Tuesday, June 5, 2012

GET OFF THE MERRY GO ROUND

Do you ever feel like the trade in the PM equities is like this guy's ride. Ya just wanna get off of this endless manipulation facade proclaiming to be a free market. Well go ahead and get off, but don't cry if you miss one of the most spectacular moves in the PM stocks in years. The rip down and the consolidation of gold and silver promises to create an enormous springboard for the miners in the coming months.

Now back to the reality of hand. If the PTB wait too long, and they won't, then a true global liquidity crisis could result. Already their are enormous amounts of physical gold leaving the Western vaults and that is coupled with the flight of capital from many of the Euro banks that is resulting in a contagion as we speak. Bottom line is that capital is going to realize that fiat and places to hide are going to become increasingly more scarce and one day the point of recognition will be reached. THAT is why there is such a desperate attempt to suppress gold as a "safe haven".

OTHER NEWS(Reuters Global Gold Forum) -- Commerzbank: Gold regaining safe haven status
Commerzbank said in a note on Tuesday that it expects gold to rise further following a minor pause, having regained its safe haven status. "Gold has now successfully bounced off the major 1532.20/1522.48 support zone which is made up of the September and December 2011 lows and has so far shot up to 1630.02. This is marginally above the area seen between the 55 day moving average at 1624.78 and the 38.2% Fibonacci retracement at 1627.90 which has acted as resistance," it said. "A minor retracement back to the 1600 level is now on the cards but the next lower significant 1532.20/1522.48 support area should not be retested any time soon, though," it added. "We expect the precious metal to stay above its late May high at 1584.20 on a daily closing basis in the course of this week and for it to head higher still in the near future."
(Bloomberg) -- Turkey Exchange Says Gold Imports Were 19.5 Metric Tons in May
Turkey’s gold imports were 19.5 metric tons in May, the Istanbul Gold Exchange said on its website.
Silver imports were 10.8 tons last month, the data show.

(Bloomberg) -- U.S. Mint’s American Eagle Gold-Coin Sales Double in May
The U.S. Mint’s sales of American Eagle gold coins in May more than doubled from April as prices of the precious metal declined.
Sales were 53,000 ounces, compared with 20,000 ounces in April and 62,500 ounces in March, according to the Mint’s website. Sales of American eagle silver coins rose 89 percent in May to 2.88 million ounces from April.
In May, the benchmark gold price fell for the fourth straight month, the longest slump since 2000, as the dollar rallied on the escalating debt crisis in Europe. Silver dropped for three consecutive months.
“People are slowly coming back to gold and silver as prices have fallen,” Scott Carter, the chief executive officer at Los Angeles-based Lear Capital, said in a telephone interview. “The fear trade is bringing some investors to gold.”
Gold futures for August delivery surged 3.2 percent to $1,614.70 an ounce at 12:31 p.m. on the Comex in New York, heading for the biggest gain for a most-active contract since Sept. 27.
And finally while you whirl around the merry go round I bid you a happy trading day.....maybe we'll get a surprisingly strong weekly jobs report today.....watta joke.....we're due for at least one just to squeeze a few shorts.....buy miners on weakness and gl


50 comments:

  1. Lots of interesting news on the Keystone Speculator today, so you may wish to read it yourself.

    Keystone believes that silver will bounce, but then resume its fall to the 20 dollar range by the end of 2013. Keystone then feels that silver will easily pierce the 50 dollar high once hyperinflation gets going (2014 to 2018??). So, need to be patient.

    Keystone is still bearish on gold, believing that gold is now touching the upper rail of a descending triangle. Keystone feeling that gold will fail again at break thru the base of the triangle at 1560, and then possibly fail all the way to 1210'ish range. Should we be hedging??

    However, Keystone is becoming bullish on the miners believing that the H&S pattern for the Gold Juniors (GDXJ) and the Gold Miners (GDX) has nearly played out. Keystone believes GDXJ is farther along in the bottoming process that GDX. Keystone feels that both could retest their recent lows, and suggests an entry for GDXJ of 17-20 and for GDX 36-40.

    I remember Kli posted an article recently from John Maldin which implied he was bullish on the miners.

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  2. Lots of green today :) NICE move on Silver. Let's break $30!

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    Replies
    1. Hell yeah! Need Gold to break and stay above 1640, or this rally could be short lived!

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  3. Oddly my riskiest trade time wise on my options is moving the best while my miner is just NOW getting back to breakeven. Makes me more convinced that SLV calls were VERY underpriced. Almost already a double!

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  4. the party is just getting started....in metals

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    Replies
    1. yes it is...what you seeing bsheep? any miners that catch your fancy more than otehrs...

