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Loading ...Gold has traded back up into former support area. We are also into some percentage correction points. I will look to get long again above the 20 day moving average. JNUG has not confirmed the move up yesterday.
Gold may trade sideways here until the moving averages converge.
Stock markets are still looking weak. Probably because of political turmoil.
rno
After everything the central bankers and fiscal policymakers threw at inflation, we saw today that Japanese (Tokyo) CPI slowed, French PPI deflated, and the market-based U.S. PCE deflator also had a minus sign in front of it.
The only bullish note is that gold has fallen perfectly into The Box marking the 50-62% retracement of the rally that began in very early August at or near to $1,390/oz and peaked in early September at or near to $1,550/oz. The upper boundary of “The Box” is thus $1470/oz; the lower is $1450 and the low today thus far is $1455, so “The Box” is intact.
we shall suggest that those who’ve not been long of gold become so this morning. Having cut back on our own long positions in recent days, we will be topping those back up a bit this morning almost certainly.
However, we do find it of interest how much more seriously we… and the market collectively…take a break in spot gold from $1530/oz to $1470… a material sum to be sure… than we would a stock that has fallen from $15.30/share to $14.70/share. The latter we would “see” as reasonable and even quite common but the former seems to be material and mind-numbing.
*Trader Rog, who owns a boatload of physical silver around $5, checks back in…
to bill on monday night
hi bill,
old rog is back. i was short when silver took off, so, i kept my mouth shut for awhile.
didn’t have anything good to say until now. Vertical markets are weak markets that soon collapse. extreme- and silver has been very extreme- volatility is a classic sign of a top and coming collapse. 99% of every advisor and newsletter were all on board..==. when silver reversed i went short at $19.00 and got out at $18.25. went short again at $17.95 and am still short at $17. Gold and the HUI are in 2 month bear markets. silver and sil are in 1 month bear markets. what can’t go on, won’t go on. after 8.5 years, this could still go on for months. all manipulations end, and end very badly for the manipulators. but that doesn’t mean this will end this month or this year. (only 3 months left for 2019). we all need patience and logic, not emotions. yes, silver is the most undervalued asset on earth by far. our time will come soon.
best,
roger
“I’ll see you three years from today.
The CoinGuy”
three years is too soon. try for ten or twelve. thanks.
–
“The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”
…h. l. mencken (c.1935)
1970: the new ice age! we’re all gonna die!
1980: acid rain! we’re all gonna die!
1990: the ozone layer is gone! we’re all gonna die!
2000: global warming is melting the glaciers! we’re all gonna die!
2010: climate change! in 12 years we’re all gonna die!
The. stock mkt can shake off all the bad news just. for so long…I guess we can call what happened today “the straw that broke. the camels back”
AS FOR GOLD=The HUI came 4 points off its high…but G&S were OK IMO…all bottoms are not V bottoms…especially gold…its bottoms are always ragged and idvergent at. first…but they persist…so let’s not gnash out teeth too much and see what tomorrow brings…then friday the jobs report will exert its influence
Gold done, silver done, shares done. SM will come back in the last hour.
“when the going gets weird, the weird turn pro.”
…hunter s. thompson
The US mkts are only reacting to domestic news….R640 has shown us very bullish Oil and PM’s news and very bearish SM news, out of the ME yet nothing happens..but then we get 1 lousy eco report and the mkts go ape…..
Go Figure ??????
Plus they have kept a lid on what is going on in the Repo mkt, as something sure doesn’t smell right there……but no mkt reaction….until we get a lousy Manufacturing No ?????
http://futures.tradingcharts.com/marketquotes/ZN.html
Here. are some links to Houti videos–they. confirm the saturday attack. and, to me, they. absolutely. guarantee. that Saudi Arabia will soon die a death by a 1000 cuts–a must watch–scary cause. it clearly proves asymetrical warfare trumps expensive-hi. tech aircraft and navy ships…thank u for your cooperation=
Nope…not those guys.
Not in their best interest.
Cheers
Maybe they’re buying gold eagles … hey it could happen!
Cheers
We’re back at RNO’s level of $1481 on spot gold, we’ll see if that now becomes resistance. So far that appears to be the case.
JMHO but we need to see a rip your face off bounce for this to be any kind of a bottom. Sucks.
Jobs report Friday.
Great news.
Wonder if their trading desks have more idiots buying futures/ETFs they will have to puke up soon too?
Chuckle
The usually-conservative Swiss bank UBS has upped its forecast for the price of gold for the second time in less than two months.
Now it says the price for the yellow metal could reach as high as $1,730 a troy ounce next year, up $50 from an August forecast, a recent UBS report states. The note last month pointed to the possibility of $1,680 over the same timeframe.
If gold did soar that far it would be 17% above the recent price of $1,469.
Newmont Goldcorp (NYSE: NEM) (TSX: NGT) has begun commercial production at its all-electric underground Borden gold mine, located near Chapleau, Ontario, about 160 km west of the company’s Porcupine mine.
Borden, or “the mine of the future” as the world’s largest gold miner has promoted it, uses an electricity and battery-powered underground fleet.
The vehicles are expected to eliminate all greenhouse gases (GHGs) associated with diesel-based equipment and the movement of ore and waste rock, equal to roughly 50% of the total GHGs on site, or 5,000 tonnes of CO2 per year.
more https://www.mining.com/newmont-goldcorp-kicks-off-commercial-production-at-all-electric-borden-mine/
tentative at best. If gold doesn’t catch some air in the next little while they’ll take it right back down and get the SM right back up.
Aramco Crude Production Restored To Pre-Attack Levels, Official Says
https://www.zerohedge.com/energy/aramco-crude-production-restored-pre-attack-levels-official-says
stocks were up 100 or so now down 80….let’s see if they can turn it all around by 11am…gold is entitled to an o.s. bounce regardless of any report.
2019
She’s a beaut!
JNUG up – Time for a bounce?
I guess this is now a permanent open market operation that was supposed to end in September. Everything is fine….
NY Fed Starts New Quarter With Unexpectedly High $55BN Repo Operation
