Gary does not think the bottom is in. How about you?
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Thanks for the link Gator.
Here’s the way I feel: the bottom is never in, period.
Really? Even temporarily?
I would guess that ultimately everything goes to zero. Consider the end.
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I sure like Garys thinking.
Right reason to won gold?
Whats the right reason to be in possesion of money?
Course in the west we get to be laughed at. oh well.
Gary is in Greece, Gary? can you buy a cup of coffee with gold or silver in Greece?
Just thinking about it, might be interesting to know which people in what countries would accept gold or silver for a cup of coffee.
I have never heard someone like Casey or Fulp or anyone that travels say actually.
Interesting question bb!
My guess is that it depends on the individual.
Gold is below horizontal support from the mid-rally low in early August. It has already been trending down, stepping down week after week, with nothing but the aborted pop up to hard resistance on the day of the FOMC non-taper announcement.
US dollar looks to be stable. Nikkei has been going up and breakoing out and that means weak yen, strong dollar and weak gold. The whole gold bear market really got started late last year when the Nikkei took off on Abenomics in Japan, yet no-one seems ever to mention that. More cash flows into US stocks too on a big 3 day pop up, though it might be close to resistance.
The debt ceiling might change everything but right now, gold and silver are in danger of breaking down their bearish head and shoulders patterns and going to $1117 and $15.59.
They need to hold support until something changes to get them going to the upside or we can look forward to more grief I feel.
I think if silver goes to $15.59 then gold could be going lower than $1117, perhaps to $1030 as Gary suggested.
There is no telling. The trend is your friend as they say and the trend is down and has been all year, no respite. It’s a bear market. There is not going to be a magical price reversal to save the butts of the undercapitalised mining companies.
Lots of the major producers are just treading water near their lows right now.
We have all the charactersitcs of a bear market with goldbugs still in denial or turning to hope against hope, praying for rain if you like.
I have said more than once that I am on the sidelines. And, I am not praying for rain. I am praying very diligently for a return to sanity and that means a lot more than just higher gold/silver prices!
Silverbug Dave’s comments about the yen deserve some examination. Many people think excessive yen printing is part of world-wide printing and eventually world-wide devaluation will see an increase in gold. Silverbug suggests something interesting: yen printing in excess of dollar printing causes the dollar to rise and hence gold to fall (in $US at least). Not too many commentators note that the start of accelerated Yen printing more or less coincided with the start of gold’s bear. Thanks, Silverbug – you made me think.
Me too, Silverbug. Thank you.
I don’t know which market is being referred to.
If you are talking about the general market, then with the incredible brinkmanship of the President, the bottom is not in.
The Devil Incarnate has now said in his way, either give me the power of the purse or the country will default.
This is both unconstitutional and terribly destructive non-negotiations.
The press is unbelievably totally un-questioning of this action.
I am utterly amazed.
Is the population asleep, and totally oblivious to what is happening?
Folks on this site are going to be very glad to own gold, and even more pleased if they are not living in the USA. But make no mistake; a US economical collapse will bring down the western world economy.
We live in times that are too interesting for me.
I am also “utterly amazed” CFS!
If Gold is under pressure in such bad economic times we are really seeing only one thing happening and that is DEFLATION. DT
I know that in my mind they have tried to prove they can beat deflation, they have lost and there never was a doubt in my mind but most here can’t understand this. DT
Big Al is standing on the sidelines because he hasn’t figured out what is really happening, inflation or deflation, for me this is not a consideration. DT
Gary Savage can’t figure it out either. DT
And, I think that he admits that to an extent!
You’re probably a lot smarter than I am, Machine Gun!
DT, I tend to agree with you.
Certainly in the Great Depression after 1929, gold did indeed fall at first, before taking off, even though the official rate was fixed then re-fixed.
I think half the world is looking on, transfixed, as one man is deliberately destroying single-handedly the once-greatest country in the world.
And the media is focused on park closings, as if that really mattered; totally oblivious of the big picture.
Park closings; removal of water fountain handles; and, other inconsequential b.s.!
The Federal Reserve bank should not allow a member bank to borrow money for the purpose of making speculative loans or for the purpose of maintaining speculative loans. Risk should not be allowed at the behest of putting banking institutions at risk. But they have done this in spades. DT
We all want our banks to be strong and make legitimate profits because that is how a society improves it’s standard of living from generation to generation but when banks become corrupt, need I say more. DT
No, Machine Gun, you don’t have to say anymore.
[…] here Written by Gold […]
This is off topic but interesting given our current situation with this administration.
http://voxvocispublicus.homestead.com/Battle-of-Athens.html