This interview was to have concerned my recent editorial concerning Amazon’s avoidance of sales taxes. However, with stocks and commodities plummeting on Thursday, we instead talked about the likelihood of further carnage as the ‘risk trade’ unwinds globally. We also discussed the deflationary implications of all this, notwithstanding the relatively piddling inflation that is likely to continue at the grocery store.
From the monthly archives:
September 2011
The headline from Auerbach & Grayson’s latest report says it all. For a full report on what is shaping up to be The Perfect Storm, click here. We are grateful to charter subscriber Jon Auerbach for making it available to Rick’s Picks subscribers.
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Silver Wheaton’s ability to mildly buck the trend in recent days has generated some buzz in the chat room. Before you bulls give your heart to the stock, though, I’d suggest taking a look at the chart that accompanies today’s SLW tout.
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Are the futures finally fixing to drop out of the tedious distribution pattern that has been under construction for the last six weeks? If so, they’ll fall all the way to 1088.75 before bears have a chance to reverse the tide. That is a Hidden Pivot midpoint associated with the very bearish target at 954.00 drum-rolled here earlier. A plunge to the lower number seems like a lock-up to me at this point, although we must always allow for the seemingly impossible to occur. In this case, that would mean an unpaused upthrust exceeding 1258.00, an external peak recorded in early August when the futures were in a free fall. Most immediately, I’d suggest avoiding this vehicle, since its preternaturally tight price range tonight suggests it is being tightly controlled by the usual bunch of arse bandits. Want to learn how to nail swing highs and lows precisely, and to manage trade risk yourself? Click here for information about the upcoming Hidden Pivot Webinar on October 5-6 and a $50 discount.
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Gold and Silver Near a Major Bottom
by Rick Ackerman on September 23, 2011 1:36 am GMT · 75 comments
Don’t let this nasty shakedown in bullion scare you. For the record, we are quite confident that gold and silver will be back on track soon, bounding toward new record highs. But both may have a little farther to fall if forecasts disseminated earlier to Rick’s Picks subscribers prove correct. Specifically, we’ve been drum-rolling a possible 1709.20 bottom for Comex December Gold, and a 35.70 low for December Silver. As of yesterday, the latter had overshot its target by 17 cents, hitting a 34.53 low that in a single day shaved 10 percent off the value of the world’s store of silver. Gold, for its part, didn’t quite reach the 1709.20 target, instead turning higher from 1723.20. We think the December contract’s so-far $29 bounce from that number will prove short-lived and that the futures will make an important low at or very near 1709.20 today or Monday. If so, this is likely to put pressure on Silver, perhaps pushing quotes below $35 for a day or two. In any event, if the selloff in bullion is not over already, it will be soon. » Read the full article