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 Replies: 15 / Views: 1,092 |
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Pillar of the Community
United States
931 Posts |
They just put Gartman on CNBC. He proudly announced that he had taken half of his gold position off yesterday. He was informed that the European Central bank had just agreed to buy Spain and Italy's debt which indicates massive Euro monetization of debt, essentially European Quantitative Easing Infinity and massive Euro printing. Gartman said that in that case he may have to reconsider due to the inevitable weakening of the Euro due to this massive undertaking. Word is that it should be very bullish for gold. Everybody on the screen is saying" buy gold ". The Prime Minister of Italy is going on TV in the next few minutes to announce new Italian reform to balance their budget and make deep spending cuts to please the European Central Bank. This is a big deal. Edited by junior e
08/05/2011 1:05 pm
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Pillar of the Community
United States
830 Posts |
He really should be a politician the way he can flip flop around.
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Pillar of the Community
 United States
931 Posts |
People really follow that guy like he's Nostrodamus or something. One guy shouldn't have that much market influence. I mean he obviously is a heavy player in the gold market. Who's to say he didn't take his full position off and put a short on gold? To me it's nothing short of possible insider trading. They always put a disclaimer out on any appearance by Jim Cramer and they should do the same thing with Gartman. No one is right all the time and they follow Gartman like dumb sheep.
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Pillar of the Community
United States
3670 Posts |
Those guys have no real love or understanding of Pm's in my mind, just another commodity/tool for them to make their money. Like you said, these guys can paint a picture on one side, and by the next day re-painted the other side to be better....
I don't even listen to them for my news, as I figure all you guys have a much better angle an distributed opinion.....
Not to jump tracks here, but I noticed platinum down to 1702, and gold up a bit to 1656. It would be something if here in about one week, perhaps two, if we saw a crossing of the streams, I mean metals. Of course as we all know from the old ghost-buster movies, crossing the streams is generally considered a "bad thing", and only used in most extreme situation, lol....
Edited by Silverhawk74
08/05/2011 1:45 pm
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Pillar of the Community
United States
4008 Posts |
Quote:
Not to jump tracks here, but I noticed platinum down to 1702, and gold up a bit to 1656. It would be something if here in about one week, perhaps two, if we saw a crossing of the streams, I mean metals. I remember that happening when gold was in the $350-400 range. For a very brief time, the price of Pt dipped below that of Au. IMHO, this would be a MASSIVE Pt BUY signal. It was then and it could be again.  |
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Pillar of the Community
United States
1285 Posts |
Although I did not listen to what he had to say.... Gold and silver had some serious technical violations on the charts. Yes, a lot of folks look at charts and trade. Based on the action in the charts short term / near term is extremely negative. They could both end up going side ways (especially gold) for 2 or more months. Although I am bullish on PM's in the longer term (greater than 5 YEARS), it's best to move up slowly consolidating along the way. Do not be surprised IF they move gold within a $200 range up and down like a yoyo in 48 hours. Be Hedged if you have to look at it every day / every hour / every second.  Edited by Ceylon62
08/06/2011 08:38 am
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Pillar of the Community
United States
830 Posts |
Yeah the technical damage to the silver chart this week looks much worse to me than the gold chart. I'm long of SLV puts right now to hedge positions in silver, here's the detail of that position from a few days ago: https://goccf.com/t/94722#789095Of course the cheapest time to buy down-side protection is when everything is looking great. Those puts are much pricier now. Edited by GoThunder
08/06/2011 2:03 pm
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Pillar of the Community
United States
3670 Posts |
"Although I am bullish on PM's in the longer term"
The term "bullish" is a word I have heard often since taking an interest in Pm's and the market. But I have always ASSUMED it meant one thing, and I have never asked so I could be wrong....
I had figured it meant I am being stubborn in opposition to them, if one said I am "bullish on Gold an Silver" for example. And in this quote from Ceylon62 above, does this mean you don't like Pm's in the 5 year long term or you do?
And also what is the 180 degree opposite best word used for "bullish"?
Sorry, dumb question I am sure....
Edited by Silverhawk74
08/06/2011 2:06 pm
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Pillar of the Community
United States
830 Posts |
Bulls get you by throwing you up in the air with their horns, so "bullish" means upward in direction.
The opposite is "bearish" because bears will attack you by swatting you down with their paw.
Edited by GoThunder
08/06/2011 2:15 pm
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Pillar of the Community
United States
3670 Posts |
Thank you Thunder, that is two great metaphors, lol. See, dumb question perhaps, but my tard self has been thinking the same wrong thing this whole time, lol....
I knew that figuring Pm's to drop in value in the next five years made ZERO sense, he he he lol...
Horns in the gut, thrusting me into the air, or ripped to shreads by razor sharp claws, pick your poison eh....
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Pillar of the Community
United States
830 Posts |
Here's another saying on Wall Street: Bulls make money, bears make money, pigs get slaughtered. I try to remember that one every time I try to get every last cent of profit out of a trade. Edited by GoThunder
08/06/2011 2:24 pm
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Pillar of the Community
United States
4008 Posts |
But don't forget the rest of the menagerie. There are also sheep and chickens in the stock yard.  |
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Pillar of the Community
United States
1285 Posts |
Thunder, A friend of mine who has been trading gold since around it was $400 went into the weekend with no position. He thinks that the "charts" on gold look to be breaking down / rolling over. Also per him distribution is starting to take place and is looking for a conformational move.
I had sold my trading position in slv calls on the bump over 40 and was late to buy any puts as I was not in a situation to buy any. That dump / reversal on Thursday was quick and vicious. I think they broke it again as that sell side volume continued into Friday's trading.
I did buy some sept calls on the largest aussie mining stock (Friday) selling for around 5 to 6 times CF at the close as it is down around 20% in 10 days. The global stock markets look way over sold but these things can stay at these extremes (over bought / over sold). Looked like accumulation was going on Friday.... May be early but who knows.
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Pillar of the Community
United States
830 Posts |
Thanks for the insight Ceylon, yeah things are moving very fast now. Scary but exciting times, Monday could be interesting with all the after hours news since Fri. Technicals may be a little less reliable IMHO.
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Pillar of the Community
United States
4008 Posts |
Quote:
He thinks that the "charts" on gold look to be breaking down / rolling over. Also per him distribution is starting to take place and is looking for a conformational move. Does this mean that he is shorting gold?  |
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Rest in Peace
United States
9104 Posts |
Only in mainstream media do both bulls and bears produce  Nature tells us this is impossible. |
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Replies: 15 / Views: 1,092 |
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Posted 08/05/2011 1:39 pm
