61 thoughts on “Gold & Dollar follow up

    1. bill

      The Whole Gold election thing is pure BS at its finest. Something the manipulators have created as a window of opportunity to slam Metals and Miners, as there is no correlation to the sector and the elections. Gold and Miners will just shake off the weak players and move forward in Bull Market fashion no matter who wins.

    2. Gary Post author

      I don’t think it’s going to make any difference who gets elected other than just some short-term volatility.

  1. cazabrujas

    Gent25, with all due respect, I really think you mean WHEN, not IF Trump loses. I am also curious about Gary’s take on this scenario. Let’s say Trump loses big and does not have any grounds to sue or make any other kind of trouble. How do you think gold would behave for the rest of the week? Would the pullback be stronger than what you suggest in your video?

    Thanks!

  2. ras

    pms are unlikely to start an intermediate advance at this time. Long side may not be very productive for a while. No predictions. One day at a time.

    1. Pedestrian

      Same here Ras. No predictions. Politics is a complete mystery to me. Gold is jumping just now though. Maybe yesterday was a fake out. Looks like it may even close that gap already. Hmmm. Maybe I should just jettison everything and wait until tomorrow.

  3. duckwhorocks1

    Covered all recently shorts in GDX.
    Still holding original 10% shorts on GDX.
    Still holding short on Gold.

  4. AmantedeTeclas

    All my silvery metals up as well as “Wellgreen Platinum” which I plan to hold for a year at least.

    Gold going South, and I got no idea why, but I bought my first peanut position “ever” in gold today.
    Rick Ackerman, the impossibly bearish pivot point specialist who I respect a lot, stated there is so far not a single clear technical hint that points to anything else than gold going higher.

    Alex, thanks for the good call on USD vs JPY some days ago. I got in at the bottom of that day and it is also up.

    Have a good one. Thanks, Gary.

  5. AmantedeTeclas

    Go Trump…the only guy who has no relationship with “political correctness” whatsoever! 🙂

    Don’t know when I voted last time. Politicians are same ol same ol. They fight in public and afterwards… bottoms up together.

  6. Pedestrian

    Precious metals going down hard tonight. Sorry to have to break it to you but my secret indicator has been tripped and its rarely ever wrong. Anyone else have elction fatigue by the way?

    Now that’s behind us, did you all hear the Indian Government has banned the 500 and 100 Rupee bank notes? That was a wow moment when I saw that. And it barely squeaked through as news because most sites are so obsessed with the election today. If you are Indian you have until December 31st to hand back all your high denomination paper money because after that it becomes worthless. Actually it is already worthless because as of today you can’t spend it anymore. This is about the equivalent of seeing 100’s taken out of circulation in the States and for such a large country its going to be quite a shock. So having taken a page out of Ken Rogoff’s recent book about eliminating cash the Modi Government made the bold decision to just do it as a leans to clean up corruption. But I think there is actually something deeper going on here. India is the country with more privately held gold than any nation on the planet. They have an estimated 20 thousand metric tonnes hoard of the stuff if not more and the government has been trying for the past few years to get their people to give it up. And now they have the solution. Because eliminating cash will never end corruption in a country like india. Instead, the black market will swell with nuggets that trade back and forth and billions of dollars worth of it will finally see the light of day. Exactly how the government will catch it once its out in the open is another question but I can guarantee that the new Lingua Franca of the underworld Indian economy is going to become precious metals and that means prices could end up falling as supply swells in the East.

    Just a thought for the day.

    And goodnight sweet peas.

    1. Surf City

      Getting rid of Cash is a huge “Wet Dream” for the Bankers. Hard to have a run on the bank if there is no cash. And if Cash is digital, then it needs to be stored in a digital bank were they can charge you negative interest on you balance.

      Get ready, it is coming but then Gold will be another outlet as an alternative cash position… 😉

      1. Pedestrian

        Exactly my point in a post below Surfer. But the problem for the gold market is that India is one of the biggest buyers and holders of gold anywhere. Take away wedding season demand because gold goes into circulation in India’s black market, and take away much of the annual imports which will no longer be necessary, means global demand will weaken.

  7. stockpick

    A quick question…….Gary, why do you think we are in a bull market in gold?

    The runup from $1000 could well be a bear market bounce?

    1. Pedestrian

      At last. So its not just me. Thank you Stockpick. And you are correct. All we have seen is a bear market rally so far and by the look of some gold charts they are doomed to keep trending back down. Are you not the least bit worried to ask such a petulant question on this site though?

      The backlash can be painful!

