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Goldman On Gold - "This Is A Very Important Level To Watch"
Yesterday's apparent Yellen un-taper-driven strength in gold broke some key technical levels and Goldman Sachs sees upside.
Via Goldman Sachs,
Gold has finally spiked higher above notable pivot resistance 1,268-1,279 where the market had stalled since late-January.
The area encompasses a number of previous highs/lows since Aug. ’13 as well as the 100-dma. This has opened up risks to the 200-dma at 1,306).
To put things into context, the market has not been above this particular moving average since Feb. 8th last year (just over a year ago).
In short, it will be a very important level to watch how price action develops around it.
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No shit, Sherlock.
When's the last time Goldman Sachs got anything right? My advice...sell everything. Bitches.
I'd start by selling this suckers rally if I wasn't even more interested in miners. This is playing out a lot like the year 2000, when the Fed started tightening after a huge run up in equities. They'll get people to buy bonds, but equities will suffer for it.
We can watch the 'important level', or we can stop looking at fundamentals in a manipulated market, and stop pussy footing around and find out who was involved in the 7 sigma event last April.
Everybody's forgotten about Silver. :-(
So this morning, Silver tried to play catch up with Gold.
For a change, it actually moved much more aggressively:
Live Silver Chart: http://www.pmbull.com/silver-price/
+1
thanks for the link.
fonestar woke up this morning and his bits were fine. Just thought he should let people know as they seemed very scared for some reason.
Now back to your fake gold markets....
Hot Pockets, Yummmmmm
Right, that doesn't sound creepy at all. People are generally disturbed by other's mention of their "bits".
Paper market may be fake but the shit in my hands is real...what's that in your hand fonefart? Oh it's your dick.
...we refer to it as a cloning cable in the virtual world.
I thought you called it a bacon bit.
Dude, you need to get a girlfriend. Show her your bacon bit.
Good Lord Man! You're like a broken record. Can you comment on anything other than Bitcoin? Really, every single person on Zero Hedge knows you LOVE Bitcoin. What some of us wonder however is if you have the intellectual capacity to comment on anything else. We get it, "Blue Horseshoe loves Anacott Steel."
Yeah, why get excited about the world's first and premier P2P cryptocurrency when ya know.... you could get excited about a metal bar instead?
What I get excited about is something that is real, tangible and has a demonstrated track record of providing protection for wealth. I didn't get excited about pet rocks, beanie babies, pokemon cards and other "investment opportunities" of the last few decades. I also don't trust anything that is in the shadows as deeply as Bitcoin. For all you know Satoshi is Keith Alexander. It's pure and unadulterated speculation. As I've said before, repeal legal tender laws and let folks use whatever they want as a medium of exchange. However, 99.9% of the people out there have no clue how to mine or use Bitcoin. And I still think that at some point there's going to be thousands of cryto currencies out there and Bitcoin will be nothing but a Bitplayer. Your single minded zeal and enthusiasm notwithstanding, you may want to broaden your horizons a little.
Most of you blockheads equate tangibility with "real" and "value". In fact, the very opposite is true because it is apparent to any intelligent person that information itself is the most valuable commodity in business and finance. But you're so heavily invested in gold that you can't see the forest for the trees and all of your (dis)info is coming from that sector and people who made their money in a very different era.
Gold is insurance.
Bitcoin is interesting, though fantaticism is annoying. When it comes to bitcoin I prefer to the greater idea of cryptocurrencies, I don't see the necessity of the first becoming the final, things can go wrong plenty of times and I reckon the time is not yet ripe for mainsteam bitcoin dealings. Nevertheless it has its use in the margins of the economy.
repeal legal tender laws and let folks use whatever they want as a medium of exchange...
Amen. Unfortunately, the US frn is so tied into the irs at this point of our history, it will likely take something greater than "an act of Congress" to purge it from our system. Know anyone / anything up to the task?
There will be no political or legal solutions to these problems. They are deep-rooted and spread throughout the western world. The system, the professionals and the leaders people are supposed to look up to are all corrupt to the core. There are however technical solutions to make these people completely redundant.
fonestar, question - while i am a proponent of BTC in general (as an idea not an investment opportunity), what worries me is that, since it is dictated by computing power, and the entites that have the MOST computing power in the world are US and Chinese sponsored orgs (either universities or defense departments), what is to say that they are not or will not manipulate it for their own purposes? Do we even know how much computing power those entities have, so that it is definitively safe for real use?
