Seeing the potental for some interesting developments in German and US 10yr bond yields. Could be a double-bottom for Germany and a H&S bottom for the USA. If these patterns play out then we could see about a 100 basis point (1%) increase in these yields up to about the 2% area.
This has been a somewhat typical equity options expiration week window (Wed-Friday) for the miners. Gold, oil, and stocks tanking played right into that. Some of the miners are approaching their October lows and in some cases making new ones. The senior golds are holding up the best. I noted last week that gaps in Royal Gold and Rangold were probably going to get filled soon. Those still sit about 3-4% lower following today's drop. A lot of miners will drop further still along with them. The neg. momentum in GDX/GDXJ/GLD/SLV has really picked up with all 3/10/20 dma ribbons being twisted and closes well under the 20 dmas. I found it interesting that 1 hr through 8 hr RSI(14) were absurdly low and similar to the lowest #'s seen in Sept and October. Gold's hourly RSI fell to about 17. The daily RSI still has a lot more room to fall if that's what the plan is. Silver's hourly RSI fell to a whacky 8 at today's low, even lower than the 12 seen during the Sept crash to $26! Silver now sits atop its flattish but rising 20 day Bollinger Band. Gold's lower BB is rising sharply from right around that same old key resistance/support pt of $1662 where the August breakout occurred. Sure looked like "someone" had their finger on the sell button for quite a while today. The volumes were not of the same order as seen during previous crashes over the past 2 months.
This "cleaning house" could drag into next week as end of month gold/silver futures expiration is only about a week away (Monday Nov 28th). I did see that With a holiday agenda in play they will probably try to get the majority of the smackdown completed by Wednesday before holiday break. Mon-Wed next week are 2/5/7 yr TBond auctions so that's additional emphasis for the banksters to push equities and commodities lower. The lousy performance of miners and gold over the past 2 wks on lowering volume hinted that $1800 was about it for the rally. Some juniors and seniors had been falling back for weeks suggesting things were not right. The raid on Sinclair's TRX that took it to $1.50 was a sign that all the others would get theirs as well. Some strong miners like Newmont and Rangold managed to close their large Sept gaps and reach new highs before giving it up. But there are far more many juniors sitting close to their 52 week lows. Not sure how much further they can or should fall w/o a 2008 type crash. Gold's at $1700 right now and not $800-$1000. Amazing how quickly those massively profitable quarterly reports of Newmont and the other gold seniors were forgotten this week. As far I know they're still making lots of money.
The volumes were not of the same order as seen during previous crashes over the past 2 months.
I see that as a problem. I'd like to see the sellers capitulate.
Gold's at $1700 right now and not $800-$1000. Amazing how quickly those massively profitable quarterly reports of Newmont and the other gold seniors were forgotten this week. As far I know they're still making lots of money
The miners are going to be the place to be over the next yr or 2. But not the junk miners, buy quality.
Comments
Lots of ways to prepare for this.
Knowledge is the enemy of fear
This "cleaning house" could drag into next week as end of month gold/silver futures expiration is only about a week away (Monday Nov 28th). I did see that With a holiday agenda in play they will probably try to get the majority of the smackdown completed by Wednesday before holiday break. Mon-Wed next week are 2/5/7 yr TBond auctions so that's additional emphasis for the banksters to push equities and commodities lower. The lousy performance of miners and gold over the past 2 wks on lowering volume hinted that $1800 was about it for the rally. Some juniors and seniors had been falling back for weeks suggesting things were not right. The raid on Sinclair's TRX that took it to $1.50 was a sign that all the others would get theirs as well. Some strong miners like Newmont and Rangold managed to close their large Sept gaps and reach new highs before giving it up. But there are far more many juniors sitting close to their 52 week lows. Not sure how much further they can or should fall w/o a 2008 type crash. Gold's at $1700 right now and not $800-$1000. Amazing how quickly those massively profitable quarterly reports of Newmont and the other gold seniors were forgotten this week. As far I know they're still making lots of money.
roadrunner
I see that as a problem. I'd like to see the sellers capitulate.
Gold's at $1700 right now and not $800-$1000. Amazing how quickly those massively profitable quarterly reports of Newmont and the other gold seniors were forgotten this week. As far I know they're still making lots of money
The miners are going to be the place to be over the next yr or 2. But not the junk miners, buy quality.
Looks like a broken flag pattern on SLV.
Knowledge is the enemy of fear
<< <i>Anyone buying or selling the gold Feb 3200 calls or the silver Dec 200 calls? >>
I'd be a seller if I could. If things get that bad, that fast no one will be paying off anyway.