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Gold & Silver Surge Off Goldman's "Crucial Levels"

Tyler Durden's picture




 

The safety bid this morning in bonds and bullion is very evident following the Turkish shooting down of a Russian fighter jet. The push higher began yesterday as the almost unprecedented downward spiral in precious metals hit what Goldman called "crucial levels," and bounced.

 

 

As Goldman notes, in Gold, the critical level is 1,068-1,066. In Silver, support spans 13.98-13.83.
 
Gold Daily/Weekly – The level to watch in Gold is 1,068-1,066. This includes an ABC equality target off the January high and the trend across the lows since Dec. ’13.

The fact that oscillators are diverging positively suggests that price may be attempting to stabilize. Failure to break this support area confirms that the setup is still corrective; that a 5-wave sequence from ’11 highs ended in July. Alternatively, a break lower would warn that the market hasn’t yet completed its impulsive decline.

This would open potential to extend towards 966 (a 1.618 extension target from the January high).

 

Silver Daily/Monthly – The level to watch here is 13.98-13.83. This includes the previous low from Aug. 26th and the trend across the lows since Jun. ’03.

Although the wave count on Silver is a lot less evident than the one for Gold, it is apparent that rallies have all met ABC targets insinuating that rallies lack impulse. On a more positive note, daily oscillators are crossing higher from the bottom of its range.

Put another way, the balance of signals seems mixed; 13.98-13.83 does however look significant.

 

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Tue, 11/24/2015 - 09:50 | 6831547 knukles
knukles's picture

Booyah!
Everybody wants pet rocks when they get frightened.
Assholes.
                                      Getchur yer bonds and gold while you can, kiddies!

Tue, 11/24/2015 - 09:56 | 6831573 PR Guy
PR Guy's picture

 

 

 

Must be time to sell then!

 

 

Tue, 11/24/2015 - 10:13 | 6831646 NoDebt
NoDebt's picture

Welp, time to short paper gold again and use the gains to buy more physical gold.  

Tue, 11/24/2015 - 10:19 | 6831678 Pladizow
Pladizow's picture

"Surge"??? Is Eric King writing these headlines? Gold is up less than 1%!

Tue, 11/24/2015 - 10:30 | 6831756 Bokkenrijder
Bokkenrijder's picture

Surge? Where? Lemme get a microscope...

Yes, I fear that Eric King and his mad bunch of conspiracy con artists (selling gold for a fiat commission) have taken over.

As a percentage, they make more money at higher gold prices, so of course they'll use any opportunity to scream "buy buy buy" at the ZH sheeple.

Tue, 11/24/2015 - 10:52 | 6831906 AllThatGlitters
AllThatGlitters's picture

It's a surge when you look at a 10-minute gold chart:

http://www.pmbull.com/gold-price/
http://www.pmbull.com/silver-price/

Now, the "surge" headlines will be justified when the weekly charts look like that.

Tue, 11/24/2015 - 11:04 | 6831990 DeadFred
DeadFred's picture

'When you strike at the king you must kill him' is a wise saying. All that effort to rake PMs down to support and then not break through is worse than not trying. If they can't turn this mini-surge around it will become a mega-surge. They will try but can they do it?

Tue, 11/24/2015 - 11:04 | 6832001 coinhead
Tue, 11/24/2015 - 12:41 | 6832705 SILVERGEDDON
SILVERGEDDON's picture

Keep sucking your crypto dick there Coin boy.

Eventually you will get your just desserts- a face fulla crypto spooge.

Tue, 11/24/2015 - 13:03 | 6832832 Bokkenrijder
Bokkenrijder's picture

....aaaaaaand it promptly unsurged!

Tue, 11/24/2015 - 10:29 | 6831761 ParkAveFlasher
ParkAveFlasher's picture

Goldman's "omg!-ing free-market critical level" = pre-ordained manipulated options expiry pricing.

Tue, 11/24/2015 - 12:45 | 6832723 SILVERGEDDON
SILVERGEDDON's picture

I have to poop. Poetry time.

Paper sucks, you Wall Street fucks!
I'll see you vampires in the sun,
with my loaded silver gun.
Yer goin' down in paper flames,
from Lower Manhattan to the Thames.
Your paper is I know not where,
I'd rather shit my underwear!
For, be there bull,
or be there bear,
silver is the suit I wear!

(With gratitude, and apologies to Dr. Seuss.)

