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Citi "Bullish" Gold And Silver
Yesterday's daily reversal in gold and silver has prompted Citi's FX Technicals group into a bullish position targeting $1,335 for gold in the short-term.
Via Citi FX Technicals,
Silver marginally overshot the 76.4% retracement of the rally from the trend lows in May on the log scale chart
This retracement level came in at $19.65
Additionally Silver posted a bullish daily reversal and momentum has also crossed up from stretched levels
A close above $20.50-62 would add weight to these bullish indications
Gold also posted a bullish daily reversal at the lows yesterday
The candle is somewhat similar to that seen on 15 October (although that was not a reversal day so yesterday’s price action is more aggressive)
From the 15 October interim lows, Gold rallied $110 over 10 sessions.
The same this time if seen would put gold at $1,335.
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muppetspeak?
Someone needs to cover their shorts?
I've been bullish on gold and silver since forever!
Citi is just now getting the message? Dumbasses!
DaddyO
Technical trading 101: if it goes up a little bit then it may go up further. If it goes up a lot it may go up a lot further. if it drops then you must sell because we were wrong and it was a false signal.
Who needs fundamentals???
Citi's bullish??
I love silver and gold anyway. Screw the cartel!
China net import from HK in Oct is 129.874 tonne, a little lower than my expectation of 150 tonne. But already accrossed 1,000 mt in 2013, SGE delivered 2161.454 tonne until Nov.25, 2013, total import exceed 1600 tonne (in which 600 mt don't through HK)
China need Gold to offset big trading surplus, so it is long ballastic strategy to import
Why would they want to cover when the biggest profit potential's just opened up?
Fuck Citi.
I fear indeed they are merely channeling Statler and Waldof. At this point Ive had any and all enthusiasm beaten out of me for metal and buy and hold based on only a seething hatred of the current system and those who operate it. Someday baby. If it is before I die Ill instruct my son to read an prewritten Jeremiad* in my honor when they do finally take off.
*Jeremiad: A jeremiad is a long literary work, usually in prose, but sometimes in verse, in which the author bitterly laments the state of society and its morals in a serious tone of sustained invective, and always contains a prophecy of society's imminent downfall.
If Jeremiad is your new favorite word they say hell yeah.
+1
Hell yeah. I love new words.
+2 million
This might be my favoritest post ever.
Jeremiad sums up my entire life. Posthumously of course.
So, like, in the future.
I buy gold because I believe in math...
Economic math now follows Orwellian rules - if Big Brother says 2+2 is 5 then 2+2 is 5. So far, if you don't believe it there's no real consequence other than losing all your 'money' but eventually those thought crimes will be prosecuted.
I buy because it can't GM'zine you. Can you imagine gold going to $0, discharging all its debts, and then going public again with the same fucking ticker symbol and the same fucking management?
You're clearing talking about Gold. Citi's talking about 'gold'. I think everyone at ZH should start making that distinction between the 2 products.
Paging Joseph Stack...
Post of the century CD.
I reckon my grandkids may end up enjoying my stack, and reading my Jeremiad.
Fuck it. Stack that free man money.
Over in India, the largest retail market in the world perhaps, jewellers are paying USD 120 to USD 130 per oz on top of the spot price and are expected to pay upto USD 200 per oz as premium by next month.
http://www.bloomberg.com/news/2013-11-26/record-gold-fee-spurs-gitanjali...
Import curbs in the world’s biggest gold user may force jewelers such as Gitanjali and Rajesh Exports Ltd. (RJEX) to pay a record $200 per ounce over the London price from next month to obtain supplies, according to the All India Gems & Jewellery Trade Federation. The premium is currently $120-$130 an ounce.
Short term as in tomorrow? Happy Thanksgiving and pass the stuffing. And gravy.
Bullish or Bullshit? A typo?
If it's Shittibank, then the latter.
Bullshitish~!?!
Let me know when we're at $3500
Will need to freeze you with Ted Williams for a little while. You wont live to see 3500 gold. Well, if you're under 40 maybe.
You wont live to see 3500 gold.
Of course he will!
The cartel isn't going to hold it together for decades. They WILL fall, and then gold will find its natural level... which is a lot higher than the current "price."
The news probably won't be broadcast inside the reeducation camps.
