97 replies to this topic

[dharma]

the chinese started trading gold last night, and there was good volume for their day and night session SPDR Gold Trust, the world's largest gold ETF, said its holdings fell 1.56 percent to 946.96 tonnes on Monday - the lowest since February 2009. gold moving from west to east. normally, and i have been watching this when 1% or more gets coughed up within 3 days this marks a bottom for gold. this is the 2nd time this has happened here. i do think either the low has occurred or we are close. i am looking in the 1110-1160 , should the previous low not hold the dollar remains firm, and i have anticipated @some point the dollar would be the strongest fiat. it has always been a safe haven. and of the major currencies it is still in the best position. i read yesterday, over 100million americans are on food stamps. soon , we will run out of folks to tax. socialism never works. john smith is long gone. miners still lagging, not encouraging sign. looking around the 26-29 for some confirmation or the lows. and who knows what kind of bottom will occur. 76 was a V . dharma

[senorBS]

More muy interesting stuff Dharma as GOFO rates go negative for first time since Nov 2008 - not a bad area to be long from! "The lack of liquidity in the leasing market has pushed gold forward rates, known as “gofo”, into negative territory, meaning that gold for future delivery is trading at a discount to physical market prices – a rare situation that has occurred only a few times in the past 20 years. The last time forwards were negative was in November 2008, when a scramble for physical gold spurred a sharp price rally. Traders said that investors were alert for the possibility that the current tightness could trigger a squeeze among hedge funds with short positions in gold, potentially driving prices higher. “It has piqued people’s interest”, said one senior precious metals banker. Gold was trading at $1,248.50 a troy ounce on Tuesday, up 5.8 per cent from a three-year low at the end last month" BSing away Senor

[tria]

More muy interesting stuff Dharma as GOFO rates go negative for first time since Nov 2008 - not a bad area to be long from!

"The lack of liquidity in the leasing market has pushed gold forward rates, known as “gofo”, into negative territory, meaning that gold for future delivery is trading at a discount to physical market prices – a rare situation that has occurred only a few times in the past 20 years. The last time forwards were negative was in November 2008, when a scramble for physical gold spurred a sharp price rally.

Traders said that investors were alert for the possibility that the current tightness could trigger a squeeze among hedge funds with short positions in gold, potentially driving prices higher. “It has piqued people’s interest”, said one senior precious metals banker. Gold was trading at $1,248.50 a troy ounce on Tuesday, up 5.8 per cent from a three-year low at the end last month"
BSing away

Senor

I follow it Senor regularly, very true is what you say.

http://www.kitco.com/lease.chart.html

-tria

[dharma]

thanks senor, i too follow the gofo, the last time this occurred was 08 and it produced a big rally . the miners were up 25% maybe in a day. ????
yes, i bought some based on that yesterday
the market sentiment is so bearish its hard to see through it. i see the media has been bashing paulson for his funds performance , keep in mind paulson owns most of the fund personally. einhorn too is being bashed and yet only the gld seems to be coughing up physical. keep in mind the banksters own the gld. not so for sprotts funds
http://kingworldnews...The_Scenes.html
crude has broken out. oil is essential . and will be a contributor to inflation should it continue to rise.
i still think it is major to take the indian population out of the gold equation. i have read they are switching to silver.
not my expertise, but i also have read that @present gold prices gold is below the cost of production for many miners. this will exacerbate the supply problems.


dharma

[stubaby]

thanks senor, i too follow the gofo, the last time this occurred was 08 and it produced a big rally . the miners were up 25% maybe in a day. ????
yes, i bought some based on that yesterday
the market sentiment is so bearish its hard to see through it. i see the media has been bashing paulson for his funds performance , keep in mind paulson owns most of the fund personally. einhorn too is being bashed and yet only the gld seems to be coughing up physical. keep in mind the banksters own the gld. not so for sprotts funds
http://kingworldnews...The_Scenes.html
crude has broken out. oil is essential . and will be a contributor to inflation should it continue to rise.
i still think it is major to take the indian population out of the gold equation. i have read they are switching to silver.
not my expertise, but i also have read that @present gold prices gold is below the cost of production for many miners. this will exacerbate the supply problems.


dharma

http://stockcharts.com/c-sc/sc?s=$HUI&p=D&st=2008-03-03&en=2009-02-27&i=p91623134254&a=308103878&r=656.png

[senorBS]

bueno chart studaby, if gold can breakout above 1270 tonite then maybe muy rapido norte above 1300, the last 3 to 4 days could end up being a retest (higher low) just like we saw in late 2008 on your chart, we see BSing away Senor

[senorBS]

this could get MUY interesting as gold just tagged 1280, lots of trading and a long night ahead, is it a tres or a C wave from 1180? Senor

[senorBS]

this could get MUY interesting as gold just tagged 1280, lots of trading and a long night ahead, is it a tres or a C wave from 1180?

Senor

now at 1288, norte of 1300 and muy grande smile

[goldfungus]

this could get MUY interesting as gold just tagged 1280, lots of trading and a long night ahead, is it a tres or a C wave from 1180?

Senor

now at 1288, norte of 1300 and muy grande smile

Bring it on!

[dharma]

yes, i agree could have been a retest. we got up to 1297 last night. still too early to declare the birth of the bull, but the rally looks promising. weekly and monthly charts oversold. this could have some legs. its amazing how important the fed has become. to the asians , they could care less. it is in their dna to own gold . they have seen many fiats topple. oh if you are looking for the fed, they are in hotel california. watch what they do, forget about what they say. wti broke out of its pennant yesterday! watching the developments in s.africa. it is the largest producer of platinum in the world i am starting to think platinum could be a very big play @some point. cars cost around 20k the cost of a cat around 200 . =the cost of cats could go up w/o affecting the cost of cars. dharma