The only paper I own is the stuff I wipe my ass with.
Market paper is worthless, because I cannot do a good job of wiping my ass with it.

Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent. Any one think those days are coming back?
All of the lying bum fucking aristocracy of the Age Of Paper Power can burn in their paper suits soonest.

I won't even bother pissing on them to put out the flames.

HFT ain't so good for me.
Credit defaults far as the eye can see.
CDS's gonna make some messes.
Boo hoo hoo as thieves confesses.

TBTF gonna fall off a cliff - REAL NEAT.
Wall Street is a bunch of fucking dead meat.
Politicians at state and in D.C.
Rob and thieve instead of represent the people you see.

Their day is coming for proper restitution,
As folks revert to the laws of the Constitution.
Banks used to be so overleveraged bold.
Now, they're layin' bankrupt,dead and cold.

Gonna be nothing left but prepared people,
All the rest gonna be surprised fucked up Sheeple.

God bless this mess.
I must confess.
I'm a fucking poet,
and didn't even know it.

You know who you are out there.
The challenge is to honor truth, justice, and the original American Way.
Be the best Boy Scout you can be, Be Prepared.
God bless The Real America.

Tue, 11/24/2015 - 09:59 | 6831588 FireBrander
FireBrander's picture

When you're bouncing off "crucial levels", look at the trend prior to that...down, down, down...fools rush in...

Tue, 11/24/2015 - 10:03 | 6831598 Takeaction2
Takeaction2's picture

This is the moon shot we all have talked about.  

Looking forward to showing off my new found wealth to all of those nay sayers around me.

Glad it happened before I died.

Now I can hire those divers to recover what I lost in the boating accident.  

.

.

.

Oh wait........ Silver up 6 cents.  

Tue, 11/24/2015 - 10:08 | 6831627 1223pm
1223pm's picture

I'm looking for a $100 jump a day. No celebrations yet.

Tue, 11/24/2015 - 10:11 | 6831639 Mr. Magoo
Mr. Magoo's picture

Who cares, in other currencies gold in on the rise and eventually the dollar will be the next to fall 

Tue, 11/24/2015 - 13:03 | 6832836 SoilMyselfRotten
SoilMyselfRotten's picture

After it hits 130?

Tue, 11/24/2015 - 09:52 | 6831550 JustObserving
JustObserving's picture

In case of a major war, fiat will be just paper.

Gold should be rising a lot more on the new tensions in Syria.  $10 rise is peanuts.

Tue, 11/24/2015 - 10:08 | 6831597 FireBrander
FireBrander's picture

Again...THE WORLD IS BROKE...DROWING IN DEBT...the average American has less than $500 in savings and would rather spend thier last pennies on the latest Iphone than anything else..."Stackers" have been "stacking" for a decade plus and have a lot/most of thier wealth already in Gold........SO WHO WILL BE BUYING GOLD from here out?

Yes, you need buyers...with THOUSANDS of dollars in their pockets...how many buyers meet that criteria?

Few!...which is why the world, in the early, obvious, stages of WWIII, swimming in a mountain of shit paper money/debt sees the price of gold dropping!

PRICE = ABILITY TO PAY....Price DOES NOT = Demand...lots of people want things...but they can't pay for it so the PRICE GOES DOWN to match the ability to pay...still confused why gold keeps falling?

Tue, 11/24/2015 - 10:11 | 6831640 MANvsMACHINE
MANvsMACHINE's picture

You must be spending a lot of your time at Walmart. Who will buy the gold?

Rich people will. That's who.

Tue, 11/24/2015 - 11:06 | 6831985 FireBrander
FireBrander's picture

"rich people"...lol...that's a good one...like the "Rich" Chinese in California? NOPE! They'd rather buy a million dollar crack shack in LA than own gold.

Look at South America...falling apart...what are the "Rich" buying to preserve wealth? Gold? Ha, ha...no way! Porches and Homes!

The rich won't be buying gold...no sir...they'll buy something more valuable....politicians...they'll lobby to make gold ownership illegal...and then take it off YOUR HANDS for PENNIES of what you paid...precident throughout history.


Tue, 11/24/2015 - 10:24 | 6831725 Davilis
Davilis's picture

It's just not time yet. Institutions will move to equities and the little people will rediscover gold and silver. We just haven't lost enough collective faith in government yet.

