Fast Market = Fast Update

259
Thu, Oct 27, 2011 - 10:39am

No time for dillydallying today. Things are rolling so let's get right to it.

Let's start with our two base commodities as the PMs are definitely drawing some strength from them. As I type, Dec11 crude is up $2.41 at $92.61. DrC is charging higher again, too.

These two have given a boost to silver which is finally trading back above $34.

Gold is lagging just a bit but the chart suggests that it won't be lagging much longer.

That's all for now. I'll have a more detailed update after the close. TF

1:10 pm EDT UPDATE:

As this epic drop in the POSX continues, look for even more downside tomorrow. As noted in the post from later yesterday, once 76 gave way, The Pig looked to fall into the abyss. As you can see on the chart below, 74 looks likely as a short-term bottom.

Dropping to 74 tomorrow or next week would likely be the impetus for gold at 1780 and silver at 37. TF

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  259 Comments

GoldMania3000
Oct 27, 2011 - 10:42am

GO

Lets go already. times a waisting

silvergoldsilver
Oct 27, 2011 - 10:43am

The Ponzi Continues!

$1.4 Trill freashly minted cotton notes and Gold fucks off. Ponzi 101.

Dr G
Oct 27, 2011 - 10:46am

SGS, hello there. You aren't

SGS, hello there. You aren't really stressed about gold, area you? :)

The battle at 1764 will commence soon enough. Let her have a breather prior to that.

Eric King
Oct 27, 2011 - 10:47am

EU phoria

All the markets are feeling good on the back of the Greek bailout plan. Looks like everything is going to crank upwards for a bit.

backseatdriver
Oct 27, 2011 - 10:48am

Cotton

The touch, the feel of cotton, the fabric of our lives!! Mmmmmmm, smells so clean!

BSD

spotgoldprice
Oct 27, 2011 - 10:48am

Nickel?

Does anyone keep an eye on Nickel?

I heard a new perpetual energy machine (the E-CAT) is being tested in Italy tomorrow and uses Nickel and Hydrogen to produce copper and heat (looks like will be back to steam engines again!)

So I just went all in long Nickel just in case our energy problems are solved tomorrow...... (I know, I know) but it would be nice though eh!

I guess a wee open crude short wouldn't be amiss to have tomorrow either!

cheers,

Fred

@spotgoldprice

tekhneek
Oct 27, 2011 - 10:49am

Short at >$45

Like I commented awhile back during the dip... I don't see it going below $30 for too long, and if it does, buy hand over fist. Yeah we hit $28... then $27.. nearly $26 etc but still. You had to time that perfectly and it was almost always in afterhour trading.

I wouldn't buy this momentum, once it hits $40-$45 range I wouldn't be surprised to see it slammed right back down to where we are to try and create a faux trading zone. I will probably go short if it gets to >$45 within the next 2 weeks.

Then again I wouldn't be surprised if this shit just exploded to $65-$70/oz -- either way don't get caught with your pants down. Play the game that they're making you play, just be sure you stack physical too on a consistent schedule. This manipulation will eventually come to an end.

I'm just happy I bought at $30.

Disclosure: I will most likely NOT open a short position because I don't play around in the paper markets, but, I have tossed around the idea and I think that is where the next takedown will happen. They can't afford for it to hit its recent highs and if they did change sides to the long side of the trade, I don't think we'd be at $34 and change ... we'd probably be at $40 and change if not $50.

Just my two cents.

spotgoldprice Dr G
Oct 27, 2011 - 10:50am

I had forgotten about the

I had forgotten about the 1764 angel! Breath gold, Breath!

TruthPreeminent
Oct 27, 2011 - 10:52am

What A Joke

A year and a half ago we were in the same situation with Greece. Then they "fixed" it. The market shot up. Now they "fixed" it again. Mr. Market, like a bunch of 7th grade girls, gets all giddy and goes flying up again. "We fixed it!!! We fixed it!!!" What a joke. I'm not really that excited about the move in gold and silver. Gold isn't moving. We'll see. My ridiculous guess that they will sooner or later print 10Trillion for the PIIGS isn't looking so ridiculous anymore.

Chicken Little
Oct 27, 2011 - 10:53am

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