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  5. Everything is green today. Even the Euro.... EVEN FACEBOOK!

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  6. I'm going to fish for something to short. Be back in a bit.

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  7. Golden Minerals Company (AUMN)

    5.65 Up 0.33(6.15%) 10:44AM EDT - Nasdaq Real Time Price


    You guys remember when sheeps bought this stuff around $4.00 a couple days ago? What a great call.

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    Replies
    1. Sheeps why didn't you put a gun to my head on this trade buddy? ;)

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    2. actually I brought it up around 3.70 area

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  8. Reply not working...

    Chuck my fav is GPL.

    I listened to the conference call twice. The base is on $28 silver....GPL held back a lot of ore last qtr due to a drought. They missed badly yoy on headline which was announced prior but got killed. YoY was tough causelast year silver was $50 ish.


    The mine complex is very lucrative. They have zero to minimal debt. GPL completed 5 waves down from the peak.


    They have some issues such as slow progress in getting an easement for another mine entrance..they ain't perfect.

    for me they are an investment with a silver price tail wind and some rain hahaha they should ramp into next earnings. 2.5 months out.

    I think Silver has made 5 waves down and is going to crank. june 20 is important.

    All miners are tradeable paas, jag, svm, pzg..all are green.

    btw..I would like to see 1 more price dive in natty I think supplies will be very tight this winter good or bad economy.

    How bout you Chuck?

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    Replies
    1. I know one thing after looking at silver charts again last night I ordered some more physical from Gainesville!!

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  9. Chuck, what was it in AUMN you saw that was the exact bottom? great work.

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    Replies
    1. just wish i had a bigger play on it....

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    2. the capitulation volume candle on 5/17...and I learned about it here, it was on one of Kli's news articles posted where it ment'd J Rodgers was an investor in it..It was buried in article...

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  10. btw keep comments coming im busier dan chit today and mostly can only watch

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  11. Had no powder left for AUMN and if I did I wold have used up on RIC under 5....... Like your take on GPL :)

    On a more somber note........

    http://www.zerohedge.com/news/guest-post-defiance-lost-virtue

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  12. Gasp. Still going up...

    Golden Minerals Company (AUMN)

    5.80 Up 0.48(8.98%) 11:19AM EDT - Nasdaq Real Time Price

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  13. One more 'nugget' on GPL. As they mine for silver they have run into an interesting by-product....large amounts of gold. opps.

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    Replies
    1. I like DCTH down here...better news over next 6 months...its been picked clean...now time to build a base...

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  14. NKTR having a good day, but running into resistance at the 200 day ema. The volume is low and looks suspicious. Probably will fall back.

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    Replies
    1. If you could play the range on nktr you could make some coin....look at the 360 holding it down...looks like day of reckoning is gettting close..

      http://postimage.org/image/h1i6e04bf/

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  15. Re: GPL Keep bringing up those "nuggets" of joy, your making my day! hehehehe

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  16. silver ramping again. I am throwing the kitchen sink at this...agq

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    Replies
    1. Damn... you think this move will sustain for awhile? I am sitting on a quick double and generally like to cash out on those and wait for it to drop back and make the same play for free.

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  17. Honest,

    My reply doesn't work.

    Thanks for your thoughts. NKTR is a long term hold for me, so not trading it. NKTR's annual statement came in the mail yesterday, but really didn't have much time to go thru it. But, they included a flow diagram with all their drugs in development, Stage I, II, & III. Also some new ones coming up to start Stage I. If just one of those drugs could prove to be a winner, this will be a home run. Trying to be patient.

    I took a quick peek at DCTH. Boy, has that hit rock bottom. Maybe it's time to buy again. I made some money on it last year.

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    Replies
    1. I picked up a lot at 1.45 the other day...a buy program kicked in heavy and it traded 1 million shares in less than 2 hours...all buys..I like it and they have europe hospitals using it and building revenue now...even without the fda resubmit

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  18. Look at that PM slam down. Running stops. Take advantage of the gift.

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  19. Yeah, somebody is not done buying PM's yet. Don't want it to run to quick. My KGC was up over 3% and is now RED!!! If i had any powder left I would buy.

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  20. They always take em down when London closes. SSRI looking nice at last. Great trading on aumn thanks to Honest. IntheMoneyStocks also sticking w/pullback to $1320 gold and $20 silver or thereabouts. They are saying in the fall which I have doubts about. Jim Sinclair giving euro 3 weeks!

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  21. All the PM's have run out of steam. Maybe they are just clearing out some stops.