Tue, 11/24/2015 - 11:05 | 6832004 FireBrander
FireBrander's picture

The average "little people" has less than $500 to their name...the only thing they'll "discover" about Gold and Silver is that they can't afford it...

Tue, 11/24/2015 - 10:34 | 6831807 ramgold2206
ramgold2206's picture

I think that is a reasonable question FireBrander and deserves a respectable answer and not just a quip. If times arise that fiat collapses totally, gold wont be sold for paper, it will become a medium of exchange during the turmoil. for example, you need heating oil... you exchange 1oz of bullion for a 1,000 litres (or whatever the market rate is and assuming there is actually oil available) but you get the idea.

Similarly the local grocer will trade you some food for a gram of gold etc etc...

 

After the turmoil subsides (which it always does eventually) Gold will then become the benchmark for whatever fiat currency is invented thereafter.... and the whole merry-go-round begins again.

The idea is that bullion ties your wealth together while the current (i.e. currency) money depreciates to worthless.

 

the "price" of bullion will rise and fall month on month on the exchanges that just the big guys, shorting and playing the ticker; basically fuck acting with the market for their own agenda  .. individual owners should look however at physical prices over a 10 year timeline

 

we specialise in  1g 2.5g and 5g units of bullion so ordinary people can acquire bullion. one of the advantages of owning our product is precisely to cater for this particular situation. will it come to pass... thats anyone's guess...but on the balance of probabilities... its' not improbable

 

www.teamramgold.com/about-us   

Tue, 11/24/2015 - 12:48 | 6832727 FireBrander
FireBrander's picture

Ram, what happens when the government labels Gold Hoarders as the "reason" there is no faith in the paper currency? When the government outlaws the ownership of gold...and/or "reprices" it at far below everyone's average buy in price?

Do you really believe ANY government is just going to stand by and let gold take the place of the money they can print?

This is a "Global Economy" with "Global Bankers"...they CAN and they most certainly WILL take measures to DESTROY anyone or anything that threatens the power they derive from paper money.

See 1933 USA...

"In 1933, when Roosevelt became president, the United States had the largest gold reserves of any nation in the world. He announced on March 8, 1933, a few days after taking office, that the gold standard was safe. But three days later, he issued an executive order forbidding gold payments by banks; Treasury Secretary Henry Morgenthau, Jr., announced on March 11 that “the provision is aimed at those who continue to retain quantities of gold and thereby hinder the Government’s plans for a restoration of public confidence(in paper money).” 
 
"On April 5, 1933, Roosevelt commanded all citizens to surrender their gold to the government. No citizen was permitted to own more than $100 in gold coins, except for rare coins with special value for collectors."

Tue, 11/24/2015 - 13:21 | 6832926 ramgold2206
ramgold2206's picture

my understanding that the 1933 surrender act was largely ignored, and like many acts was repealed when it proved to be ineffective.

Notwithstanding that, my believe in gold is that of an insurance policy... we hope we never need to call upon it, but we sleep a little bit easier knowing we have some physical bullion. What is the worst that can happen by owning it? It takes up a bit of room in your safe, and if the current day value drops below your average cost, you keep it, dont crystallise the loss and pass it on to the next generation. I wish my grandfather passed me on a few oz. Gold is not a panacea for all the worlds ills, but some bullion ownership is better than no bullion ownership.

Tue, 11/24/2015 - 13:00 | 6832793 SILVERGEDDON
SILVERGEDDON's picture

Gold buyers been buying gold for decades FireBrander. Silver, too.

Then, they dollar cost average the portfolio. See, folks either buy stoopid phones, plastic shit from China, new cars and trucks, Botox, fake titties, and other useless crap - or, they save, and invest in a safe haven.

That - is called Freedom Of Choice. It will allow savers to buy what they need to live a decent life. Everyone else ? Well, that is called natural selection, or, evolution.

With nothing to back the FRN, what will people trust for a currency ? Probably the same fall back go to barter and trade currency relied upon for over 5000 years.

Every time another Johnny Come Lately world power government fiat currency crashes and burns, the precious metals have been there to give people faith in a real tangible medium of exchange, world wide.

Wanting things is so Madison Avenue. Being able to pay for necessities is intelligent design at work.

As for Roosevelt and government stupidity, well, most folks ignored his bullshit proclamation, and kept their savings parked until cooler heads prevailed, laws changed, and the higher value of gold allowed their investment to net a generous rate of return when traded or cashed in.

