84 thoughts on “CHART OF THE DAY

  1. Bill J.

    A potential here to run the stop on shorts, prior to a real reversal??? Much like what the smartmoney did to run the stop back in Jan’s low?

  2. MuffinTop

    Yep โ€” bought in 50% HGU when I realized that my prognosis for another DCL wasn’t gonna play out at this particular juncture. We very likely have another leg up before a proper technical correction of some sort ๐Ÿ™‚

    And then single digits for GDX, right Jay? That a boy!

  3. victor

    as for me, stocks are correcting from it’s overbought conditions that’s why gold get energized, if stocks start continue it’s way to 1970 or higher gold should retrace down…

      1. Herman

        Gold had this ‘golden recipe’ for the recent surge. It was very oversold, then USD started selling of and the trade became risk-on. That will be changing soon.

  4. Anthonyo

    Sorry, this looks like a classic pump and dump operation. Lower lows for gold gong into May/June are in the cards. Right after sucking in all the wide-eyed wanna be millionaires bowing to the false “maybe bull”.

  5. Anthonyo

    Cashless society, Powers that Be taking us towards Digital Money and bannng cash…

    … A cashless society is a logical extension of negative interest rates. Sufficiently negative interest rates , i.e. below about -0.35 basis points, according the Fed Staff Memo, will cause a liquidity preference for cash on the part of the consumers.

    It is thus necessary to ban cash, to force people to spend instead of stashing banknotes under the bed.

    A cashless society with digital money would be the end of financial privacy and personal freedom, which should boost demand for gold as investors would seek currency alternatives and safe havensโ€ฆ unless gold were banned too which is the logical extension of what is being planned.

    1. Ralph Wiederzane

      How do they ban gold? Just trying makes people hold onto it tighter, and on the central bank front are places like Russian, China, and India going to go along with the plan? When Roosevelt ordered everybody to turn in their gold almost nobody did, and they are less likely to now after seeing how revalued it 75% higher a short time after.

      1. Anthonyo

        gold is also going up recently since japan said negative rates and so did our stupid Fed who pushes with one hand and pulls with the other like only an IDIOT does.

        So gold is going up becoz of neg rates talk as well as PRC moving missiles into artificial island etc Gold is going up is an Asian thing it started in Asia.

        But it will end in US, as the coming smack down planned for it in US shall prevail in my opinion.
        So the story is not finished yet.

        Later if they go to digital money, they may simultaneously ban buying and selling with gold and silver coins with a single emergency decree(no need for congressional ratification) for “economical and financial national security” reasons. Then gold price could most likely plummet back to the $200-$300 range in a few years after that. And as digital money is established as the norm everywhere, gold will become just a relic used in jewelry and some industry only and will lose its monetary status forever. It may end up at very cheap prices in the future as it will just be just a pretty metal.

        1. RayB

          China, India and other countries own much more gold then the usa does, so it doesn’t matter if usa goes cashless, gold will always be worth much more in other countries regardless what the usa does.

          1. Anthonyo

            Good pint, but if US goes digital money it will just be a matter of time before Europe, India, Chian go the same way…..Why? Because with digital money you can track money and trades and TAX all money and trades.
            It is a source of extra Tax income for all governments.

            Under this scenario, gold and silver coins as money or trading “currency” will be banned by governments with severe penalties and punishments if violated.

            It’s just a matter of making money for the bankrupt governments all over.

  6. Alexandru Popovici

    Victor, I agree with you. Gold and miners are due for correction into their DCLs.
    GDX casts omenous signs one after another, day after day.
    Today’s additional bearish signs in miners:
    – shooting star,
    – rising wedge.

    stocks are to rise from here towards their ICH until treasuries fall in their ICL
    LOOK FOR TREASURIES’ ICL IN ORDER TO FILTER YOUR TOP IN STOCKS’ DEAD CAT BOUNCE!

  7. Bill in Tokyo

    Pop ‘n drop for GDX?

    SLV has retraced ALL of it’s pop, so it’s already dropped.

    I agree to not short, but the divergence that Muff pointed out, plus the COT, kept me from buying this breakout. I might be wrong, but so far I’m still hoping for a correction that makes a higher low. We’ll see.

