The Latest Gold and Silver Breakdown
Of course I'm not going to suggest that you attempt to catch the falling knife, however, those still trading may soon see an opportunity to buy.
First, let's look at the long-term chart we've been following for years. Is it possible for price to break DOWN and out of the channel? Of course it is, I just didn't think it would. But, similar to the break UP and out following the S&P downgrade of the U.S. last August, gold can break DOWN yet the overall trend remains in this "managed ascent".

Just for kicks, here is today's 5-minute chart. Roughly 6000 contracts dumped at the Comex open started the whitewash and has left gold clinging to support at the round number of 1600.

As we hold all core positions and use any and all bouts of weakness to add to physical stacks, where might there be a trade? Well, let's look closely at two longer-term charts. First, this daily chart. Note that gold remains in the same, old, $80-range down channel but also note the reflexive short-covering that has occurred on previous drops to the lower extreme of the channel.

And $1575 also looks like the beginning of support in this weekly chart, too. NOT saying that gold can't continue lower, through 1575, as it certainly can. However, anything between 1525 and 1575 sure looks like an attractive entry point for a possible trade.

Lastly, from a LONG TERM perspective, please keep this in mind: On 5/9/11 (May 8 was a Sunday), gold closed at $1503. This equates to a year-over-year return of nearly +7%. For perspective, the S&P 500 ended 5/9/11 at 1346. This equates to a year-over-year return of less than 1%. Stitch that into your clothes, Charlie, you FOAD!
Please hang in there and keep the faith. Your gold (and silver) is your only protection. TF
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Comments
Rawdog vid prob removed
Can say that I blame them....rawdog is not exactly friendly to the stacking community.
3 times now gold trying to break 1693.5 come on kid
maybe the EE computers are being rebooted right now.
Awesome
and the US peso is starting to go down now.. I think the dow will go postive soon.
Stop the Sam's Club Trip!!
I'm starting a protest of Turd going to Sam's tomorrow. Who's with me?
rawdog video
Well if it was removed purely because he has taken a stance which is not in line with the cult like group think going on here and elsewhere, then you really gotta start questioning what have you become embroiled in.
It's interesting
..that eurospasms lead to PMs going down, not up. You'd think the PMs would catch a bid from the money leaving the Euros.
@Binzer, Not sure
But I do know he's personally attacked just about every reputable name in the metals scene. I think what has happened to Rawdog is that he has developed a sort of cult of his own on Youtube and therefore has a bit of pride in that. He's also been attacked quite harshly by some in the stacking community because he sold out of 2/3 of his position, and he also gets attacked just by people in general, probably because he is so frank about the way he presents his points of view. Check out his likes vs dislikes. You'll see a generous red.
So, I think he's kind of quarantied himself into his own world, and so long as he bothers to pay attention to those who disagree with him, he'll just keep doing that, and each video he presents is going to come from an aggressive standpoint.
I like to listen to various perspectives, regardless of any inflammatory statements they may make, because it is possible to state something factual, while at the same time be insulting about it. I try to see through those kinds of things...take the meat from the bones if you will.
@Groaner, not 1693.5. That's
@Groaner, not 1693.5. That's wishful thinking. 1593.5
But for the life of me I can't figure out why people want the prices to go up. The world is not ending tomorrow, which means you have no immediate use for your metals, so wouldn't you want lower prices to buy more?
Eric Sprott
Eric will be on CNBS's fast money segment which starts at noon.
BTW, greetings to all and keep yer heads on a swivel.
Not what they told me...
Fr. Bill
At BV they told me that you can only redeem your physical in big bars [was it a kilo??], and even then it might not be possible.
I'm in the UK - perhaps it's different for you guys in the US.....
John
I have as much as i can right now..
How ever, if there is a bigger drop I will buy a bit more..
If my businesses were doing well I would be out of these crooked markets altogether. but it subsidizes my income.
However not good lately..
$1693 ????
3 times now gold trying to break 1693.5
$1693 ???? .... Aren't you already happy enough with it jumping up $100 from the $1590's ?
.
.
.
Oh waiter ... Can I have a double-portion of whatever he's having, please ?
I am not saying he is correct
