Loading ...ment17 @ 19:32 pm
Looked a dumb guy to me - but lets just say it was a dumb central bank chairman! 
Ment - I am sure that must have been a misprint
Prechter must have ment a $2000 bottom in 2009, then up from there <G>
eeos
In flicking through the posts, I think you made a comment about the need to protect profits in gold. I guess one has to come to grips about whether he’s in this market for asset/way of life protection or as a trader to gain more in dollar terms. I’ve tried the trading game….am not worth a damn at it. Don’t have time and have minor interest as it is not what I’m geared toward. My success has been in several sectors in the agricultural industy. Have been in business more than 30 years. All I’m….and I’m sure many here….are trying to do is use gold as a hedge against everything else. To me, it’s trivial in the grand scheme of things, what the pog in dollar terms is at any given time. All I have to do is buy gold on weakness….such as a 300dma touch…..then just hang on to it. I doubt that I ever sell another ounce of gold. It is one of my most valued possessions. I do wish those that trade in these markets the best of luck. However, there are more objectives to owning precious metals and their shares, than increasing dollar gains. Most of luck and good fortune to you eeos. All the best.—-aggie.
Vancouver Silver
Well as I was passing through Vancouver B.C. I figured I’d check out weather J and M had any silver maples left. Zip! Nada! Nothing! Next week most likely, two weeks for sure. They accepted a cheque as it will have cleared by the time that they will make delivery to me at $17.17 Thursdays closing. After the dust settled with premium… $2050 CDN. They have no problem with gold maples. Initialy the clerk thought I was selling and he got kind of eager. Just anecdotal observations.
predictions on gold 2005
Both Neely and Prechter are bearish on Gold for the next few years. They are both expecting an ultimate secular bear market bottom in Gold around 2009/10 at approximately 200 USD or under followed by a new secular bull market in gold that will bring it to all time highs.
yelnick.typepad.com/yelnick/2005/05/the_great_wave_.html
sinclair
The most important line here is not the up-trend line, but resolution of the down-trend line bullishly supported by Momentum and MACD. I suspect that COT, having pulled off their play so well, are emboldened to try for their objective before going long again. Expect wild chops before a return to the full bull now, with $750 clearly in its sights to be reached and exceeded.
Doesnt pass the smell test
How counter intuitive is the fact that the fed lowers interest rates and gold plummets and the dollar rises. Well, according to Greg McCoach, Bear sterns were long gold and short the dollar. How convenient for the fed to pull the plug when they did, and force them to sell gold and buy dollars. Guess that will teach them for not helping out in the LTMC bailout. Wonder what will happen if goldman sach and JPM were ever forced to liquidate their gold shorts? Dont hold your breath!
Auandag @ 15:44
AMEN!
augirl
as i said not to confuse some site prices…ahem..[g]
zap me an email at goldtent address [highlight my handle in menu] with your specs in detail [type, grade, price area, setting 14 or 18 or no setting just coinage etc] and i’ll foward to dutch with a note and cc you of course. he can find what you prefer i’m sure and with a ‘proper grading’ [tricky stuff and don’t believe all certs] and that will connect you direct with him for any purchase needs of specialty treasure stuff. best. wj
Fiveks/Mobax
Thanks alot for the info, saved me a trip.
Mobax..I will check monday then.
Wanka,
Just got in ,thanks for asking him.. Prefer 8 reale, but 4 ok, something like this :
http://www.melfisher.com/treasuresales/store/scripts/prodView.asp?idproduct=436
Don’t want to pay Fisher’s prices,..Don’t know your e-mail add.. Can u forward this and my goldtent-email add to him…
Let me know ,Muchos gracias
Why I am still bullish gold and silver
I note that after last weeks debacle, that many pundits are now bearish on gold and commodities. Even Precter has been summoned to announce the end of the bull run on precious metals. However I note that people who actually make good calls and make big money in the markets, like Sinclair, Schiff, and Coxe are still strong bulls. I think I’ll put my money on winners with a track record. Its worked for me so far.
interisting?
And then there’s this…
From Ed Steer:
On Thursday morning in the Far East, gold did little if anything until Hong Kong opened, where it promptly got sold off. It recovered somewhat until ‘that magic time’ of 3:00 a.m. in New York, and then got sold off hard right up until the London a.m. fix. Then it recovered slightly until the p.m. fix and then drifted lower until the 5:15 Eastern time when the Comex closed for the Easter long weekend. Gold’s low for the day was the London a.m. fix.
Silver followed a slightly different route. It followed gold until ‘that magic time’…then was sold off all the way through London and New York without much of a break…finishing on its lows of the day at the Comex close.
