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On pins and needles.......
OK, this is the gold market. We always expect the worst, and usually we are not disappointed. Even though I was quite pissed to see the early strength disappear, I was even more surprised to see gold hit it's highs later in the day, up $11+. In all my years of watching gold, I have never seen it give up a $11 gain completely, only to get it all back later in the day. That was something!
As of 12:30am, gold is holding steady down $1. I do not expect any moves until the jobs report in about eight hours. Speaking of which, look for the official "You've got to be Kidding Me" monthly jobs prediction. I am going to pull a number out of thin air and see if I can move the markets just like the ADP report. It amazes me the ADP report, which has been wrong for a year, is given much credibility and can move the market. Hey, can I do any worse?
Talk about whiplash. I came into the day, long a slug of gold names and was shocked when Mr. Market gave me an opportunity to get out of those names at a small profit when it seemed that gold was heading for a huge loss. I was even more humble when I was able to get back into those names when it appeared that gold took a stand and was going to get much higher. Like I wrote earlier, today was an exhausting, yet nicely profitable day. I ended the day long only a couple of names. I am concerned for the jobs report as who knows what type of fiction is going to spew from the gov't. Plus, being a gold bug, I could wake up and "gold could be down $100!"
At my trading firm, CNBC is on all day. I have no choice in the matter. But, there has never been more of a time where CNBC's true hatred of gold shined brighter than today. Any time gold was mentioned it was usually in "I can't believe gold is higher, it won't last, sell it today," type of attitude. I must have heard Guy Adami's "gold could be down $100," at least 15 times today. The anchors on CNBC are morons, they have not a clue, they cannot think for themselves. There is no other way to put it. At least later in the day, I heard a couple of guests accurately describe the gold situation and why gold prolly wasn't going to fall $100 in one day.
Shall I talk about Bob Pisani and his reaction to the gold stocks? CNBC reporters for the most part are not allowed to own individual stocks, or so I believe. But, I could have sworn every time Pisani, was on the screen, he was acting like he was short thousands of shares of the gold miners. He constantly pointed out the "overvaluations" of the big names in the mining industry and how they were up so much since in two days.
I am not going to argue whether he is right or wrong. But I am going to argue how I don't think I have never heard him point out the valuations of other high fliers. I have never heard him yelling how the entire solar industry is ridiculously overvalued. I don't hear him yelling about how SOLF has almost doubled in three weeks. Why pick on gold stocks?
And of course on Fast Money, for the most part they were out bashing gold again. They just don't get it. Which I guess as a gold bug is good. Let's keep this party exclusive for as long as possible. When I am in line at the supermarket, and if I hear two housefraus talking gold, then I know the common folk have crashed the party.
As far as the gold stocks go, Jeff Macke, who I know and respect, does make a good point that for MOST, GLD is a very safe way to play gold. Unless you can do your homework, there is considerable risk in the smaller gold names. I have been on both sides of the coin; heads, where my small miner has been bought out (MNG-NEM) and tails, where my miner has blown up--thank you NG.
So where are we going now? I still maintain that gold will bounce off of $887 before any meaningful correction takes place. What kind of correction that will be is unforeseen. But I am sure when the correction hits, I will rue the day I ever heard of gold. It will cause me untold agita, I will bitch, I will complain and I will hate gold. But in the long run, gold has been my best investment vehicle----ever! I see no reason for this to change anytime soon.
All roads point to gold.
As of 12:30am, gold is holding steady down $1. I do not expect any moves until the jobs report in about eight hours. Speaking of which, look for the official "You've got to be Kidding Me" monthly jobs prediction. I am going to pull a number out of thin air and see if I can move the markets just like the ADP report. It amazes me the ADP report, which has been wrong for a year, is given much credibility and can move the market. Hey, can I do any worse?
Talk about whiplash. I came into the day, long a slug of gold names and was shocked when Mr. Market gave me an opportunity to get out of those names at a small profit when it seemed that gold was heading for a huge loss. I was even more humble when I was able to get back into those names when it appeared that gold took a stand and was going to get much higher. Like I wrote earlier, today was an exhausting, yet nicely profitable day. I ended the day long only a couple of names. I am concerned for the jobs report as who knows what type of fiction is going to spew from the gov't. Plus, being a gold bug, I could wake up and "gold could be down $100!"
At my trading firm, CNBC is on all day. I have no choice in the matter. But, there has never been more of a time where CNBC's true hatred of gold shined brighter than today. Any time gold was mentioned it was usually in "I can't believe gold is higher, it won't last, sell it today," type of attitude. I must have heard Guy Adami's "gold could be down $100," at least 15 times today. The anchors on CNBC are morons, they have not a clue, they cannot think for themselves. There is no other way to put it. At least later in the day, I heard a couple of guests accurately describe the gold situation and why gold prolly wasn't going to fall $100 in one day.
