May 6, 2016 
 Friday 
 
 

Forum
Topic:
Gold Enters Major Bull Market

       

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 By bluejay

10/19/2013  11:08AM

U.S. Gold Mine Output Rises 3% Month-On-Month In June - USGS
By Debbie Carlson Kitco News
Friday October 18, 2013 12:43 PM
(Kitco News) - U.S. gold mine output was 19,400 kilograms in June, the U.S. Geological Survey said Friday.

June output was 3% above the upwardly revised May production of 18,800 kgs. June output was down 5% from year-ago production of 20,400 kgs.

The average daily production rate in June was 647 kgs of gold, USGS said. This compares to May’s average daily rate of 608 kgs, the June 2012 average daily rate of 641 kgs, and the 2012 average of 641 kgs.

Domestic gold output for the first half of 2013 was down 3% versus the first half of 2012 and 8% lower than the second half of last year.

For more information, see:

http://minerals.usgs.gov/minerals/pubs/commodity/gold/mis-201306-gold.pdf
 By bluejay

08/17/2013  1:22PM

Gold $1377.20 UP $11.10
Silver $23.26 UP $0.25

Over the short term it is understood that games are played with the prices of gold and silver by the folks with the big bucks. The following excerpt identifies one of these entities. The writer is Rob Rinear. The full article, "$50 million In A Day -Legal Frontrunning" was published in today's International Forecaster.

But there’s a bigger game being played in the gold and silver market and the main culprit is JP Morgan. Over the past 5 years I’ve gone out of my way to show you how JPM was oft times short more silver than a full third of all the worlds production. That’s illegal, yet no one at the CME or CFTC saw a thing. I’ve showed you how they’ve used off hours trading to move the price of Silver around to suit their short positions. Nothing was said. Metals traders the world over have contacted the authorities concerning their illegal positions and blatant manipulation. The regulators say “they can’t see any manipulation”

Well, consider this. During the big gold smack down JPM was net short a “ton” of gold. When the paper attack on gold and silver hit back in April, it didn’t’ happen until JPM was notoriously short the metal. Then after watching it plunge from almost 1900 the ounce to under 1200, something changed. By following the printed data from the exchanges, we saw them shift from being insanely short, to being very very long. Yet they didn’t do it over night and gold didn’t really move. It sat there, bouncing and wiggling up and down.

But sure as the sun comes up each day, when JPM is net/net long something you can bet that eventually it is going to go where they want it. Back on June 27 th I told my Insiders Members that the miners were beginning to look very attractive. We bought five of them for our long term account. Gold was only trading at a low of about 1180 the ounce, horribly down from the 2011 highs. From then on however, gold started moving back up. The miners have gained smartly, but gold itself has really taken off. From 1180, gold hit 1340.
But here’s where it gets interesting. On Friday morning, CNBC was doing its pre market cheer leading and they mentioned gold. That’s when I heard it… “and find out why JPM says you should buy this gold bounce”. Now let’s get this straight. An investment house that gives investment advice to traders and investors was short gold and profited greatly by the massive manipulated illegal take down. Then they accumulated longs and as if by magic, gold starts rising. Then as they got “really long” they come out and tell people to continue to buy the metal despite the massive bounce it’s had.

When you’re JPM you can manipulate the metals market and no one says anything. When you’re Carl Icahn, you can make yourself 50 million in a day by going on twitter and hyping your own book. When you’re a lowly newsletter writer you have to defend yourself against charges of “misleading investors”. Sort of ironic, no? Yes.

I’m a gold and silver bull. No one that has ever read one of our letters since 2001 could deny that. When gold pushed up over 15-1600 I told my readers I was no longer adding to my position, as I felt it was getting too much froth from late comers trying to catch the train. Then when it fell back under 1300 I’ve been adding on dips. Why? Simple, gold and silver are the only real money out there. Of course that’s not the only reason, but it is the most basic. Most people collect “currency”. I don’t want currency for anything more than paying bills. I want money. “Money” doesn’t go to zero. Currencies do.

For the last 100 years, our currency has lost 98% of its purchasing power. Gold on the other hand has retained 100% of it. Now which one would you rather hoard?? But besides the idea that owning “money” is considerably better than owning debt notes which is what our currency is, I also like to have things that are in demand. Consider this… Gold bar and coin investment grew 78% year-on-year globally in Q2, topping 500t in a quarter for first time. After rising from just 299 dollars the ounce in 2000, all the way to 1900, don’t you find it really telling that so many people want physical metal that its demand grew almost 80% in one year?? I certainly do.