LOL.
Wow, 1335 whole dollhairs? Can you HELOC bitcoins for gold faucets yet?
$1335 ??????.....that's all ...Nigga please !!!
They are really putting their neck on the line aren't they...
Just put your head here in this hole. Don't worry about that shiny blade up there....
There is an increased demand for paper?
...cuz that is what prices'gold' and 'silver' too.
Actual metal sales don't even begin to move the needle.
Just touch a lit match to both the metal and paper PM's, which would you want?
POOF...
Paper is sh*t!!
DaddyO
Tsk.. tsk.. people who trade disaster insurance deserve none.
well, it broke every trend so it could even drop to 2008 lows.
And I hope ot does!!!
it has to go to zero first
Bullish or Bullshi?
I'm bullish on Gold Brokers, Dealers and gold Shills (gold blogsite owners) profiting from PM's SIDEWAYS market. Sideways markets are where a few Insiders make fiat off lots of Outsiders.
Yawn^3.
Shit, I'm long both how fucked am I?
If you're leveraged long in any way, prepare to be bankrupt.
Citi must have read my ZH posts about the bullish outside reversal yesterday on GLD and SLV. I will take credit for the story.
Bullish, bear; up, down; left, right; right, wrong..This shit is as stable as a fart in a windstorm.
CITI?
Nuff said
In others words, SELL.
Citi will be lucky not to be bankrupt in one year. Same goes for Deutche Bank.
Fuck em'
Douche Bank, get it right!
Dream on - CITI has NO CHANCE of going bankrupt. Same goes for Deutche. That's what 'Too Big To Fail' means.
Citi already went bankrupt..equity holders were slaughtered.
But the bank was saved, and always will be.
They have no idea what is going to happen. And even if they did, they wouldn't tell us.
It bears repeating. Gold and silver will only go where the bankers want it to go. With unlimited fiat they can manipulate PMs in any direction they please. Keep accumulating physical when possible, with the understanding that you're buying fiat insurance.
Yup. They did one better than turning lead into gold. They have turned paper into gold. As long as people accept that a piece of paper is gold, they will have control.
bullish. absolutely, DXY sitting at 80 ready to plunge. B52s flying over the Chinese no fly zone - east/south China sea. http://www.usatoday.com/story/news/world/2013/11/26/japan-china-senkaku-...
sh*t is about to fly.
>> Chinese no fly zone
You dont' know what a no fly zone is.
huh?
It's an air defence zone. A no fly zone means just that, no flying in that zone. If I'm not mistaken, two B52s just flew through there. Hell, it's not even a viable air defense zone and the US and it's allies wasted no time is giving it a big fuck you. You can claim anything you want to claim but until you're willing to back it up when the biggest, baddest, craziest mother fucker with the most guns and the biggest guns thumbs his nose at you, it don't mean shit.
Look, what you have is superpowers playing with 'no fly zones' semantics, namley China. Not sand bandits and despot idiots in the middle east. I'll bet that China missile locked onto the B52s.
Now Obama tried to play Russia, when they (Russia) set up a no fly zone (drones, cruise missiles, NATO planes) over Syria. Remember that? Nearly WW3. Well, same sh*t now with China/Japan/US three-way.
It's amusing how close we are too all out war.
Soon the bluff becomes the play.
Not a chance. When the miners dump 10+% 3 days running then maybe bullish.
15.00 silver for the next year or two would suit me just fine.
It's the 10.00 vig that will piss me off.
Wait, who was it a month or so ago who said 'buy' at 1309 with a stop at 1280? Right at the start of the selloff? These guys are going to look pretty stupid in a few weeks when the big overnight BIS dumps take 150 off the current price. There's 12 million oz outstanding on the Comex for December that need to be forced to roll or close at a loss, you think the price will be allowed to rally from here? Fucking idiots.
They are just having fun Al. The same way BofA said a week ago to short treasuries at 2.8% after a run up from 2.6%.
It must be a pretty sweet gig, just make shit up, week after week, never get held to account for it.
Although the deal those BIS traders in Hong Kong have must be a hoot as well. Dumping thousands of contracts into the thinnest part of the market doesn't take much time, I wonder what they do for the rest of the day - probably out roaming the streets of Hong Kong, killing stray dogs and hobos, pushing little kids off swings, stealing money from old ladies for kicks...
