Tuesday, March 6, 2012

BEATDOWN

Some early morning panic selling as the JPM big boyz on their puters flush the weak PM longs out of their positions and the accumulation with afternoon buying reclaimed a lot of lost ground as the overall market remained very weak. That about sums it up......the game is to accumulate at cheaper prices. Many of the miners MAY be nearing bottoms but some have a little room left to fall. Should you buy here? That's up to you and the charts I provide hopefully give you some idea. In a few months you may look back with regret that you didn't buy here. On the other hand you may get some cheaper prices over the shorter term so exercise patience if you have a good core established. I'm still accumulation some miners here....like KGC, SSRI, PAAS, and CGR......there are a few others but these are enough to get you started. gl all and watch out for those big boyz in their trading rooms kicking your asses.

14 comments:

  1. Thought of Jay's post yesterday when I came across this.

    from ZH;

    http://www.zerohedge.com/news/some-observations-recent-gold-and-silver-volatility

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  2. At present (8:40am EST), SPY is up 0.41%, QQQ is up 0.5%, and AAPL is up 0.94%.
    Thus, the strength of AAPL is bringing up the Nasdaq with should then bring up the DOW/S&P.

    So, maybe a nice bounce today.

    Phil Davis's article today goes on & on about how fake the rally has been.

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  3. muchas gracias guys.......bounce only most likely will probably lose momentum today......hehehehe......will continue to accumulate miners on weakness

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  4. just remember all this is THEIR casino that we are playing in.....DO NOT FORGET

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  5. http://www.reuters.com/article/2012/03/07/indonesia-mining-idUSL4E8E73NE20120307

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  6. Sorry OT but you just can't make this stuff up.........

    http://www.dailymail.co.uk/news/article-2111417/TSA-nude-body-scanners-Jonathan-Corbett-video-exposes-loophole.html

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  7. German lawmakers are to review Bundesbank controls of and management of Germany’s gold reserves. Parliament’s Budget Committee will assess how the central bank manages its inventory of Germany’s gold bullion bars that are believed to be stored in Frankfurt, Paris, London and the Federal Reserve Bank of New York, according to German newspaper Bild. The German Federal Audit Office has criticised the Bundesbank’s lax auditing and inventory controls regarding Germany’s sizeable gold reserves – 3,396.3 tonnes of gold or some 73.7% of Germany’s national foreign exchange reserves. There is increasing nervousness amongst the German public, German politicians and indeed the Bundesbank itself regarding the gigantic risk on the balance sheet of Germany's central bank and this is leading some in Germany to voice concerns about the location and exact amount of Germany’s gold reserves. The eurozone's central bank system is massively imbalanced after the ECB’s balance sheet surged to a record 3.02 trillion euros ($3.96 trillion) last week, 31% bigger than the German economy, after a second tranche of three-year loans. The concern is that were the eurozone to collapse, Bundesbank's losses could be half a trillion euros - more than one-and-a-half times the size of the Germany's annual budget. In that scenario, Germany’s national patrimony of gold bullion reserves would be needed to support the currency – whether that be a new euro or a return to the Deutsche mark. The German lawmakers are following in the footsteps of US Presidential candidate Ron Paul who has long called for an audit of the US’ gold reserves. It is believed that some 60% of Germany’s gold is stored outside of Germany and much of it in the Federal Reserve Bank of New York.

    http://www.zerohedge.com/news/germany-review-bundesbank-gold-reserves-fr...

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  8. Guess the rumor was true..........

    Weeeeeeee,


    From ZH

    http://www.zerohedge.com/news/stocks-precious-metals-spike-report-fed-considering-sterilized-qe

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  9. Well, so far, so good.

    AAPL has managed to stay ahead of the Nasdaq which in turn, is ahead of the DOW.

    I wonder if this implies that these pending Greek bond swaps is going to go well, and thus Greece will be saved again? It seems to me that "they" can't have Greece default just yet. Thus, a "save" seems likely.

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  10. look at SNSS for scalp.. set a tight stop and see if it replicates spikes when 50sma moves above 180sma....

    volume is good...they have cash...bios are getting randomly run up...so it could be nice beer fund money..

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  11. also jumped in BOIL on double bottom touch on NG...

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  12. http://www.beaconequity.com/german-bundesbanks-incredible-gold-scandal-2012-03-07/

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  13. Kli,

    This is getting interesting, wonder whats up.....

    From ZH

    http://www.zerohedge.com/news/switzerland-wants-its-gold-back-new-york-fed

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  14. its the public attempting to fire a shot.....not gonna hit anything but it can start turning up the heat......the word is getting out

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