Tue, 11/24/2015 - 13:25 | 6832951 ramgold2206
ramgold2206's picture

agree 100% Silvergeddon...

Tue, 11/24/2015 - 09:51 | 6831553 Navymugsy
Navymugsy's picture

And surge over by lunchtime....Grrrrrr.

Tue, 11/24/2015 - 09:57 | 6831582 Oldballplayer
Oldballplayer's picture

Sheeeeeiiiit.....the surge will be over by the open.

Tue, 11/24/2015 - 11:06 | 6832015 actionjacksonbrownie
actionjacksonbrownie's picture

Close... slamdown began at 09:40 and is proceeding as I type this. Now up a massive $7!!!

Tue, 11/24/2015 - 09:51 | 6831555 konputa
konputa's picture

And by surge we mean that gold is up 0.84% and silver is up 0.31%.

Tue, 11/24/2015 - 09:55 | 6831567 MFL8240
MFL8240's picture

Surge means they are trying again to surpress it but can't.   This house of satan must be destroyed.

Tue, 11/24/2015 - 10:08 | 6831628 Cautiously Pess...
Cautiously Pessimistic's picture

You want to see a real price surge?  Go to Kroger and check out the prices on groceries from month to month.  That is the only 'surging' I am witnessing on a regular basis.  As for my PM's at the bottom of Lake Chaubunagungamaug; their number, weight, and purity have not changed one iota, which is all that really matters to me.

Tue, 11/24/2015 - 10:28 | 6831715 Pladizow
Pladizow's picture

If you are OK with number,weight and purity - I know of some whores you may like!

Tue, 11/24/2015 - 10:39 | 6831831 Cautiously Pess...
Cautiously Pessimistic's picture

Are they part of the '72 Virgins' clan I keep hearing about on the Teevee??

Tue, 11/24/2015 - 10:36 | 6831822 FreeNewEnergy
FreeNewEnergy's picture

I don't agree generally with people who are seeing huge price rises at supermarkets. Maybe I just eat less now that I'm in my 60s, or maybe I am more careful about my spending, or, maybe it's because upstate NY (along the Southern shore of Lake Ontario) is a depressed area.

In any case, I bought cold cuts the other day for less than I've spent in years. Genoa salami, honey ham and Swiss cheese were all on sale for $4.99 a pound. I don't really keep track of these things, but I just thought the prices were excellent. This was at a local, smallish chain (Breen's) as opposed to Wegman's, which is a regional chain. I almost never shop there because their prices are always higher (just checked, same items were 7.99/lb.).

Dollar stores and Wal-Mart also offer some decent prices. I think most of the food inflation originates in what you eat, where you live, and where you shop. I admit, beef and seafood are out of sight for the most part, but, being that we have lots of farmers (and a good number of greenhouse growers) around here, vegetables are cheap and meats aren't that bad.

As for PMs, I'm buying more silver. Just used some as collateral to buy a used vehicle. Use your head. Deflation should be the leading indicator, not inflation.

Tue, 11/24/2015 - 09:55 | 6831570 Wild Theories
Wild Theories's picture

does bitcoin get the same effect?

Tue, 11/24/2015 - 09:56 | 6831572 moratar
moratar's picture

I belive in surge whan i see one not 10$ jump :/ We had 120$ drop week ago. Somehow i am not jumping out of happines becouse gold went up lousy 10$

Tue, 11/24/2015 - 10:00 | 6831590 GanjaFarmer23
GanjaFarmer23's picture

If I had a bot that sold everytime ZH wrote about something "surging" i'd be a rich man. 

ZOOM OUT FFS, both silver and gold have been declining for something like 26 days straight and you start cheerleading the sligthest retrace.

ZH will be right about gold/silver someday and you'll probably cum urself in the mouth with "called-it" articles.

 

Still no market-logic at all, how can you guys spend everyday writing about markets and still be completely clueless, remarkable

Tue, 11/24/2015 - 13:37 | 6833028 SILVERGEDDON
SILVERGEDDON's picture

Ganja - fuck the articles, here's reality.

In 1964, a US paper dollar or US silver dollar bought about 4 gallons of gas.

Today, a paper dollar buys about a gallon of gas.

Today, spot metal price alone on a silver dollar buys about 7 gallons of gas.

So - what do you want in your wallet ?

Oh, P.S. - no one expects to get rich on metals - they just want to protect the value of what they worked for to begin with.