    1. Bill in Tokyo

      … plus GDX’s daily chart’s RSI(14) is overbought, and the MACD/PPO histograms are going down now, so momentum is slowing, even w/today’s pop. If I bought this pop, I’d cover before market close today, unless price starts to go higher – which can be seen on a 5 min chart.

    2. MuffinTop

      Tough call — I was trying to be nimble and that’s why I only bought 50% in case it does correct. My only concern is momentum.. momentum could push Gold past the $1300 mark before it tops. We’ll see ๐Ÿ™‚

      1. Bill in Tokyo

        Yea, 1300 seems possible. The GLD chart looks better to me than GDX, in terms of patterns. GDX looks like a real topping pattern, while GDX was a clean triangle consolidation.

        I got up here in Japan at 1 am, and have been sitting here watching GDX pop and then subsequently drop via a 5 min chart. The 2 and 1 hr charts look like they are out of gas. But, GLD’s chart still looks OK.

        I have no idea what’s happening, so I’m going to stay out, and wait for a pullback that can be seen on a daily chart. If the pop held I’d buy, but it just isn’t looking that way now at 2:30 pm EST.

        If GDX pulls back on a daily chart, and forms a higher low, then I will buy and hold that for a long long time, like Gary says.

  8. Herman

    Gold/silver ratio keeps rising, a very obvious and ominous sign. Over 81 today, it will likely go to 100 in the coming deflationary bust.

  9. pacoquin in spain

    IMO Gold and Miners due for correction next coming wks-months, usual people having good time whashing shorts-longs not only in Gold, oii, currencies, etc., but market will go where its due

  10. Anthonyo

    gold is also going up recently since japan said negative rates and so did our stupid Fed who pushes with one hand and pulls with the other like only an IDIOT does.

    So gold is going up becoz of neg rates talk as well as PRC moving missiles into artificial island etc Gold is going up is an Asian thing it started in Asia.

    But it will end in US, as the coming smack down planned for it in US shall prevail in my opinion.
    So the story is not finished yet.

    Later if they go to digital money, they may simultaneously ban buying and selling with gold and silver coins with a single emergency decree(no need for congressional ratification) for “economical and financial national security” reasons. Then gold price could most likely plummet back to the $200-$300 range in a few years after that. And as digital money is established as the norm everywhere, gold will become just a relic used in jewelry and some industry only and will lose its monetary status forever. It may end up at very cheap prices in the future as it will just be just a pretty metal.

    1. Ralph Wiederzane

      You’re dreaming, the experiment has already been tried and it worked exactly opposite as your suggestion.

        1. Herman

          well, actually, after the bust, and after falling to 400-500/oz, a serious inflation cycle will start, and this could take gold to 10,000/oz in a few years time. But the bust comes first, the timing is essential here.

          1. victor

            hey kids…, let’s leave 400/oz – 10,000/oz for now and concentrate on DCL and buy this sucker to run to 1400 or so… then we will see…

        2. Bill

          This from the guy calling for a cashless society lol must be a liberal as the hypocrisy is strong with this dope.

  11. Jacob 2

    My 2 cents: Commodity stocks other then gold/silver doing well on a down day. Take a look at oil and Agriculture stocks. Believe the PM’s take a breadther for a while and these others run. Tag team? Allways interesting.

  12. Alexandru Popovici

    Victor, back to my computer from bathing my 2-year-9-month kid.
    I just saw your reply in the prior post.
    Thank you, Victor! ๐Ÿ™‚ hope it will be a good investment: Romania is in EU, corruption is getting tackled, USA is amassing soldiers, one contingent after another as well as various shields, infrastructure investment has been nearly halted by the government to obtain budget surpluses – basically it cannot be worse than that but better. Not to mention we are getting close to the end of this K-wave –> good times lie ahead for the world economy, for all of us.
    My investment is soft, some EUR 40,000, so that I will be a tiny, tiny Buffett ๐Ÿ™‚
    As to Trump’s predicament: one is getting born being a psychopat and it is inherited, it is in one’s genes. I’m sorry for him, I just hope I will not have to feel sorry for America and for the whole world along with it

    1. Herman

      “good times lie ahead for the world economy, for all of us.”

      are you kidding Alex? The thing is about to implode.

