97 replies to this topic

[senorBS]

$20 silver and $1300 gold are the importante near term resistance levels, methinks we either go mucho norte soon or end corrective rallies here, muy importante juncture

BSing away

Senor

Me thinks pretty soon we move higher Senor, like late today or tomorrow but my stops are in place just in case.

me too, do not want to see a big revesal south from these levels

Senor

[tria]

by the way this is the longest that i can remember gold being in backwardation. implications are physical gold is in short supply
dharma

Dharma, correct me if I am wrong but I do not see any backwardation in the Gold futures. Just a tiny one between July and August 2013. You have to look at the settlement prices.

http://www.barchart....Gold_Futures/GC

-tria

[dharma]

by the way this is the longest that i can remember gold being in backwardation. implications are physical gold is in short supply
dharma

Dharma, correct me if I am wrong but I do not see any backwardation in the Gold futures. Just a tiny one between July and August 2013. You have to look at the settlement prices.

http://www.barchart....Gold_Futures/GC

-tria

hi tria, yes the backwardation was worse, but consider there are carrying costs , and between cash, july, aug, sept it is negative, which indicates to me that physical supply for immediate delivery is in short supply

also, bernake speaks tomorrow morning , i think 1-this accounts for the light volume 2- the market , even though the fed is stuck in hotel california, the market is nervous and waiting for the fed to speak. i added stops to my recent buys below 1268 . just in case we make new lows. or these are tested again. there is a w in gold now. i still think the market sentiment and positioning is so lopsided, we could see a repeat of 76. all the experts , who have probably never owned an ounce of gold are loud and encouraging shorts for their followers. the hedgies use leverage.
dharma

[tria]

by the way this is the longest that i can remember gold being in backwardation. implications are physical gold is in short supply
dharma

Dharma, correct me if I am wrong but I do not see any backwardation in the Gold futures. Just a tiny one between July and August 2013. You have to look at the settlement prices.

http://www.barchart....Gold_Futures/GC

-tria

hi tria, yes the backwardation was worse, but consider there are carrying costs , and between cash, july, aug, sept it is negative, which indicates to me that physical supply for immediate delivery is in short supply

also, bernake speaks tomorrow morning , i think 1-this accounts for the light volume 2- the market , even though the fed is stuck in hotel california, the market is nervous and waiting for the fed to speak. i added stops to my recent buys below 1268 . just in case we make new lows. or these are tested again. there is a w in gold now. i still think the market sentiment and positioning is so lopsided, we could see a repeat of 76. all the experts , who have probably never owned an ounce of gold are loud and encouraging shorts for their followers. the hedgies use leverage.
dharma

True but I would just say that the contango has narrowed if you like, and actually just in Gold but not in Silver where it has widened. Anyway I got what you are saying, thank you Dharma.

-tria

[dharma]

miners leading dharma

[dharma]

right into my turn dates 17-19 26-29 next set remember the fed is owned by the banksters. when they say jump , ben says how high india in a lull for the buying season. diwali will change things. of course if the country is still not making gold available, we will see how that gets dealt w/ so far just another rally that has not proved a thing. cut some longs , that were just bought, will see how it looks friday yes folks i trade too. i never touch the core. its all part of my strategy dharma

[senorBS]

perhaps the most interesting count for this old hombre is that the dollat index has a big 5 down from recent high, the counts in gold and silver are not clear, but i think if the dollar has higher to correct maybe to 83.25 to 83.50 I will be looking for a gold and silver low, we see Senor

[dharma]

senor, the fed wants a lower dollar. agree its tough to get a clear count @ this point in the metals i have shifted, not investement advice some $$$ to the platinum complex. i expect s africa to be problematic. so n. american producers the fed is talking right now. the fed is owned by the banksters. so far the rally has not shown its hand. in spite of golds 700 decline none of the problems that existed in 11 have gone away. the reality has forced folks to look @the deflation, which was always there. have you seen the velocity of money???? when the bail ins occur it will be game on . in the depression i know folks who literally stored their cash. i have never ever been in the inflation, or hyperinflation camp. makes for sensational writing though stagflation will be the name of the game. taper soon. ramp later. 100 mill on food stamps . who pays for that??? any way, the folks who got out of gold had little patience they needed to continue to make money now. short term horizons. w/ the good lord, i have time and patience dharma

[dharma]

detroit files for bankruptcy, largest muni bankruptcy ever!!! crude in backwardation price chasing of the broads continue. chae that momo gold again banging on 1300 so the question is have the longs been beaten up sufficiently? is it time to start beating on the shorts? is it their turn to visit the woodshed??? i have never been in the inflation camp? hyperinflation makes for startling headlines i have been and remain in the stagflation camp. 25th is option expiration. bottoming process continues. is it complete there is a W in gold dharma frb balance sheet rises another 34 billion. there was a time, not too far back where gold and the frb balance sheet were in lockstep

Edited by dharma, 19 July 2013 - 09:32 AM.

[senorBS]

detroit files for bankruptcy, largest muni bankruptcy ever!!!
crude in backwardation
price chasing of the broads continue. chae that momo
gold again banging on 1300
so the question is have the longs been beaten up sufficiently?
is it time to start beating on the shorts? is it their turn to
visit the woodshed???
i have never been in the inflation camp? hyperinflation makes for startling headlines
i have been and remain in the stagflation camp.
25th is option expiration.
bottoming process continues. is it complete
there is a W in gold
dharma

frb balance sheet rises another 34 billion. there was a time, not too far back where gold and the frb balance sheet were in lockstep

I am with you amigo, have a modest long position and have also been trading in an out lately. I can't rule out a new low but I don't think it will happen, I like gold just seeming to languish below 1300, I think it could surprise and move sharply higher soon.

PUREBS

Senor