All the stars are lining up for gold and silver to make their next move higher. Not because the economy is going to crash ( it is) not because our monetary experiment has failed ( it has) not because Central bankers have lost control and credibility ( they have) but because JPM is long. JPM gets what it wants and if they’re net long, you can bet they’ll “make” gold rise. It’s what they do.

Silver has a very good shot at challenging its all time high within the next ten months. While Silver is the whipping boy of JPM, if gold gets loose, Silver will tag along simply because the folks that want to buy gold but can’t afford it, will rotate into silver. Never underestimate the animal spirits of greedy investors. If they see gold really on a tear, even though they don’t have enough money to buy one ounce of gold, they’ll buy the 10 ounces of silver they can afford. All those wanna be gold buyers will add to the underlying manufacturing and medical demand for the metal and push it quite nicely. Yes, we’re silver buyers too.
 By bluejay

07/22/2013  9:07PM

I hope Mr. Sinclair is right.

Comex Must Change Its Delivery Mechanism Soon
Posted July 22nd, 2013 at 7:41 PM (CST) by Jim Sinclair & filed under General Editorial.

My Dear Extended Family,

The cause of today’s spectacular rise in the gold price is the reality that with Friday continues large drops in the Comex warehouse gold inventory. No cogent argument can be formed against the reality that because of the continued fall in gold inventory that within in 90 days or sooner the Comex must change its delivery mechanism.

The highest probability is that Comex will have to move to cash settlement rather than gold. Part of that settlement could be lots of 100,000 GLD that represents the ability to exchange for gold.

Their problem is that if GLD is part of the settlement mechanism for the spot Comex contract that GLD will be destroyed by the convertibility. It is a truism in gold that which is convertible into gold will in fact be converted over time.

Gold rose today because those knowledgeable know the inevitability of the changing of the Comex contract, as it is today which calls for settlement in gold between contracting parties. There is no question this is the emancipation of physical gold from the fraud of no gold, paper gold. The emancipation will cause physical gold exchanges to take birth and to be the discovery mechanism for the price of gold. This is the end of the ability to use paper gold future contracts as a mechanism to make the gold price sing and dance at the will of the manipulators.

With manipulation coming to an end the true value of gold will be discovered by the cash exchanges that are now taking birth. The advent of the cash spot exchanges around the world is the natural demise of the Comex set up as convertible and now being converted.

As long as one can buy spot, pay insurance, transportation and re-casted by Rand Refinery to Asian products sold profitably, the demands for real gold are ending the hay days or even existence of the futures exchanges.

Gold is headed back to be traded as it was before 1973. Gold will trade well above $3500 and those who have lived in the gold market like me for now 53 years know it.

A price of $50,000 for gold is not out of the question as a result of its emancipation from “fraudulent paper, no gold, paper gold.”

GOFO is screaming this truth. The warehouse inventory of every futures gold exchanger is screaming this. The fact that there is no meaningful above ground supply of gold is screaming this. The fact that most of the central banks supply of gold is leased is screaming this.

There is no reason why gold cannot move up hundreds of dollars a day when the Comex changes their spot contract settlement, as they must, as they will, very soon.

Respectfully,
Jim
 By bluejay

07/22/2013  11:42AM

Trend line resistance is currently located at $1338.15 which is the descending 50 day average price on gold. This area should be treated as resistance until such time that the metal surpasses it with comfort.
 By bluejay

07/22/2013  11:33AM

Gold $1327.40 UP $30.40
Silver $20.40 UP $0.87

Gold busted through the $1300 area and continued higher hitting $1341.10 later today. It is suspected that the $1338-$1340 area may have been it for a while.

We are slowly approaching August 7th when Martin Armstrong says directional changes will take place. If any market is strong going into the time period then expect the opposite following and vice versa if it is weak. Gold may have reached too soon or even might surpass trend line resistence and may be affected with a lower price later. We'll just have to wait and see.

I'm thinking even though the short term may have stabilized we need to continue holding out for better gold purchase prices past the short term or even during the continuing short term. The possibility still exists that the western central bankers might take gold lower in continuing attempts to shore up CONFIDENCE while needing more and more time to put Humpty Dumpty back together.
 By bluejay

07/02/2013  8:36AM

From Martin Armstrong this morning:

ANSWER: As wild as it might sound to the non-Goldbugs, the metals are actually not in a bear market.

