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Gold Break Out Continues As 50 DMA Gap Is Close To Being Filled
Following a strong break out this morning, gold continues its push higher and is now just $8 away from the critical 50 DMA of $1374, which had served as a major support level up until a recent round of margin collateral requirements and the CFTC's grandfathering clause spooked the weak hands in gold in mid-January. Should the 50 DMA be passed (and with the 30 DMA already in the rear-view mirror), the technicals will promptly become a tailwind again, and allow smooth sailing to resume all the way to the all time nominal highs in the $1430s.
The chart below shows how quickly 50 DMA gaps have been filled in the past two years.
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Interesting comments from Wynter- would love to know who his sugar daddy is. I suggest you be more concerned with personal inventory than price.
I wholeheartedly agree with William the Bastard that gold will be 200 by the end of April.
I would like to see a clear break of $1380 in gold to get you off my back Jon. And silver has already broken out. Now what? Your charts are all messed up!
Seriously, love your sarcasm here. Better than the man speaking himself.
PS Heard he ditched his appearance at the Vancouver Resource show a couple of weeks ago. Not surprised. Probably doesn't like the catcalls from the audience.
If it doesn't, send him to Blythe!
This thread needs more Hamy Wanger
never more Hamy, always enuf Hamy
Hamy has a canned routine.
Good time to get more gold and silver. Looks like they'll bust out again to new highs. Physical market is getting very tight.
JPM is so nice they've even offered to take and hold our gold as collateral now. Maybe they're not so bad afterall.
Oh yeah, here's their number, JP Morgue: 1-555-SUCKERS
If you have no Gold yes, if so, chasing it at near highs is not smart.(as in your ass will be handed to you,at least shoirt to intermediate term).
Silver, has more room to run, so that's where my money would go,if I was still buying.
The only thing happened to Gold prices was that the big speculators and banksters used the strike in Suez Canal as an excuse to drive up spot Gold prices which forced the traders on the other side of the trade i.e. the buyers of put options, the sellers of call options and futures to cover their positions resulting in a sharp spike in the prices.
The only thing driving up commodity prices worldwide are speculators armed with cheap money provided by central bankers and super fast computers. This is causing a havoc in the lives of rest of the population and pushing them towards poverty as they can no longer afford the basic necessities of life.
Regulators are either hand in glove with the banksters or are too slow to react and take ages to identify and take measures to solve the problems.
http://www.marketoracle.co.uk/Article24581.html
eh...record droughts, oil supply inflection, and a number of other factors contraindicate the whole "blame speculators" thesis.
Remember that all the grains we produce as food are driven by petrochem agriculture. Also, mining requires energy too.
Either way, why not get out of currency because you have no idea how much grain or oil or gold it may fetch on any given day?
Reality is that for many decades, savings accounts have been effectively at negative interest. The only way to outpace inflation has been ponzi participation or owning some productive business where you can push costs.
No mystery about it. As long as stock market can be floated, it will continue to be done so. The "success" in doing this merely reinforces belief that if it works for stock market, it can work for unemployment insurance, and ultimately, state insolvency. Not going to bail out the states Bernank? Yeah right. Just like you said no monetization of federal debt.
So... what are all these doomsayers excuses for things having stayed glued together for so long?
1.) Those who are lucky enough to not have to worry about where/when their next meal is coming from want the charade to continue. Financiers, govt workers, every one on the govt dole, pensioners, retirees who need their fat juicy IRA's/401K's to keep them comfortable.
2.)People are that stupid that they don't know what is going on or don't want to know?
3.) People know what's going on but don't have the courage to get out on the streets and do something about it.
4.)Food stamps, 99 forever funds keep those not in group 1 content.
#4, is to keep the Martial Law troops off the streets.
Smart move on the goons squads part, tough to do bidness when the streets are blocked off and you have dawn to dusk curfew.
This way, they continue to milk the cow, whats left of it.
Its not just the Year of the Rabbit, its the Year of the Golden Rabbit. It will take 60 years to get to the next. Keep in mind that as the Yuan/renmimbi appreciates vs the USD, Gold, Silver, and ALL Commidities are Discounted for Chinese Buyers.
I also noticed in some other threads, there was no mention of a Wage Increase in the 15%-20% range for Chinese workers, on top of their Purchasing Power increase via the currency exchange rate. I can understand news items like this Not showing up on our MSM News. Fact is that EastBloc countries, which includes most all Latin America in my view, also have policies that pass on Minimum Wage and Average Wage Increases above the Inflation Rate---the real inflation rate in their country---they don't do the "change the yardstick" trickery so easily done and accepted here. As for 2010, I'll paste:
China's Insatiable Appetite For GoldGold supplies in China have failed meet market demand despite the fact that China is the world's top gold producer. Picture: Customers shopping for gold jewelry. (File Photo/Xinhua)
A combination of economic recovery and a bearish stock market fueled an enormous demand for gold in China last year. According to mainland statistics, the total amount of gold actually traded in the year exceeded 510 metric tons.
Because of insufficient supply, many mainland residents went to Hong Kong or used their visits there to buy gold. It was estimated that gold sold to the mainland through such channels ran up to 110 metric tons in 2010. One must not forget that China is the world's largest gold producer.
The continuous massive inflows of hot money into China also has contributed to the gold boom and, hence, its prices. Figures show that the precious metal sold in China last year averaged US$1,224.53 an ounce, representing an annual increase of 25.6% from the year before.
A Xinhua News Agency report quoted China Gold Association statistics, saying that the mainland's gold output reached over 340.876 metric tons last year, up 8.57% from 2009. The output enabled the mainland to continue to lead the world in gold production for four consecutive years.
Yet despite the continuous increases in gold production, the supply of the precious metal is still unable to meet market demand. Statistics show that the volume of gold used for jewelry and industrial purposes alone totaled 510 metric tons last year.
Gold traded as investment products in the financial markets was also in strong demand. The same data showed that the various categories of gold products traded on the Shanghai Gold Exchange last year reached 6,046 tons, rising 28.48% from 2009. In currency terms, those gold transactions amounted to 1.61 trillion yuan (US$0.234 trillion), up 57% from 2009.
Shanghai Gold Exchange chairman Shen Xiangrong pointed out that China imported 209.72 metric tons of gold in the first 10 months of last year, a close to five-fold increase over the same period of the year before.
actually, it's the "Year of the WHITE METAL Rabbit" - just sayin'
http://dinmerican.wordpress.com/2011/02/03/24424/
go silver!
I'm looking for AGQ to go back up to it's old hi.
Gold??? ....Silver up +3.20% and has it going on like Donkey Kong
Ok. I'm going to make this really easy. when xau makes clean a break through the 100 sma daily, I'll look to ad in the 200sma descending trendline off of the double FIBI resistance in the 1430 area. DONE!
"Good time to get more gold and silver. Looks like they'll bust out again to new highs. Physical market is getting very tight.
JPM is so nice they've even offered to take and hold our gold as collateral now. Maybe they're not so bad afterall.
Oh yeah, here's their number, JP Morgue: 1-555-SUCKERS"
Must be alot of suckers out there. I called and got a busy signal.