***AUGUST 2011 Gold and Silver Stocks/Options/Futures trading thread***
ProofCollection
Posts: 6,115 ✭✭✭✭✭
This is a continuation of the monthly thread for discussing relatively short or near term movements in precious metals and related securities.
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Comments
<< <i>Can someone post a chart on Silver and on Gold? Thanks in advance. >>
Not sure why that's particularly valuable on here . You can get an up-to-date chart in whatever timeframe you're interested in for free on a multitude of websites...
But here's a monthly chart:
Knowledge is the enemy of fear
<< <i>So gold is looking good right here. The 1630-1635 zone has been a resistance level that it looks like we might have just broken through. Not sure if we'll see one more dip just yet here Tues or Wed, but these last few days has consolidated the recent move and gold is ready to rip again. Gold is looking incredibly bullish. My target is $1800 in the next 2 months. >>
Tahnks for putting up the chart!!
I see a trend here (hee hee).
Knowledge is the enemy of fear
Interesting that with gold hanging in there strongly against the dollar's move, it has actually moved up well into the next channel...."potentially" on its way to $1760
after dealing with some volatility for the next 0-2 weeks. Note that this chart does a best averaging fit for the US dollar action and then factors that into the gold price.
Previous days are just below the current chart.
roadrunner
room now to go any lower. GDXJ also touched a pair crossing long term trend lines as well. Silver did something similar as well. My only problem with the GDX monthly chart is that the past 3 yrs still looks all corrective with just a single zig-zag since Nov 2008....no 5 wave bullish impulse.
GDX
In reading some of TF's blog comments today there are a number of people that mentioned that the buying of silver and gold coins was pretty crazy in some places following the downgrade. In particular Monex sold out for the weekend. Not sure if this is all true but makes for interesting reading.
roadrunner
<< <i>Make that gold up $40+ & silver $.75 or so. >>
Let's not misrepresent the facts.
Comex gold futures closed Friday at 1665.8 and opened at 1681.7 for an opening gap of 15.9.
Silver closed at 38.33 and opened at 38.825, a difference of $.495, which has already been filled.
Comex Sep Silver closed at $38.21. Was at a high TODAY of $39.23 (up $1.02) - currently $38.80 (up $0.59)
Don't know where you're getting YOU'RE data from PC.
<< <i>Comex Oct Gold closed at $1,650.20. Was at a high TODAY of $1,696.10 (up $45.90) - currently $1687.40 (up $37.20)
Comex Sep Silver closed at $38.21. Was at a high TODAY of $39.23 (up $1.02) - currently $38.80 (up $0.59)
Don't know where you're getting YOU'RE data from.
Few trade the Oct contract. The December contract is the one to watch, but they track each other anyway so not a big deal.
But my comment was about the gap up which you attempted to correct by saying the gaps were much larger than they were.
Also, the Oct Gold contract closed at $1664, not $1650.2. Sep Silver closed at $38.33, not 38.21.
I hope you're not trading on the platform you're getting your info from.
(October) Gold $1687, up $36.80 (implying a close of $1.650.20).
YOU'RE data is in error PC.
roadrunner
CNBC: Dec Gold - $1,687.40, up $35.60 (implying a close of $1,651.80).
PC. You're DEFINITELY wrong.
<< <i>Source 3:
CNBC: Dec Gold - $1,687.40, up $35.60 (implying a close of $1,651.80).
PC. You're DEFINITELY wrong. >>
That's your source? Please don't use it. They don't include all of the hours that the comex gold contracts are tradeable. Their price appears to be the price from the close of the Open Outcry hours which end at 13:30ET. The markets continue to trade until 17:15ET on Friday, and as you can see, a lot happened in those last few hours, which you can't and shouldn't ignore.
News outlets are NOT traders or brokerage firms and are not the best place to get your trading data from.
ALL data services (CSI, CRB, e.g.) use THESE closes as their end of day closes for their data services.
<< <i>The only OFFICIAL close IS that of the open outcry/pit session.
ALL data services (CSI, CRB, e.g.) use THESE closes as their end of day closes for their data services. >>
But for the purposes of trading and charting, which is what this thread is about, that close is useless and does not accurately reflect the price movements and the composition of the daily candle. If you can trade during those hours, how can you ignore them?
