismal with huge backlog of Bank Balance Sheets (includes propped up MBS on Central Banks Balance Sheet)Hedge funds helped out here but will run if the real central banks stop printing and the real economy comes to forefront. This will lead to further deflation and more money printing.
Oil at elevated levels with potential for explosion due to Middle East with or without American Intervention
Tell me how a recovery occurred and is occurring? How? Continued QE is and has been the only thing working.
How do glam stocks continue to rise in this environment? Continued QE and media blasting BS statistics that mean nothing. Welcome to a Banana Republic.
White Wolf,
ReplyDeleteYou have it right, the question is how long can they keep it going? This is what has keeps us on edge. The game has more than nine lives.
I hope we hear from Dan today. Gold is grinding and the dollar is down a lot. The Syrian crisis is looking like it could avert a conflict, so what lies ahead is unclear.
ReplyDeleteDaily dollarchart looks bearish, weekly bullish. Goldshares look like their rolling over on the weekly.
ReplyDeleteI think gold will remain under pressure for a few more weeks. FED deciding on tapering is priced in in my opinion. Ill buy that sell off if its coming.
JMO.
Undisputable fact is that the Nasdaq closed at another 12-year high today, outperforming most other sectors, suggesting that the oft-mentioned "Ensuing Panic" is actually underperforming fund managers stuck in cash bracing for the "Endgame" who are now desperate to buy stocks in order to save their jobs.
ReplyDeleteYes, you could say it is manipulated and "artificial", but in the end there are more buyers than sellers, and a clean breakout on the NDX suggests that the market is on the way towards making yet another leg up.
No need to panic or hurry by "Getting Out of the System". As long as your money is safely invested in S & P 500 stocks there is nothing to worry about until the technicals roll over.
I might as well head over to Zero Hedge to read the myriad number of negative articles constantly posted and watch the market climb the proverbial wall of worry.
Gold bugs don't need to worry, as metals, materials, and mining are always late stage plays, which means they will take off big near the end of this secular bull market.