How sure? This is about a 100% probability. The issue is not the metals ALONE. It is everything interconnected. For the metals to enter a REAL bear market gold must close BELOW $680 on an annual basis and silver BELOW $8.50.
-------------------------------------------------------

This may be shocking for most to understand but creative minds in this field of buying and selling equities, commodities and bonds are few and far between. The money played in the above represent the biggest money game in the world. Don't be caught being too subjective and prone to believing everything you might see and hear. There is another frontier out there that few care little about, it's called getting it right. Do your own thinking and never give up searching for what really is.

Mike never gave up and as the days pass the probabilities of his locating the next big gold deposit only improve. It's a given on our properties that time lapses between million dollar finds are a necessity in order to find the next big one.
 By bluejay

06/28/2013  12:23PM

At best, gold has just about finished an awful intermediate plunge. The major bull market is still intact. Stock market semantics have always been important to me in all my past professional writings. Unless someone identifies the class of bear or bull market, it is just assumed by many that the primary direction is what they are speaking of. Bear market and bull market terms are quite loosely used between people that just don't know what they're talking about. Just ask anyone and your get a myriad of descriptions of the two.

Just to be helpful, you may want to go back and rethink what kept the railroad shares pushing ahead as just being satisfied with some profits may not prepare you for the next time when different circumstances either take them down or up. I love the railroads and I have been riding the rails all through the U.S. and Canada since I was 5 years old. There is no better aid to thinking than being on a train or at the beach. Currently, I'm in a villa overlooking the water and Land's End in Cabo.

I think relying on your gut is in some form being creative and good for you for having faith in your investments and in your will when smarter people than us with big money were twisting our minds and attempting to get us to part with our fully paid up company shares.

Are you receiving Martin Armstrong's daily missives? It's like being back in the higher learning institutions again BUT this time, you're being taught by, probably, the most brilliant creative mind on the planet. I kid you not.
 By fredmcain

06/28/2013  4:38AM

I like your points and you have brought out some good ones here. Although I personally believe that gold is in a major “bear market” (by the 20+% drop standard, that is), I am also a firm and adamant believer that the long-term direction is up which is what you suggested below.

Based on the way other bear markets have performed in my lifetime, I strongly suspect that the worst of the gold drop is probably already behind us. Sure, it could still fall another 200 points or so as you suggested but that would still put the worst of the rout behind us.

Since I first became involved with stock investing around 1996, I have witnessed and survived two ravaging and painful bear stock markets. First, the “pop of the tech bubble” in the year 2000 which led to a painful, 3-year bear market and then, far worse, the “financial crisis” bear market that started in the fall of 2007 and ran until March of 2009 when it finally hit rock bottom.

Amazingly enough, my railroad stocks held up quite well in both bear markets and actually helped prop up my whole portfolio. That was a good case in point of how the standard and accepted knowledge and advice of the “experts” may not always hold water. How many financial advisors recommended people to beef up on railroad stocks at the start of these two bear markets? I didn’t see any. This helps confirm another point that you made below that what the television, newspapers and books guide people to do is often wrong.

Please don’t get me wrong here, either, I am not blowing my own horn ‘cause my decision to beef up on the RR stocks was dumb luck and not “financial genius”. It happened because I was interested in railroads and wanted to be in the business, that’s all. And that’s the way it is too with my mining interest. I bought OSTO ‘cause I am interested in the business and not because I think it’s a fast track to “get rich quick”. But sometimes, buying stocks in a business that you are really interested in can have payoffs as my experience with the RR stocks has shown.

Getting back to the 2007 – 09 bear stock market, we saw many, many people panic and bail out right near the very bottom of the rout. Those poor people essentially locked in their losses. What a shame. I very nearly did that too but something just told me to hand in there and “this too shall pass”. It did and I thank the Good Lord that he gave me the help I needed to “stay the course”. Tragically and most ironically, many people – and in some cases even the very same people – are now doing exactly the same thing all over again with gold! They are panicking again, selling and locking in their losses! They just don’t seem to “get it”.

The biggest mistake I made during the financial crisis was that I didn’t put a bunch of money into stocks near the bottom of plunge. Alas, that couldn’t be helped ‘cause I was very worried about losing my job, too, and was afraid to part with any extra cash that I might have needed to live on. Thankfully, it never came to that. I’d say we all have a lot to be thankful for. It’s so easy to forget that.