>> killing stray dogs
Those kinds of sociopaths kill dogs with collars and tags, preferably attached to a leash leading to someone's hand.
I was wondering if they carry some kind of special ID card - you know, like whatever the diplomats have, that gets them exemption from the laws applied to everybody else.
Cop - You there, stop that, you're not allowed to randomly assault young women on the street!
BIS Trader flashes ID card
Cop - Oh, very sorry sir, go about your business, I'll see to it that you're not disturbed.
Goldman's last call has been right:
http://www.zerohedge.com/news/2013-10-08/goldman-says-gold-slam-dunk-sell-ready-buy-all-its-clients-have-offer
"Gold is slam dunk sell for next year because the U.S. economy will extend its recovery after lawmakers resolve stalemates over the nation’s budget and debt ceiling, Goldman Sachs Group Inc.’s Jeffrey Currie said."
So far, this trade has worked. It will continue to work in the near term. Pressure on gold is significant and when you look at the charts it's pretty obvious the pressure will continue. I'm pretty confident 1000 - 1100 ounce gold over the next 6 months. There's nothing to keep gold levitated. Look at the past 3 years of gold trading. Fall 2011, peak at 1,884 ended 2011 at 1,566 (massive sell off into 2012). Fall 2012, peak at 1,781 ended 2012 at 1,656. Fall 2013, peaked at 1,417 and we are currently at 1,240, pretty good size sell off so far and we have strong end of year rally coming in equities. So be advised... long S&P short gold between now and Jan1. Major money to be made on that trade. I know the Zero Hedgers hate these posts but you want truth right? The market can stay irrational much longer than you can stay liquid. And if cheap rates and QE continue....the markets will behave irrationally for a long time. Bad for gold on all counts. Because if there is no risk...there is no fear trade. The FED is here to stay and they will support any and all breaks in the market. Remember one more thing. It's not where a stock/commodity has been its where its going. Don't be delusional and think gold is on sale right now. It's in a bear market. It fails to hold any upward move. It breaks through support levels with regularity. The Autumn sell-off is here. Gold 1,150 by end of year.
The direction is right, the logic is bullshit, which makes it galling. They should have said 'gold is a slam dunk sell because its in the western central banks' interest to keep the price broken and give it away to the Chinese as the net return to the .1% more than offsets the costs they'll incur protecting themselves from the 99.9% when the catastrophic consequences of this sellout eventually become undeniable. So since we're going to continue to rape the rest of you, you might as well sit back and enjoy it, you miserable fucking muppets'.
I dont agree with the logic either. But logic hasn't been driving these markets. I don't ask questions nor fight the current of FED intervention. It really is a sight to behold. This will go on for 2 to 3 more years. The fed has deeper pockets. Ride the tide for a few years...sell those profits and buy gold at 800 ish. Then sit back and sleep at night.
Citi going long means the sale prices on Gold and Silver are going to get even hotter !!!!
I cant wait to pantry load up on this one as the "Buy One OZ, Get One Free" equivalent pricing on PM's continues thanks to JPM and the Fed. Hot Damn !!!!
that certainly sounds like some secret monkey hammer speak to me...paper PM's gonna get their asses whooped now, I hope. Cuz when that happens...yes, I am gonna say it...I'm gonna back the f@cking truck up (again) lol
My LCS, however, has dried up his own supply though. I know for a fact he's vaulted away all his cheap silver and is now only selling ASE's for 4.50 over spot. That's it...no more cheap Buffalos or bars. And he almost always has a lot of that around, so I know it's tucked away in the safe until the shiny gets back up over 22.00 again. I don't blame him...his profit margin on Buffs is almost nothing right now.
He should just charge 4.50 over for the Buffs as well, but he won't because he's a good dude and doesn't want to do that to his loyal customers.
This is all well and good, but what do Andrew Maguire and the London Trader have to say about the 'chaos on othe LBMA floor'? I understand the 'physical markets are on fire' and that there have been some 'astonishing developments' LOL.
Fuck this, Goldman just got a stack of gold from Venezuela to sell off to China, and I'm sure there are other bankrupt countries lining up to give away their gold as well.
