Ok Yup, this guy speaks your language , this was recorded last year , he predicted that in Feb 2013 gold would be at 1440 and silver would be at 22 , just a few months off, not bad. He also says that by Jan 2014 gold will be at $2600 and silver could be $120 bucks or so, not sure if I heard him right on the silver part, something about it going up six time its value?
Just a quick note very busy this AM with other positions but we can see both silver and gold just casacading down, lower highs and lower lows.
It appears a re-test of the yearly lows is on tap, which then would bring us new freshly yearly lows.
I would not attempt buying at the yearly lows because could happen is more sellers step in 1- hit their trailing stops and 2- the short sellers step in such as myself as the yearly low gives us confirmation of the continued downtrend.
be safe and please be patient if you want to buy the dip.
Just a few weeks ago the overwhelming sentiment was "The Metals (PMs) will continue to grow as long as the economy is in the tank and people were out of work".
The rallying cry of of the PM crowd was BUY BUY BUY BUY BUY BUY, the economy is in the tank and gold will protect you!!
So...NO...it is not an easy call to say the PMs will go lower. Sure a few of us have been contrarian from the begining. But it was not the majority view
Yes I cant help chuckle myself. The economy is bad, so PMs must go higher. The dollar is lower, PMs will go higher. I have heard it all over the years, I hear the same type behavior and patterns in people over and over.
The deal going forward is silver and gold are going to be a slow motion train wreck going forward.
There will be bursts of retracements, there will be further moves lower, people will think its stable, then they both grind lower and on and on.
It is very difficult for the public and even fellow traders to grasp that gold and silver are broken going forward. This happens in all assets tho, they have a spectacular run and then it all stops working. But human emotion is to cling and go back to what works even if it costs them money.
The other danger is saying "I am in it for the long term". Well, my friends, life is too uncertain. You don't know where the prices are headed and for how long. You don't know when you will need that money. But I will tell you this- investments, when you start to put money into them and they show you no profit from the start, that's a bad sign. On the other side of things, if you have profits and have done well, and don't take profits when you can or could have, you will be very sorry and lament the missed chance to profit and put cash into your bank account.
Interesting day, volatile I might add. It really appears that while we are pushing for yearly lows on silver, gold while still in a downtrend, didn't take the hard tumble as silver, interesting to note this divergence I have talked about in the past week.
As you can see also, lower highs and lower lows, resulted in this price action, these small subtle clues add up over time.
At this point, lets see if with some more selling, gold and silver retest their yearly lows. the volatile action in silver today makes me think that it will make a yearly low and then retrace, at least that's the most probably scenario we have right now.
"155 Tons Of Paper Gold Sold In Just One Hour!" April 15, 2013, KingWorldNews.com
Quote:
On the heels of another cascade of selling in gold and silver, today whistleblower Andrew Maguire told KWN that a stunning 155 tons of paper gold was sold in just one hour. Maguire also spoke KWN about the remarkable amount of central bank buying which took place during that chaotic one hour time frame. Below is what Maguire had to say in this remarkable and exclusive interview.
Maguire: "In the one hour into the London fix we saw a stunning 155 tons of paper gold sold. That took place in just one hour. The reason there is so much concentrated selling into the London fix is because it creates even more computer generated selling....
"But the selling is now running on fumes. At this point nobody is selling except the weak hands. It is important for people to know that most of the margin calls are now fully completed, and the commercials are also buying everything on the tape that is being sold by the margin clerks.
The central banks are also buying large amounts of gold as well. In that chaotic one hour time frame where we saw a remarkable 155 tons of paper gold sold, central banks stepped in and bought a staggering 55 tons of gold. You have to remember that is just what the central banks were buying here in London. Let me repeat that, in one hour central banks bought an astounding 55 tons of (physical)? gold here in London.
I want KWN readers around the world to understand that there is massive physical offtake in these markets right now. The reason price is declining is because Western governments have sanctioned leveraged paper selling by their agents, the bullion banks, in order to drive the price of gold down. What people are seeing right now has nothing to do with the physical market. In fact the physical market is literally on fire right now."
Maguire also added: "I guarantee you the bullion banks are long gold right now in their own trading accounts."
I did have a chance to watch the video. I do agree with the technicals... but here's the problem with that video,, hes talking about silver when it was at 32 and dropping to 22 I believe towards the end, in fact I believe the video is from 2012... SO as all technicians and anyone watching price and volume, I am sure he would have a different outlook based on what has happened now.
Do you notice tho, he mentions points of resistance. The selling we say couple weeks back, those GAPS that I have endlessly talked about, those are MAJOR HUGE resistance... until those are challenged, filled and then buyers support it, such as he said, over time, if over time the price chopped then we can talk about higher levels in gold and silver.
At this stage, with silver at 22, the next round number acts like a magnet, and that would be 20, that's my target for the short term.
and yes, there are profits to be made from being active in the futures market, being active in ETFs such as GLD and SLV. That would be the only way I would accumulate silver and gold, via contracts and or ETFs... because I know I will get the best possible price, I can hedge my positions and If I need to sell/buy, its done in seconds.
which I mean, at this stage, for a trade, the only way I am interested in buying silver and gold is for the price to start rising, and that I have confirmation of buyers stepping in with volume. I am not interested in buying a falling asset, rather in that case I am interested in selling it short as it falls in price.
Quote: I want KWN readers around the world to understand that there is massive physical offtake in these markets right now. The reason price is declining is because Western governments have sanctioned leveraged paper selling by their agents, the bullion banks, in order to drive the price of gold down. What people are seeing right now has nothing to do with the physical market. In fact the physical market is literally on fire right now."
Yep, keep saying that enough times and maybe someone will believe you. That is until they go to buy or sell physical gold and find that negotiations start with the spot price. Right now APMEX is selling American Gold Eagles for spot + 5%.
"Gold is on fire"...really? I haven't sold any gold since the drop. Not so much as a tenth ounce. In fact I have added to my holdings from people who are scared the price will drop through the floor and want to sell before losing more money.
And...I really didn't want to buy at this time. Not Gold bullion coins. But when someone comes in and offers to sell at 10 percent below spot...well...hard to say no. But; why do I think I just threw money away?
People are willing to take a risk on silver. If they buy an Eagle at $27 to $32 ( the current prices in this area) and silver loses 10 percent of its value, then they are only down by $3 per coin. Not good but not like that One ounce Eagle where people have lost as much as $400 in value; for a single coin.
Metals go down - "Exactly as planned. I knew this was coming. Be sure not to be left holding the bag." Metals go up - "They're filling the gap. They are sure to go down soon. Sell paper shorts." Metals do nothing - "A sideways day. The market is slow and waiting to go down. Don't do anything."
I feel like the more value PMs lose the more extreme those guys get with their predictions like quoted above. Clearly just reaching so they stay relevant and dont fade into the background wit their new found followings.
Nala if you dont like what hes saying dont click the thread, I suspect if he was saying buy buy buy you wouldnt have a problem
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Posted 05/14/2013 9:28 pm