The global computing power of the Bitcoin network is so far beyond all of the supercomputers on Earth that I wouldn't even call it competition.
Prove it, point us dummies to a source that validates what you say. Bluffdale Utah alone probably has more computing power than all the PC's in the US combined.
That's a fine subjective statement, and I *tend* to agree, but wouldn't it be the perfect bait and switch for tptb? Show me stats. Network is running at ~24128.557 Thash/s today; show me the tptb do not have 50%+ of this, and I'll concur with you.
Prove a negative to fonestar and he will concur.
Ok, so rough calcs..
Current hashrate of 25 petahash/s roughly equates to 317,000 petaflops/s, 50% of which would be ~160,000 petaflops/s. The top supercomputer in the world runs up to 33 petaflops; the top-ten don't seem to aggregate to 100 petaflops (http://www.siliconindia.com/news/enterpriseit/10-Fastest-Supercomputers-...).
Thus, it would seemingly take up to 200x the current set of top-ten supercomputers to compromise the BTC system (which continues to grow). So unless DoD has a super secret quantum computing machine(s), this seems pretty safe computationally from *published* rates of supercomputers - though that assumption isn't super far fetched, you must agree.
In closing, I must opine that tptb would be best served to undermine BTC using commonly observed practices such as controls and misinformation.
In closing, I must opine that tptb would be best served to undermine BTC using commonly observed practices such as controls and misinformation.
...or perhaps launching DDOS attacks against the major exchanges in conjuction with arrests of highly visible Bitcoiners?
And I don't think a sudden 200x increase in the amount or power of the world's supercomputers is a very feasible or realistic projection. About as realistic as all of their owners deciding to suddenly get together and use them to disrupt or destroy the Bitcoin network.
Indeed. And the aforementioned calcs only speak to the supply-demand (mining) of BTC being tough to compromise. As long as fiat is the medium of exchange, ANY commodity with such supply-demand integrity is compromise-able for a time (see: gold). Also, they could mine a hell of a lot of BTC with a 33 petaflop/s computer. If I were a policy maker, I'd recommend our gov't to stop using this computing power to unencrypt nude selfies of foreign leaders and instead mine BTC.
One morning fonestar will wake up to find his bit and his gibblets gone.
And how do you suppose that would happen?
the fear that you experience every morning when you wake up and rush to your computer to check on your bitcoin account status will only increase with time till fonestars
d-day and you get that dreaded error message. AND ITS GONE BITCH!!!!!
IT.. will.. be.. epic!
Again, how is this going to happen moron?
AussieKiwi woke up this morning and his Gold was fine, breathed a sigh of relief its not zeros and ones on a computer somewhere in the cloud.
Even a blind squirrel finds a nut...we know your old lady's squirrel is blind and found a nut
Let's not forget what Tyler has been telling us. Whatever GS says do the opposite.
Does this still apply? Or it got old and GS has a different MO?
I thought Stolper left GS...all is well, right?
pssst...hey Goldman Guys...we all know its Paper Gold...its NOT real price discovery..we all know its a manipulated paper price..but we know what you are doing is just a Muppet show.....we won't tell your Muppets..we promise..
Goldman says buy... Does this mean sell or get muppeted?
The most important level to watch in gold is not the $ value (for paper gold),
but the level of physical gold in Fort Knox and Bank of England. When that
level hits the floor, the price of gold is off to the moon.
new "gold hole" is china...
Cue the paper Gold dump in 3.......2.......1......
Jellen is still wearing the "I'M NEW" sticker so she's not allowed to press the dump button yet.
gold approaches key levels in light of mass liquidations of fraudulant paper denominated gold.
there fixed it...
Lately, it seems every time they dump gold, there is a line of dump trucks
backing up to load and haul it away. They better go to plan B.
Mr cog, its more of a QE of new paper gold creation no? Manifest moar, dilute the trade market?
Another Goldman article with no satirical slant...and a GOLD positive article at that!...hmmmm
Following Goldman recs is like the old Vegas story:
I went to Vegas in a $10,000 car. Came home in a $90,000 bus.
CAN'T DIG FOR GOLD WHEN IT SNOWS NOW DOES IT?!
and we all know supply and demand rules in the gold market so gold will go up...
No, but you can pay somebody else $5 to dig it out for you...
Watch for an explosive move in Palladium soon.
I'm long ignoranium
Go long uranium
Long nocranium
So, you think three years of production deficits and the entire Pd market being in the hands of the Russians means something?
