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Sprott interview with Jim Rickards, last question on Greenspan and Gold

Posted by silverngold @ 23:34 on November 7, 2014  

One last question: Are you at all surprised or alarmed by Greenspan’s comments that gold and interest rates would go higher?

No. If you look at Greenspan’s record, before he became Chairman of the Federal Reserve he said many positive things about gold. Since leaving the chairmanship, he’s said positive things about gold on numerous occasions – for instance at the Council on Foreign Relations this week. He has a history of looking on gold favorably but during the entire 20 years that he was Chairman of the Federal Reserve, he never had a good thing to say about gold. I think it says more about the constraints on central bankers; in other words, central bankers can’t tell the truth or what they really think because the market impact would be too great. I think that Greenspan is reverting to saying things today that he was saying 40 years ago but could not say when he was Chairman of the Fed.

For the rest go here.
http://www.mailoutinteractive.com/Industry/View.aspx?id=628689&q=800799007&qz=5187b0

Posted by Mr.Copper @ 23:14 on November 7, 2014  

Re your…

“this is a classic set up–even long term goldbugs were seen jumping out of windows-sentiment-valuation-wise–this could be an historic day even if gold is only up $25–I think there will be persistence now…”

Comment:
With all the hoopla on CNBC about “how record lows for oil, gasoline, and gold and silver etc, and the mass media financial wizard pros, are all predicting…
“even lower lows in the future.”

I knew right there those markets would probably reverse higher. I’ve see it happen so many times in the past. Same baloney thing happened at $1,800 gold and $145 Oil. Some CNBC financial wizards were predicting $200 oil.

Remember “Peak Oil” baloney? The book Twilight in the Desert? The “Coming Saudi Oil Shock and the World Economy” Hardcover

“veteran oil industry analyst Matthew Simmons draws on his three-plus decades of insider experience” bla bla bla. Same thing late 1970s. Oil went $2 to $42 and predictions of $100 were common.

People were fleeing the North East for the sun belt. NYC lost population. Donald Trump had a $300 million negative net worth. Everybody I knew had kerosene heaters in the houses. Wood burning stoves too. Interest rates were 21%, and it all went lower.

My newsletter guy was right, he predicted a crash in oil and it happened after 1980. To $7 I think.

@ Richey, also your…
“when gold was still going down–and how on down days lately the volume was as huge as it was today–an up day–I remember hearing something about a sudden pickup in volume preceding a change in trend…anybody know bout that?

I have noticed big volume days on charts near turning points. Check the GLD chart, a big volume day about 5 bars back. That day may have been the signal.

http://scharts.co/1zBGT2L

May as well inject a little technical analysis onto this site; here is the vomiting camel pattern for gold mining stocks for your weekend consideration.

Posted by Equisetum @ 20:18 on November 7, 2014  

http://www.theglobeandmail.com/globe-investor/investment-ideas/why-the-vomiting-camel-pattern-makes-us-queasy/article21509668/

Richard640 @ 19:30

Posted by Floridagold @ 19:59 on November 7, 2014  

he is the one –  ON BALANCE VOLUME !   Now, that is a name out of the past.

hope i am the first to post what mr greenspan said

Posted by puptent @ 19:50 on November 7, 2014  

http://www.zerohedge.com/news/2014-11-07/greenspans-stunning-admission-gold-currency-no-fiat-currency-including-dollar-can-ma

Was it Granville who did volume studies? Did u notice how volume really ramped up about 2 wks ago,

Posted by Richard640 @ 19:30 on November 7, 2014  

when gold was still going down–and how on down days lately the volume was as huge as it was today–an up day–I remember hearing something about a sudden pickup in volume preceding a change in trend…anybody know bout that?

DEADEYE–THANKS FOR THAT POST–u make good points about buying value cheaply

What a week

Posted by commish @ 19:05 on November 7, 2014  

index

As a side note, not attaching anything to the Cirillo tradegy, I had a conversation with a “colorful” individual about Bre-X

Posted by macroman3 @ 17:21 on November 7, 2014  

He had some intel on the Suharto family and how it was a fraud. Coincided with my Carville/Clinton theory of “It’s the economy stupid” and to pull the rug out from under the global govenor of gold. Trash gold, remove Glass Stegall act, etc etc…here we are.

Anyhoo, “colorful”  individual’s real project was trying to expose RCMP and Federal officials/politicians involvement in child abduction/sacrifice cases.

FWIW, mm

Just researching that Kal Ghadban suicide in Ottawa Sept 28. Very odd…

Posted by macroman3 @ 17:07 on November 7, 2014  

Highly respected cop, father, husband shoots himself at his station desk.

Outright cry for somebody to pay attention!!!

Mental health maybe but some are given pictures of their family too. Ask Ross Perot

macroman3 @ 16:12

Posted by silverngold @ 16:54 on November 7, 2014  

Yes, I’m a little slow with all that’s going on. It’ll be interesting to see how 11/18 goes. All of my “ones and fives” didn’t quite work out a couple days ago but the one that seems to have worked out is my low call for 11/5 since it appears to me that 11/5 WAS the low for the PM’s. I have not had time to verify that so may have to eat crow if something PM did not bottom on that date.

