Hmmm look at PM's

[General of Darkness]

All green and making big moves. Anyone have any idea why?

[Cebu_4_2]

Iraq not using the dollar?

[Silver Rocket Bitches!]

http://www.tfmetalsreport.com/blog/3240/study-open-interest



2011 was a very, very scary year for the cartel of bullion banks, lovingly referred to here as The Evil Empire. Faced with collapse and virtually unlimited losses, the banks took the only action they know. Namely, they criminally and selfishly rigged massive declines in gold and silver for the sole purpose of exiting as many of their short positions as possible. And it's worked! In April, the ratio of short:long silver contracts was almost 3:1. Now it's almost at parity. Similarly, the ratio of short:long gold contracts in August was nearly 3:1. It is now back to a much more manageable 2:1 and still falling.


Both metals are about to turn higher and are poised for extremely exciting years. Silver, in particular, is almost ready to blast off to heretofore unseen levels. Notice, though, that I used the terms "about" and "almost". We're not there yet and I don't think the banks are quite ready to let things roll. Heck, the commercial short position in silver actually rose last week by 1,800 contracts, so let's not get ahead of ourselves.

[joboo]

Iran dumped the dollar?

[Serpo]

Since when does Gold/Silver need a reason to go up or down........

[TheNocturnalEgyptian]

Big deal when an OPEC country goes off the dollar,

OPEC mandates use of the dollar as a condition for membership


Effectively making the dollar a petrol backed currency

In nov. 2000 saddam dumped the dollar for the euro, less than one year later we had sept 11th 2001. Within days of invading Iraq we had a central bank set up, oil bourse in Iraq was put back on the dollar.

The war rhetoric was highest with Iran when they talked about using the Iranian Rial for their oil bourse, US news started making stories about how close to getting the bomb they were.

Now Iran has decided to go ahead and trade oil with India, dollar free, I don't know if they are using Iranian or Indian currency but they aren't using the dollar for this.


The US feels they have to act as they cannot have an OPEC nation leave the dollar. However any move they make pushes Iran right into the welcoming hands of China.

The US's stupid policies put them in this predicament. Maybe they should have never pegged the dollar to oil in the first place.

[Sparky]

Why today? Alcoa released a positive outlook in their earnings report, which is juicing all the commodities today.

Last leg down was from $1800 to $1550. So there's a technical bounce expected to at least $1650. Any advance up to about $1710 would be mostly technical, rather than an indication of another leg up. If it stalls in the low $1700s over the winter, we are probably going to $1450 this spring/summer. I would welcome the opportunity, because that seems to be a rather clear technical price floor where you could buy with confidence that you probably won't be missing out on significantly lower prices.

[MAGNES]

GC is still on a fault line, no clear breakout, I have a thread here where
I predicted some sort of bottom options expirey and that is what happened,
I didn't trade it, doing what I do, because it wasn't the right kind of bottom,
but it looks like the bottom is in, GC just needs to base sideways and that
is very positive for it, if you look at a chart you will see what I am talking about.
I don't day trade, but for those that do, last couple of weeks they could
of made some money, I was looking for a longer term swing trade with options.
I did put some money in it though.
http://gold-silver.us/forum/showthread.php?57397-Gold-Break-Down-on-Pennant-Formed-Dec-28-2011

Talking about GC is moot without charts here.
http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&yr=1&mn=0&dy=0&i=p42106480801&r=3374 (http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&yr=1&mn=0&dy=0&i=p42106480801&r=337%204)

[Sparky]

Why today? Alcoa released a positive outlook in their earnings report, which is juicing all the commodities today.

Last leg down was from $1800 to $1550. So there's a technical bounce expected to at least $1650. Any advance up to about $1710 would be mostly technical, rather than an indication of another leg up. If it stalls in the low $1700s over the winter, we are probably going to $1450 this spring/summer. I would welcome the opportunity, because that seems to be a rather clear technical price floor where you could buy with confidence that you probably won't be missing out on significantly lower prices.
So we've made it into the $1650-$1710 range, which was the minimum expectation for a technical bounce. At $1675 today we've retraced about one-half of the fall from the record high, so we're going to get resistance between here and $1710. Need to fight above this range to bust out. But this move is very supportive of the gold bull being intact (no surprise there), even if we head back down.

[gunDriller]

for gold we're seeing normal price movement.

for silver we're seeing the effects of Eric Sprott's $300 Million shopping spree. he's got that much to spend on silver, money from new investors, and his job is to GO BUY SILVER. fun job !

[Sparky]

So we've made it into the $1650-$1710 range, which was the minimum expectation for a technical bounce. At $1675 today we've retraced about one-half of the fall from the record high, so we're going to get resistance between here and $1710. Need to fight above this range to bust out. But this move is very supportive of the gold bull being intact (no surprise there), even if we head back down.

Heh, gold shot up and bumped it's head on $1715, and is sitting at $1710 right now.

[k-os]

Heh, gold shot up and bumped it's head on $1715, and is sitting at $1710 right now.

And here I thought you were modest. >:D

I am not sure if you can call resistance at 10 pm, but you certainly know more than I do.

Good job calling it!

[Sparky]

And here I thought you were modest. >:D

I am not sure if you can call resistance at 10 pm, but you certainly know more than I do.

Good job calling it!

Hey, I thought you didn't care about price! ;)

It may be 10 PM here, but it's 3 AM in London. Oh no, wait...

[Grog]

Now Iran has decided to go ahead and trade oil with India, dollar free, I don't know if they are using Iranian or Indian currency but they aren't using the dollar for this.

Huge deal IMO. They could be using Gold. :)

http://timesofindia.indiatimes.com/business/india-business/Gold-for-Iran-oil-Govt-declines-any-comment/articleshow/11634184.cms

If China does the same then things will get interesting.

[Grog]

BTW: There were many links to this news. I purposely posted the one with references to an Israeli information source. :P

[MAGNES]

Heh, gold shot up and bumped it's head on $1715, and is sitting at $1710 right now.

This pop looks out of place and weak, right into more than one resistance line,
to me it looks like we could see it ride the 200, then quite possibly get another
crack down for March Expirey end of Feb. High chance of that if it does ride
the 200. Cot charts bottomed too for end of Dec, SI shorts got cleaned up
to historical bottoms, but they still have room to clean up their GC shorts.
I'll take another small position if another hammer is formed like Dec.
I am always hoping for a bigger trade opportunity. lol They know we are
waiting for one and because of that I am not too hopeful for it becoming
reality.

[Sparky]

...
I'll take another small position if another hammer is formed like Dec.
I am always hoping for a bigger trade opportunity. lol They know we are
waiting for one and because of that I am not too hopeful for it becoming
reality.

LOL, you and me both. Where will the hammer be? Was December's $1521 the low? Or do we still test rock bottom at $1430 this summer?

During this bull, a convincing recovery above the 200 DMA (after a breach) has held. The 200 DMA is currently sitting at $1630, and rising. I don't think it's going to get breached again; I'm guessing that's new support.