  13. Bill in Tokyo

    1 hr to market close, and we have daily outside reversals on the PM ETF’s. Plus it was an even more divergent high. I remember that Gary said once that cycles work best to predict bottoms rather than tops. I’m going to sit in cash and wait for an ICL I think. We went higher today, but it could not hold. The impulsive feeling is gone for now.

    1. Bill in Tokyo

      …. oops … wrote ICL … meant DCL I think … the next daily swing, which will hopefully be a higher low

  14. Hillarys Cattle Futures

    In the near-term; It looks like the PPT basically just has to support Oil to keep the stock market from crashing.

  15. Enoch

    ive exited all my positions. again following the YEN and gold correlation as gold is about to turn if not has already turned. wont be getting back in until something after march7 when it completes it’s low

  16. Stefan

    I am a Goldbug but we are soon in correction mode. The Timeline kicks in 1st of March.

    We will go down for a month or so.

    So don’t be fooled by Gary, this is a bear rally !

    THIS IS A BEAR RALLY !!!

    or it was a bear rally, correction is already here.

    1. Anthonyo

      Yep, as I indicated it will have a hard time staying above 1250…and that is exactly what happened Tuesday; it kissed 1250 early in session then slipped down like a fish on a jelly slide all day long losing most of its gains.
      So much for Bill’s longs LOL How does it feel Bill?

  17. Bill in Tokyo

    Reading all the bearish comments on gold makes me think it still will go higher!

    Can’t wait for Gary to plug in and tell us his views.

  18. Stefan

    There is a possibility that Gold will set a new low, not by much but a new low sub 1040 in 2016.

    CB has some power left, we will see what happens during next FOMC.

    1. Bill in Tokyo

      Silver sometimes lags gold. A better test is if GDX leads GLD, which it is. I think we have a bull here.

  19. David

    Today may be GDX reach its intermediate top, I think so. 50-60% correction is expected. That mean gold still in bull market. will see.

  20. MuffinTop

    Silver is in fact forming a ‘Flag’ folks and that is very bullish in my books! Some could even argue that Silver is forming the ‘handle’ of one big ass cup, which means Gold bears might have to suck it up some more haha ๐Ÿ™‚

  21. Chris

    Wrong Muffin. If u look at the past year, this is the pattern that causes silver to turn back down. And also noticed price volume. Recently, silver’s high volume is on distribution days. Also , silver follows macd quite well. Unfortunately, it is cutting downwards, bearish. Trade what u see, not what u think.

    1. Bill in Tokyo

      Chris, did you look at the daily chart of silver? It does look like a cup, w/the handle forming right now. I think Muff is correct.

  22. tulip

    Thanks Gary you have been spot on!!!
    Please check in and have a safe trip.
    Send some climbing pics……

  23. Chris

    Guys, the same cup and handle could be said about 2015 jan to May. And didnt u realized silver did not make any higher high? Gold is really on target for a 50% fib retracement. It is doing something good now. Just consolidating in a zone. So that MA are moving up. Typical bullish action. But still, it needs to move to 50ma at the very least. It will break 1200, by March.

    You guys must know, gold in its most bullish time in 1970s also did fib retracments. In its bull market since 2000, it also did that. Only time it did not is 1999. It rallied a lot, then …. it failed and sit around for 2 years.

    So u bulls better pray gold breaks 1200 and do fib retracment

  24. Chris

    Its so normal for gold to retrace. Why dont go bulls go sleep and have a dream. That gold doesnt drop $100, instead, it continues going up $100 a day. In 365 days, it is $36500+$1233=$37733!!!!!

    1. Anthonyo

      LOL! I love this line: “Why dont go bulls go sleep and have a dream”.
      Listen, I have physical from 2003 on, but I am not a perma bull, and will never be.
      I have made more money shorting gold in the last 3 years than in stocks.
      And this rally feels not right, OK? It feels like a pump and dump operation.
      Only Bill gets sucked into this, lol

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