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This is a pain in the ass........
And I am not talking about the bullshit action in gold and the gold stocks today. No, I am talking about how Kitco is no longer using the CRIMEX trading hours to price spot. They are now ending the trading day at 6pm and it is a royal pain in the ass to tell what is what. For example, I was showing gold up $12 for the April contract, yet "spot" was up $3. It is annoying, I wish they would go back to showing spot beginning at 8:30am and ending at 1:30pm.
Anyway, today was another cluster fuck in regards to the gold stocks as for the most part they acted their usual shitty selves, again. The standouts were GG and AUY along with a nice performance by MFN. GG, AEM, ABX all had nice earnings for once. Not so much for NEM.
Gold almost hit $960, but as usual got capped midway through the day when oil started to sell off dramatically. Of course the desperate bears painted gold to close below $950. Silver, went over $18 but it too closed the day lower at $17.90.
The dollar was getting blasted when the Philly Fed was announced to be the worst in 18 years. It was a disaster, and another example of the financial Armageddon that is coming. The number only made the dollar fall faster. I would assume as the Euro approaches $1.49, yet again, the ESF will step back in. This of course will get the morons on TV saying how the dollar is rebounding because the Fed cuts will give the economy strength it needs to pull itself out of the doldrums. It will be some line of bullshit like that.
By any measure gold should be well over $1000 by now and the HUI should be at record highs. The fact that both are not, is testament to the bullshit that goes on in both markets. I know, I know, you are tired of reading this, as I am writing it. But, am I wrong? Is there a reason why gold keeps getting capped? Today, as per usual NY activity, gold gave back 2/3 of its gains? Why? Oil? Weak market? Gold should be standing on its own. I didn't see Plat or palladium give back the bulk of it's gains, why did gold?
In other news, T. Boone Pickens, who is basically the Jim Sinclair of the oil world, was on CNBC this morning and announced that he is now short oil as he expects it to fall back to around $85 in the second quarter. He should prolly be listened too since he called $100 oil since it was at $60.
Speaking of CNBC, my boy Guy Adami, once again slammed gold tonight, saying that he still doesn't like the gold story but if "you had to be in gold" he would be long GLD. He also slammed NEM as being too expensive. Funny, but no mention of how his gold $700 call was dead wrong, no his recommendation of NILE some 25 points higher.
Sighhhh................maybe one day gold and the gold stocks will stand on their own two feet. (Hey whaddya know, my spell checker is working!!)
Anyway, today was another cluster fuck in regards to the gold stocks as for the most part they acted their usual shitty selves, again. The standouts were GG and AUY along with a nice performance by MFN. GG, AEM, ABX all had nice earnings for once. Not so much for NEM.
Gold almost hit $960, but as usual got capped midway through the day when oil started to sell off dramatically. Of course the desperate bears painted gold to close below $950. Silver, went over $18 but it too closed the day lower at $17.90.
The dollar was getting blasted when the Philly Fed was announced to be the worst in 18 years. It was a disaster, and another example of the financial Armageddon that is coming. The number only made the dollar fall faster. I would assume as the Euro approaches $1.49, yet again, the ESF will step back in. This of course will get the morons on TV saying how the dollar is rebounding because the Fed cuts will give the economy strength it needs to pull itself out of the doldrums. It will be some line of bullshit like that.
By any measure gold should be well over $1000 by now and the HUI should be at record highs. The fact that both are not, is testament to the bullshit that goes on in both markets. I know, I know, you are tired of reading this, as I am writing it. But, am I wrong? Is there a reason why gold keeps getting capped? Today, as per usual NY activity, gold gave back 2/3 of its gains? Why? Oil? Weak market? Gold should be standing on its own. I didn't see Plat or palladium give back the bulk of it's gains, why did gold?
In other news, T. Boone Pickens, who is basically the Jim Sinclair of the oil world, was on CNBC this morning and announced that he is now short oil as he expects it to fall back to around $85 in the second quarter. He should prolly be listened too since he called $100 oil since it was at $60.
Speaking of CNBC, my boy Guy Adami, once again slammed gold tonight, saying that he still doesn't like the gold story but if "you had to be in gold" he would be long GLD. He also slammed NEM as being too expensive. Funny, but no mention of how his gold $700 call was dead wrong, no his recommendation of NILE some 25 points higher.
Sighhhh................maybe one day gold and the gold stocks will stand on their own two feet. (Hey whaddya know, my spell checker is working!!)
posted by Neal | 8:41 PM
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