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So Much For That Dollar Weakness
The dollar just closed yesterday's gap. And here we were hoping that Dubai, er, Greece, and all that stuff was contained. Now that the (record) weak hands got shaken out of their euro shorts, it's time to back the truck up. And time to focus on that other STUPID member, Italy, where storm clouds have so far not been gathering. Then again, with Moody's just downgrading Greek banks' hybrid securities ratings, something tells us the Boot has just bought itself an additional temporary reprieve.
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In the land of the blind, the one-eyed man (who has a reserve currency printing press) is king.
Yay dollar!!! Take that, dollar denominated commodities!
by Master Bates on Tue, 02/09/2010 - 19:08 #224178
Please note goldbugs:
Gold will decline tomorrow. It tested previous support levels as resistance today. The 1080 level will not be breached tomorrow.
I just wanted this prediction where you call could read it. Gold bitchez, and good night.
by Master Bates on Tue, 02/09/2010 - 22:47 #224395
How about this... if I'm wrong, I'll STFU. If not, I'll keep posting these predictions for the benefits of my fellow gold bitchez crowd.
Gold at 1,116 as I type this. Now you should be a man and.......STFU. Two things you should know. Number one, when the markets are exposed to this much manipulation and intervention, TA doesn't work. You may as well start reading goat entrails, your predictive powers would be about the same. Number two, Gold bugs on here own physical, not paper crap. They don't own gold to trade it based on a 5 minute chart. They own it to preserve their wealth in he face of an epic fiat currency fail. Good luck in the future but I would be lying to you if I said I will miss your anti-gold, pro-worthless paper, posts.Actually, gold WAS down the next day that I made that prediction. Look up the price of gold on 2/10, and its close.
Also, you lost a lot of money, and retraced a small portion of the loss.
(Hell yeah, now I'm only down 10% instead of 12%!)
My TA did work, that day, and it will continue to work over the long term. Gold may get to 1300, tops. That's it. That's where your rally will end, and it will end there in the summer. It for sure isn't going to end at 2000 or 6000 as some of the people would suggest.
Physical gold is more of a gamble than paper gold, as so many of you will find out when you're stuck holding 800 dollar an ounce physical...
Soros called gold a bubble. And guess what? He bought a lot of it in Q4 2009:
http://seekingalpha.com/article/189050-soros-after-calling-gold-a-bubble-his-fund-stocks-up-on-it?source=yahoo
Paulson, Tudor Jones, Soros, all kinda stupid do you think?
What you fail to mention is that those investors have short term objectives, which is much different than "I'm buying gold to hold until the world ends", which will come... ohhhh... any day now, or maybe six months from Nostradamus's prediction...
what I might ask is how you know what those investor's intentions might be or anything else for that matter. On these issues of which you suppose to speak with such self acknowledged and presumptive authority, you are only exposing yourself as a superficial tyro completely out of your depth. You are apparently attempting to compensate for this intellectual and analytical inadequacy. Accept the fact that your irrelevant and unnecessary prognostications have been called out. Settle down, reflect a bit and above all honor your own promise and STFU. That would be much to your own benefit and everyone else as well.
Thank you Yardfarmer!!!
Also, gold is 1.68 percent of Soro's portfolio. (421 million of 25 billion) Sounds more like a hedge than an investment!
Finally, and this is the last point I'll make...
All of the major indices are completing their retracements now, forming the right shoulder of a head and shoulders pattern...
Take note. More downside until early March for everything but the dollar, then we run up into the summer, before we get whooped on.
the dollar strength has have less and less effect on gold than the stock markets... to not realize this is producing a harsher punishment on yourself than anyone's yelling comment at you here
You don't lose if you don't sell. Take that concept and bury it deep in your head and then you'll find out why you don't play tug of war with gold bugs.
Once the BS good news runs out it will
ONEY and I care NOT who writes the LAWS," Nat_han R0thschi1ds
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Is this a Difficult Decision? If you are a Bankster you want #1! If you are everybody eles you want #2!”
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TA does work. You can't take my prediction for the NEXT DAY, and then apply the situation a week later to my prediction for a day later.
Also, you've had a retracement off of oversold levels.
It drops from 1220 to 1050 or whatever, now back at 1110, and that's the shit or something?
Wow, I got 66/170 back, after losing 170! That sure doesn't make sense to me...
66/170 = 38.8. Damn close to that 38.2 Fib....
ya, Taraxias, MB did say the next day is when gold would go down, and he/she was right.
not sure what the value in making calls like this is, but such is the freedom in the Republic we are fighting to maintain - so more power to you.
I'm working on my daily TA before I work on my long term TA. If I can't even guess a day in advance, how can I guess months or years?
However, I'd say that the retrace in these assets is a bit long in the tooth now.
.
Technically he was pretty spot on. So what is your point exactly?
Good luck with reasoning traxias, this record is stuck in the same grove, thus repeating itself over and over and over.
Yeah. I'd like to get some shares of commodities. Gold Bitches. (On the cheap)
Look for only small corrections in the stockmarket as long as Ben can pump the AUD.
Should be of little surprise considering DX hit supporting trend line starting at Jan 25 low. DX chart also shows cup & handle starting at Feb 5 peak so tea leaves say more rally ahead.
technicals schmecnicals.
