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From the monthly archives:
November 2011
Shortly before 9 p.m. Eastern, December Gold was closing on a 1760.50 target flagged in a tout posted earlier. Camouflageurs can attempt to intercept delicately, but please note that a breach of the support would likely consign the futures to an additional $13 of downside.
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An 1194.50 target disseminated yesterday via an e-mail bulletin and a tout update remains my minimum downside objective at the moment. It would be refreshing to think this is the beginning of the collapse that will usher in a new dawn for the world’s financial markets, but we’ll just have to wait and see how sellers behave once they’ve succeeded in driving this vehicle to its immediate destiny at 1194.50. If the support is easily shattered, expect more carnage to follow. Even more immediate is the 1209.75 target of the minor pattern shown. Night owls can use this number to get short off the 5-minute chart using a pattern as subtle as the one shown. However, if you do any bottom-fishing at the supports identified above, I’d suggest using camouflage, since the selloff has quite a lot of enthusiasm driving it. Incidentally, we caught a small uptrend yesterday against the trend, since that is the way the futures were moving when we had them underneath the magnifying glass of Wednesday’s tutorial session. The trade was captured on tape in real time and is accessible via a recording that will be posted shortly on the home page. _______ UPDATE (8:43 a..m. EST): Another pointless reversal, amounting to more pointless volatility in the relentless, historically unprecedented effusion of pointlessness that has come to rule the global financial system. Signs point most immediately to 1258.50, but there is no real strength here, only pointlessness, since three attempts over three hours have yet to push this whirligig above yesterday’s 1246.50 ‘external’ peak. There’s also a midpoint resistance at 1246.25 — representing double trouble — so DaBoyz evidently are waiting for opening-minutes, headless-chicken hysteria to accomplish what mere short-covering apparently could not. One more note: The November 16-17 Webinar will be held much earlier in the day in order to accommodate students from Europe who would otherwise be tuned in session in the middle of the night. Both segments of the two-day class will begin at 5 p.m. London time. Click here if you’d like further details, along with a $50 discount.
December Gold is getting hit tonight and has been down as much as $12. The hypothetical Hidden Pivot midpoint support where I’ve suggested tightly stopped bottom-fishing is now known: 1783.00. Night owls should consider this speculation if sellers bring the futures down just a bit more, to the pivot.
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Why Gold Exploration Stocks Are Primed to Explode
by Rick Ackerman on November 10, 2011 12:07 am GMT · 49 comments
[Mining stocks got you down? Do you shake your fist at the sky whenever a $100 rally in gold causes nary a ripple in exploration shares? If so, get ready for a major mood change, because precious-metal stocks that have languished for years are about to blast off. That’s the prediction of our savvy friend Chuck Cohen, a NYC-based financial consultant who specializes in mining issues. He spells out the reasons for his strong optimism below. RA]
I am as frustrated as the rest of the gold true believers, because so many of us have focused on the smaller exploration shares. In fact, I guess by now that many of you have either pared down your holdings or even completely jettisoned these “losers.” I see several reasons or theories why they have behaved so poorly since 2005 in spite of gold’s spectacular rise. And because I believe in studying technicals visually, I am posting four charts from ancient history to help you get a longer-term perspective. I hope this proves both instructive and encouraging to you, because it has been very exasperating and even discouraging to many of us.
Theory number one: The stocks will never move because the gold cycle is almost cooked. At least, that is what so many quotable market experts have postulated.. Never mind that they have never put one penny in this sector — these gold mavens are as certain now as they were when gold was selling for $250. Instead, be safe, and buy bonds for that 3% certainty. I totally dismiss this theory, since there has probably never been a market that has been up 11 straight years and not had some kind of speculative climax. » Read the full article