Massive Breakouts are always - just around the corner,

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Posted by Bel Suave Bel Suave
 by Bel Suave
3 years ago in Goldburg! Rogue's Gallery Add ons

    3 years ago
    You've seen it a thousand times... they write their pieces prognosticating imminent departures of the precious metals for higher altitudes... they give an ever-changing mix of reasons for said trajectory... but never a one for the subsequent failure of those predictions to come to pass! "Why live in the past?" Especially when tomorrow is just another day when - it will - "never be a better time to buy!"
    How do guys who really, were there any justice in this sorry ol world, woulda been locked up long ago... get away with this serial mischief? Are goldnsilver holders amnesia victims? Or jus folks who enjoy being mugged? Beats me! Today, seeing tired ol Bill Murphy of GATA being carted out to explain to the faithful why TNBABTTB... for the umpeenth time.... I got inspired to think back to some of the highlights of these Beagle Boy's criminal careers. Especially Mr M hisself.
    So without further ado... I present you some of the most egregious examples of insanely bad calls by people who really really shoulda known better! Maybe I'll have a chance to add to it later, but for now check out these two champions of the lil guy hard at it.
    Thumbnail for My Blog
    My Blog
    James Turk continues: "The precious metals at the end of last week again approached the top end of the huge bases they have been building since May. Gold and silver dropped back a little today to take a breather. Nevertheless, they are ready to probe the top layer of overhead resistance that has been keeping their price contained.
    “The precious metals at the end of last week again approached the top end of the huge bases they have been building since May. Gold and silver dropped back a little today to take a breather. Nevertheless, they are ready to probe the top layer of overhead resistance that has been keeping their price contained.

    The next step is for gold to break above $1630 and silver to break above $28.30, and when it happens it will signal their long awaited breakout from these 3-month bases....
    “Hopefully these two hurdles will fall on the same day. If they do, it will signal real strength because both precious metals are confirming each other by breaking out of their base at the same time.

    Clearly the precious metals will soar if the Fed or ECB announces more quantitative easing. But gold and silver don't need QE to move higher. Given all of the financial uncertainty out there, there are numerous problems that we know about which could be the trigger lighting the spark to send the precious metals higher.

    All we then need is for the mining shares to break out of their base too. I expect they will, but the metals are closer to a breakout. So look for the metals to move first. Though this pattern has prevailed in recent years, it used to be that the mining shares usually led the metals. Anyway, the key points to watch for the shares, Eric, are 170 on the XAU and 465 on the HUI.

    I think the important point to focus on here is the threat of higher inflation. Energy and food prices are moving higher in major uptrends. They signal that more inflation is coming, which of course bullish for the precious metals. Right now I am watching the yield on the 10-year T-note, which has jumped from its record low near 1.40% last month back into the 1.60s.

    That's a big move, and not surprising given what's happening with energy and food prices. With more inflation, higher interest rates are to be expected, and here's the important question, Eric, can the Fed stop interest rates from rising? The Fed has done a pretty good job of it so far, but with trillion dollar federal government budget deficits as far as the eye can see, the Fed cannot stop a tidal wave of new debt.

    So one of two things has to give, either interest rates have to rise to reflect the growing inflationary pressures, or the federal government has to bring its fiscal house in order, which looks highly unlikely. Higher interest rates could be the wake-up needed to focus attention on the dollar's problems, and not just those of the euro.

    Some people are concerned that higher interest rates will be bearish for gold and silver. They seem to forget that gold and silver prices moved higher in the 1970s along with steadily climbing interest rates. It was only after Fed Chairman Paul Volker raised real interest rates - interest less the inflation rate - to extraordinarily high levels did the precious metals start dropping.

    That won't happen this time around because the federal government can't afford the high level of interest rates Volcker needed to quell inflation. Remember, back then the US was the world's largest creditor nation, and now it is the biggest debtor nation the world has ever seen.”

