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BofAML: "This Gold Pullback Is A Dip To Buy" And Stocks Are "Ripe For Stalling"
BofAML's NacNeill Curry remains bullish gold. He notes the impulsive gains from the 1251 low of Oct-15 and break of the 2-month downtrend (confirmed on the break of 1330) imply the medium-term trend has turned bullish. We look for an ultimate break of the 1433 highs of Aug-28, with potential for a push to 1500/1533 long-term resistance. Curry suggests traders buy this dip at around 1310 - warning that this view is nagated with a break below 1251. For those awaiting, a break of 1375 (Sep-19 high and right shoulder off a multi-month Head and Shoulders Top) is additional confirmation of the trend turn.
Buy Spot Gold at 1310, risking 1250, targeting 1450, potentially beyond
And beware, he notes, the S&P 500 is "ripe for near term stalling"
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buy-sell-buy or
sell-buy-sell?
or buy-buy-buy?
So he is saying - If it goes up it could go up, but if it goes down it could go down, or the opposite.
Technical analysis - Meh!
Best advice: Buy physical at any price now because at some point in the not-too-distant future, prices will be a lot higher.
$1,250, $1,310, $1,350, $1,430...it won't matter.
The only thing one must remember is to take delivery.
PS: Don't eat it because everyone knows, you can't eat gold. You may end up with a mouth full of tungsten. :-/
S&P goes vertical.
Down?
If one were to be standing on their head looking at the chart, then yes it was down.
Any hard solid metal is better than some volatile digits at some distant harddisk.
Oh cool, now i can go all in on PM's with confidence. OOPs, already did that.
And here we go again, still chasing that rainbow with the pot of gold at the end of it, and getting ass-raped along the way while stocks rise relentlessly. I think I'm going to boycott KWN and anyone else that keeps pounding the table for this loser.
I work in a very 'diverse' group--Pakis, Indians, whites, and a handful of Hispanics.
Today, all the white guys could talk about is where to go for beer after work.
All the Pakis and Indians could talk abuot is how much more gold they are going to buy by the weekend.
Hispanics, well....I don't know since yo no habla Espanol but they always seem happy no matter what.
Buy-sell-buy for the public, sell-buy-sell for club members.
Gold is insurance. Don't trade your insurance.
This is simply the smartest move and it amazes me how many people do not understand this. Just get a certain amount, take physical and then bury it somewhere and forget that it exists. Then if ever SHTF you have a fall back.
All the gold traders will be left with no gold when they really need it because they will have sold it all during a quick rise in price, not realizing that they will never be able to buy it back.
If you are a believer, you can view Bitcoins the same way. Just get some and store the keys somewhere, if it ever becomes gold 2.0 and SHTF you have your safety net.
At what number does insurance end and speculation start?
I'd say if you pick a percentage of networth that you are comfortable with, dollar cost average your way along your career to maintain that level, or play catchup to get to the percentage, hold until it's needed (for needs not wants when you are of ripe old age), and leave any remainder to your most intelligent offspring or other heir (who also knows it is insurance as stored labor for last resort use only), then that's the scope of using it as insurance.
Outside of that is spending on wants, speculating, or poor planning if you have to trade in and out to meet expected life issues (meaning the dealer gets more money out of you for their cut on trades).
I have heard people say 1oz Au per month per person is a great insurance to help subsidize a comfortable life. So if you can amass >=200toz, then 100 months insurance (approx 8 years) for 2 people.
There are so many variables to consider, like what you do, and where you have the rest of your savings, the status of the banking and monetary system, etc., etc., but you have to pick a plan and stick to it until such time you have enough info to justify and adjustment to the plan.
But Goldman Sachs says its a slam dunk sell?!?
if you ask me its a pretty obvious head and shoulders pattern.
In reverse.
Bullish at $1273.50...negated if falls below $1271.40. Sell signal at $1296. Buy if below $1294.10...
What rubbish. Technical analysis is useless in manipulated "markets"...you buy and hold long-term on fundamentals, waiting for these clowns to run out of the real metal in a panic.
That's all.
Give this man a prize!
A share of GLD?
k, agree, i reached the same conclusion. this could be the last chance to buy at this level.
Gold is going nowhere as long as the Dollar is in this rally...
>> Gold is going nowhere
I know mine isn't.
It's all ok till some one drops a years worth of supply sell order in Asian time!
Walll Street is the puppet master of the fed.
All Wall Street has to do is take this market down a bit to force the fed the increase QE.
Wait, this MacNeil Curry?
"In 2013, Curry sees the yellow metal trading through the 2011 highs ($1920 area) and push into $2000."
His call has been good so far. BWAAHHHAAAAAHAAA
I'm a long-time advocate of PMs as savings and insurance against criminally irresponsible behavior by central banks and politicians, but this downleg is just starting. If BofAML is saying buy at 1310 they either don't know what the fuck they're doing, or they're trying to sucker people into buying paper at 1310 so they can get stopped out at 1250.
More importantly, why is Tyler and ZH posting this dogshit from these rotten, lying, criminal assholes?
Sad.
BofAML's Macneill Curry ...... You mean MacNeill Stolper.
Not selling one ounce or one share of miners. Gonna be here a long time.
Same here.
Bought some juniors today, sold some non-PM miner shares and will buy more once those trades settle next Tuesday.
Its the 31st of October..its just the Banks shaking the loose ...weak...hands out of the market..they don´t want those options to be exercised for real metal that the banks do not have....on the fundimental side...the Fed just said full speed ahead for QE...so gold gets more valueable every day..just by the printing that is going on....
To whomever suggested NUGT yesterday, thank you.
You sound rather content for a 10% one day loss
Pondered it yesterday, bought it today.
I didn't suggest it but I did 'announce' I was in; not working yet.
When are those new Physical marketplaces coming on line in Singapore??
Gotta get the fuck out of the shadow of WS banksters
Imo, gold/silver are sure bets for great future returns if you bought them today.
The problem is that the FED/government is artificially pumping up the markets while manipulating the measurements (CPI, unemployment, GDP) to mask economic problems. And they seem intent on continuing to do this until the economy improves (which it obviously - again imo - never will as long as QE's/artificially low interest rates exist) or they can simply not do it any longer.
And since the ignorant masses and Wall Street both want this situation to continue then it wil clearly continue for a LONG time unless the rest of the world finally gives up on the U.S. dollar.
Yes, there are signs of that happening - but they are painfully slow.
I am heavily invested in gold/silver - but I fear that their (inevitable) skyrocket may take several years to even begin. Maybe many years.
My advice to most people is that I think gold/silver are a tremendous investment right now...just don't buy any on any kind of leverage that you cannot afford for many years.
Gold COMEX Claims Per Deliverable Ounce Rises Above 55 at These Prices
Jesse reports about the ongoing Game of Musical Chairs in the Western Fractional Reserve Gold System with manipulated LBMA and COMEX Gold markets. With China taking now all physical delivery from the system the entire Western Gold market is under enormous pressure. We found it very positive that with more unleashed attacks on Gold - in order to redeem physical Gold from GLD ETF holdings - it is more and more difficult for Gold market manipulators to keep it under $1300. Physical demand is pushing the price right back up. Goldman Sachs clients are not doing very well if they Sold their gold below $1300 following the House Gold Sell Call. This week we had a very impressive breakout in Gold, Silver and Gold & Silver mining stocks.
http://sufiy.blogspot.co.uk/2013/10/comex-claims-per-deliverable-ounce.html#