Tue, 11/24/2015 - 10:04 | 6831599 FreeShitter
FreeShitter's picture

Surge? more like a weak cumshot....when war goes nuclear, maybe it will crack 1200. Keep stackin'.

Tue, 11/24/2015 - 10:23 | 6831712 RockySpears
RockySpears's picture

1200 what?

 

Without the fiat to count against, what will it be measured in?  I am a novice, but really struggle with a "price" for gold, I thought gold just was.

 

Tue, 11/24/2015 - 10:03 | 6831603 Silverhog
Silverhog's picture

Paper metal market response is broken. Surges are enemic of a few remaining suckers. Buy physical, fuck the crooked banker's paper. 

Tue, 11/24/2015 - 10:05 | 6831610 nathan1234
nathan1234's picture

Goldman covered it's shorts ( selling out it's client's longs), went long ( with more of it's clients sales). Being "R" controlled, pofit was a cinch.

Goldman loves it's clients- remember Greece, Gaddafi .....

Tue, 11/24/2015 - 10:06 | 6831618 Spiritof42
Spiritof42's picture

Nothing to see here. When PMs are up, they call it a surge. When it's down, it's manipulation. 

This is nothing but a blip in a downtrend.

Tue, 11/24/2015 - 10:27 | 6831751 Latitude25
Latitude25's picture

There are no markets, only interventions whether up OR down.

Tue, 11/24/2015 - 10:08 | 6831629 GRDguy
GRDguy's picture

Notice how quickly THEY attempt to shove it back down.  All of THEIR manipulations just means how much trouble the financial sociopaths are in.  Consider how much wealth Corzine and Madoff clients had on their statements the day BEFORE it all vanished. 

Tue, 11/24/2015 - 10:13 | 6831648 Rubbish
Rubbish's picture

Don't think there is much stopping these guys. Unlimited check book.

 

Gold Bitchez.....I pick up pennies

Tue, 11/24/2015 - 10:16 | 6831668 youngman
youngman's picture

If Saudi Arabia is going to downgrade their money..I bet some sheiks will be buying some bling soon....and they buy in bulk...

Tue, 11/24/2015 - 10:21 | 6831692 chubbar
chubbar's picture

I'm not convinced we will ever see COMEX prices surge. My guess is that the banks will be closed for a holday and trading in everything will be shut down when the reset in Gold/Silver prices occur. It'll close one day at XXXX and open a few weeks later at XXXXX. The other problems in the world will be so acute that no one will even give a shit about the price of gold. IMO.

Tue, 11/24/2015 - 10:21 | 6831698 Latitude25
Latitude25's picture

The scandal isn't what's illegal ----------- It's what's perfectly legal.  There are no markets, only interventions

http://gata.org/node/15960

Tue, 11/24/2015 - 10:22 | 6831706 HoserF16
HoserF16's picture

When Silver Surges $3.00 or more than I'll read these articles. Until then, stop it. Just stop it with the Silver Surges headlines.... FUCK

Tue, 11/24/2015 - 10:31 | 6831783 Latitude25
Latitude25's picture

As far as I'm concerned the paper price can go to zero.  The asians just keep cleaning out the phys.

Tue, 11/24/2015 - 10:39 | 6831832 Boing_Snap
Boing_Snap's picture

Artifical supply of paper contracts isn't being accounted for in your slanted analysis, paper contracts that represent the paper price you're talking about are now at a 300 to 1 ratio for the actual physical supply in the Comex.

Still wondering why the paper price is dropping?

http://www.silverdoctors.com/jpm-the-scoshe-the-comex-ie-the-rats-and-th...

Tue, 11/24/2015 - 11:44 | 6832311 Latitude25
Latitude25's picture

All bullion buying from the Perth Mint is now closed:

http://www.perthmintbullion.com/us/View-All-Bullion.aspx

Tue, 11/24/2015 - 12:16 | 6832544 ramgold2206
ramgold2206's picture

this is an interesting and serious development. We have spoke about this many times that Physical supplies are dwindling.

Thankfully we have ample supply; however I would suggest to that people get on board now and acquire as much physical bullion as they can possibly get .

www.teamramgold.com/about-us

Tue, 11/24/2015 - 11:54 | 6832390 Longarm
Longarm's picture

C'mon all you dollar whores and get back to work beating the price down so I can load up on some more. If there's one thing I'm thankful for, it's the low prices.

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