Shall I talk about Bob Pisani and his reaction to the gold stocks? CNBC reporters for the most part are not allowed to own individual stocks, or so I believe. But, I could have sworn every time Pisani, was on the screen, he was acting like he was short thousands of shares of the gold miners. He constantly pointed out the "overvaluations" of the big names in the mining industry and how they were up so much since in two days.
I am not going to argue whether he is right or wrong. But I am going to argue how I don't think I have never heard him point out the valuations of other high fliers. I have never heard him yelling how the entire solar industry is ridiculously overvalued. I don't hear him yelling about how SOLF has almost doubled in three weeks. Why pick on gold stocks?
And of course on Fast Money, for the most part they were out bashing gold again. They just don't get it. Which I guess as a gold bug is good. Let's keep this party exclusive for as long as possible. When I am in line at the supermarket, and if I hear two housefraus talking gold, then I know the common folk have crashed the party.
As far as the gold stocks go, Jeff Macke, who I know and respect, does make a good point that for MOST, GLD is a very safe way to play gold. Unless you can do your homework, there is considerable risk in the smaller gold names. I have been on both sides of the coin; heads, where my small miner has been bought out (MNG-NEM) and tails, where my miner has blown up--thank you NG.
So where are we going now? I still maintain that gold will bounce off of $887 before any meaningful correction takes place. What kind of correction that will be is unforeseen. But I am sure when the correction hits, I will rue the day I ever heard of gold. It will cause me untold agita, I will bitch, I will complain and I will hate gold. But in the long run, gold has been my best investment vehicle----ever! I see no reason for this to change anytime soon.
All roads point to gold.
posted by Neal | 12:13 AM
4 Comments:
"The anchors on CNBC are morons, they have not a clue, they cannot think for themselves. "
I disagree with you:
I am 82 years old, I have a lot of experiences in 'these matters'.
All anchors on all main channels, ARE TOLD IN ADVANCE what to say and what to think. Very few exceptions.
Remember what Bob Woodward , Watergate, said already in the seventies "...there are 400 top journalists who are running the news media, working for the CIA."
Today we know that practically every American journalist is working also for one of the intelligence agencies. Otherwise, they will have no job.
IRAQ WAR-DECEPTION PROVED IT.
My next door neighbor is a bank manager, he assured me that all 'American' 'financial media' is almost 100% controlled by a very small group in London.
They are manipulating all the markets daily. Since most of your readers are 'Goldbugs' I am probably not saying anything new, I need not elaborate any further.
“So where are we going now? I still maintain that gold will bounce off of $887 before any meaningful correction takes place. What kind of correction that will be is unforeseen. But I am sure when the correction hits, I will rue the day I ever heard of gold. It will cause me untold agita, I will bitch, I will complain and I will hate gold. But in the long run, gold has been my best investment vehicle----ever! I see no reason for this to change anytime soon.”
RELAX NEAL RELAX,
Let me give you a hint: Gold, IMHO, will be around $2000 next summer.
Reasons:
1. My sources tell me that we are going to hit Iran next April or May.
2. My sources speculated that most likely, Israel may ‘pull’ another ‘USS LIBERTY
( http://www.gtr5.com/ ) trick’,
this time on one of our Navy ships on the Iranian coast.
3. This ‘will leave no choice’ to the White House, and they will nuke the hell out of Iran.
4. We will have WW3 or we will get our hands on their oil.
5. Gold will be over $2000, but there will be no one around to buy it.
Hi Neal,
I just visited the website of the famous British psychic Levi.(he proved himself to be often correct, over the years)
I found this paragraph:
Gold To Soar Past $1000 An Ounce
If you acted early last year and bought one ounce gold ingots you will have doubled your money by now rather than risking a bank account. As the truth about the true state of the World Economy becomes impossible to hide, Gold and silver will increase even further in price. There is still time to hire a safety deposit facility and start to buy gold ingots with any spare cash you may have sitting in an account. If the market crashes either this year or next, your electronic money could simply disappear overnight. Even if it didn't, it would devalued through inflation etc. With physical gold this can't happen and your money is not only safe, it will be worth more.
http://www.levi-tarot.co.uk/psychic-world-predictions.html
"Let's keep this party exclusive for as long as possible."
I agree wholeheartedly. Gold will become known of its own accord soon enough. Just like the big guys need Dow to stay up long enough to get out, I need gold to stay down long enough to get IN. I have money semi-trapped in a prior-employer 401(k) which will take time to get at. My traditional IRA is at a fund group with no available gold fund, so I need to open brokerage account and buy GLD. All on DCA basis. Takes time.
Shhhhh.....
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