Today was the best PM day in many a year it appears. May it (please) be the first of many in the future.

All The Best…………… Silverngold

Richard640 Re your 12:50 JDST

Posted by Deadeye @ 16:40 on November 7, 2014  

In the oil patch there is no Greater Joy than witnessing a “successful DST – That is a  “Drill Stem Test” signifying a sure grand Producer. Today this minus 30% JDST is a great joy for a lifelong goldbug! While I hold gold and silver to preserve wealth as a diversification outside the oil patch; The manipulated quoted prices means little to me because I see no valid connection currently between quoted prices and real value. I have seen this in the oil patch when the quoted prices of oil and gas had no connection with real value – When it cost more to find and produce oil and gas than it was selling for. Did I stop looking or stop drilling and producing? Certainly not, although I did slow production a little on leases where I could – hoping others would do the same to decrease supply and raise prices – which was of coarse futile. Those times in the 1950s and 1960s and again in the 1980s were the best times to be gaining leases and the control of cheap oil and gas reserves. Trillions of dollars of natural gas was burned as a waste product before 1970.  Just like the Gold/Silver opportunity today. It is so simple of a “No Brainer” to acquire cheaply if one wants to make a profit in anything. More than anything, making big money requires time, which I have spent my fair share, sometimes around the clock.  Deadeye

Richard

Posted by goldielocks @ 16:39 on November 7, 2014  

Had a discussion with someone how he believes Armstrong had conditions to get out of jail and one was to promote the dollar over gold as their agenda which is true to get people into all digital. To me gold will always have value and because they develop another system of trade doesn’t mean that gold is no longer money simply because they say so over their own agenda to control the universe and enslave the people so they can exploit others and confiscate their wealth. Armstrong does argue that gold is not money it’s a commodity like a painting. I disagree. Try carrying antiques around town wtshtf and see how easy it is to trade for it’s true value or people not even knowing it’s value compared to gold. Not only that theirs limited  Rembrandt’s  and not all feel the same about these  antiques as they do money due to the sentimental value.  No matter what paper does gold will always shine.

Well

Posted by Buygold @ 16:34 on November 7, 2014  

Hope we’ve finally found a bottom for awhile, massive volume today in GDX and GDXJ as well as some individual shares. Never know what the crooks have in mind for next week, but it was nice to be up on a Jobs Report Friday which only happens once a year or so.

So much work to do before we get anywhere near healthy again.

R640

Posted by Maddog @ 16:19 on November 7, 2014  

that dream scenario, from King, was from an ex GS scumbag……remember the saying “once GS, always GS”.

That said some huge TA bottom signals were flashed tdy….great early call by yourself.

“ave a gud’un one and all.

Pps if your the scum……… Vlad knows where you live.

Happy Hour

Posted by winedoc @ 16:17 on November 7, 2014  

Interesting ……..

Prices RISE and ScotiaMocatta is sold out of Gold Maples

1/4 oz,  1/2 oz  and 1 oz

Kitco’s got lots 🙂

Hmmmm

Back Testing  the $1180 breakdown

Winedoc

SnG, yer a little slow on posting my previous reference…man it can be hard to get a reaction around here sometimes…

Posted by macroman3 @ 16:12 on November 7, 2014  

We’ve all seen the video, it is a different interpretation this time..

Hmmm, gold high today on 11/7 is 1177…

Posted by macroman3 @ 16:03 on November 7, 2014  

Nother occult message for Nov 18?

I did say last week that mid week this week would be the start of “Year Makers” for those that caught the wipeout.

Woe woe

Posted by Scruffy @ 16:00 on November 7, 2014  

 

Silver market (CRIMEX) hit temporary halt!

WANDA 14:02 – You did call it.

Posted by commish @ 15:41 on November 7, 2014  

e8777fc56c

North

Posted by goldielocks @ 15:35 on November 7, 2014  

Not everything is a false flag but are they created to get people to fight battles yes and once they do it takes trust away to a level these people will do anything to get you involved even kill you. Pearl Harbor, USS liberty, Twin Towers. Muslims doing the same getting people who would otherwise not get involved and now causing a division in Mid East.

I reluctantly saw that tape from Canada and watched it with another nurse whom we were both shaking our heads. I didn’t even say why to the other nurse and first thing she said was oh that’s a hoax or we wondered if it was some practice drill. The guy wasn’t even doing chest compressions ” on him anyways”  and that woman wasn’t doing mouth to mouth properly. I thought this couldn’t be the same person so when I had the time did more research found it was the same people. Either it was a hoax or they let him die then thought was the tape faked or was it actual footage of fake CPR. Do you think Obama cares about Christians or Jews or even good Muslims after funding terrorists that even kill it’s own citizens. Know them by their deeds.

Trader Dan

Posted by Richard640 @ 15:07 on November 7, 2014  

At this hour, gold is showing excellent chart performance as shorts are getting pushed out. Here is a quick chart. We now have some solid technical support levels that have formed as well as resistance levels that will make analyzing this market a bit easier.

