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Gold Surges To Two Weak High As $1,400 Level Exposes Many To Pin Risk
Considering our level of nervousness following an uninterrupted battery of gold endorsements by Cramer, we felt much better when a week ago Doug Kass decided to bash gold based on his half-reading of Howard Marks' latest letter. To be sure, we assumed that this merely opens the way for yet another year end rally to all time highs, in line with the prediction by John Embry from two days earlier. And it may happen just yet: gold has surged by $8 in just the last 8 minutes and appears to be on track to surpass the $1420s record highs on short notice.
As FMX Connect shows, the pin interest in the January gold options which expire today, is highest on the put side at $1,400 which may explain why holding this level may be critical for the market makers seeing to make profits on OTM expiration.
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I think I just covered the premium on my holiday junk and Ludwig von bullion purchases. Just stings a little bit that I wrote those calls against my AGQ. Worse to worst, I only get $163 if Ag surges through the next few weeks.
Gold is monie, so is silver. Monie does well on a strong dollar because of the uncertainty driving trades. Monie does well on a weak dollar because they trade inversely. It is all very simple, but it takes a minute to understand how this all works (I am sure most here do understand all the nuances). If you ever want my opinion, like for example how last night I called a huge move in mining today, check out my blog.
http://lhmarketwatch.blogspot.com/
TRE
Anyone else notice 2011 is year of the white metal Rabbit.
Spooky for BM
Actually agent; I didn't notice until you pointed it out.
Spooky indeed.
Glad I'm loaded to the gills with ASE's and SLV...
you got SLV? Great investment. Don't listen to the gold bugs about there not being any real silver in SLV, that's puppycock, just because noone can do an audit of SLV and there's no mechanism to find out if there is any silver in there doesn't mean there isn't any. And Jp Morgan is its guardian and trustee and you know you can trust JP? right
Gold, Bitches.
Happy New Year GG, and to you Mister Chumba....we are winning.
Thanks yabyum, and wish you (and everyone on ZH) a very happy new year as well!
Yes we are "winning", if you want to call it that - it's inevitable.
GG,
Good to see you, and your trademark, Gold Bitchez.
Just go ALL in and you will be happy................famous GG quote.
Happy New Year, the folks on ZH truly should all have reason to be happier than the sheeple.
There is no reason anyone who's been here, and read, and learned, should not be in the black, and have their asses covered.
All the info,edjumacation, and opinions much appreciated.(<;
Gordon,
I join my friend DosZap in wishing you (and everyone here at ZH) a Happy New Year!
...
I am still OK, Gordon, with a little cocktail party somewhere if we reach $50,000, let chumba know as he was a charter member too.
Yes, DosZap, you are invited too!
I even have a candidate city in mind...
and me no?
GG...Happy New Year to you and all who post on ZH...
BTW...it's about 3:12 am 12-29-10 and the London Crew is attempting a take down...as usual.
Gold is hanging tough at 1408, Silver at 30.46...Life for the shorts isn't getting any easier.
Harvey Organ has an interesting summary of 12-28-10 action... http://harveyorgan.blogspot.com/
Turd Furguson has equally interesting comments and a 'watch out for' caution...http://www.tfmetalsreport.blogspot.com/
Miss Dixie almost a full penny off her lows and they all hold tight. Bizzaro low volume action for years end to be sure.
I was watching the live Goldprice.org chart last night and for the closing 2 hours gold was like a seismograph chart with close straight up and down lines 1383 to 1390. At midnight it continued for about an hour and then it went to the side. Be interesting to know the seller and who bought. Today or tomorrow I am selling a small quantity of gold and trading a couple for silver.
Yes, I noticed that too on the live Bullionvault live charts. It was not visible on the Kitco live charts that I think most people use. It was really jumping around, in a way I've never seen before, like there was a huge buy/sell spread. It settled down. Odd.
Holy shit, George Gero was just interviewed on Bloomberg and said, "Our fiat paper USD's are actually backed by GOLD."
Unfuckingbeleivable
Did he happen to say who his scrip writer is?, or doobie pusher?.
He musta been on a LSD Flashback.
Blythe must be getting pretty desperate ...
Now she's turned to Craig's List ...
http://washingtondc.craigslist.org/nva/wan/2132734101.html
She has a book!
http://lh3.ggpht.com/_rnN3mbqgIJ0/TRn3Udq8H2I/AAAAAAAAB_E/a5O76G1sPBo/s8...
Made my last purchase of physical gold N silver for the year yesterday. We'll sit back and see what the new year brings.
well...between Christmas and New Year is the markets equivalent of junk time.... no one is playing so don't get too excited.....
Gold short term--$1250-$1325; Silver short term--$18-$23; both on pullback prior to mid-term and long-term run ups.
Gold mid term--$1500; Silver mid term--$35.
Gold long term--$2500; Silver long term--$50
If in now, stay in for long term. If not in, must decide whether to buy in now or wait for pullback to buy in.
Lots of people were waiting for a pull back at $350. Most of them never pulled the trigger and are standing on the side lines, watching in disbelief while gold blows through $1400.
My prediction at the beginning of this year was gold to $1,500 by Jan 1, 2011. It could still happen...but I won't be disappointed if it finishes the year above $1,400.
If it pulls back I will go all in with the rest of the FRNs.
Are prices going up?
A staple of American household, the boxed Kraft Macaroni and Cheese sells now for retail $1.89 per box...That's correct, you read correctly. I thought it was a rip-off at $.79.
In WalMart last spring you could buy a 5 pack for $3.00. Went up to $3.66. Now a five pack is over $5.
Look at the content numbers and see if it was reduced. kraft mac and che
Lease rates, bitchez! (The Kitco Gold lease rate chart should show up here:)
Watch them fly as no one wants to loan gold or silver anymore...(The Kitco Silver lease rate chart should show up here:)
Why do the charts show up in my preview but not in the comment?
I may not see them here, but I still see what you mean, if you know what I mean.
Someone PLEASE build me 100 GOLD iphones.
Gold iphones Bitchez!!!