    Turk also added: “I had the chance to read John Embry’s comments today on KWN about the tightness in the physical gold market, and I wholeheartedly agree with him. This tightness is further evidence of the backwardation in the gold market I spoke about in our last interview. The most powerful rallies are the ones driven by a tight gold market, and that is exactly what we see right now.”
    Gold could be one of the few assets to profit from the political and economic turbulence in the United States as the “fiscal cliff” approaches, potentially creating a rally in the precious metal later in 2012 for it to reach $1,900 per ounce by the end of the year, analysts at HSBC said.
    “Economic uncertainty, geopolitical tensions and the uncertainty of the U.S. November elections are theoretically gold-bullish,” and gold should perform better later in the year “when U.S. growth is poorand the dollar is weak,” a new HSBC report said. “We expect prices to rally to above $1,900/oz by the end of the year. Patience is the most important commodity.”
    HSBC recommends holding onto gold as an asset that will gain in value as investors fear the future of the euro (EUR) and dollar (Exchange:.DXY), with governments and central banks expected to intervene to shore up their currencies’ strength.
    yadda yadda yadda Ok that was Turk's take... explosion? He obviously meant to say "IMPLOSITION" of gold price... slip of the tongue no doubt!
    now, from a year before it... another gem...
    More "Source" Input On Coming Precious Metals Price Explosions Bill Murphy
    Chairman Gold Anti-Trust Action Committee

    August 12 -2012 readers will note - at time of this piece / Gold $1619.70 – Silver $28.06

    Over the past month+ I have been pounding the table that based on information from three extremely informed sources the prices of gold and silver would begin their launches to much higher prices in August … a launch that would lead to all-time highs in both precious metals and well beyond.
    The reason for this Mini-Midas is that I just received some new input, which supports what my original sources have been telling us for some time. It is from someone I have known for a long while and is of the same caliber as my other sources in terms of reliability. When you have traded commodities and stocks as long as I have, and get to be my age, it is fairly easy to sort that all out … and what to run with.
    Here it is … short, sweet, and maybe VERY important:
    August 10, 2012
    The METALS

    I have spoken before about my contact on the Board of Trade who trades mainly the metals and is in touch with New York minute by minute. He has been saying for several weeks that the metals would have one more big drop (1525-1550) before they really took off. Today he changed his mind. They saw heavy covering of shorts in Chicago and New York. This should show in next week’s COT. They see an explosion of huge proportions and are adding four more floor traders as they see August as a record month for them. He closed by saying "We could see a 100% increase in 90 days." Tie this in with other things that we have read and heard. Golden regards
    If what Peter sends us pans out anywhere close to what he has been told, this Mini-Midas is more than well worth the read. What fascinates me is that this new input confirms what my other three sources have been saying. Now we wait to see how this plays out in the three weeks of trading left ahead in August.
    In addition, as you well know by now, it has come to my attention from all of my original contacts that JP Morgan has a big problem with their silver short position and that this problem will reveal itself in a public way in the near future…
    end of message. Shoulda been the end of Bill's career too!
    UPDATE: In writing the piece on TRX, the Jim Sinclair Tanzanian Mining Play, I happened to come across something worthy of being added to this 'rogue's gallery' of hyperbolic prognostication... also from August 2013... just about at the exact time gold was getting ready to do another notable swan dive!
    My Dear Extended Family,

    The manipulation of the price of gold now favors the bullish side of the gold price structure.

    1. After an excruciating wait we have entered the first of two bull price bull phases, this the first of which will that will take gold to $1650, the old high and beyond.

    2. In this gold price bull phase the good gold shares will participate and in percentage terms the best will lead.

    3. Certain gold producing juniors are going to become majors.

    4. Assuming the major gold companies take huge write downs due to their lax in management, they will get meaner (if that could be) and perform in that business the way they should have from the day gold broke above $529.40, moving its price into a run away. Their recoveries will be spectacular.

    5. The gold phase we are now in, which I call the first move towards full valuation, is long term and not to be counted in daily, weekly, or monthly increments.

    6. This gold bull price phase is the one long predicted here that will return the most money to the fewest in the shortest period of time.