There's only ONE official close PER DAY. Period.
just fyi: ANY ATR calc MUST use THIS as the data set to base a vol calc on & anyone that doesn't is simply ignorant.
p.s. THIS thread is about futures & options TRADING not charting.
<< <i>30 yr TBond took a dive at the open but has gotten most of that back to be about even with Friday's close. 10 yr note is actually up a bit (+.2)
roadrunner >>
So whats with all the talk about car loans and mortgage payments going thru the roof? The media sure does know how to scare people.
DOW futures have recouped almost 1/2 the inital losses. The markets were worse last week before the "news" officially broke. S&P should have done this along time ago.
The dollar is up against most all currencies and many commodities drop.
I would have preferred a 400pt drop at the open. Watch the equity markets close higher on Monday.
Knowledge is the enemy of fear
<< <i>The OFFICIAL close IS the OFFICIAL close IS the OFFICIAL close. Period.
There's only ONE official close PER DAY. Period.
just fyi: ANY ATR calc MUST use THIS as the data set to base a vol calc on & anyone that doesn't is simply ignorant.
p.s. THIS thread is about futures & options TRADING not charting. >>
Then what is the official open? Because the Open Outcry doesn't start until 08:20. How can you comment on the opening gap if the Open Outcry hasn't opened yet?
BTW, charting is a primary tool for trading and thus it is an integral part of the discussion here.
It is understood when one speaks of the gaps between the (AFTER HOUR) sessions that it is the END of the prior AFTER HOUR session and the BEGINNING of the current AFTER HOUR session that they are referring to.
If you wanna coin (and impute meanings) into your own terminology maybe you should start your own exchange instead using the currently accepted industry terminology for the existing exchanges.
As of Fridays close the percentage of stocks trading above the 50dma on the Nas, DOW and S&P500 were 12.5, 10 and 3.8 respectively.
Knowledge is the enemy of fear
<< <i>Some stats if anyone is willing to investigate further...
As of Fridays close the percentage of stocks trading above the 50dma on the Nas, DOW and S&P500 were 12.5, 10 and 3.8 respectively. >>
Yeah, I saw that on Friday and other than the bottom of the crash in 2008, the S&P hasn't been any lower than 3.8%. Remarkably low sentiment.
Gold was strong on tonight's open but odds are high that the gap gets filled pretty soon. That's a huge gap to leave open. Silver was smart and has just slowly meandered up.
Just a couple bucks shy of $1700.
roadrunner
<< <i>
<< <i>30 yr TBond took a dive at the open but has gotten most of that back to be about even with Friday's close. 10 yr note is actually up a bit (+.2)
roadrunner >>
So whats with all the talk about car loans and mortgage payments going thru the roof? The media sure does know how to scare people.
DOW futures have recouped almost 1/2 the inital losses. The markets were worse last week before the "news" officially broke. S&P should have done this along time ago.
The dollar is up against most all currencies and many commodities drop.
I would have preferred a 400pt drop at the open. Watch the equity markets close higher on Monday. >>
I show the dollar down albeit small gainst most currencies as I type. I was hoping for a 400 pt drop as well as I'm still short the market . I wanted to close out that trade in the am..............Still may. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>The OFFICIAL open is the OPEN of the open outcry session.
It is understood when one speaks of the gaps between the (AFTER HOUR) sessions that it is the END of the prior AFTER HOUR session and the BEGINNING of the current AFTER HOUR session that they are referring to.
If you wanna coin (and impute meanings) into your own terminology maybe you should start your own exchange instead of being such an rude, arrogant, & ignorant pita here. >>
Sorry, it is you who is trying to misrepresent the facts and mislead people. I've been trading futures for years and I know how it works. The difference in price for any standard charting program for any standard trading platform shows a ~$15 gap between Friday close and Sunday night open. Daily candle sticks go until 17:15 and start at 18:00. Weekly candle sticks go from Sunday 18:00 until Friday 17:15. The gap is the difference between the two consecutive candle sticks. What more can I say? If you're not using the entire candle stick, you can't be much of a trader.