  8. anjing bau 22

    but my secret indicator has been tripped and its rarely ever wrong…. then WTF are you DOING posting here? lol

      1. Pedestrian

        Anyway Banjing, what you should be REALLY concerned about tonight is that one sixth of the worlds population (that’s how many live in India) no longer have any paper currency more valuable than US 1.50 to go shopping with or bribe officials and that means that billions of dollars of gold are about to be unleashed on the planet.

        This is a much bigger deal than almost anyone can imagine right now.

        It is literally a coup in the metals/currency markets. It means PM’s will go into surplus and internal Indian demand for gold from outside the country will evaporate as it will no longer be needed to keep up with buying. It means Indian households will become net sellers of gold for maybe the first time in their history. And the reason is that a developing country of that size with more than 1.3 billion people simply cannot function using such small denomination paper bills.

        I mean, you can’t buy anything of value anywhere for a dollar fifty anymore! Gold will start to circulate in India as a result. Because what most Indians want is the same thing the rest of us want. Nice cars and houses, not a store of metals that just sit there.

        I think this could be the event that really turns the gold market on its head. Its just HUGE.

        1. anjing bau 22

          Country plans to fight counterfeiting by replacing old bills with new 500- and 2,000-rupee notes

          http://www.wsj.com/articles/india-to-phase-out-current-500-and-1000-rupee-bank-notes-1478619693

          I mean, you can’t buy anything of value anywhere for a dollar fifty anymore! Gold will start to circulate in India as a result. Because what most Indians want is the same thing the rest of us want. Nice cars and houses, not a store of metals that just sit there.

          absolute bollocks…..

          1. Pedestrian

            OMG, you can use the search engine on the internet. You are wayyyy smarter than I thought.

            This is obviously a trending story as that information was not in the first press release. Note your article is dated for today at 4:41 pm New York time so you did not know it earlier either. No mention of the 1000 Rupee note either. It is gone.

            Next time you quote me use quotation marks. You look like a retard otherwise.

          2. Pedestrian

            A recent article on the subject from the BBC.

            Seems that the program is indeed going to put the cash economy in India in a straight jacket and is expected to be deflationary hitting home values hardest. Cash withdrawals are limited during implementation and anyone turning over money to exchange must produce Identification. So cash hoarders, black marketeers, counterfeiters, criminals and other economic pestilence might never get their hands on the new money anyway. It will all be cancelled and done with. So I will stand by my theory. Gold will circulate in the underworld instead. By the way, the country already eliminated all its higher denomination notes years ago. They were never replaced.

            Have you got any better theories Bangjing?

        2. TraderPete

          Apparently, Pedestrian misrepresented the facts about the situation in India. That is so despicable. If he did it on purpose, not only is he is a very disgusting person but a liar as well, and should be banned from posting on this website. Come clean Pedestrian, tell us the truth. And who are you really?

          1. Pedestrian

            Not at all Peter. I had an earlier press release that did not include the new information (which you already knew because I said so in another post). Are you upset gold is going down? You seem pretty upset. Must be quite the loss.

      2. anjing bau 22

        your secret indicator that is never wrong…… Goldman Sachs would like to hire you…LOL…pedestrian indeed

        1. Pedestrian

          Maybe they will. Oh look! 1268.00 gold. So far my Goldi inDICKator is working pretty darn good. Think I will change my handle to Goldidick. It has a nice ring to it.

          1. anjing bau 22

            Oh look! 1268.00 gold. So far my Goldi inDICKator is working pretty darn good. Think I will change my handle to Goldidick. It has a nice ring to it.

            Mr. Goldibottom tickdick you shall be known as henceforth… I should have never questioned your accuracy and sagacity …….

          2. Pedestrian

            You forgot to use quotation marks. Looks like they are your comments and not mine. You could be a slow learner. But then you are just 22!

        1. anjing bau 22

          “Next time you quote me use quotation marks. You look like a retard otherwise.”

          yes you are a dick…..

  9. Alexandru Popovici

    Amante, you are welcome! Stick to the long USDJPY position, do not divest it.

    SURF CITY, it is not yet worth covering the shorts in gold or miners! The cycle may be late on day 22 but it still has 3 days to roll over and they will be TERRIFYNGLY RED DAYS.
    If you have already covered, you have done it too soon.
    There are a couple of reasons underscoring my assertions.