Regards,
Fred M. Cain
 By bluejay

06/27/2013  2:07PM

Fred,

My advice to you is don't believe everything you read. I am a long term investor and all my years of experience tells me that I have survived by being a creative thinker not by listening to talking heads with their rules and standards. Bill Gates left school for the reason that Einstein did, creative thinkers are not supported by so-called learning institutions.

Just look at Mike Miller concerning mining, he did it all from step one many years ago. Mike must have read some " how to do manuals" but I'm sure he'll tell you that most of his knowledge came from his own hands-on experiences.

I know how difficult it is to gain experience and some might think gathering as much reading material on a subject might replace the field experience but it doesn't. Einstein was once referred to as a high school pupil without much future. Conformity in school was not his thing. He went out on his own and did it.

Martin Armstrong once told me from federal lockup that i was lucky to be creative. Some of my original works have been approved by such men as James Sinclair and Gerald Loeb.

What I'm saying is, don't take someone else's word for it, discover it for yourself.

I would venture to guess that about over 95% of the public believes gold is in a bear market by some cooked up standards. I don't use these standards, I have my own.

My friend Martin Armstrong states this morning, it is very likely that gold will bottom out just above or just below the $1000 mark. This whole thing could end in a matter of weeks with at least a quick $200 point drop, or it couldn't. We'll see.

In conclusion: Gold has been in a major bull market since 2003 when I drew reference to it on these pages when the crossing of a major average line first took place.. The most violent sell-offs take place during long term bull markets. The most violent rallies take place during long term bear markets. A long term bull market or bear market to my eyes is in place when a particular item is above of below its 1000 week moving average.

I learned this from my own experience, not from the television, the newspapers, the internet or from books.

IF one would frequent the pages of armstrongeconomics.net you just might discover some facts that you never knew about and some guidance that might save you.
 By fredmcain

06/26/2013  1:40PM

The standard and most widely accepted definition of a "bear market" is a 20%+ drop from the most recent high. Using that definition, gold is now in an official bear market. How low will it go? Who knows?

What really has me totally baffled is that stocks, bonds and precious metals are now all falling in lock step. That's not supposed to happen. Where are the investors who are panic selling right now putting their money? Beats me - unless it's leaving the country. That could be I guess. Anybody else have any ideas?

Regards,
Fred M. Cain
 By bluejay

06/25/2013  10:08PM

Gold $1250.70 OFF $26.90
Silver $19.01 OFF $0.63

From Martin Armstrong, he still maintains that gold will make a monthly low in June and a daily intra day low in July.

As gold investors are feeling the pain, one must remember that the 2008 takedown of gold was orchestrated by the big NYC banks because they were in trouble and didn't want folks taking their money out for gold, so they all got together and destroyed the price stability of their competitor.

It is feared that a repeat of the 2008 big bank activities in now in continuing progress. Selling during the 2008 crush was what they wanted to scare people out of their gold positions and put their money back into the banks. Well this time it will be different for depositors as they will be bailing out their banks personally during the next expected crisis. These are being commonly spoken of in the newspapers as the new bail-ins.

It's quite possible that Asian selling tonight will carry over into the morning NY paper gold market.

Not selling during these waterfall price events takes courage. Scraping together some money to purchase some gold coins at these prices and possibly lower is what I am doing.

This current selling mode could take prices even lower but it is highly unlikely they will remain at these extreme levels. And out of this crash and burn drop a Phoenix will emerge taking gold to all-time highs again.
 By bluejay

06/22/2013  10:32AM

Bob Reiner speaks on gold. From this morning's International Forecaster:

Similarly, his replacement isn’t going to want a world depression on his or her watch. So, the only way they know to ward that off is to print more and more. Thus, it is my opinion that talk is cheap, but a year from now QE of some form will not only be in place, it will probably be bigger than it is now.

Which makes things even more bizarre. Look at what happened to Gold this week. On Thursday alone it was down 90 bucks the ounce. Yet once again people were clamoring for it. Physical gold sales once again boomed. Now, we’ve talked about the idea that the Central banks want people pushed out of gold and silver. This isn’t’ a joke, you don’t naked short the paper gold market time after time, pounding it lower because it’s the fun thing to do. No, you do that when you have an agenda. So, what is the agenda?