    7. Silver has gained back it's mojo, and therefore $50 is a given for it.

    8. The reason that major Bankster's physical precious metals storage facilities are for sale is one of the strongest reasons that the old high in the gold price will be beaten. They are not for sale because business is bad. The reason to have a depository was to manufacture a synthetic short in gold legally by taking funds for physical but trading the COMEX and OTC derivative gold market to fulfill the appearance of covering their obligations.

    This game was not high risk as long as paper gold had full control of the gold price determination. They could have $1000 losses on the short and turn it into a profit via spread trading using the warehouse as plausible denial from manipulation. The banksters, now the major longs, do not select to play this game anymore. The manipulation now favors the bullish side of the gold price.

    9. Now the banksters are on your side as you can easily see in the press session trading internationally.

    10. JSMineset is named as it is because it represents a mindset that gold is for savings and fiat currency for transactions.

    11. The three entities that called the $1900 in gold are back long. Bo Polny was first and is full out bullish. Nenner went long about $100 points higher, but you could see his lack of confidence in his position through his cautionary verbiage. Rambus1 toyed with being long but until recently was not firmly in a gold price bull market mindframe of trading. Therefore it is a simple fact that Bo Polny won this round among the gold market technicians as he fully committed his reputation and capital.

    12.The gold price will make a new high on this phase and much higher highs on the one to follow.

    What is there to say to that? I for one... am lost for words.
    Ok... that was kinda fun! If anybody needs help in remembering where gold n silver prices went after these two three geniuses delivered their targets... drop me a line... I'll be happy to give you a hint! Just for shits n giggles, I'll add one final prediction from the same general time frame as above... from an 'anti-gold guy' - you know, the kind of moron who never gets anything right... unlike our gold gurus n friends!
    The Next Inflation Surge: When Will It Come?

    Larry Edelson | Monday, March 18, 2013 at 7:30 am

    Right now, I remain bearish most commodity markets. The reason being, they simply have not fulfilled a short-term cyclical test of support. So, more downside is possible in gold, silver, oil, and an assortment of other commodities.
    In fact, I expect we’ll soon see gold break down and plunge well below the $1,500 level and head even lower … silver crater through $26 and drop to below $20 … and crude oil plunge to below $70.
    Wow Larry the Loser huh! What a Klown!!! Guy should know better than to call the action spot on! Not how it's done in Goldburg!
    Breakout in Goldburg... the only breakout likely to happen any time soon in that neck of the woods is another JAILBREAK by the same gang who have pillaged the pockets of poor goldnsilver holders for years ongoing! No sooner are they caught, n brought to justice, than they are back out on the street, living their life of crime! Bill... let's make a deal... no jail time for you... if you agree to just RETIRE NOW! Think about it OK> then let us know.
    Finally, on a more serious note, I'd like to point out that the original impulse behind GATA... to expose the machinations of the moneypower as they related to gold manipulations... was a good one. However, it's best days are long behind it now, and it's best brains long departed from the scene. I see Bill Murphy as a kind of caretaker, looking after a mothballed and empty factory of ideas at this point - and more of an impediment to real solutions and fresh thinking than an asset. It was guys like Red Howe and Bob Landis - both of whom used their considerable legal skills to scare the daylights out of the powerz - who made it what it was. I'll close out with this quote from Bob, at the end of his speech at the Zurich conference in 2009...
    Our universities are riddled with apparatchiks who at the very least must toe the party line to advance in their careers, and in many cases are directly dependent on Fed largesse.
    The financial press, now concentrated in ever fewer hands, is captive to the same false dogma, and is little more than an apologist for the current monetary regime.
    We desperately need credible new sources of information on money if we are going to have any shot at a sustainable regeneration.
    In this connection, I have reason to hope that from the talent assembled here this evening, we will see a new initiative in the very near future. Stay tuned.
    Thank you. “
    And note that the hoped for arrival of fresh talent sadly, never arrived. With the eclipse of that generation of researchers and advocates, we have gone from giants to pygmies... and the results speak, err sing for themselves!
    The Polyphonic Singing of the Aka Pygmies of Central Africa
    8 years ago