Lets look at some charts below and take what we can from the fiat spot TA bullshit shall we?
$US is having a fantastic run here at being this summers from zero to hero. Unfortunately this will be short lived as people will pile out of shit like NFLX and AMZN as the 'sell in May and go away' adage kicks in, especially without captain chairsatan printing more. Upon this liquidation everyone and their mothers, you would assume, who didnt pile in 2 months ago to the PM's will do so this summer at bargain low prices.
Silver chart looks confusing. This is the power that Blythe has to paint charts to fuck with the human psyche. Again, unfortunately for her, she cannot manipulate the prices that kitco, and apmex will charge when there is nothing left to buy in the physical world. I had a lengthy convo with my dealer, there is little supply, and is now down to a month wait list to ship out product. How bout them apples Blythe? Negative feedback loop starting to take it toll as we head into June/July delivery months for both metals.
Look at this fuckin chart eh? Still above the MA, nowhere near it. $1500 looks good. I am so impressed with it.
Added some more Tinka today, I am expecting a NR soon. HMI and FAU look like they are free here again at levels we all bought at.
Have lots of AMZN puts now to hedge a market liquidation. I suggest you protect your longs.
More to come tomorrow, I have to go attend to bad employees and run around insurance agents dicking me left right and center. Have a beer. Relax. The world will light itself on fire, no reason for you to spark it.
Thank me lots!
FROM LAST POST:
ReplyDeleteJust wondering what peoples thoughts of Elliot Wave are? I have been subscribing to a daily FX report for almost two years and I believe it to be very accurate. I also receive special reports at random times on different FX pairs, gold and S&P500.
Here is Max's prediction for the S&P500 from the 4th of April and he has been spot on in regards to calling the bottom in March 2009 and this recent rally starting August 2010. If anyone would like to see this reports let me know and I will forward them all on to you so you can see his past performance.
Basically I just want to gage what everyone thinks of this prediction and its impacts on gold/silver:
Since my Update of September last year (refer below), already the S+P 500 has reached the first mathematical resistance of any real significance and “survived” nothing more than an abrupt reaction. This suggests that the market is headed for a deeper retest of its 1576 October 2007 all-time high, over coming months.
A likely path ahead is for the next significant peak (finding resistance about 1361/1378) to give-way to a period of multi-week corrective consolidation, with this serving to dampen the enthusiasm of the Bulls and to embolden the Bears, all the while laying the foundations for a final leg of this Bull market and a climactic 5th Wave advance.
Although Wave-C will equal Wave-A at 1564 (just below the all-time peak of 1576) the S+P 500 may not quite make it this high (the low 1500’s should be respected) and a watchful eye will need to be kept on both the Dow and the Nasdaq to anticipate a turn.
Thanks in advance!
Also what is this about Gold in backwardation?? IslandStyle tell me more
Gold is not in backwardation.
ReplyDeleteLast thread IslandStyle said it was. I didnt think it was.
ReplyDeleteHe also said SLV has silver in it's vault..?
ReplyDelete@RD - IslandStyle replied to this at the end of the last thread...
ReplyDeleteSprott's Latest with Keiser
ReplyDeletehttp://www.youtube.com/watch?v=PM-LrMimRys
SGS: do you anticipate a commodity-wide sell-off? I'm long Wheat, its mini, so it's comfortable enough, but still.
ReplyDeleteMy bad. Gold is NOT in backwardation. SLV is supposed to be backed by phyzz, which is bullshiz.
ReplyDeleteBest ETF alternative is PSLV. Sprott is legit. All phyzz is audited constantly and accounted for.
@ Johan
ReplyDeleteObama is getting the CME to raise margins on everything but the kitchen sink. He thinks high commodity prices will cost him votes, so he's monkeying around with the market in order to win voter points. They even raised the margins on Nat Gas...this is pure retardation. It is pissing the Asians off royally, as the US has declared economic warfare on them.
I think we will see increasing volatility in all commodities, until we piss off the Chinese and Europeans so much that they dump the USD, take the hit on their treasuries, and back their currencies with gold largely and silver secondarily. Once China can secure domestic demand for their own goods, the USD is toast.
gold???? The hell you say, boy!
ReplyDeleteNice quotes.
ReplyDelete"Stop losses, nay. Stink bids, yea."
"Relax. The world will light itself on fire, no reason for you to spark it"
Exactamundo-ho-ho. Pile some more paper onto the refiners fire. Prepare.
Johan: I'll give it to you short hand:
ReplyDeleteBenny QE3 prints more=stocks, silver gold to the moon
Benny takes a month off in July from the printing press= we get smoked
I'm leaning towards take a month off, shows them the market will go to zero without more printing, scares congress into passing another bill, prints more after all the big boys buy at 2008 lows and the cycle continues as the $US barrels through 72 on its way to -14.
LOL -14.