Gold is migrating from West to East. Places like China have been around a long long time. They have many thousands of years experience seeing what different dynasties have done with “money” and also know that gold got them through it all. China wants all the gold it can get, as it is of my opinion that they want the Yuan to be part of the global reserve and they want to back it with some percent of gold. But that has created a problem for the European central banks.

They want gold too. So, how are they going to get it?

We know Central banks have been buying gold this year. Actually they’ve been quite aggressive about it. But there’s only “so much” that they can lay their hands on. While I don’t totally believe the estimates, but it is said that all the gold ever mined would fit in my back yard. Maybe, maybe not. What I do know is that there isn’t a whole lot of it out there. Now, if you’re a Central banker and you’re trying to get more gold in your vaults but it is expensive and there’s not much around… what do you do? You get together and pound it. Drive the paper price lower. Drive folks out of it. Show them it’s junk and they should buy currency and stocks.

Along with attacking the prices, if you pay attention you see they’re doing things in the background that get me having flashbacks from the 30’s where the US confiscated everyone’s gold. Many don’t know that FedEx has stopped delivering precious metals to individuals in the UK and Germany. On May 23, France passed a law saying their postal can no longer deliver gold to the public. Over in India, their Government is trying to find ways to push people away from gold. Little by little they’re doing their best to discredit it, and make it harder to obtain. The CME just hiked margin requirements on Gold by a whopping 25%. Again this isn’t by accident. They don’t want “people” buying gold; they want it all for themselves.
 By bluejay

06/21/2013  7:14AM

Gold Standard

Posted on June 21, 2013 by Martin Armstrong

QUESTION: If money was gold we would not have inflation. Why do you disagree with that? Do you like inflation?

ANSWER: Sorry. Even when gold was money in coin form there was inflation. The economy rises and falls. That is the Business Cycle. Those who advocate the Gold Standard have never invested what they claim. We were on a gold standard between 1945 and 1971 and it did not prevent inflation nor did it last.

You must investigate the past with an open mind. Let what happened unfold without trying to support a redetermined assumption. Westerners favored the new Bank of the United States before the Panic of 1819, which created open opposition to the institution. The Second Bank of the United States stopped allowing payment of debts in paper and instead demanded payment in specie—metallic gold and silver coins—which were in short supply after the War of 1812 due to a large trade deficit with Britain. The hardest hit sector was Western farmers who could not pay their loans to the Bank because they could not obtain the specie that was demanded. The Second Bank of the United States then forced western branches to foreclose on farms with outstanding loans. Westerners began to call for reform and the end of the Bank of the United States.

Can you imagine you have a 30 year mortgage bought with paper dollars, and then we adopt a gold standard. You do not have enough gold to repay the loan so they come take everything you have. Think twice before buying into that story. There is no way to make such a transition.
 By bluejay

06/20/2013  12:29PM

Gold $1277.40 OFF $73.90
Silver $19.68 OFF $1.67

Aside from manipulation talk Martin Armstrong stated it briefly today:

"This is a Spiral Collapse. There are so many people involved who just bought gold and held that there is enough fuel to see the typical required panic sell off."
 By bluejay

06/20/2013  10:10AM

Gold $1291.60 OFF $59.70
Silver $19.95 OFF $1.40

"These markets are clearly and blatantly being manipulated."

So says, William Kyle out of Hong Kong today who is a hedge fund manager.

Go to http://www.kingworldnews.com for the full interview of him by Eric King, it's the most present interview.
 By fredmcain

06/11/2013  4:57AM

Bluejay,

I’m sorry but I guess I interpreted some of you comments as being pessimistic on gold when in fact they were not. Based on your most recent comment below, you sound like you think gold is a good investment. It may very well be. But I happen to personally believe that a much better investment might just be in the common stocks of mining companies.

Investing in a big mining company like Newmont or Anglo Gold is probably quite safe over the long term (talking a 20 or 30 year horizon here). But big companies offer less potential for growth than smaller companies. That is actually a fairly widely held Wall Street belief and is not just my opinion.

If it is true then an aggressive investor might look for smaller mining companies like Sutter Gold or Emgold. Trouble is, these companies are extremely risky.

The Original Sixteen To One Mine offers a happy medium. It offers excellent potential and yet it has been in business for a long time. It is also an American company (many other mining companies are Canadian or foreign). It is also a most fascinating operation. So, I jumped. The only real fly in the ointment is the California Water Board fiasco. I am really worried about this but at the same time I expect it will have a happy ending but I don’t really know that for sure . No one knows that for sure.

