Loading ...that too and good old fashioned plain and utter GREED! <G>
But yes that will take away one big reason buyers have stayed away from gold stocks
Good point.
ps the gold stock malaise has seriously harmed my good nature,booked 133 pips in euro today(figure that out) lol
great stuff. Makes sense that as oil drops our miners rally — because input cost theoretically come down.
tells a completley different story, more accurate imho.
dang..we hit your target today. I’ve had my eye on USO $99 (oil etf) and we came within pennies today. GS came out with a 200 target on oil today - a possible spike scenario. that really got the bulls amped up and I can’t blame them right now — reports of shorts being carried out on stretchers. this move is legendary don’t you think?
Rambus - cool chart. If the ratio just went sideways from here - that oil target would translate into about $1200 gold.
Got a 7 point reverse wave in toilet paper…running out fast I am…helppppppp
Confering and planning all day. Defense is sound. All legal ,political ,and enforcement personel are standing with us behind our earthworks. Gaurds are on alert. And like “Zonker “in Doonseberry I sit with a cigarette in the jungle with an open box of hand grenades tonight awaiting my Belmopan appointments tomorrow and Thurs. All indirect movement is forward[water samples and stuff] our opponent in this chess match must now cross my chosen field of engagement. Mad Mike would be proud of the armour positioning.
Weather is fine, miss everyone, but look forward to Totts. signed”The Five footed Black Cat”
Time to go long silver and gold yahooooooooiiiiii
looks like the crude completed the 5 point rpw. the sell execute could come from much higher up. it’s not uncommon for the first attempt to be stopped out and the second attempt from much higher. a high now, i believe, would be a contra seasonal high which means nothing in these ultra bull markets. hard to believe you could get a $30.00 break in the crude and still be well into a bull market on the charts. i believe the first top i was looking for was around $122.00. if that didn’t hold, i think just under $170. might be time to take my motorcycle off the market!!!
rno
soee, you are right on the broadening top formation, that is why I said if we broke up through the top rail, convincingly, oil and the oil stocks could have a bigger move in mind. You may have noticed the rectangle pattern on the oil chart between 85 and 100. We could view that rectangle pattern as a halfway pattern starting with the low around 50 in 07. If that rectangle turns out to be a halfway pattern it would measure out to 165 by the end of this year. Hard to believe, but this is a commodities bull market and the surprises are usually to the upside.
Always enjoy your point of view on things soee. All the best…Rambus
Surge in oil prices should continue to support U sector. CCJ up 5.5% today, some of the mid caps 2 - 3%
Dines: Oil above $115 will drag uranium prices higher
Winedoc
FWIW…that expanding triangle could also be seen as a broading top (megaphone) pattern. You would sell the top rail and buy the bottom support rail. However, pattern not confirmed on OIH - no lower low seen. Without seeing the energy sector rollover, it’s hard for me to stay bearish on the POG…considering we are near highs in the oil to gold ratio and such. Over the last 20+yrs?, this ratio has been higher (oil stronger relative to gold) then the current level only for a short 3-4 month period in 2005.
The 400 to 405 area looks like a good spot for the bottom of the right shoulder. If we can power up through that big brown band of resistance, that once was support, that would make alot of believers out there, me included.
All the best to you islander…Rambus
Grin, I to have been viewing the $XOI as a H&S top formation for some time now. It just doesn’t want to die. It just keeps creeping higher and higher. If we takeout the 1600 area, convincingly, I would have to label the pattern as an expanding triangle formation which would be bullish. But right now, at this very moment, I still see the H&S top you are looking as still alive. We just need some more time to pass to see what really exists up here.
Been enjoying your inter market charts, and logically they make alot of sense. I think we are at a point of recognition for alot of the commodities in general, and we will have to see which way things break here in the near future.
All the best to you grin…Rambus
Vented foil bags on the beans, so you probably CAN smell the coffee in the package! Please don’t send any mail to that return address… they won’t find me. <G>
Enjoy, all you caffeine bugs!
Could be an hs top for xoi, the last30$ in oil and the stocks have not made a new high.
Press is now talking up 200$ oil, this makes me really think the top is coming in here.They must be distributing and pumping their game.
but a top in xoi might be good for money flow to our devasted pm/jrs?