The Golden Truth: Sunday Precious Metals Porn...

Sunday, June 20, 2010

Sunday Precious Metals Porn...

The massive bull continuation pattern on silver bullion has a target of around $30-33, and gold could easily leap to $1700 while that occurs - Stewart Thomson, http://www.gracelandupdates.com/.

Couldn't have said it better myself. I thought the silver bulls out there might enjoy this centerfold picture:

Per my post on silver Friday, this techinical picture is fully supported by market fundamentals.

12 comments:

AnonymousSunday, 20 June, 2010
What is the price at the green line that it has to move above? Also, does it have to move above that line intraday or at closing for us to see something astonishing in silver?

Thanks!
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JesseSunday, 20 June, 2010
Targets $30 long term on a breakout.

Über Alles? Dave = Josef Haybdn? August Hoffman?

lol. Feels more like 'Die Wacht am Rhein'
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Dave in DenverSunday, 20 June, 2010
Anonymous 19.60 - 19.70 area. I'd like to see see it close over that area and hold.
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Dave in DenverSunday, 20 June, 2010
Jesse - LOL
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EconomicDisconnectSunday, 20 June, 2010
Silver gets me excited, this was an obvious tempt post!!!!!!!!!!

LONG Ag!!
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Dave in DenverSunday, 20 June, 2010
Payback for all the BBQ pics on your blog LOL
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JoeMonday, 21 June, 2010
Silver made it to $19.69 and promptly got crushed. This is the 5th time it has been around this level since March, 2008 with the same result.

I think this must be max pain area for the Silver shorts for them to act like this at the same level.

Joe M.
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Dave in DenverMonday, 21 June, 2010
$19 is where most of the silver option calls open are struck. i expect that we will close below $19 thursday, which is when options expiry is.

they won't be able to hold this down much beyond that...
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AnonymousMonday, 21 June, 2010
When do silver and gold options expire every month?
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Ben CarlosTuesday, 22 June, 2010
Dave = Marc Anthony

Enjoy precious metals " porn " but... not so sexy, more of an unmet expectation. Like Jordan Carver...
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Ben CarlosTuesday, 22 June, 2010
The Dragon wants to jiggy.
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Dave in DenverTuesday, 22 June, 2010
LOL - Hey Ben - I know why you like Ms. Carver...

Was just thinking this a.m. the dragon maybe ready to breath some fire. In fact, the volumn on the juniors has dried up across the board, big time. To me it means the selling is completely exhausted and now it's the bulls turn to assert some testosterone...
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.