RGLD at resistance of 20....
GG at resistance of 16...
NEM at resistance of 40... actually the weekly supply was absorbed but looks like a hanging man on the chart. Come on demand...

It's a supply area.... we either take it out...pullback for the jump or else... retest a lower area..

2nd week in the retrace that absorbed the supply into a hanging man... but now can we see some demand this week? hmmm

so far we have no confirmation of a reversal...!

GG had a standoff for the week at the supply area...

At 10 am gold in euro down 1%

bought some cbj at 1.97, first time owning this one.

Sssssh A.S. you'll wake everyone. zzzzzzzz

xau still in the pennant on the hourly. am viewing the gap @ 90 as sign of strength which will lead to higher prices eventually. dharma

Thor.. these guys need to follow the "rules" too...

http://www.purchasing.com/article/CA621537.html

Spot gold predicted to double in coming months
Purchasing June 27, 2005

Don't expect too much with Mr Magoo up this week fellers.

Thor, Charmin, Dharma:

Shall I sell my CGHI or hold on for a better price?

All my best,
Slothrop

slothrop, its not one that i normally follow, but on the hourly, if it can hold up here, it looks like a breakout.
xau on the hourly looks like its breaking down from the pennant formation.
personally, i am stepping back and looking @the bigger picture and xau/hui look strong. @this point any weakness is a buying op. dharma

Nice loaded question. Where did you find that one? I've never even heard of it. Judging by the pattern it will sell down from here but another spike up is also likely. I guess it comes down to "Do you feel lucky? Well you will buy lottery tickets .... punk!!"

You guys are great. Yeah, I don't know what to do either. I picked it up last week to fill out the speculative part of a portfolio. Can't believe my luck.

I think I'll sell half the damn position and let the rest ride like the wind.

Of course, the thing is almost illiquid -- probably it'll take 3 days to sell half of it.

I'm going to watch in awe as the whole market is goosed higher in the last hour. Far too much at stake for the reality of selling to kick in.

Oh well maybe they'll take some of the miners with them.

still waiting on the HUI. stocks too weak re the physical, see ratio chart, no new highs last week.

will keep waiting, need to see gold bitch-slapped and HUI holding well. also, lots of unresolved patterns in the works (triangles in the physical, down channel in the stocks). no need to get cut up before resolution.

regards

Every time the CCI gets to this level it gets cranked hard. Hope you didn't but the round trip ticket on this one. Shooting star today on large volume. Don't you just love BB stocks? Wouldn't touch this one. Lottery tickets? Try CDE GSS DROOY. Risky enough for me thanks.

"Nice one, Centurion."

... for all you MP fans out there.

What's MP?

Monty Python

Thanks Ander. I've heard of them. A little dry for me. I'm more of the Larry the Cable Guy fan.

Monty Python's The quest for the holy grail is the best...

"Well .... that's the sort of blinkered philistine pig ignorance I've come to expect from you non-creative garbage sitting around all day on your loathsome spotty behinds picking blackheads. You EXCREMENT! You whining screaming hypocritical toadies ...."

Pure magic!

The Centurion line is from Life of Brian. The above rant is from And Now For Something Completely Different.

Speaking of which, I just ran the numbers. If gold had rallied to the extent that copper has, we'd be $200 higher and silver would be $3 higher. Who would have thought that the pms could be so effectively capped.What we need to do is to convince TrollHouse to build all their McMansions with gold fittings and silver kitchen counters.
But imagine what your PMS stocks would be selling at with silver at $10.50 and gold at $666.

Copper:

The metal with a Ph.D.

Silver:

Former high school pom-pom girl who now works in a factory, since her layoff from Photo-Mart.

Copper:

Copper and copper stocks.

Having a Ph.D. may not help if your students are skipping classes. Kiss your tenure hopes goodbye.

Just had a long look at a long term chart (back to '95) on Gold/Copper. Very interesting. I sorry but I'm afraid I'll have to be given a refresher on how to post Smockfarts. Anyway, it cycles up and down from just under 2 to nearly 5. We are just climbing off a low (2.79) which in the past was a point at which you want to own gold not copper looking for a rise to possibly 5+. So even if copper pulls back to $100 we could still have gold over $500. Now if you believe that commodities are in a big long bull then eventually gold has to join the party. As other commodes begin to look relatively expensive, gold and silver will begin to look anomalous and attractive. That's when the flood gates open. The cartel will be forced to stand aside and let it happen, joining in even to feed the bull.

While gold gets sold down ahead of Magoogle, I will distract you with:
I suppose everyone by now has noticed we had a low on May 16 and a high on June 16. Let's hope we don't have to wait until July 16 for the next low. Can't happen it's a saturday. I'm pulling for July 8th intraday. We have some shenanigans today (negative) then post shenanigans tomorrow(positive?) then we slide into month end (positive?) with a weekend surrounded by Canada Day and Independence Day. After that may get a slide into the end of that week.
Interesting as one poster earlier noted that some of the chaff blew higher while the wheat dropped yesterday. My account was saved my a couple of real deadbeats like Radius Gold and Dragon Gold. I nearly broke even before a late slide in Andresmin put paid to that.
PMS shares currently running with the bulls and bears of Wall Street. 4StockModel which consists of NEM, VLO, RIMM and KLAC have generally been all 4 long or all 4 short lately. Currently all 4 short.
The LT bullish pms stocks passed the BP pms stocks last week and we are now at 61% LT bullish. Not sure if this is a negative or not but it is something I will monitor in future.
My stock vs fund comparison is not saying anything yet. We'll need the rally to go on considerably longer or end before we can say anything definitive.
I'm been easing up on pms shares very very very slowly. More of a LT thing. My timeframes have lengthened, I'm not as nimble as I used to be. Must be old age or too much sex.

