The Gold and Silver Thread

[Toro]

Gold pushing $1820

 

[Trajan]

Gold hit an RSI today of 87. Only once before in this bull market has it gotten this high, May 9 2006 when it hit $699. It proceeded to rise another 4.5% over two days. From there, it fell 5.7% over the next week, 10.3% over two weeks, and 15.5% over the month.

The RSI was also this high in 1980 when it was melting up. Both occurrences were in January of that year. Both times, gold was hammered within days.

Gold is in full blown panic mode. These typically do not last.

of course not, I see a gold correction , maybe even a $100 drop, but the fundamentals have not changed.....or that is nothing has been introduced to change them and I think the money men are tired of betting on the come ala bernbank. *shrugs*

 

[Trajan]

my strategy was/is jumping in on the yearly lows; P&G, J&J I'll bottom at 58,



full disclosure; I have lock in on Adobe at 22 and Intel at 19.

WMT was triggered today.

do I drop gold at 1750 and lock it all on my a fore mentioned blues? that is the big question, my liquidity ( and nerve) goes only so far.....

 

[Toro]

I've placed a small short on gold by buying deep out of the money puts to limit my downside. I think gold is vulnerable below $1700. I expect to be out of this trade in days. I will look for an entry point on the long side after a correction.

 

[Toro]

Last night, gold hit $1815 in Asia before reversing hard and hitting a low if $1732, an $83 reversal, before rallying after COMEX futures closed. This intraday reversal is bearish but needs follow through before one gets aggressively short. I am short but not aggressively.

I am more interested in silver on the long side. Whereas gold went nuts, silver consolidated, and may be setting up for an upward move in the not too distant future.

 

[Trajan]

My nerve is on hold

 

[KissMy]

Global Gold productions about 5,490 ounces per hour & the US debt is growing at about $101.7 million per hour. That means we create $18,524 worth of debt per ounce the world produces.

 

[Toro]

I bought silver today. Silver looks more interesting to me than gold.

 

[Toro]

Gold is pushing $1870 this morning.

I'm wondering if silver is going to retest the $50 high.

 

[KissMy]

Gold is pushing $1870 this morning.

I'm wondering if silver is going to retest the $50 high.

Gold is moving scary fast.

Silver is anyones guess. Silver is part commodity & part currency. Gold is nearly all currency.

 

[Toro]

Silver is now at $42. My guess is that if there is a scramble for gold, there will be a scramble for silver too.

Don't be surprised if they hike gold margins again.

 

[KissMy]

Silver is now at $42. My guess is that if there is a scramble for gold, there will be a scramble for silver too.

Don't be surprised if they hike gold margins again.

I am expecting another margin hike soon. It will have less effect this time. There is significant hoarding of physical gold bullion by literally every type of major market participant from global central banks, hedge funds, endowment funds, investment banks, all the way down to the retail investor.

Silver will likely make a run for $50.

 

[editec]

Libria has 143.8 metric tons of gold.

Given that the USA froze Libya's $30 Billion cash assets, and MoMar needs to pay the bills for counter-revolution, one wonders if some of that gold won't soon be coming on the market.

 

[Toro]

Chavez is calling back his gold. This could cause a spike in the gold price.

Silver closed on the highs. I bought a bit more today and nearly have a full position on.

 

[KissMy]

Libria has 143.8 metric tons of gold.

Given that the USA froze Libya's $30 Billion cash assets, and MoMar needs to pay the bills for counter-revolution, one wonders if some of that gold won't soon be coming on the market.

That much won't make a dent. That is only 1/3 of what the University of Texas Endowment Holds.

 

[Toro]

Interactive Brokers is saying be prepared for a margin hike for gold contracts.

 

[LordBrownTrout]

Gold is pushing $1870 this morning.

I'm wondering if silver is going to retest the $50 high.

I believe it will and the new barrier will be 60, possibly by the end of the year.

 

[Trajan]

Interactive Brokers is saying be prepared for a margin hike for gold contracts.

yea I head that the other day too....

 

[KissMy]

Gold popped up $20 at the open to $1,875

 

[Zander]

Time to short gold. Put a stop at 1950. Double your position on short once it drops below 1750