My barber told me that the dollar is going to implode tomorrow, and that half of all gold in existence is tungsten.
With those two developments, I'll be rich biotch by April! Gold to 2000 by March!
So you talk the contrarian investment approach to your..... Barber?
The retail market for gold is limited. The retail market for trasheries on the other hand is massive.
go longer and you'll see the bigger patern. '01-'10 chart shows a double bottom with a $108.00 prediction which sounds crazy until you look at a fib retracement. $108.50 is the 76.4% retracement of the 2001high-2008low.
For those interested here's the long term fib resistance levels for the DXY:
23.6%- 83.058
38.2%- 90.099
50% - 95.789
61.8%- 101.479
I don't think DXY will retrace all these levels but I do believe if you cancel out the every day noise, 83.058 and then 90.099 is realistic.
$89 is my target. Then all hell breaks loose.
I don't think there's enough payout events going on right now to get it past 82. If it doesn't start going donw. I'm buying about $600 worth of food because it will never be this cheap again.
Yay dollar. But I see gold is not going down to where I would like it. Come on Eurozone give us more bad news!
The markets ARE manipulated...
By artificial demand in gold from the "sky is falling" crowd.
Gold won't be fashionable forever, and this demand will dry up.
If every kook in America is hoarding it now, what will happen when they move on to the next bubble in five years?
EDIT: This was supposed to be a reply to Master Bates but it appears that message is gone.
Cool. I want gold to crash to $20 an ounce like it was in the 20s. I want a godlike all powerful dollar. I'm just another young guy like you, who happens to have a nice job and high savings rate. Nothing would make me happier that a very powerful dollar because I have a lot of job security and in a reasonably secure field.
Now I don't see deflation with Bernake with his hand on the printing press. Trusting Zimbabwe Ben with the printing press and assuming he won't use it is like putting a 400lb man at a buffet and expecting him to not eat. Sure maybe he won't eat, but we all know he will.
I'm also willing to hold the gold till the day I die. My grandparents passed down a few coins they didn't use while fleeing the Soviets. But I heard stories about how having gold saved their lives so I'm willing to invest some of my savings in that kind of insurance policy. Like I said young man, good salary, high savings. I would gleefully trade my savings and gold tomorrow for a God given guarantee that the dollar won't be further devalued.
Besides you see the problems this country is facing. Do you think they have the political will not to use the printing press and allow deflation? I'm sure agriculture is a better buy then gold but I can't store and move a few tons of soybeans right now. Speaking of trouble are you planning on staying in the states long term? You see problems in the long term how is the best way to be positioned for a non trader?
When the E-Trade baby starts telling us to buy gold,
then its a bubble. Until then, its not.
My neighbor is a kook and doesn't own any gold.
Therefore your theory is proven false and my theory is QED
Some breaking news from Europe ........
http://www.youtube.com/watch?v=huOSQbLsgno
Did somebody ele notice that selling in Euro and silver happen at almost the same time?
The correlation would be silver suppresses gold which suppresses the "anti-dollar," the Euro.
Would this be because silver is easier to manipulate at the COMEX with those contracts? What is it 5000 oz. per contract? Interesting.
A number of commentators on Au have been noting that the COMEX is settling more and more with cash, paying a premium too. Sounds like default but nary a word of it outside of internal trader scuttlebutt.
Hey Stuart. Yeah I was aware of that, I just was wondering if you could control silver better than gold.
Seems Soros is also betting against fiat currencies, plowing into gold.
According to the article, he's bought 421 million of GLD out of a portfolio of 25 BILLION.
421000000 / 25000000000 = 1.684%
It's not like he would want to drive up the price by buying all the gold he was interested in at one sitting..
In the same sense china is working to get rid of their trashery garbage.
And? If he is bullish and wants the best price he will continue to buy gold over time especially on the dips.
That is like expecting China to dump all of their treasuries on the open market instead of selling them off over time in a coordinated fashion.
Sucker punch. How much money got stolen on this move?
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The Dollar will strengthen until asset prices are back to pre-1980 levels, and an out-of-control Wall Street Big money TBTF Corporate Zombie Government Banks is able to come in and scoop up the assets of a ruined population at pennies on the dollar.
That's not possible. That type of implosion would bankrupt US creditors who would then be forced to liquidate their foreign exchange holdings in dollars.
Hmmm, a debt crisis in Europe resulting in widespread defaults and interest moratoriums that cause capital flight to the dollar and protectionist measures?
But Benny is an expert folks! No worries on his watch!
Brook sly Born. er, crash. reload. reload. reload......
So much for financial reform
good articles: http://www.iamned.comFinally a buying opportunity for the euro.
Now I know why...they were preparing to buy some gold. Get that Doelarr up, someone is coming over to "Bernie's" and we want him to look alive!
Long USD, short EUR and loving it. The USD is a piece of garbage, but the EUR is the garbage can.
The impending dollar rally that I warned about from mid 2009 onwards has only just started.
USD Index daily and weekly charts remain bullish.
Vice versa for the EURO and DOW/SP00.
http://www.zerohedge.com/forum/market-outlook-0
Good luck with that. Any dramatic series of defaults or a tremendous down move in the euro would result in the end of the euro effectively. The DM would be set free, and the dollar would go back to sinking.
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