The Doctor is In
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ON DAYS WHEN FOMC MEETS GOLD AND SILVER ALWAYS EXPERIENCE A MORNING KNOCK-DOWN
Remember for future……
Don’t forget Platinum, it has been leading;
Tomorrow should be a nice up day for gold.
Then on Friday gold should be weak after a knock-down attempt if history is any guide.
Then on Friday it will be weah, with a knock down attempt if history is
CFS, you could be right about platinum. It’s right at it’s 200 day MA again. I’m having a harder time getting any direction from the weekly charts. Palladium continues to hang in there. It seems you prefer platinum over palladium.
PT and Pd tend to move together.
I do own some SPPP, which is a trust for both metals.
I just added some more SPPP, when I saw it down yesterday.
WE REALLY need an Audit of FT. Knox
http://www.sprott.com/markets-at-a-glance/do-western-central-banks-have-any-gold-left-part-ii/
CFS, I noticed that SPPP will redeem your shares in the physical metal. Have you ever availed yourself of that feature?
richard,
SPPP is the only trust I have shares in and have never tried to take physical.
The reason I did not consider physical is the problem of reselling and of counterfeiting.
For Gold and silver I hold physical only, although silver is becoming a problem, because of volume and weight.
( I have seen almost undetectable counterfeit coins out of Turkey and China in gold.
Platinum and Palladium do tend to move together when there is a supply crisis, one of them can really fly, as in year 2001 when Pd went to $1085 while Pt was $635: see Kitco – Historic London AM Fixes from 11 January 2001(By the way , gold was languishing at $264.80 and silver at 4.545 (with half cents quoted on silver)!! PPt spiked a bit as Pd really screamed as Pd supply was squeezed.
In the present day, Pt may have an extra bullish ingredient from South Africa, where there is plenty of trouble brewing, though it has gone off the newswires lately. Also Nelson Mandela is a very elderly man. While he is still with us, the full fury of the power grab there will probably be delayed. Of course, he might live to 100! However, the power struggle has been building in rcent years – will South Africa take some of Zimbabwe’s medicine. If so, that could make Platinum (and rhodium) absolutely fly since three quarters of the two metals is produced there (and nowhere near that much palladium, which is primarily mined in Russia).
So I reckon they are not 100% correlated.
richard, your in good company with your findings and prognostications as several long time experts see gold moving up from here.
Bernanke’s press conference showed considerable stress on his part with world monetary affairs. He even mentioned or hinted that there are many others who could fill his shoes right now and that both his and colleagues are learning as they go. Confidence is very very weak right now and Bernanke showed it. These guys have tried everything, and everything thing they have tried has failed, more or less even in their own minds.
Because confidence is the only thing behind the Fed and banking in general, loss of confidence weakens everything the Fed and other central banks are doing. Real money has only one direction to go and that is up.
Yesterday was a major hedge fund move down for platinum following several days of weakness. Today it bounced.
When someone wants to buy large amounts of something they will often hire or enlist the services of a hedger to begin shorting. When specific longs are finally taken out that person will move into the market and buy. It costs money to make money. Platinum in last week or more showed all the signs of this dump and buy scheme, who knows it might even have been Sprott asset management.
Clay, thanks for the info—-I was rather engaged today and didn’t get a chance to watch the Bernank. It’s scary when they hint that they are “learning as they go.” In other words, no-one has a clue where this thing is going to end up. All I know is we have to be patient and hang with the real deal and that is precious metals. The Cyprus thing is just one example of the panic the bankers must be starting to feel. They’ll throw anything against the wall to see what sticks.
When I see someone as nervous as Bernanke today, I feel pity. He showed that he does not want the job anymore, it is not fun at all.
This is a good read, always is.
I’ve said the same thing about the Bernank and was taken to task for feeling pity. I bet the guy can’t get out of town fast enough in 2014—he probably hopes we don’t get the implosion before he leaves.
I find the EAP EU commentaires entertaining. Although they talked about the systemic crisis well in advance of its fruition, they always seem bearish on the USA and bullish on Europe. They always finesse the commentary to look “Europe is not as bad as the UK, US and Japan.” Interesting, but very highly biased in my humble opinion.
Your right they are biased, French mostly with a few Belgians, Germans and Swiss. When they are wrong, it is invariably the result of bias thinking, having a few other Europeans in their think tank is a weak hedge on reports, but the reports do give us Americans from Tierra del Fuego to Ellesmere Island another point of view and well worth reading.
I don’t want to be gloom and doom, but these days I’m only buying physical precious metals, there is too much risk all around and we may see what is going on but God help those who don’t. Look after your family first and who knows this downturn could last 20 years. Don’t say it can’t happen the situation reminds me of the 1930’s only much, much, worse. I have studied the roaring twenties in The US and “The Great Bull Market” as well as the crash of 1929, and “The Great Depression” and the times we are in now is very frightening. DT
Like Marc Faber once said: “buy gold every month; forever.”
Richard…..or silver , if one cant afford gold.
DT….I agree…I believe things today & going into the future could be much much worse than what happened in the past . I know i have being going on about Cyprus , But IMO if people ignore whats happening there , & don’t get it…Then they will….
“GET IT !!!! , & when they do , they wont like it…..Now is the time to prepare.
Another thought is you must have people around you who love you, when you get older this is more important as nobody can look after you better than those who care and I am saying this so you try to stay out of some sort of government run institution when you can no longer function on your own. DT
DT…..I would rather step under a bus than end up in one of those places….My wife spent years working in private care homes & take it from me MOST are run on a profit only basis , with no regard for the residents….My wife (god i miss her ) were instrumental in getting a group of 5 shut down to protect the residents.
Being sem-retired, I work at a non-profit nursing home that really attempts to stick to their mission statement of looking out for the residents as their #1 priority. The staff also enjoys working there and are treated with high regard as are the residents. There are about 1000 employees—to say the least it’s a large system. My wife also worked for them for a few years as a nurse in home health care.
RICHARD……I am sure you are aware that there are a lot of badly run homes out there, all i can say is that the residents there are some of the lucky ones…..I take my hat off to you , your wife & staff……Why cant more of us…care more !
Irish, you’re correct—-we have some in our area as well. In fact, with all the bad press one has gotten over the years, I’m surprised they’re still in business.
When I married my wife I won the lottery, in those days I didn’t know what a lucky guy I was. DT
Boy, isn’t that the truth. I’m sitting here tonight and my wife is in the chair about 5 feet away. She’s been the biggest blessing I’ve ever received. I can’t believe she would have put up with me all these years. Irish’s comments make that reality all the greater.
DT….good for you , When i met mine i got something that no amount of lottery money could buy……..We on here have been lucky bunny’s…
Irish, Dick and Richard, I’m with you all the way when it comes to praising my wife! Also really liked your comments Richard over care homes. Some of the carers I’ve come across are pure gold. It’s their pay that’s so often diabolical!
Andrew…..I agree completely……. especially about the pay.
Dr Carson talked about on Rush Limbaugh today.
You ended this by saying we have probably seen the lows in gold for a while. This says a lot. Did we put in the lows or didn’t we? Some analyst keep saying we have to test the lows…I think we already tested this level enough. Too vague. If we are going to revisit these lows than a total rethinking of the market right now is in order….
I think the chairman of Cyprus central bank is amazingly unflappable considering his first
name
is
Panicos!