    1. Surf City

      Alex, I remember the Brexit vote well as I was massively short the stock market along with a huge UGLD position going into that vote that most said would fail. If Clinton wins, as all the polls indicate, there will be time to buy back my DUST positions (at higher prices) but If Trump wins, Gold will surge and DUST will be crushed. Interesting that Martin Armstrong’s computer predicted the Brexit vote passing and that same computer is predicting a Trump victory.

      Not predicting a Trump win at all but just booking profits before what could be a surprise to many. You never go broke booking profits early… 😉

      1. Surf City

        Gold up big and retesting its recent highs and stock futures are tanking. Seems the market is smelling a Trump upset and I am looking like a genius as I only closed 2/3 of my stock market shorts late last week (that is I am a genius if Trump holds on for the win).

        https://goldtadise.com/?p=386306

  10. Alexandru Popovici

    GARY, I am surprised how you cannot see the truth behind USD and gold/miners, how you persist on this wrong track!
    You will be sorry for this eventually.

    You told AmantedeTeclas about one month ago that I would be proven wrong with my bullish assessment on USD when USX was merely 95 and…the rest is history.
    It is OK being wrong originally but persisting in it will be…full of lessons for you to draw.

    AS I replied to CHRIS last week, hindsight judgement will help you see the truth.
    It looks like you really have to get there.
    Good night!
    Alex

    1. chrisG

      Yes Alex, on this front, Gary is pretty wrong about the USD recently. I recalled many weeks ago he kept saying dollar will not make higher high, capped by 200 ma. Very wrong. Nowadays my heart beat fast whenever he talks about the dollar. Cos I sense, uh oh, he gonnaB wrong again

  11. ras

    Eliminate corruption from Indian Society? Tough. Locals think it is an incentive to speed up the needed action. The government will issue new Rs 500 and Rs 2,000 notes soon. The idea seems to be to unearth black (unaccounted money), all old high value notes , and have them deposited into bank accounts, converting into white (taxable money). If the old notes are not deposited before the deadline, they become worth less.

    Indians are very creative folks. They would think of other methods of providing incentives to officials, may be, in kind. It is a highly feudalistic society stratified along lines of caste, creed, community, etc. The strength and wealth of India are not its politicians, scientists, economists, but its burgeoning, young, educated, middle class population. Therefore, internationals like coke, pepsi, mcdonalds, kfc, etc., who need warm bodies to consume their products, flock to India to expand and grow their business. Also, software companies in North America and Europe tend to outsource their jobs to major centers in India at a fraction of their local cost. When people overeat fast food and get sick, international drug companies will be on standby offering drugs for obesity, diabetes, heart ailments etc., A powerful mix of capital migration to India to exploit the local young educated talent in search of greater profits without incurring the costs of educating their wards from the ground up. Looks like a marriage made in heaven.

    1. Pedestrian

      Nice post Ras! I agree with all of it. Especially where you conclude that Indians will continue to do business “in kind” which is code for using currency alternatives. Maybe India really will be the worlds first modern society to actively use gold in the underground economy as an alternative to fiat as I have theorized. Certainly the youth of the country are in a mood to break with old traditions and start embracing different ideas. Too bad they are in such a hurry to emulate the West though. India is far and away one of the most fascinating places in the world right now. It is top of my list of places I want to visit in retirement. And the future is very bright. Are you from there?

  12. Dreamer

    Hillary and her socialistic policies, running up deficits, outsourcing American jobs, destroying the tax base should be good for PMs.

  13. Du Du

    Hi Gary, Alex & Chris,

    Fortunately, Gary shares with us his trade idea & more precisely his cycle count, Thanks Gary !!! But at this moment, i think Alex is right.

    Waiting to enter gold & oil in the coming days !!! It’s boring.

    Good day !!!!

  14. Gary Post author

    Well looks like things are working exactly as I expected. Dollar crashing, gold spiking.

    Like I said keep it simple. Buy when the weekly stochastics are oversold, Sell when they get overbought.

    Overtrading and trying to time short term wiggles just costing people money like I said it would.

    1. Goldlion78

      What a show, Gary. What a show. Gold is going crazy. Stock futures tanking. Media talking heads in shock. What a show…

    1. Pedestrian

      We shall see if gold stocks follow gold up or follow equities down. If markets do turn negative don’t expect gold miners to soar because that’s not the usual recipe. Gold and gold miners can diverge at such times as major sell offs tend to be broad.

      1. rupp

        It is expected that miners would follow spy down, at least initially. I’m just not sure that happens at this juncture since theyve already corrected significantly ahead of the general market.

      1. anjing bau 22

        Pedestrian is chowing down on his Kraft dinner and chugging back a monster beverage drink…life is good in his moms basement……LOL

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