<< <i>Gold was strong on tonight's open but odds are high that the gap gets filled pretty soon. That's a huge gap to leave open. Silver was smart and has just slowly meandered up.
Just a couple bucks shy of $1700. >>
Interesting news...
The hubris of our government, blaming the S&P ratings agency for finally doing what was obvious to all that should have been months or years ago:
Geithner: S&P showed terrible judgment
Central banks flood money markets
This last article is going to be the one that sends gold to $1800 without taking a pause. The printing presses are off to the races! Call this "world QE" or something, the money taps are flowing! This can be nothing but positive for gold...
European Central Bank to buy bonds to head off debt crisis
1. you ARE wrong.
2. I'M NOT TRYING TO MISREPRESENT FACTS or MISLEAD ANYONE.
3. I'm could care less about you're little candlesticks.
4. I ONLY stated what the OFFICIAL open & closes are and CORRECTED your MISUSE of the CORRECT terminology.
5. YOU are extremely careless to even imply (let alone say) that someone NEEDS to use a candlestick to be "much of a trader" (or more accurately, if they don't, they're not). This just shows your ignorance.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>1. you ARE wrong.
2. I'M NOT TRYING TO MISREPRESENT FACTS or MISLEAD ANYONE.
3. I'm could care less about you're little candlesticks.
4. I ONLY stated what the OFFICIAL open & closes are and CORRECTED your MISUSE of the CORRECT terminology.
5. YOU are extremely careless to even imply (let alone say) that someone NEEDS to use a candlestick to be "much of a trader" (or more accurately, if they don't, they're not). This just shows your ignorance. >>
I'm done with this discussion after his post. From Investopedia:
Gap: A break between prices on a chart that occurs when the price of a stock makes a sharp move up or down with no trading occurring in between.
The daily candle chart gap yesterday was ~$15, not the much larger number you claimed. I posted a chart showing as such. I am not wrong. If you want to use mid-day data points, that's your choice (even though that's what the media does), but in a market that trades 23h/day and on a futures discssion forum you don't ignore the last few hours and pretend they didn't happen.
Does Obama's planned speech early this afternoon give you any pause?
His actions speak louder than his words.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>All in - VXX (12,750 SH at 32.00) >>
Ah, the widowmaker of widowmakers. Good luck.
Knowledge is the enemy of fear
<< <i>
<< <i>All in - VXX (12,750 SH at 32.00) >>
Ah, the widowmaker of widowmakers. Good luck. >>
no guts, no glory. It's all a gamble, might as well go for the big one.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
i am assuming that's the scenario today as opposed to last week when gold ETF were sold to cover stock??
>
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<< <i>All in - VXX (12,750 SH at 32.00) >>
How greedy you going to play this?
<< <i>
<< <i>All in - VXX (12,750 SH at 32.00) >>
How greedy you going to play this?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Click on sectors for a zoom
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Box of 20
<< <i>What is happening to the miners today? Down 3.63% while silver is up 2.7%. >>
Miners were up 1.5-2% in pre-market action but did slide down maybe 1.2% from Friday's close. They quickly recovered and
ended up the day flat or slightly ahead. That's actually pretty suprising since every other time the SM tanked, down they went.
They didn't really go with gold...and neither did silver. The silver miners fell right back to Friday's lows. While gold miners are
a safe haven right now, they aren't doing much. I fear if this market drop gets worse, they could finally succumb. Gold showed today
that nothing else is quite like it....not gold miners and not silver.
Dollar adjusted gold chart - now headed to the top of the channel
Jim Rickards on gold / euro / dollar / failing currencies and us "owning" the Chinese based on gold
roadrunner
<< <i>derryb, Vix has now reached the May 2009 high. Unless this becomes a repeat of summer/fall 2008 why shouldn't the Vix advance pause/end here? >>
Expecting close to a repeat. Have AGQ in the on deck circle but will cautiously ride the VXX, with stop limits, until I'm convinced silver has recovered its strength.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>
<< <i>All in - VXX (12,750 SH at 32.00) >>
How greedy you going to play this?
I'll have to work the numbers, but it may be mathematically impossible to reach 300.
Knowledge is the enemy of fear