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    Replies
    1. Running out of steam would be a slow descent. This was a hammer to the side of the head on both gold and silver at exactly 1pm EDT.

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  22. AUQ still up with nice volume. Looks like this beatdown will be short lived. Was thinking about trying to trade it but don't want to get cute in front of a potential big move in the coming weeks.

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  23. Reply still doesn't work for me...anyway, remember when I recommended cnl.to? up 8.21% so far.

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  24. These bastards are cold blooded :) Can't even let us have one happy day.

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    Replies
    1. Well now..... Guess the Merry-Go-Round was appropriate for today's visual! At least we had half the day!!!

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  25. AUMN just went red. Up 9% and red in the same day. Brutal beatdown.

    Golden Minerals Company (AUMN)
    5.2799 Down 0.0401(0.75%) 2:09PM EDT - Nasdaq Real Time Price

    Is someone from Goldman Sachs reading this blog? :)

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  26. could be jay...too far to fast in aumn. 15% was about 3 days to cover. hit trendlines too.

    Lots of gaps around. not wise to buy after the gap.

    The eusual pattern in miners gap/spike trade down, churn then get back to the high. may take some time. this is very constructive. the spot silver has no gap......

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  27. This might have something to do with today's action......


    http://www.zerohedge.com/news/feds-beige-book-out

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  28. The FED talks out of both sides of its arse.

    There will be no QE tomorrow IMHO. On the 20th they will say sumthin'.

    Tomorrow only more of the same ZIRP, more doves than hawks, stands at the ready, have concerns....bla bla bla.

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  29. It's all good re: "Beige Book", yeah right.....

    http://www.zerohedge.com/news/us-labor-market-full-blown-depression

    One Sick Labor Market

    There were so many disturbing elements to the May jobs data that we're not sure we can do justice to the litany of disappointments (with some help from our friends at the Investor's Business Daily):

    The share of long-term unemployment is at its highest level since the Great Depression (42%).
    Fully 54% of college degree graduates under the age of 25 are either unemployed or underemployed.
    45 million Americans are on food stamps — one in seven residents.
    47% of Americans are on some form of government assistance.

    The employment-to-population ratio for 25-54 year olds is now 75.7%, lower than it was when the recession supposedly ended in June 2009.

    The number of people not in the labour force has swelled eight million since the recession ended; absent that effect, the unemployment rate would be 12% right now (about the same as President Obama's election chances would be).

    The number of people confident enough to leave their jobs fell 11% in May
    for the second month in a row to 891k, the lowest since November 2010.

    The ranks of the unemployed who have been looking fruitlessly for work for at least 27 weeks jumped 310k in May, the sharpest increase since May 2011.

    The unemployment rate for males aged 16-19 is 27% and for males between 20 and 24 it is 13%. Draw your own conclusions from a social (in)stability standpoint.
    One in seven Americans are either unemployed or underemployed.
    Only one in six of the youth are working full-time and three-in-five are living with their folks or another relative (as per the NYT).

    A mere 16% of the 2009-2011 graduating class has found full-time work, while 22% are working part-time. Even those hired from 2006-08, just 23% are working full-time.

    According to a poll cited in the NYT, just 14% of high-school grads today believe they will have a more successful financial future than their parents Line of the day, as depressing as it is, comes from an 18-year old: "Thank God I had a buddy at Burger King who could help me out". Fast-food has emerged as the fast-growing industry in a country once led by technology. Even tech now is fuelled more by companies that produce nifty consumer gadgets and feed our narcissistic needs than those who focus on improving the nation's capital stock which is the ultimate trailblazer for productivity growth and durable gains in our standard-of-living.

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  30. I think I posted this when I heard a former head of derivatives desk at a major firm speak in March. He said there will be some form of qe3, gotta keep the game going. He left to start his own private equity firm, but is very plugged in to the fraud that is Wall St. I have to say I think the Scott Walker win had some bearing on today's action. There is the hope that some fiscal responsibility will spill over to the D.C. crowd although Jan. '13 seems a mighty long time away.

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  31. I agree Tom. It is all smoke an mirrors and headlines for mass consumption. Meaningless data.

    The debt however is not. The printing is not. The problem is stuctural and is not going away. Well it could go away if Malthus rears his head anytime soon.

    Fukashima (sp) radiation may very well be Malthus in acton.

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  32. Thanks to Honest for ASTM...this from the fly on the wall: http://www.theflyonthewall.com/permalinks/entry.php/ASTMid1648166/ASTM-Aastroms-IxmyelocelT-shown-to-protect-heart-from-damage-

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  33. ClixSense is a very recommended get-paid-to website.

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