Guess we can't forget Fear greed dude:

In quiet trading, the XAU closed down 1.0% We have updated Fibonacci Cluster Support.

The 87-85 levels look good, on a pullback.
http://www.feargreed.com/showgraph2.php

Well, why haven't gold and silver rallied to the extent that copper has? Actually, haven't gold and silver underperformed every other commodity in the CRB?

The conclusion seems to be that either there simply is very little demand or that "the cabal" continually sits on not only the price of the metals but also the price of the shares.

We know there has to be at least some demand or the prices wouldn't have risen at all. This is a relatively small market so it would be easy to control prices, $100 billion in market cap on the stocks is only a few days worth of printing.
But if "the cabal" is controlling prices, why let gold and silver or their stocks rise at all?
I guess we get to see the commercials kick the metals in the scruds today, I hope we aren't going back to 150 HUI like the Waxman said, but this is a scared bunch and will sell at the first hint of trouble.

Old Habits,

looking more and more likely

from the low on 5/16 the xau/hui have had a strong rise. they came into major resistance and couldnt get through it on the 1st try. this is normal. now we will pull back and consolidate the gains. the fear/greeds #s are fibo retracements. if we dont pull back as far as he suggests, then the market is showing greater strength then he anticipates. we are Dover Sole on the hourly and hanging around the 89 ma @91.26. this is a game of incredible patience. not a time to be overextended. dharma
ps. waxman have anything technical facts to support your hui 150, yes it looks like very strong support there. i dont think we come anywhere close to that #.

...anyway once again the value of my trading account is being protected by the ugliest stocks I hold. Why is it do you think that these would be showing strength on a bad day? Is it because they are only selling the more liquid issues while trying to accumulate some of the less so? And why would that happen unless they think this pullback is going to be shallow. Selling begats selling and we have all been joining in. It will move back up anon.

Thor.. I must say .. the past 10 days or so I have read into your posts an unusual level of near term optimism; inbetween the caveats and usual tone of unknowingness.

Have I been slipped a mickey in my tea ?

Thor.. to be more accurate in my prior post, I should replace the word "unknowingness" with "caution and defensiveness"..

Thanks.

do you consider gold as a resource? probably most wouldn't

in that case MSSN has a weekly upthrust today....

Yes, you are probably right. I guess I am at least IT optimistic. I've been saying take a little off the top but get ready. However NEM broke an important neckline today and by my own words means one shouldn't be long here ST (or LT) really. On the other hand the Zow has remained above the neckline and the Hui is at it right now.
I'm not a deflationist, can't see it happening. So I'm expecting the bull in pms to continue. This biases my trades (in my current low nimbility position). I sell a bit on tops then wait for a 50% retracement in individual stocks. Lots there right now.
Who knows could be a goalline stand right here or the Zow falls another 5% or so. Will matter very little if we then rise out of it. If we continue down I will sell off and be no worse off than I was a month ago. But I won't play on a scammy day like today. Wait to see where we are after the holiday I think now.

dharma,

i've posted several charts over the past several days
pattern similarilty projects to about 150 HUI
http://tinyurl.com/d84vc

Gold on verge of closing below the 10 day moving average for the first time since the low a month back...Any thoughts?

Of course if you really want something to worry about have a look at a line chart of the PMPIX. The May/Jun rise and top looks very similiar to the Feb/Mar rise and top. And today looks to continue the similarity into the decline.

That's what I've been saying for the XAU and HUI for at least a week
http://tinyurl.com/bmq6j

I agree! Good time to be on the sidelines and watch the patterns!

Just been over to the GE forum. They are discussing watermelons and other precious fruits and vegetables. There, horseshit is a resource.

did you not know there is a kind of bug that rolls the horseshit in a ball and then takes it to his lair

This is a pretty light volume pull back in the miners. It could be much worse. You could see the pull back in silver coming the way stocks like SIL and SSRI have acted in the past couple of days. Right now this is pretty much vanilla, I wouldn't be surprised to see a little strength at the close. Then again, I wouldn't be surprised if we sold off either.

HMY green today..... well how come....

gold above 360 euro's still.....

and yeah..it was the supply area wasn't it..

looking at silver tonight... broke that 7.20 area

The Gold Bull capital of the once free world.

all things considered, not a bad day for xau. like to see the indexes stronger than the metals . dharma

Well, 2 points down on the HUI aint bad at all considering the metals today. Held up well and recovered into the close.

I think May 16 was the bottom and this is a light pullback. could have a few more points down to go, but then we start higher again. I think the relative strength today is evidence of that.

Agree. Still cautiously optimistic. Volume was light and there was every opportunity for the miners to be sold hard. A month ago a day like we had in the metals would have been a disaster for the stocks.
Went back on margin today for a trade - will sell strength in the a.m. if there is any.
HL 4K @ 4.38
CDE 2K @ 3.38
SSRI 2K @ 11.50 (that one made me nervous earlier)

When the POG turns back up I will put it all in GG

KRY sold off on double the normal volume - don't like the smell, may ease up yet again and move more toward GRS.

I, on the other hand, am not quite so sanguine, and will now asellerate my pms share disposal. Especially if we have a negative close tomorrow. I, of course, reserve the right to change my mind at any time. But for now I've run out of reasons to be overly optimistic. A good day tomorrow is a must.