Many of you gold bears are now panicking!

[vinoveri]

Re: Many of you gold bears are now panicking!

Dollar index down.

Righto! my bad. $usd chart didn't update from yesterday.

Well, if there is fear, the $ is not the perceived bastion of safety evidently.

[Jay]

Re: Many of you gold bears are now panicking!

Jimmy I personally am in the camp of it being an expanding triangle. It's not often in history that you lose the world's reserve currency at a time when every currency on the planet is fiat! This is a first and that is why I prefer the expanding triangle conclusion.

I've been wondering this exact thing too.

[sn1p3r]

Re: Many of you gold bears are now panicking!

Thanks, my thoughts were similar but not as well put ;)

I'm in a downtown condo with a small mortgage and really want to get out of dodge but also buying land/house was my 5 year plan anyway so just trying to get the timing right...

[mikedev10]

Re: Many of you gold bears are now panicking!

what does it mean when those cash-for-gold stores are popping up all over?
On my drive to work (13 miles) through a high density retail corridor, there are now 3 cash for gold stores. Is this a sign of a temporary top? Is this a sign of the middle class desperate for cash? Last year there were none.

the last time i was in gurnee mills there was a little kiosk. why not? they offer 30 cents on the dollar, and if you fight them, they'll go all the way up to 70 cents on the dollar. not sure why i'm not running my own kiosk.

[rabot10]

Re: Many of you gold bears are now panicking!

Gold up $20+ Silver 41c


It’s going to be interesting to see how the PMs close today and then how they open tomorrow. Based on years of watching the trends Gold and Silver should fade into the close and then open up down about half of what they gained today.

I am hoping for a change in that pattern. It’s getting kind of old if you know what I mean.

[hayekvindicated]

Re: Many of you gold bears are now panicking!

The explanation for all the price moves seems to be fear of more bank failures and troubles at major financial institutions. Dennis Gartman wrote about this in today's letter - the market is rife with rumours that a major bank is about to go bust (I didn't realise there were any solvent ones left!):eek:

Ergo, industrial commodities are down due to fear of the economy "slipping" back into "recession" and the "recovery" going into reverse gear. But because gold and silver have to do with being "safe havens", they go up while everything else including stocks go down. Actually, the moves for silver have been extremely bullish. Last time there was fear, gold went up but silver didn't move much or actually went down. This time, it seems that both are moving together almost in lockstep.

Gartman thinks that IF there is a bankruptcy, it will be revealed over the weekend when the markets are shut and the authorities have time to take over the institution without having to worry about massive market fluctuations.

[Charles Mackay]

Re: Many of you gold bears are now panicking!

Originally Posted by Charles Mackay
Jimmy I personally am in the camp of it being an expanding triangle. It's not often in history that you lose the world's reserve currency at a time when every currency on the planet is fiat! This is a first and that is why I prefer the expanding triangle conclusion.

I've been wondering this exact thing too.


Jay, To put it in a different light. Prechter is right about everything except the yardstick he measures with. If he had said it's a grand supercycle bear market in terms of real money (gold) then all of his market calls would have been correct. It appears to be a grand supercycle bear market with the only money holding up thru it all being gold and silver assets with commodities and energy trailing because they aren't portable.

[Master Shake]

Re: Many of you gold bears are now panicking!

Even a big stock sell off doesn't affect gold now. That hoax only worked on the naive players who have now been surgically separated from their gold.

Charles,

Certainly not a gold bear, but as the market drops again this fall, you do not think we'll get the same "flight to safety" we did last year causing the dollar to rise, bond yields to fall, and PM's to drop?

[flintlock]

Re: Many of you gold bears are now panicking!

Great, so confidence in the management of the US started it's downward spiral with the election of George W. Bush. That doesn't reflect well on those of us that voted for him. In our defense, we had no idea he'd spend like a drunken Democrat.

Flintlock, do you mind if I change my location? I want to be from the Republik of Redneckistan also?

Come on , there's plenty of us up in them hollers.

[flintlock]

Re: Many of you gold bears are now panicking!

Charles,

Certainly not a gold bear, but as the market drops again this fall, you do not think we'll get the same "flight to safety" we did last year causing the dollar to rise, bond yields to fall, and PM's to drop?

Wondering the same thing here.:confused:

[WildspitzE]

Re: Many of you gold bears are now panicking!

The explanation for all the price moves seems to be fear of more bank failures and troubles at major financial institutions. ...

via zerohedge - Chinese buyers panic into gold? (amongst a slew of deflationist drivel)

Submitted by Planet Yelnick
http://www.zerohedge.com/article/guest-post-gold-panic

"...Let me speculate that it is coming out of Asia. The China Bubble has burst and the SSEE is down around 25% in a month, with apparently more to go (at least below 2000 if not down to 1000, where the parabolic rise began). The Chinese government has been buying gold for the past six months (at least), and I suspect the middle class in China is rushing in for a safe haven against the equities collapse and likely real estate crash to follow. The recent rise in Copper may also have the same roots, of China rolling its long-term Treasuries into shorter terms, and then stockpiling commodities, including gold.

Whatever the cause, the wave structure is predicting a gold buying panic that will drive gold over $1000. Watch and see if it is correctly gauging the psychology of a buying panic. "

[Master Shake]

Re: Many of you gold bears are now panicking!

Wondering the same thing here.:confused:

Everytime gold makes a strong advance, we hear the "to the moon" refrain. At some point, that will probably be true. I'm not sure what is different this time, especially since we're still about $20 short of $1K.

[Mashuri]

Re: Many of you gold bears are now panicking!

My gut tells me that the $1K barrier will withstand this leg up. There are too many bulls and not enough shaken confidence to push it through yet. Either way this will be a fun ride!

[Raz]

Re: Many of you gold bears are now panicking!

GOLD DEC ’09 (Comex) Friday, August 28

Resistance 975 close, and then 9940. Support 931, and 927. Upside potential 1127 and 1247.
Prices late this week have shown some movement to the upside and it may be very relevant as this should be the move which takes prices out of the large triangle which has been operative since the Feb ’09 high. The reason we state that is a triangle should have 5 internal swings (a-b-c-d-e) and sometimes the last wave (e) itself forms a smaller 5 swing triangle. When that situation arises, it crystallizes the price status and makes the case and timing for a bull run a much more precise situation. Of course this is dependent on my subjective interpretation that is illustrated on the chart below. A close over today’s rally high (961) next week would be an initial confirming piece of information. 8/28/09

(09/02/09: We also CLOSED above CRB's computer BuyStops today on Oct'09, Dec'09 and Feb'10 Comex Gold futures.
This might well send in the Black Box buyers tommorrow or Friday.)

[Master Shake]

Re: Many of you gold bears are now panicking!

GOLD DEC ’09 (Comex) Friday, August 28

Resistance 975 close, and then 9940. Support 931, and 927. Upside potential 1127 and 1247.
Prices late this week have shown some movement to the upside and it may be very relevant as this should be the move which takes prices out of the large triangle which has been operative since the Feb ’09 high. The reason we state that is a triangle should have 5 internal swings (a-b-c-d-e) and sometimes the last wave (e) itself forms a smaller 5 swing triangle. When that situation arises, it crystallizes the price status and makes the case and timing for a bull run a much more precise situation. Of course this is dependent on my subjective interpretation that is illustrated on the chart below. A close over today’s rally high (961) next week would be an initial confirming piece of information. 8/28/09

(09/02/09: We also CLOSED above CRB's computer BuyStops today on Oct'09, Dec'09 and Feb'10 Comex Gold futures.
This might well send in the Black Box buyers tommorrow or Friday.)

Thanks, Raz.