the smart money is the commercials. the large specs are the big fish that get eaten by the large specs. the large specs get their resources from folks giving them money to trade. that is how they became large specs. he is smarter than me , i will give him my $$$ to trade for me. ltcm comes to mind-when genius failed. then in 08 the boys ousted lehman et al.
bit coin hit 1k , yes what is that anyway???? i know another scheme, which is working right now.
i am getting the feeling, and yes i have dates, price objectives etc., which i am throwing out for now and putting my ears to the market. gold may be the most hated vehicle in the market. i watch the grains which appear to be hammering out a bottom. i read marty every day. i have respect for the man. like the rest of us , he too gets it wrong. same as the rest of us. jim rogers is looking for 50% retracement from the high , which is quite reasonable.
i am not claiming anything, but when a market gets this hated and lopsided its time to listen up. whenever and from where ever the turn comes, it will be a V . shorts will continue to short this thing all the way up . the psychology is ripe for that. do we need to see lower lows ? i have no idea. watching in here and waiting. yes, there could be year end tax loss selling in the miners.
do you think indians and chinese care if ben tapers. will it change their view of gold! absolutely not. they have been shafted for generations by a multitude of govt schemes. in india is also part of their religious beliefs. believe me ben does not enter the picture. the old guard there which chidambaram represents will be replaced @ some point . he has asked for a year. so indian gold buying is on ice. modi is running for election. he ran the most successful state in india. he is pro gold the election is in april, if he is not taken out, then look for change in the guard there. in the far east , they are not traders of gold, they buy and hold.
sure i can imagine the unrelenting pressure being on gold into 14 well into it. but now the market is @ extreme. time to watch carefully . pick calculated spots. small losses is the way to play. unless of course you have deep deep pockets
dharma
very well put amigo and I totally agree, whether gold goes to a modest new low or has a spike down to 1000 I don't know, the final low just as easily could have been made at 1180. The bearishness is thick, I see many convinced we'll see sub $1000 gold and I see calls for $13 silver, this is the opposite IMO of the calls for huge further upside in 2011 when gold was at 1900 and silver at 49. The miners appear even more hated then the metals themselves, this will be IMO a huge low, whether it comes soon or in January from significantly lower prices is a muy tough call. Enjoy your Thanksgiving
Senor
