155 replies to this topic

[dharma]

this has reminded me of 13 india raised the tax on gold to 10% and instituted the 80/20 rule forcing many jewelers to close shop
today we have the 500 and 1k rps note taken off as legal tender and china clamping down on its citizens being able to get gold,
it is imported. so , this changes the fundamental outlook in the short term . we have chinese new years coming up, and if the
govt continues to chop gold imports. then even if citizens want to buy they cant get the goods.
commodities led by oil look very supportive. so the push and pull w/lower prices has been the order of the day. gold has been down
20of the last 25 days since the election. so lets see what the fed meeting brings.
the key for gold imo is the continued declining money velocity, that needs to change for gold to have legs.
volume has been very light in the gold market and shares. like 77 , 17 should be more friendly to gold after the 1st few months.
also the 8 yr cycle of venus going retrograde should reverse the trends we are seeing right now
dharma

[dougie]

Does anyone have the 19th as a turn?

[dougie]

Dust looking bullish

[dougie]

Head and shoulders top?

[senorBS]

Bot a modest GDXJ position at the opening at 34.22, nothing clear short term at all, I just want to at least have a decent trading position on at this time, will use a modest stop

 

BSing away

 

Senor

[senorBS]

of note is that today's early gold stock low could still have been wave "d" of a bearish contracting tri with wave "e" up perhaps starting now, could still make sense going into tomorrow's Fed meeting

 

Senor

[senorBS]

DSI showing very low bullishness; 5-day at 9.8%, 10-day at 10.6%, and 21-day at 9.9% Bulls, does not mean it can't go lower or stay low for longer, but these are very low levels often seen at important lows

 

Senor

[dharma]

the euphoria of the trump election is scheduled to reverse in the december/january period
one main clue is the miners tend to outperform gold in an inflationary environment. they have not followed gold to new
lows and have held their lows (gdx/gdxj for almost a month now). silver is also outperforming gold which also hints of an
inflationary environment. well the fed wants a little inflation. crude oil and other commodities are performing well this is
all setting the backdrop for 17 which will be a better year for gold than 16 is. again i am using the fractal of the 70s.
today should be another snoozer. hopefully the snooze fest ends w/yellen
senor hgnsi is still in - territory sentiment has been quite bearish .
dharma

[senorBS]

interesting how well stocks like AEM, NEM, ABX are trading today. Another new GLD intraday low and higher gold stock lows, and da beat goes on

 

Senor

[dougie]

Those are the easiest to dump