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Morning Gold Fix: August 17
Commentary courtesy of www.fmxconnect.com
Gold is following Monday’s buying through this
morning and is up 2-3 dollars after yesterday’s solid gain of over
$9.00. Stocks and the rest of commodity complex are broadly higher so
far today. The USDX is weaker as well. Soros made some comments that
investors should buy gold and Goldman Sachs made a buy recommendation
last week. The market has behaved strongly since that recommendation,
despite the concerns that GS may be creating an exit strategy for itself
and/or some clients. But that would be the point wouldn’t it? I mean
who takes the cover of Barron’s touting a stock he hasn’t already
bought, right? The question remains, is there enough interest and
discretionary capital left to spur another buying spree?
So as a trader, lean into the move or surf the wave, your call.
Technical Look
One
of the few technical tools I use on the options side are Bollinger
bands. I use Bollinger bands to indicate whether to hedge Gamma
systematically (take profits aggressively), or to let the Gamma run (
ride the trend). Right now, the daily bands are saying stay long and
the weekly bands are saying do nothing. So for the moment we are long
with wide trailing stops to get out.
BBands say go with the trend- Stochs say don’t be shy about taking profits
When
the weekly bands widen, then we will pick a more aggressive direction.
Weekly BBand widening offer tremendous risk reward scenarios as
volatility breakouts have much less noise in their signals then do flat
price moves.
-Elizabeth Thawne
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there is no insurance like gold and silver.
GS unloading a gold position? Sweet! I love a good buying dip.
Guesses as to how low they could drag our favorite metal before they're done? $1100? $1k?
Take it up to pretend resistance level and then try to crash it through support. Again.
Call me when it's done.
If they really (GS and Soros) wanna run the piss outta this and then really trash it all to hell, fray everybody's nerves forever and a day, take the market 20+% higher squeezing the juice outta JPM and HSBC. Make 'em bleed to death. Then when it looks real to the rest of the world, what with ma and pa kettle joining in the raping, crash it death.
That'd take care of all the spec and ETF long positions for a "long, long" time.
Squeeze them shorts like Nixon's balls, hearts and minds.
God I love this country.
Go ahead Charlie Brown, Lucy has a good grip on that football.
Gold now lower this morning on weaker Dollar and higher wholesale prices. You betcha.
It's up a dollar now. But thanks for the update.
Corporations will start buying gold before this is over. They are not stupid, they know that Bernanke can create the same dollars they have out of thin air.
Corporations are sitting on cash now but eventually they will want to sit on real cash.
Its been my question all along why banks haven't been hoarding gold and writing down short positions, and financing miners with gold backed notes, much like the gold miners have written down their hedge books. (not that I really believe them when they say they did that.)
Its the only way to protect their deposits. Getting massive amounts taxpayer funded liquidity from central banks will only create a massive tax liability and dilute the currency. Surely, it must dawn on the banker's braintrust.
Surely it must dawn on the sell-side brokers trying to trash gold stocks that they are engaged in corrupt careers with no purpose, betting on the wrong side of the market for years and engaging huge liabilities.
This is just my opinion. But I don't think Fort Knox has any gold - at least not any high quality pure gold. America and politicians love to brag about everything we have so if we had a shit load of gold at Fort Knox, we'd be showing it off! Banks on the other hand, I think they have more gold than we give them credit for. Which is why when people talk about replacing the fiat currency system with a gold back system I get a little concerned. If the banks have all the gold (and the few smart investors - such as the may here on ZH) we're going be dirt poor.
But that is the Conspiritah in me.
1227 to 1224 is all the london AM fix is able to drop gold. Maybe tomorrow if they don't buy too many tons of sand.
HD up 4.6% on huge gold paint sale.
http://finance.yahoo.com/q?s=HD
Lots of good things on King World News.
James Turk from today:
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/8/17_J...
And James Turk also:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/8/17_Ja...
Art Cashin:
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/8/14_A...
I like James Turk, but he was calling for $25 dollar silver this summer and missed....badly. Of course it was all predicated on technical analysis.
I still don't understand how anyone can give technical analysis an ounce of credibility in a manipulated market.
Man that is one fudge ugly mug on Jim Cramer.
Resources like the one you mentioned here will be very useful for me! I like to share it with all my friends and hope they will definitely like it.
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