Another reason why gold will see pre Lehman levels. Liquidation. Do you think China is in some great economic position relative to the rest of the world? Nope. We're all gonna liquidate together. This ship (US financial system) will sink and pull everyone down with it, even those in the life boats (gold holders) because anything of value will be liquidated to cover losses especially collapsed economies. There truly is no safe asset out there. Your health is all that will matter. Well, your health and being debt free. Be healthy and debt free.
Debt free won't matter - they'll get you one way or the other - interest on debt, taxes on real estate, prohibition against selling gold. We let these fucking cunts at the investment banks get away with too much shit for too long, and now they hold ALL the fucking cards.
"Gold also posted a bullish daily reversal at the lows yesterday"
...against what?
Bwa haha haaaaaa.....................................................................
And something else, there are A LOT of people on here that have significant losses in this downward move. Well, if you believe the claims of "backing up the truck" and "adding to my stacks at this level" that have been posted here since Oct 2012. Gold has been decimated compared to S&P gains. I mean how are you guys not throwing up every morning you roll out of bed and start your daily routine. Since October 5th, 2012, Gold has lost 30.3% in value and the S&P has rallied 23.5% over the same time frame. That's a vomit inducing 53.8% swing (or opportunity cost). I dont care who you are, that's portfolio destruction. And most of you are wanting gold to go even lower!! WTF? I took a few minutes and looked back at Zero Hedgers comments over the past year... there are some major losses out there...
good thing i don't give a crap about what citi thinks
Yawn......
So many calls, so litttle accuracy. You might as well flip a coin as to whether you want to believe anything anyone says anymore.
If I ever went to a "legit" casino, I at least would know that the odds are structured in favor of the casino. Wall Street is like the ultimate crooked casino, but it still has to sucker you in with a few winning hands before they reel you in.
Feel lucky, sucker?
What's your bet on where Gold goes if Israel takes out Iran's nuclear facilities?Is that why it's climbing now?Because of Israeli Air Force exercise preperations?The credibility of their word is on the line.
Israel's not going to take out the Iranian nuclear facilities. They pay the US to do that, well pay or blackmail, I'm never sure which it is...
Someone be kind enough to wake me at 950 please....zzzzzzz
Check out tulving.com, SOLD OUT across the board in ALL Kilo Gold and Silver products.
That's ok, there's no shortage of GLD and SLV. But that shortage of physical supply is sure going to crush demand, right Bloomberg, Reuters, you stupid, coopted fuckheads? Isn't that the way it works, if sales are down because of no supply that should be interpreted as a drop in demand. correct?
I can't believe I bought a silver miner when I could have just lent money to my deadbeat cousin.
>> lent money to my deadbeat cousin.
That's some funny shit. I'm glad I made one last pass through here before hitting the sack. (us hobby farmers hit the sack early)
I'm hoping the ones that still have some money left get out of the mining business, take whatever they have left and switch business models to cleaning up dogshit in public parks, which I think is currently worth more on a per-oz basis.
Bullish... until Friday 3:29pm when the monkey hammer comes out again!
gold is slightly bid
http://www.news.com.au/world/united-states-responds-to-chinese-air-ident...
Hey DebtSlaveZombie: I bought full into Silver and watched my 401K go up 100K in a few months back when it hit $49 something. Anyways I fucked up because I never sold any paper silver I owned back then. Now we're below $20 OZ. So where I could have made a 100K I've lost even more & all the while I've been bank safety dep box stacking Physical all the way up & down. My retierment depends on a recovery & I'm 55 years old. I just wanted you to know that there are those that have fucked up and that are willing to admit it. I retire in 10ish years. I hope silver rebounds by then but who knows. I will say this: I am proud of the stand I took in silver [100% invested.] No one does that but I did what I believed in. Maybe I was wrong but I still have time for a late game grand slam... Just sayin!
I don't have confirmation yet - we are still in a steep down channel and 1210 is still very possible before a valid reversal.
I'm just an ex-stockbroker with EFHutton, an Economics major from Tulane U. (now solidly Austrian School!) but I confess that I have trouble understanding the predictive value of Technical Analysis in what are admittedly RIGGED MARKETS.
Could someone try to explain it to me?
Be gentle.