Open interest in gold for Wednesday fell 14,599 contracts. That’s not as much as I was expecting. There are two possible reasons why this number appeared low…firstly, not all the changes were actually reported; and secondly, there was probably a lot of shorting going on in conjunction with the short covering. It actually could be a combination of both. The same goes for silver, whose o.i. dropped only 4,643 contracts. As I’ve mentioned before, when the Cartel orchestrates a huge smash-down like this, they try to mislead those of us who keep track of such things, by being devious about their methods…first by under-reporting and secondly (and almost without fail), they orchestrate their market interventions by starting on a Tuesday afternoon when the cut-off for Friday’s COT is already past, so that their shenanigans won’t show up until next Friday. And also, they love to do it most on the Tuesday immediately preceding options expiry…which, in this case, is early next week. I get the feeling that they’ll dribble out the open interest data as slowly as they can…but everything will be reported in the COT next Friday…not the one that’s coming out on Monday for positions held as of Tuesday, March 18th. There isn’t one today, because it’s a holiday. And lastly, the open interest numbers I report on Monday should be considerably bigger.
In gold news yesterday, there was this from The King Report…” Bloomberg reported that LTCM founder John Meriwether’s bond fund lost 24% on recent credit woes. Rumors quickly spread that the fund was liquidating $1B worth of gold.” This is not the first time that the words Meriwether and gold have been mentioned in the same sentence. It was reported that when LTCM went under in 1998, they were involved in the gold carry trade, and were short around 300 metric tons of the stuff, and that was the real reason that LTCM got bailed…to keep that information out of the public domain.
Now, let’s talk about what you really want to hear…like what happened yesterday. Well, it was the continuation of what happened on Wednesday. Once the boys gave the overbought positions a big enough shove on Tuesday, the Cartel pulled their bids on gold and silver (plus all the other commodities they’ve got their fingers in) and down went the prices. As I said, the 50-day moving averages for both metals were ripe for the picking…and they did exactly that…and in spades! This was way more than I (or Ted Butler) thought they would do. I had a chat with Ted yesterday in the early afternoon, and he feels that this take-down way past the 50-day moving averages probably got between 90 and 95% of all the spec longs out there…with a few more to follow early next week. We both feel that the 200-day m.a. is too much of a stretch for the Cartel right now.
With options expiry early next week, and first day notice for delivery (gold) for the April contract on the 31st, things may be kept subdued until after the end of March, but it now appears that this painful (but oh so healthy) correction will soon be behind us. I said it was going to be quick! I mentioned on Wednesday that I was itching to invest the money that I’d taken off the table about a week ago, and I scratched that itch yesterday by re-investing every cent of it.
Well, the big story yesterday…which is spreading like wildfire on the Internet…is the sudden appearance of shortages in physical silver by the big wholesalers. Quite a few of them are no longer taking any orders at all for anything. There appears to be some 100-ounce bars around, but there’s virtually nothing left in any other size anywhere. I heard about this from my own dealer a couple of days back when he couldn’t get an order filled from his US supplier, and another large Vancouver dealer couldn’t get silver out of A-Mark…and we were discussing it again with some urgency yesterday morning. However, before I could say anything about it on the Net, I got a copy of an e-mail that Jason Hommel over at silverstockreport.com had sent out. Shortly thereafter, the contents of the e-mail went up on over at Peter Spina’s site…silverseek.com. Since this news went out in the public domain, my dealer here in Edmonton has been overwhelmed by business which he has only been able to partially fill. I would suspect that this is a scene that is being carried out at every coin and bullion shop throughout the English-speaking world right now. It would be my guess that by Monday, there won’t be an ounce of silver to be found anywhere…and if there is, it will have a huge premium attached to it.
This all jibes with what Ted Butler was saying in his latest commentary about the silver ETF being very slow in getting physical to meet its requirements. The US Mint sales of silver eagles have gone through the roof in the last five months and they’ve run out of blanks a couple of times this year as well.
If this all turns out to be true, this silver pipeline will be very difficult to refill, as the back orders for physical silver of any kind will now be off the charts, as those fence-sitters who have been putting off purchasing because of the price, or because there was ‘always lots available’…are now in a panic to get their hands on some.
Another thing that Butler and I were talking about is that the ‘8 or less’ silver traders who are short this mountain of silver, have inside information as to how much physical silver really exists in good delivery form and at what price…are probably more than aware of this unfolding situation. This is why gold and silver got hammered…so they could cover as many short positions as possible before the inevitable upwards readjustment in price. Ted has always felt that this is how it would come to an end…with one final smack to the downside…and this could have been it. As they say, we will find out in the fullness of time. Here’s the silver commentary in question, and it’s linked here.
Since it’s a long weekend and you probably have the time, here’s another piece by Paul Craig Roberts entitled “A Bankrupt Super Power: The Collapse of American Power.” The link is here.
If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality. - Desmond Tutu
Let’s see now…for today’s fun video, I’ve selected another piece of music from the early 70s. To really get in the mood, you’ll need platform shoes, bell-bottom pants (preferably polyester), frilly shirt, frizzy hair, and large gold chains (one with a ‘peace’ symbol). A bottle of wine and a couple of hand-rolled pointy cigarettes would complete this ensemble. Once the pointy cigarettes and the wine have kicked in….click here.
Have a wonderful long weekend. Enjoy it to the fullest, because as of Monday, it’s “once more into the breach, dear friends”…and ‘Peace be unto you’ from all of us at Casey’s Daily Resource Plus. See you Tuesday.
Casey Research correspondent-at-large Ed Steer is a keen observer of the financial scene and a board member of GATA.org.