I am not saying he is correct in what he says, and obviously his style can be very irritating. For sure he can be accused of doing a major u-turn regarding the PM's. My point is only about it being removed from here, that really does leave a rotten stench.
Gambling up.. a growth business.
where do people get extra money to burn at the casinos, or the market?? haha
http://www.marketwatch.com/story/us-gambling-revenue-rose-3-to-3564b-in-...
I was in another time zone on that one
I wish
Its so easy an Orangutang can use it.
No wonder AAPL is booming.. they found a new customer base.. next will be humans
http://www.marketwatch.com/story/orangutans-now-using-ipads-at-miami-zoo...
Wow, you really did it.
I posted that Rawdog video to mock the guy, but the fact that TF Metals removed it really says something. From this day forward, I will never return to this web site. It is against the spirit of the internet, the free exchange of information. You never call the bottoms right anyway and just make the whole process of investing in precious metals more confusing, so fuck it. Go ahead and start charging for your little blog, because I do NOT go where the things I post are censored. Obviously I am on the side of silver, but this is just too much. You fail.
Jim Grant says the FED owns the stock market..
when did he find out?
http://www.zerohedge.com/news/jim-grant-fed-owns-stock-market
The RawDog Vid
I didn't even watch the vid in question, so I don't really know what all the fuss was about. But every time somebody leaves the site in a huff, crying about censorship or moderation, I say "good riddance".
There is no free speech here. TurdTown is a benevolent dictatorship. Love it or leave it.
video fuss
I never saw it posted. Has disgruntled considered they may have not effectively posted video? Not that it deserves much attention but i doubt it was viewed and removed almost in real time. So Dawg is that you drawing attention?
Dow going down now.. miners will follow?
silver still holding ok, it seems to follow the S&P more than gold
I Rue The Day These People Are In Charge...
...well, maybe except for the girl holding the "End Capitalism Now" sign.
@Cloud Break ; Thanks for the heads up on Sprott
Just watched Sprott on CNBC. His response to the question on Buffet and Gates was priceless.
RE;- Its so easy an Orangutang can use it.
No wonder AAPL is booming.. they found a new customer base.. next will be humans
http://www.marketwatch.com/story/orangutans-now-using-ipads-at-miami-zoo...
So THAT'S how the Damn Dirty Apes finally learn how to take over the planet !!!
We're doomed, laddie!!!
Mexican inspiration
I am hoping for some of this to spice up our Amerikan dog and pony this fall -
http://gawker.com/5908369/sexy-lady-disrupts-mexican-presidential-debate...
YES!!!
Thanx EE, now I can cover my XAG/JPY hedge shorts.
Redeem physical at BV
You're right. Metal that you own that is less than a bar cannot be redeemed, because they will not cut up a bar to give you your part of it. When you're buying, say, 1.15 kilos of silver (as I did this morning), then that 0.15 kilo of silver "sits" within the confines of a bar, the rest of which is owned by any number of other people. It's only the 1 kilo bar (assuming that's the bar size; I really don't know for sure, since I'm never going to try to take it out of the vault!) that I could request to be put into my hands.
But, if you own a whole bar, you can get it. Again, I think it would be nutty to do this. Why subject your metal to the suspicion that it has been tampered with?
Still, you could get that bar if you wanted it.
I think in the UK you can buy/sell silver without VAT unless you take delivery, in which case your tax man will want his cut.
Looks like we're getting a small rally
Looks like we're getting a small rally, like TF said a few posts back. Doesn't look like its gonna be strong enough to hold though.
Re: Looks like we're getting a small rally
Silver's 29.03 as I type this. I've got a buy order in at 28.70 <crossing fingers; knocking on wood>
Rawdog video removed???
I apologize for my first post being on such a sour note. I love this forum and I have spent countless hours lurking and learning. When I can I send a small contribution to help defray the maintenance costs. I too have listened to and had my resolve shaken by Rawdog's videos. I think truth and objectivity are crucial in these times. If what I have read - that Rawdog's videos have been removed from this site - then I am truly concerned. I would have preferred to see Rawdog's points acknowledged and refuted in an analytical discussion rather than simply censored. If true it seems as if there's an effort to suppress an idea that is perhaps too controversial to contemplate. Please say it ain't so.
@Fr. Bill
AFAIK Estonia is the only EU country with 0% VAT for silver coins / bars.