I would like to hear from some other forum members on this issue. Perhaps someone should start a new thread on it? I have some of my own ideas and opinions about it but I’m not sure if they’re right or not. It would be nice to know what all the issues are and how we can help. For my part, I would be willing to write a few letters but I want to make absolutely sure that I don’t inadvertently make things worse. “The pathway to hell is paved with good intentions”.

And oh, yes, I’ll start checking out Armstrong, too.

Regards,
Fred M. Cain
 By bluejay

06/10/2013  6:53AM

Hi there Fred,

There is nothing like holding a piece of gold. Until last year, gold had been strong for 13 years. According to Martin Armstrong, it was time for a rest.

People believe gold is in a bear market because the U.S.press tells you so. If you remember my contributions here, I have always stated it was in a bull market. The press sells what the call news. Have they ever defined what a bear market is? Of course not!

If you want the real news get plugged into Armstrong Economics.
 By fredmcain

06/10/2013  6:03AM

Blue Jay,

I must say that I most certainly enjoy reading your posts! You provide a lot of interesting information and insights to the “world of gold”.

But, if I dare say so, sometimes I can’t help but feel that you are just a tiny bit too pessimistic – or perhaps I’m misunderstanding.

Although I’m new to gold, I have had an extreme fascination for investing for at least 20 years now or, more accurately, since childhood. It’s just that my interest really came into focus about 20 years or so ago.

I am a very strong, fervent believer that you have to take the long-term view. It’s true that gold had entered a kind of bear market right now, there’s no denying that. But taking the long-term view, gold is way, way ahead in price from where it was 15 or 20 years ago even with this recent tumble taken into consideration. I don’t know what gold was selling for in 1995, but I would venture to guess that it could loose another several hundred dollars and *STILL* be ahead of where it was in 1995. Then consider that the Original Sixteen To One Mine was doing O.K. back then with gold much lower so why not today?

*AND* the price of gold *WILL* recover. You can bet the farm on that ‘cause these things always do recover. Just look at what happened to stocks back in 2008. Millions of people believed that they would never recover – or at least not during their lifetime – and yanked out their money. Big mistake! Look at where stocks are now!

Although I don’t know much about gold, this I do know. The human race has had a fascination with gold that reaches back over the millennia. You can read in the Old Testament Bible that the Israelites had a penchant for gold thousands of years ago. So, I am just not too concerned about the gold bear market. It’ll come back – I can almost promise you that. Unless, of course, our whole civilization falls to pieces but if that happens, nothing will be safe.

BUT ! ! ! there is something else that I am very, very, very concerned about. And that is that California Water Board "scandal" or whatever you want to call it. That really is worth worrying about. Just as Michael Miller stated in that one excellent video, "it could bankrupt this company". Mike will have my thoughts and prayers come this October and, Lord willing, perhaps we can get through this thing.

Regards,
Fred M. Cain
 By bluejay

06/05/2013  2:48PM

Gold $1402.70 UP $2.70
Silver $22.55 UNCH

We elected the third minor Daily Bearish Reversal today confirming that the target week of 05/20 should be a temporary high short-term. Gold did not elect any minor Daily Bullish Reversals against still warning
that the rally thus far is a dead cat-bounce. We need a daily closing ABOVE 1448.50 on spot to firm up support temporarily, otherwise lower lows are still ahead.

Martin Armstrong
 By bluejay

06/02/2013  10:29AM

Gold is currently falling in dollars demonstrating (1) there is no pent up inflation and (2) it is capital fleeing into the dollar (bonds & stocks). BEFORE you will see a bull market resume in gold, sorry – you have to wait for the currency to catch up. If you are brainwashed and constantly presume the dollar will collapse any moment because the Fed increased the money supply, I suggest you are married to the mental conditioning you have been subjected to, have a closed mind, and will lose your shirt insisting you are right when the markets are proving you wrong. Gold declined in a basket of currencies, which is why it fell into 1999. This is about surviving – not punishing the world for its sins. Don’t worry. A rising dollar will cause far more damage than rising gold. Gold is a ting, tiny, fraction of the world economy. The capital flows are in trillions of dollars. Even 500,000 contracts at $1500 would be $75 billion. It is way too small of a market to harbor all the refugee cash in the world. That is bond and stocks – the only markets capable of absorbing trillions of dollars.

Martin Armstrong

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