ReplyDeleteI concur. Benocide is an idiot but he's not stupid. He went to Princeton and stuff like that. Wait, what?
Good interview, John Embry and James Turk.
ReplyDeletehttp://www.youtube.com/watch?v=QX-9U86XFJI&feature=player_embedded#t=1255s
island,
ReplyDeleteif you can find the chapman interview from yest with meria heller, he has some good info ... also he said somewhere in last 2 days, i cant recall which since i prob hear him 6xs a week, that the usa will never leave libya and their oil is the best in world, plus they have 100-200 tons of gold, he couldnt recall exact figure, that we will loot at some stage... the most interesting thing tho is the usa got 29K chinese troops to leave libya and they are not happy about that ... had not heard that before and again i am only quoting him ... how long will china tun the cheek to our BS? course they need walmart to sell their shit too ... it gets very messy/convoluted ...
i could paint several scenarios and they could all be believable and happen, all i know is my 2 cents the metals will have to be held long, maybe 5 years before we know the truth
have a great weekend to all!
game 7 okc/memphis now thats appropriate
ps chapman bought silver at 46.29 and says he is buying more mid-week this upcoming week
ReplyDeleteMy buddy and I stack & trade info. The town he lives in has 3 shops. Went in on Wednesday & they all were completely out of everything! Not even u.s. 90%. Up until now someone ALWAYS had something for sale. Either they were all bullshitting cuz the price is lower & they don't want to sell or things are heating up here in Washington state. I had to go elsewhere to get my fix. And it feels so good when I do. Suck it Blythe!
ReplyDeletei myself was crossing oregon state calling coin shops in the towns that i went though and everybody was sold out or only had one hundred oz bar except two shops... one said if i wanted to buy it would be $40 an oz.... that is for the four rounds he had left and spot was just like $34.50. The other... had a hundred one oz rounds and said that his supplier was OUT and that the other local dealers are buying from him at $2 over spot which is what i paid. so....I Bought myself 50 oz's! GET YOUR PHYZZZ ON!!!!!!
ReplyDeleteRD: there are 1 or 2 of us that use technical analysis, and we only speak to each other (seems noone else uses it). As far as Elliot Wave, don't hold your breath here. I don't use it, didn't have the patience. Eric Hadik (spelling?) seems to be very good. He does publish a newsletter and gives email updates. You might want to look into him.
ReplyDeleteSilver futures will go to 29.064 (at least), before a true turn around.
ReplyDeleteBIG BUBBLE is HLF
ReplyDeleteSGS You mentioned in your post hedging a market liquidation. I looked at AMZN and gone up high and fast with a P/E of 87.83.
ReplyDeleteI have 3 questions if you don't mind:
1. Is a market liquidation meaning the whole market selling or just AMZN.
2. Buying puts at what price and time
3. Do you believe the market will drop on poor quarter sales/earnings June/July because of the Japan supply chain broken.
Gasoline is Gold!
ReplyDeleteHaving PM to be able to purchase needed items is so true. I was told in January that it would be hard to buy silver come summer, and now look where we are. I have my 500 oz stashed away for a rainy day. I have a feeling it's going to be hard to buy gasoline soon. I work in an Oil Refinery and we are finding it very hard to meet demand. Just wait until they start closing Refinerys down south due to the flooding.
If all the dealers are charging 15% premium, what are they buying back at? Spot? If so, they are taking the piss!
ReplyDeleteI absolutely agree. This margin hike mania was a shot with a B.B. gun to slow down the charging grizzly of commodities.
ReplyDeleteRecall right before the 5 margin hikes in 5 days that silver was almost at its alltime high of 50, Gold was clawing at 1600, and the USDX falling towards all time lows. Commodities didnt suddenly turn down and the USDX up because they were bubbles or overbought, right at these exact numbers, just before QE2 ends in June.
This was an explicit attempt to slow commodities and give Bernanake the rationale to roll out the barrels of QE3 or whatever euphemism it will be called.
Neither does Obama want a deepening recession prior to re-election, so he will encourage Bernanke, by all the incidious insinuation politicians use, to keep the good times going with more eeeeeezy money!
Z.H. is already talking of the trial balloons of QE3.
So, make your calls (pun intended), while there is a fire sale of P.Ms
I have made two recent purchases of phyzz from the same dealer. The first purchase was two weeks ago. The price was 2.50 over spot. When I bought a week later the price was 3.00 over spot. He currently looks to still be at $3 over spot. Each time I purchased 500oz of maple leafs. Currently it is posted on their website that there is a 45 day delay in delivery...up from 40 days a few weeks ago. I'd say the CONEX is definitely becoming more detached from reality as SGS predicted some weeks ago.
ReplyDeleteIs it possible that dealers are "Postponing" physical delivery to take advantage of potential lower pricing in the next several weeks?! Just a thought.
ReplyDelete