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As FOMC Looms, Silver & Gold Back Above Key Technical Level
With a 4.5% chance of rate hike priced into the markets at today's FOMC meeting, it is unlikely that anything exciting will happen today. However, with China outflows, BoJ easing expectations, and Draghi still promising moar, it appears precious metals are once again bid. Both Gold & Silver have broken back above their 200-day moving-averages this morning...
Charts: Bloomberg
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i h8 to point this out but the slopes of those 200DMAs are, er...
With ZIPR, NIRP and infinite QE, gold and silver should be much higher. Infinite manipulation by the Fed takes full credit for low gold and silver prices
The last honest Fed chairman explains:
Paul Volcker: Gold Was the Enemy
“Gold was the enemy to me because that was a speculative vehicle while I was trying to hold the system together. [The speculators] were on the other side.”
Then and now, the gold price is viewed as the inverse price of the confidence in the system. If gold is high, it usually means something is amiss. In Volcker’s time, the high inflation and budget deficits of the 70s propelled gold from a low of $35 before 1970 to a high of $668 in 1980.
http://www.theepochtimes.com/n3/1299447-paul-volcker-gold-was-the-enemy/
Silver and gold above a key technical level? Shit, that means that either the lake I lost it in has drained, or somehow they both developed the capability to float.
The lake was drained by all the seismic activity recently. Just another consequence of global warming.
We need to move away from pricing gold and silver in fiat currencies. It makes no sense. Compare both metals relative to other commodities. How many barrels of oil per ounce of gold, etc. Otherwise, if one day you wake up and it takes $5,000 dollars to get an ounce of gold, you can't tell if the gold increased in value or the dollar decreased (because fiat is always in a constant state of devaluation).
-Argenta
read Wealth of Nations...
And Yellen will end the FOMC with a coughing fit and a comment about squirrels, then paper gold will get dumped on cue, probably early on Friday. Lather, rinse, etc...
Yep, no CB 'will they won't they' crap to worry about until December. Gold will get dropped like a lead balloon after FOMC.
Well, if they can;t figure out what is going on, I guess that line is as imporant as whatever stupid garbage the Fed is going to say today.
Cue mysterious, massive insta-futures-dump in 3...2...
The massive futures dump is scheduled for a minute after 2pm this afternoon. Give or take 90 seconds.
Everybody (in the market traders mind) are waiting fomc. Which we'll inform us. Something we already knew. Cause, they are all the same CLUELESS like us...
Not clueless just don't want to pay for the drunkin orgy, just like us.
I wonder exactly how much conterfit fiat it has taken to cap the metals prices ongoing . Must be well into the billions US by now.
More like trillions.
Yawn.....wake me up when the paper gold price has breached 1450......until then I'm gonna keep my phyzz out of harm's way.
Gold will pummeled back to 1100. There's no way TPTB will let gold soar this year. Not until obozo left the office.
Every effort will be made to avoid having the first black man presidential stooge stuck with the responsibility for economic collapse. This role is reserved for a white male stooge instead.
It is a litte late for that. It is sad to think that he thinks starting WW3 will actually rescue his legacy.
I made a bet on Bitcoin going higher as I think the Chinese will be buying in droves due to the shitstorm about to go down there.
Ah, I see that gold has popped. It looks a bit premature to me, unfortunately. I was hoping for a test or even a break of suppport at $1150 so I could accumulate a larger trading position. Hmm...well, I have a ticket. Guess I'll stay for the show. Maybe the shorts will feel the squeeze and panic given Wall Street's momentum traders never fight the market, being so disciplined and experienced and not prone to trading their "beliefs" or whatever...
Edit: Sold half my trading position at the open. Wish I had more but that's life in the big city.
Platinum will be silver on steroids.
Technical analysis is truly retarded. Why 200 DMA? Why not 195, 215, or 182 1/2 ? Quite apart from the fact that there are at least 5 methods of calculating MAs, all of which give different results. In other words, WTF?
Technical analysis is simply a tactic for generating trading decisions. Theoretically, nothing works...timing the markets is an art, at best. Your argument against it is fallacious, however, i.e., an example of the "line-drawing fallacy". No one knows precisely where to draw the line, yet one must draw the line somewhere so one generates a method for doing so.
OK, but if the purpose of drawing a line is to predict or confirm a trend change, then tbe prediction/confirmation will be as good as the method of selection of the line you draw, i.e. no better than random.
It is better than random if policy makers with unlimited firepower and no need to produce phys decide it matters.
The capping action will continue until the COMEX fraud breaks.
It's all psychology and CONfidence. Nothing more.
Yes, this should last till the clowns start the interest rate mantra.
I'm betting on fiat.
Just kidding.
For those that refuse reality...what can you buy for just a penny? Just a nickel? Just a dime? Those coins are now JUST fractions. They have NO stand alone value. Guess why?
Ugh, dowtrend of the last week reversed, now up to 1183. This sucks. I have been painstakingly hoarding dry powder. If this thing breaks up now on fundamentals, I'm going to be hopping mad.
we few, we happy few, we band of silver holders . . .
You "hold" I hord
my pet rock is saying ca ching