The Gold and Silver Thread

[BakshisMouse]

And can you believe it, they're both down today as of yet.

Gold: $1,552.50/oz

Silver: $28.02/oz

 

[BakshisMouse]

Damn, and in the past two hours, we have this:

Gold: $1542.80/oz

Silver: $27.635/oz

I'm no gold nut, but even I'm wondering just what the hell is going on!

 

[Toro]

Gold and silver are being liquidated.

Gold and silver are commodities. Commodities are being sold because of worries about slowdowns in China and Europe. So gold and silver are being sold.

 

[Toro]

The RSI for gold hit 25 yesterday. There have been six prior occasions when gold fell below 30 since 2001. On five of those occasions, gold was higher 5, 10, 21 and 62 trading days later. Only once, after the 2008 meltdown, was gold lower over those time periods It has always been higher 126 trading days (6 months) later.

Gold bounced off support at $1530 and may be putting in a bottom here, or at least a near term bottom.

 

[Mad Scientist]

Gold and silver are being liquidated.

Gold and silver are commodities. Commodities are being sold because of worries about slowdowns in China and Europe. So gold and silver are being sold.

Worries? WORRIES? Confirmed with "Soft Landing" thesis written on toilet paper!:
Real Estate Crash in China Underway - Mike Shedlock - Townhall Finance Conservative Columnists and Financial Commentary - Page 1
Reason enough for you to buy Gold and Silver right here.
CNBC Joe Kernan:

"The dollar is backed by the full faith and credit of the US government and a powerful economy."

 

[Toro]

Bought gold today for a trade. Will buy more if it falls and holds support.

 

[KissMy]

Reuters - "China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters."

 

[Toro]

Dumped my gold for a small loss. Big downdrafts like today usually portend more losses to come.

Rumor is that European central banks are dumping gold.

I'm thinking about packing trading in until the Europeans get their shit together. This has been the hardest market I've traded by far, harder than the Financial Crisis. I'm tired of being bushwhacked based on what some obscure Greek politician has to say.

 

[Valerie]

Dumped my gold for a small loss. Big downdrafts like today usually portend more losses to come.

Rumor is that European central banks are dumping gold.

I'm thinking about packing trading in until the Europeans get their shit together. This has been the hardest market I've traded by far, harder than the Financial Crisis. I'm tired of being bushwhacked based on what some obscure Greek politician has to say.

I heard the technical gurus saying that Gold is heading to the 1100s.

 

[Toro]

Dumped my gold for a small loss. Big downdrafts like today usually portend more losses to come.

Rumor is that European central banks are dumping gold.

I'm thinking about packing trading in until the Europeans get their shit together. This has been the hardest market I've traded by far, harder than the Financial Crisis. I'm tired of being bushwhacked based on what some obscure Greek politician has to say.

I heard the technical gurus saying that Gold is heading to the 1100s.

Don't believe them.

Why?

They might be right. However, they really have no idea what will happen.

 

[KissMy]

" "As long as the U.S. economy continues to grow sufficiently fast to cut into the nation's unused economic resources at a meaningful pace, I think the benefits from further action are unlikely to exceed the costs," Dudley said in his prepared remarks. "But if the economy were to slow so that we were no longer making material progress toward full employment ... then the benefits of further accommodation would increase in my estimate and this could tilt the balance toward additional easing."

Should growth in the U.S. decelerate, Dudley said the central bank can choose between extending the duration of its balance sheet, or add to it by buying more bonds." "

 

[Mad Scientist]

That means QE III, which is what was planned all along.

 

[KissMy]

Fed's Fisher: Jobs, not inflation, US' biggest economic problem

The lack of job creation, not the threat of inflation, is the biggest problem for the U.S. economy, a top Federal Reserve official known for his hawkish views on inflation said on Wednesday.

"We have not been seeing a lasting inflationary impulse here," Dallas Federal Reserve Bank President Richard Fisher said at a community forum in San Antonio....

The economy is running "just above stall speed," he said, but is still moving forward. Uncertainty is holding back hiring, he said, adding it is up to Congress, not the Fed, to fix the problem.

 

[Toro]

Gold was up $66 on Friday after the jobs report.

AM-PM Roundup with Jim Wyckoff

Gold held long-term support at ~$1530, and the price action on Friday was bullish. Gold has to prove itself technically but it may be setting up for a significant move higher.

 

[KissMy]

Fed’s Evans Says More Accommodation Would Help the Economy

Fed Charles Evans says goal is to get unemployment down to 7% & inflation up to 3%.

 

[percysunshine]

Fed’s Evans Says More Accommodation Would Help the Economy

Fed Charles Evans says goal is to get unemployment down to 7% & inflation up to 3%.

Give a guy a hammer, then everything looks like a nail.

Screwdrivers are not an option.

 

[Toro]

Gold was down nearly $50 yesterday on new news from the Bernank.

 

[Douger]

Gold was down nearly $50 yesterday on new news from the Bernank.

Trivial. Unless you're an old man like me.
Buy some(physical) gold and silver and in 30 years you'll be loaded.
I stick with things people can not survive without(food/copper/nickel). Govt's have a say so in regulating the prices but, overall, it works great(so far) in the short term.

 

[KissMy]

Anyone know where each of these FOMC members stand in extending "Operation Twist" or "QE"?

2012 Members of the FOMC Members

Ben S. Bernanke, Board of Governors, Chairman
William C. Dudley, New York, Vice Chairman
Elizabeth A. Duke, Board of Governors
Jeffrey M. Lacker, Richmond
Dennis P. Lockhart, Atlanta
Sandra Pianalto, Cleveland
Jerome H. Powell, Board of Governors
Sarah Bloom Raskin, Board of Governors
Jeremy C. Stein, Board of Governors
Daniel K. Tarullo, Board of Governors
John C. Williams, San Francisco
Janet L. Yellen, Board of Governors

Alternate Members

James Bullard, St. Louis
Charles L. Evans, Chicago
Esther George, Kansas City
Eric S. Rosengren, Boston
Christine M. Cumming, First Vice President, New York

 

[Paulie]

It's a head fake. Bernanke's rhetoric has been that things are still fragile. There's no reason to believe that they're just not going to do any more stimulus whatsoever.