 

As you can see, it has pushed past the first zone of resistance noted on the chart. The market looks to be experiencing what I and some other long time traders refer to as a “melt up”. It continues to work its way higher as one can see groups of shorts covering as the market refuses to give up much ground on the upside. That causes some who come in to sell into the rally to jump back out which then tends to feed the further upside progress.
I am still most interested in how this thing will close today. Mining stocks are having a nice rally as well with their upside performance bettering that of the actual metal. That is a good sign if one is bullish. Also, that HUI/Gold ratio is correctly somewhat today after striking all time record lows this week.

By the way, there are some reports circulating out of Ukraine that Russian tanks are moving. That is keeping some safe haven buying which can be seen in the upmove in the bonds and the unwillingness of the Yen to move lower.

 

MENT–DRB–“Squeezes” long and short–are ALWAYS PRESENT IN THESE MKTS

Posted by Richard640 @ 14:51 on November 7, 2014  

The shorts have been squeezing longs out of their positions, thus contributing to the down trend–the entire 1990s stock mkt was significantly propelled by short squeezing…that’s just normal mkt ebb and flow

So far this is a one day wonder as I said in my previous post–but forensically, all the elements are in place for the start of THEE big bull move–value-wise and especially sentiment wise

Dream the impossible dream

Posted by Richard640 @ 14:45 on November 7, 2014  

Here, again, is the gold bugs “dream scenario” endlessly elaborated & always the same-

I’m beginning to think it’s not impossible…I am also aware–from a sentiment angle- that on a one day rebound in gold this appears and that I am even considering it–but if gold ever powers up tp 1900 again no one will be on board from the gold bug community because disbelief will be sooooo strong…with that caveat, here it is=enjoy! BTW-I have said for many yrs that world gold exchanges will simply shut down around gold $2200–and this writer mentions a similar scenario–just remember, every one of these one day rallies has been totally reversed in 2 to 4 trading days–we need to see $25 plus gains the next 3 to 4 days–if not then this will be a top today for a while.

FROM KING WORLD NEWS

Today one of the top people in Hong Kong spoke with King World News about a nightmare scenario for the shorts in the gold market. Hedge fund manager William Kaye, who 25 years ago worked for Goldman Sachs in mergers and acquisitions, also discussed what it would mean for the gold shorts if this terrifying scenario started to unfold. Below is what Kaye had to say in this extraordinary interview:

Eric King: “Bill, let’s look past where we are in this cyclical bear market (in gold). When we come out of this and begin to spike to the upside, you’ve described what you expect to see as the greatest short squeeze in history in any market. In the past you’ve mentioned gold getting to $5,000 or above and other people have even higher price targets, but how do you expect that squeeze to unfold?”

Kaye: “That’s a great question. And it’s at levels like today that it almost seems like it’s hard to imagine that scenario, but it will occur. And the way I think this will unfold is when people least expect it — when sentiment readings, as they are now, are exceedingly negative. And we are at levels now from a valuation perspective, we’ve mentioned tightness of the metal in the system, in which we could get a tradable rally and possibly something much more….
And this is the type of thing that, because of the construction of the system as we know it, could lead to outcomes to the upside that currently seem unimaginable to most people. By that I mean we have what I call an awful lot of synthetic shorts in the market — unallocated bank accounts in the system, which is basically fractional reserve in nature, that amount to shorts on gold.

And as you hit each important level, first $1,200, $1,300, $1,400, imagine a scenario where we are repeating and going beyond what we saw in 2011, where we pierced the $1,900 handle. But essentially everything goes in the reverse direction, and there is massive short covering by all these institutions, primarily banks, that owe people gold and are beginning to get notice of physical delivery. Also they will need to dynamically hedge themselves, in addition to positive buying, which of course we are still getting even at these low levels from China, India, Russia, and various other places. And there will be excitement again among the retail class, and you would get massive short covering as we got past certain levels.

And this would cause one of two things: This would either add a tremendous tailwind to that buying that I would project would take us through the $2,000 level and far beyond, or we get a freezing of trading with the Comex and other major paper-centric exchanges shutting down. We’ve already had two major houses do that — ABN AMRO and Rabobank — but the whole system could go that way, as opposed to taking the loss in all these unallocated gold accounts.

And that would cause for some period of time gold to go bid-only. I think you would see very little physical offered, and gold at levels much, much higher than we are seeing today, and would likely go bid-only until things could get sorted out. And this would all happen in the context a crisis in fiat currencies generally.

commish but but but i was so pleased

Posted by WANKA @ 14:02 on November 7, 2014  

to see him pop up yesterday out of the woodwork confirming the bottom as usual when he shows up. its by far the best contrarian indicator ever….even better then the mooseshama man and his mother’s silverware….I think tcg has an impeccable track record in calling bottoms so perfectly I just can’t remember when he was ever wrong in the past.
for our best ever contrarian indicator the tcg I say 3 cheers! toon2v wj

Nice short squeeze today

Posted by commish @ 13:48 on November 7, 2014  

Took the over zealous TCG’s of the world out.

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.