WOW!

251
104
Wed, Jul 13, 2011 - 11:41am

Well, the doldrums look like they've wrapped up about a month earlier than expected.

Gold is just fantastic. It needs to hold these gains until the Comex close. As stated yesterday, a close above the previous intraday high of 1577.80 would be extremely bullish...as if the chart wasn't already bullish enough!

Silver is scaring the living daylights out of the shorts today. They should be scared at this point. Silver has finally broken through the down-sloping trendline from May and appears poised to go tackle the all-important 39.50 level. It, too, needs to hang onto these gains into the close. I'd like to see it print a Comex close above 37.88, which is the intraday high of 6/10/11.

Crude, copper, the grains...it's all good as The Bernank has apparently decided that there was no point in further lies/deception regarding the eventual continuance of QE to infinity.

More later. TF

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  251 Comments

zilverreigerSilverTree
Jul 13, 2011 - 3:45pm

Leave ghadaffi alone!

Leave ghadaffi alone!

Tesla
Jul 13, 2011 - 3:47pm

@BrokeBoater

C'mon man, Lighten up ! (G-Rated moon)

snoochieboochies
Jul 13, 2011 - 3:55pm

I don't want to get overly

@ tpbeta

I don't want to get overly optimistic yet, but we're getting close to the $40 mark on silver that Turd mentioned recently, so there will be more buying opportunities once we get out of the summer dolldrums.. I'm also a bit disappointed that i didn't buy in a week or two ago, but i don't have enough capital to take too many risks right now so i'm just waiting patiently.

MIDDIE
Jul 13, 2011 - 4:02pm

@ SilverTree

Roger That!

bullwhip29
Jul 13, 2011 - 4:05pm

Looking like an ugly close at NYSE

Stocks hanging on by a thread after being up over 160 pts. Maybe the equity bulls have already blown their wads over the last two weeks and have nothing left? (the S&P touched 1258 on the last ride down). Imagine that...a QE3 green light = bad news = sell off in equities...uhh, whoops.

Also, not convinced the PM bulls knocked the cover off the ball today. I expect to see gold flash well below $1577 in the next 24 hrs. What happens after that will tell us a lot.

stoneeh
Jul 13, 2011 - 4:17pm

From last thread

"My hat is off for the technician I follow. He was bullish as of July 1st and said that the traditional summer doledrums would not play. Ben Davies and David Morgan were both wrong THIS time around."

Ben Davies and David Morgan are pretty much always wrong. I can remember Ben Davies in December calling for a short covering rallye in gold that would take it to 1800$ by the end of the year. Also in an interview he admitted that he missed out on last year's gains in silver completely.

David Morgan is just very conservative/close minded and can't imagine silver ever overtaking gold or gold going to 5 digit figures.

The brilliant minds are James Dines, Adrian Douglas, and to a lesser extent, Turk and Sprott. And of course a few others, you can never remember all of them. J.S. Kim also completely gets it, for example.

- Markus

LaMachinna
Jul 13, 2011 - 4:20pm

So very glad...

to be out of

'ishhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh! woot!

Was starting to wonder whether they would bury me at that price. geez! I was sooooo sick of that number I could puke! (Just don't look brokeboater) Carry on comrades
SilverWealthstoneeh
Jul 13, 2011 - 4:21pm

Davies

Ben Davies is quite brilliant. He called the last top in Silver and sold into it and hedged it as well, then he bought the 35 area. Not too bad. Morgan got out in the Silver mania of April somewhere near the high. Not bad.

They all win and lose on calls without exception imo.

Eric Original
Jul 13, 2011 - 4:24pm

Davies

Davies nailed the silver top at the end of April. Nailed it.

Eric Original
Jul 13, 2011 - 4:31pm

Markus

Silver will never be priced above gold. Stop being silly.

If you are taking day to day advice from people who push that fairly tale then you are bound for misery.

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