Catastrophe in Cyprus: Desperate times call for desperate measures. Euro Troika (IMF/EU/ECB) aims bazooka squarely at depositors & fires: Outright theft and confiscation of private property...disaster ahead?
Despite the strange, absurd sense of normalcy that has somehow prevailed this week, the world is witnessing a horrifying, slow-motion bank robbery in progress. With hostages…lots of ‘em. Or maybe you could say it’s a financial train wreck? However you describe it, it is absolutely revolting in every sense of the word.
By now, you are probably well aware of the inexplicable, sordid details of this state-sponsored attack on the rule of law and confiscation of private property, so I won’t go into great detail about it, but I must say that I am still shaking my head in shock (and disgust) at what the unelected, non-accountable bureaucrats have unleashed upon the world. Continue reading "The Gold & Silver Speculator"
DESPITE END-OF-YEAR VOLATILITY, UNCERTAIN ECONOMIC CONDITIONS & LONG TERM FUNDAMENTALS REMAIN EXTREMELY BULLISH FOR GOLD & SILVER AND SHOULD REMAIN SUPPORTIVE GOING FORWARD, POTENTIALLY PROPELLING THEM FAR BEYOND THEIR ALL-TIME HIGHS OF $1920 GOLD & $50 SILVER IN 2013
Now that Thanksgiving has passed and the Holiday Season is in full swing with thoughts turning toward Hanukkah, Christmas, and the New Year, I’m getting asked more and more questions from traders and investors who are very concerned - even anxious, about the Fiscal Cliff, the Debt Ceiling, tax implications/considerations regarding both and how all of this will play out in the precious metals markets. So, in this edition of the GSS, I’d really like to focus on the bigger picture.
But before we delve into that, I must take a moment to address yesterday’s violent intraday price move in Gold (and Silver to a lesser extent). We witnessed another one of those counter-intuitive, intense, vicious “waterfall selloffs” or spikes lower that seem to “randomly” occur from time to time over the past couple of years.
Massive and concentrated volume hit the market immediately on the NY Pit open: Over 35,000 lots or contracts reportedly traded - the equivalent of 3.5 Million ounces of Gold - with nearly 7800 contracts (that’s 24 TONS!) traded electronically in a single minute, slamming the price of Gold down -$36. The price drop was not enormous in percentage terms, but the volume size and velocity of the move still shocked many market participants as there was no corresponding “news” to point to. Continue reading "Gold & Silver Speculator"
MORNING STARS RISING - CLASSIC BULLISH REVERSAL CANDLESTICK PATTERNS OCCURRING NOW IN GOLD & SILVER RIGHT AT SUPPORT LEVELS NEAR 200DAY MOVING AVERAGES.
Election Day has finally arrived here in the United States of America, so please exercise your civic duty: get out and vote (if you haven’t already) thank you.
Today was largely expected to be uneventful in the Gold and Silver markets as many traders were looking to avoid the event risk inherent upon the outcome of the U.S. Elections, but that has definitely not turned out to be the case.
After Friday’s massive drops of -$40 Gold and -$1.50 in Silver, which happen to be the biggest single-day spikes lower in the last 2 months, both markets blasted higher this morning with Gold putting on nearly +$35 and Silver around +$1.00 higher (intraday) before pulling back off the highs...
Let’s take a look at where the recent consolidation stands from top to bottom: Continue reading "Election Day Special"
HEALTHY CONSOLIDATION OR DEEPER CORRECTION AHEAD?
The month of October has not been kind to Gold & Silver Bulls as the markets have continued to breakdown, ending a lackluster week with an especially weak close.
The inability or failure to take out the Bears’ Concrete Ceilings of resistance at $1800 Gold and $35 Silver has weighed heavily on the Bulls as this consolidation is wringing out any excessive bullish sentiment from these heavy metals, hard currencies.
Let’s take a quick look at how far (and how fast) these markets have recently fallen off their most recent highs: Continue reading "October Frightfest: Failure to Break Concrete Ceiling Results in Pullback"
The Gold & Silver markets continue to take giant leaps forward as the calendar heats up early September. After 3 consecutive weeks of solid performance to the upside, Gold rests just shy of $1700 while Silver marks time near $32.25.
Major short covering and new momentum buying before/during/and after the Jackson Hole Symposium has been fueling their moves higher. As elated as the Bulls are, there is danger on the edge of town.(The End, The Doors) Look out for Weird Scenes Inside The Gold Mine.
A potentially massive macro event risk loom large in the form of “Super Mario’s” ECB Decision tomorrow and next week’s FOMC Meeting. The current paths of least resistance for these Heavy Metals. Hard Currencies are up but face enormous near-term obstacles should either meeting disappoint/fail to satisfy. We could very well be in an environment where these event risks could trigger enormous moves in either direction. Be prepared. Continue reading "The Gold & Silver Speculator"