Charting The Pig

101
Thu, Jul 21, 2011 - 9:56am

All of the news out of Europe has sent ole Pigatha Christie tumbling this morning so I thought it might be time to give you some levels to watch in the POSX.

As I've often stated, I think the POSX is rangebound until the formal commencement of QE3. Yes, the dollar should be heading lower but euro concerns keep making it the "tallest midget". Until QE restarts, the yin and yang of these two forces will serve to keep things rangebound. That said, The Pig has been exploring the upper boundaries of its range for the past few weeks. Recent action suggests it may be ready to begin exploring the lower side, somewhere down near 74 and perhaps even 73.50. If anything, there looks to no longer be any concern of an upside breakout that could damage the precious metal trend.

The metals are quiet this morning. Gold lost some ground on the Europe news but is holding around 1600. Silver was well back above $40 at 4:00 am so the EE directed an early morning raid for the third straight day. It rests just below 40 at this moment but significantly above the 39.50 level that I continue to watch. Copper is down a little but crude is pushing 100! Keep a close eye on the greasy stuff today as a move through par will definitely add to the excitement in the PM pits.

Have a fun day! TF

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  101 Comments

Fortinbras
Jul 21, 2011 - 10:02am

No posts?

First? What do I win other than a bump in self-worth/importance/ego for a nano-second?!?!?!?!

SilverTree
Jul 21, 2011 - 10:02am
666
Jul 21, 2011 - 10:06am

Hong kong silver starts tomorrow

It will take time to grow volume...there gold is doing only around 4000 lots a day.......but better it's there than not there

GoldMania3000
Jul 21, 2011 - 10:08am

Stupidity

Can you believe there are so called "smart" people out there that don' t know what gold and silver are yet, in the US. With Gold 1600 people just don't get it. Why is that? Are they just focused on getting buy, getting ahead in their jobs, etc? I wonder what it will take for people to actually "get it." Is it gold at 2000 or 2500$?

Maybe everyone is just brainwashed. The Asians seem to get it, I guess this is why the US is considered "Stupid" around the world and why we are doomed. All the corporate people in their corporate jobs trying to figure out how to get their next promotion or just keeping their jobs, paying into their 401ks, buying blue chip stocks....what's going to happen too all these people?

I've been telling people about gold since 400$ and they see it going up over the years and they still don't get it or own PMs. the best performing asset (money) over the past 10 years and no one can figure it out. Too funny.....

Shill
Jul 21, 2011 - 10:16am

Lord help us all

The shills are trying too re-inflate the bubble

  1. 10:00a

    House prices rise 0.4% in May, FHFA says

  2. 10:00a

    House prices down 6.3% over past year, FHFA says

Dollar falling like a brick shit house and G&S just hang ticking lower. What a comical market place we live in.

Jul 21, 2011 - 10:21am

Re: Stupidity

@PeaceSilver- one of the interesting things I've found is that no matter what the price of gold, whenever I try to talk to friends about investing they always say "Its too expensive". Always. Didn't matter that it was 700$, or later when I said "It's only 950$, this is the last chance you will have in your lifetime to buy gold in triple digits"... no matter. Too expensive at 1200, too expensive at 1600. It'll still be too expensive at 3000, and way too expensive at 5000. You can lead a horse to water but you can't make them think... or something like that.

tmosley
Jul 21, 2011 - 10:22am
paulindoon
Jul 21, 2011 - 10:22am

TF is EE watching yr wisdom

At 10:00 this morning Ag was @ 39.96. Then (was it an EE attack) they dropped it to 39.49 just 15 mins later. Gee TF, you have just got to stop giving the flying monkeys previews of your wisdom via " the 39.50 level that I continue to watch".

I am so LOOKING FORWARD to the opening of the Ag contract trading on HKExchange.

CaptainOverkill
Jul 21, 2011 - 10:23am

Response to Peace Silver

I sometimes find myself asking this question as well. The bottom line is most people really have no idea it is out there, and the few that do don't know how to get involved. The gold and silver markets are rather opaque to a newcomer (what do I buy, where do I buy, should I just get bullion or invest in numismatics, should I invest in paper gold, etc). It took me a few months to fully unravel these questions and I made some terrible newbie mistakes when I first started out. The average joe and jane have been trained to think of gold and silver as primarily jewelry and sort of a "luxury good." I have a friend who has been desperately trying to convince his parents to buy gold, because they have been buying things like US Savings Bonds for years to "put a little away for retirement." They seem oblivious to what is coming and say things like, "That can't possibly happen."

In short:

1. Most people don't really know the value of gold and silver and view it as a luxury good

2. Most people still broadly trust "the system" (even if they may dislike Congress or the president), otherwise they would stop putting money in their 401(k) and be buying the kinds of things we are.

3. Those that do get interested in gold and silver can be easily led astray given how confusing the market is for a beginner.

4. Those that do get interested are often dissuaded by investment advisors and the mainstream media, bulwarks of "conventional wisdom" which always dismiss gold.

This is why I do not believe we have yet entered a mania phase. Other than algos, certain hedge funds, and people like us, no one out there is really buying much gold and silver. When we start to experience serious inflation, that is going to change and then the predictions of gold $5000 might come true. Just keep stacking and wait for the "dumb money" to show up.

silver_hunter
Jul 21, 2011 - 10:26am

Re: stupidity

when POG hits 10k, people will start piling in, gimme, gimme that yellow brick. It's cheap, cheap. LOL

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
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9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
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9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
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8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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