Rick has an $1125 support target for gold that if breached could mean trouble.
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Is, in fact, $1125, a support level for gold that if breached could take the metal down to the $900 lever? Listen to what Rick has to say about this.
May God get the glory!
He can have hi glory. I want my GOLD!
Mark:
Your comment too obtuse for my simple mind. Kindly elaborate. TNX
The CPI numbers are misleading.
If you look at true necessities for people; namely, food and shelter, we find that housing is in a bubble and wholesale prices on meat and grains are rising significantly.
So in real necessities we have significant inflation.
CFS, also health insurance for self employed or small business.
As a result of Obamacare, premiums are expected to rise 10%-30% next year for this group. Ouch, for crappy insurance that you wind up paying most out of pocket anyway. $2,500 deductibles and $6,500 max out of pocket.
But these guys that make up the CPI don’t go out into the real world and observe the price action. Then again, if they did state CPI was going up significantly, the social benefits cost of living increases would skyrocket and panic of inflation would set in.
That was a really good show Rick. One of your best in a long while. All insights appreciated. Your 971 target incidentally is pretty darn close to Birdman’s 968 bet that he made almost two years back. If we get there I agree that is a great point to be a buyer because the bounce should be amongst the hotter ones we have seen in a long while.
Hope everyone is well.
$971 for Rick is very close to $95 on GLD, which is a buy zone for Avi, if I’m not mistaken.
GL to all investing/trading.
LPG
The wipeout has begun!
After 6 years of speculating China announces a paltry addition of 500 tones.
Many shills were expecting 3000, 4000 even 5000 ounces
It’s all over folks!
Silve goes to $4 to complete the round trip trip as I have been saying for many months now.
Gold is dead, has been.
They are going to sweep the table!
When the Titanic went down the band played Nearer to God
That’s where we are at, face it!
The Titanic called precious metals is sinking.
Get out the violin and play as you watch the waves engulf you!
James, I do not believe one single word of that Chinese press release. We should know better just based on Chinese domestic mining and government uptake if nothing else. The data we do have resoundingly says they are fibbing and minimizing the facts. This is just a tactic to pacify the market and end the speculation while playing footsie with the IMF. In short, they don’t want inclusion into currency reserve status because they are not ready yet and cannot afford Yuan appreciation when their stock market and housing are in decline. A low number is just strategy. This is not prime time for them yet.
James the Lesser:
If the silver ship is indeed sinking, take comfort in the fact that J.P Morgan is holding 55 million ozs. of it. Not all banks lose money.
Well…James…welcome aboard…!
We should see a really nice bounce right here before the real washout phase gets put in play. I think gold could hit 1225 next week. It’s about to get really interesting…
Looking at the historical price of the dollar, what is stopping the price of gold going to $200-400/oz., and oil back to $20? It looks like energy companies and metals and mining companies are trending toward these inevitable prices. Thoughts?
So virtually all producers go out of business? Hard for me to imagine how that works.
Guess when I buy NUGT to average down I better put a tight stop in on my new shares.
I look at this washout phase as a historic buying opportunity. It’s what the goldbugs should embrace. The old saying ” load the truck and to the moon are both going to be in play this fall and winter. Load the truck this fall, to the moon next year. Very exciting stuff!!
Absolutely!!
jp morgan is simply holding silver to monopolize the market
with infinite shorts they will crush silver as low as they want and as long as they want
much easier to make money with infinite paper shorts than actual physical
a listener – whether you believe it or not doesn’t matter
this was the official published report. you can believe that or shills and carnival barkers trying to sell fear and gold
There are plenty of solid numbers that show they’ve acquired far more than 500 tons. Nothing to do with shills or barkers.
Rick, you are again just absolutely spot on in your analysis.
Deflation is consuming everything in its path and there is nothing that’s going to stop this until it runs its course or until the currencies are printed into oblivion, which they will. The world is more indebted by orders of magnitude than ever before in recorded history to the point that entire nations are on the brink of national bankruptcy and will result in nation state population breakdown with follow-on insurrection and revolution which all leads to a spiraling feedback loop which is a deflationary construct on steroids.
Yes there are spots, sectors and bouts of inflationary machination all across the world mostly centered on forced Nazi Medical Care and taxation (modern slavery), outrageous over priced College Tuition fee’s (indoctrinated modern serfs) to the bankers, legalized criminal activity of financial paper assets and general consumer staples of necessity because of outrageous and immoral governmental monopoly protections that these filthy crony fascists in North America have built around these selected sectors.
If these criminal enterprises were forced by actionable law and properly governed by real checks and balances or made to stand on their own without favoritism, there would be smoldering heap of smoking rubble left where these protected behemoths once stood and with-in weeks if not months a reversion to the mean would force prices through the free market to come down as much as 50-80% across the board.
Rick keeps beating his head against the wall in telling everyone whats unfolding, but very few want to listen because it just doesn’t jive with predetermined and foolish conclusions.
It’s very difficult to honestly gauge with any level of honest and truthful certainty how this deflationary black hole will play out with gold and silver prices. But in general it wouldn’t be surprising at all to see these monetary metals fall much further than anyone thinks possible.
Rick, thanks for being a voice of reason and talking about the deflationary forces at work.
Greece is getting a chance at a little boost of extend and pretend so that debt crisis can take another couple of years to reach a climax, perhaps as the world economic slowdown really takes hold again.
Compared to 1929 we are in similar territory. Germany’s World War I debt was renegotiated in 1929 before the crash amid relentlessly falling commodity prices and rising interest rates and flow of gold from everywhere to the USA (in post gold standard parlance that means strong US dollar I think). We have not even had the rising interest rates yet but we have had tapering and we have had another major unrealistic bailout of Greece in 2015 and no debt forgiveness that echoes Germany in 1929.
By 1933, Germany’s WWI debt was forgiven because it was in massive depression with 33-40% unemployment between 1931 and 1933. Wait for an interval to see if this happens with Greece. Barely 15% of the war debts/reparations had been paid, an 85% haircut.
Mark Carney at the Bank of England has indicated that UK rates will likely rise at the end of 2015 and end up at 2% in a couple of years. Above that will be enough to smash the economy in my view. Note that he intends to stop at 2%, which is barely half the long term average of 4.5%. However that would probably invert the yield curve as Bob Hoye likes to say. Then as it reverses to steepening you get the credit crisis as low rates tank again. Maybe we need to go through a rate rising cycle before the crap hits the fan so it would extend things out another couple of years.
Then comes the next credit crisis – the big one.
Great analysis Rick. By the way gold plunged to $1080 early Monday morning. Your comments are welcomed!!
(((((((((((((((((((((( THIS IS THEIR LAST HARRAH )))))))))))))))))))))))
IT’S COOL, IT’S COOL…………..THIS IS IT FOR THEM IN GOLD………….THEY’RE GONNA TAKE IT ALL THE WAY DOWN AT THIS POINT………….THEY HAVE NOTHING ELSE LEFT BUT THE PRICE ACTION IN GOLD AND SILVER AND THEIR STOCK MARKET………………..THEY KNOW TIME IS SHORT FOR THEM…………………..WHEN OCTOBER HITS, IT’S ALL OVER!