I have no basis on which to disagree with that wildly speculative comment. I hold a lot of palladium, so I'm curious... Would you care to expand on that statement?
Weren't they just calling for sub $1000 gold in January stating physical demand couldn't possibly sustain price at these levels?
These guys are thieves and should have no credibility whatsoever
"Miss Yellen. You love your country don't you? Be a good girl and smack down those pesky metals."
but which country (given that she holds at least two passports)? then again, in regards to your point, it probably doesn't matter.
buying every paper below 1295 now, easiest money
target hit
The important level to watch is the size of your stack.
and China is back from vacation...buy on
Do I care? Not really. Gold is not an investment for me. It's for insurance against the central banks and the idiots "in charge".
Again, technicals in a manipulated market. WFD does a chart make under these conditions? Show me some technical charts that fortell of a massive, instantaneous dump during illiquid times and I'll become a believer. Until then it's like watching the Wizzard of OZ. The only question in my mind is it JPM or the FED (like there's a difference?) behind the curtain.
I'll feel kind of nervous when GS outright recommends buying the stuff...
fuck the squid! buy gold on the dip!
Goldman says there is upside in gold? But .... You say you are lying, but if everything you say is a lie, then you are telling the truth, but you cannot tell the truth because everything you say is a lie, but you lie... You tell the truth but you cannot for you lie... illogical! Illogical! Please explain!
You tell the truth but you cannot for you lie...
The most effective liars are those that know the most truth, speak excessively about it, but craft their own evil intentions around the one colossal deceitful "fact" which seems so preposterous as to be disregarded by anyone listening to them.
jmo.
Like Tony Montana says..."Me, I always tell the truth, even when I lie."
Spot gold was indicating it was going higher in January.
http://bullandbearmash.com/chart/spot-gold-moves-higher-stops-resistance...
But the move up may not carry much further than 1425
Maybe GS is confused..they have to sell their Yellowcake and maybe someone thinks its gold...
Perhaps TPTB are liquidating some of their stacks and using GS to launder it.
Classical technical analysis as others have suggested is now pretty much dead. The boys know how the masses think re charts so they play them like fiddles via tape painting.
So if you want to use TA now, you have to use it as a 'perversity' tool, ie wait for the boys to paint the tape, get everyone in, then watch for the trap and GO WITH IT.
gold smackdown in 3, 2, 1.....
do you hear the sound of INEVITABLE?
I wants mines now!!!!
They are wrong about their targets. So they are still wrong on the low side. I wonder how their clients feel about slam dunk selling?
If you believe like me, that: A) gold can only rally once the credit multiplier in gold can no longer be manipulated -a moment that is far, far away but....it IS there- and B) unlike me, that such moment is upon us, which is why gold is at this level or better said, has not been able to break below $1,180....then you should go LONG MINERS/SHORT GOLD. In other words, you should bet on the contraction of the credit multiplier in gold, because when you go long miners, you go long the monetary base and when you short gold, you short the credit expansion of the monetary base.
The ONLY MFing level to watch is the PREVIOUS HIGH ~ $1800. ALL else is BS, brinksmanship, shilling and website-hits.
Boring. But hey, let the commission and margin games, and website hits go on! People gotta make a living, right?
Maybe the recent rise in Gold has something to do with China's claim to a rise in imports.
Peter Schiff: Jobs, Gold, and Janet Yellen
http://sufiy.blogspot.co.uk/2014/02/peter-schiff-jobs-gold-and-janet-yel...
Gold Goes Vertical, Breaks $1,290 During Janet Yellen Testimony TNR.v MUX GDX GLD RGLD ABX
"Gold goes vertical with short squeeze in action after the $1,270 level today. The highest print was $1,292 so far and the real game of music chairs will be started after $1,300 and tomorrows headlines. The big boys are loaded as well as flood of articles positive for Gold in WSJ, Reuters and Bloomberg can indicate. General public is still chasing the last Bubble in the general equities and GDX - ETF with Gold miners is breaking above 200 MA today. The real reason for the run are actual Chinese numbers from Koos Jansen report of 2,181 t of Gold consumed in China in 1213 and the coming shortage of physical Gold.
if you didn't buy into the 1180 lows, why would you take BS's...err...GS's advice and buy at the current 200dma around 1306-1307? If it gets there... if you take GS's advice at face value, you are a MORON and deserve to get financially reamed. After a 100+ dollar advance from the lows, the act of buying, does not a good trade make.