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Gold's now in a clear downtrend, taking out new technical lows, hit by (3-month old) news big...

  • Friday, February 15, 12:35 PM ET
    Gold's now in a clear downtrend, taking out new technical lows, hit by (3-month old) news big names are selling, and now the chart's starting to form the dreaded "death cross." All the gold bugs need for a perfect bullish setup would be Paul Krugman taking to the air to declare victory for all he believes ... check. GLD -1.7%.
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This news story has 43 comments:

  •  
    thye ONLY printed 60 billion this week...
    15 Feb, 01:19 PM Reply Like
  •  
    Well, its hard to believe that the Market is up and Gold is down when the printing presses are going full speed and new taxes are hitting the economy. It just goes to show that the markets and the economy (or in this case the value of Gold vs the debasement of the currency) correlate in the longer term. In the short term, other factors can dominate.
    15 Feb, 02:45 PM Reply Like
  •  
    This is a GREAT day to buy gold! Thats what I'm doing
    15 Feb, 01:43 PM Reply Like
  •  
    It is tempting and you certainly could be right.
    However, the accumulation/distribution index is against you.
    Again, perplexing since all the press has been talking about how national banks have been all buying.
    But then, when national banks are buying it could be a bearish signal since they are not known for their market timing insights.
    15 Feb, 02:51 PM Reply Like
  •  
    Oh but there's a currency war underway so the only currency left to be of value will be gold--this may sound extreme but it's all moving in that direction.
    15 Feb, 09:56 PM Reply Like
  •  
    it's interesting that every bearish article on alpha is met with some sensible bullish comments. the shorts are throwing everything they can at gold right now. All lies but like CPI, the market responds to the lies as though they were true.

    Soros? a duplicitous guy if there ever was one. Krugman. lol! A charming academic who needs to take a trip to the super market.
    15 Feb, 02:07 PM Reply Like
  •  
    Both Soros and Krugman had betted against Euro 9 months ago and in all probability had to sell their gold to cover the losses.
    16 Feb, 07:23 AM Reply Like
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    I consider this to be just one added buying opportunity for the Peoples' Republic of China to dump US Treasuries and then buy more gold with the proceeds on the dip. Is anyone not only willing to but more importantly capable of monitoring their actions for cross-correlation to the antics in our own rather nutty markets?

    They are silently gathering capital and power with every day that goes by as we run around like beheaded chickens. And believe me, those boys ARE PLAYING FOR KEEPS - all 1.4Billion of 'em.

    Not one major thing has been done yet to correct the underlying systemic weaknesses in the western economies.
    15 Feb, 04:09 PM Reply Like
  •  
    Excellent analysis: American retail investors should get smart and follow China's example for the sake of their own survival!
    15 Feb, 09:58 PM Reply Like
  •  
    Most intelligent and succinct comment on this topic I've seen recently. Thanks, RONSWAD. Personally, I just sold my GDX shares because they hit my stop. Bad decision? Time will tell.

    Still holding UGL and AGQ. It's painful at present, but long term, I'm still bullish.
    17 Feb, 01:54 PM Reply Like
  •  
    everyones selling/dumping Gld and SLV, must be time to buy.. When i was in college and had taken a few economics classes, there was a economics professional that had said, when your not sure about what to do and the economy is uncertain, just lie.. thats what i think about G20
    15 Feb, 04:09 PM Reply Like
  •  
    Or say the second half of the year should be better.
    18 Feb, 08:40 AM Reply Like
  •  
    Another great buying opp.!!!
    15 Feb, 04:16 PM Reply Like
  •  
    Gold to find bottom soon, and just in time. Inflation is already exceeding expectations in UK. We have it here as well, just that we are better liars.

    You can't lie forever, just as true as the laws of supply and demand.
    15 Feb, 04:52 PM Reply Like
  •  
    The force is strong with this buying opportunity.
    15 Feb, 05:06 PM Reply Like
  •  
    More like the snark is strong. ;)
    15 Feb, 09:56 PM Reply Like
  •  
    GLD gapped got filled today @ $157. Bottom line support is now at $150 ish. I suspect it will trade around this area and bounce back up toward the end of the month in anticipation of the sequesterian for March.
    15 Feb, 06:37 PM Reply Like
  •  
    If the hedge fund masters don't sell into strength.
    15 Feb, 06:40 PM Reply Like
  •  
    Ugh! These guys are killing investments for 'normal' folks, like me. It makes one just want to buy land and hide out! Awful mess our system has turned into.
    15 Feb, 10:00 PM Reply Like
  •  
    The FED wants all ind. investors into risky assets. Buying GOLD is the opposite of this strategy, so they will fight every move up until they stop buying treasuries. Of course, this is mind boggling irresponsible, but so is our government spending that will be paid for by future gens. Thank GOD for the so-called "sequestering", its the only way we can be a little bit responsible about spending without voting to cut it.

    Here is a stat for you. Last week, over *25%* of ALL trades on the NYSE were program trades, ie institutional money managers. These guys will control market as long as they can, until they decide (in unison of course) thats it time to bail. The little guys will be trying to catch the falling knife, but will be too late.
    16 Feb, 09:27 AM Reply Like
  •  
    Buy the rumor, sell the fact. Pretty basic. Sell commodities, buy equities.
    15 Feb, 08:05 PM Reply Like
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    What? Gold equates to economic survival not the stock market.
    15 Feb, 10:01 PM Reply Like
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    DONT TALK YOUR POSITION....FACE REALITY....

    I HAVE NEVER SEEN SUCH HOSTILE MARKET ACTION AGAINST GOLD STOCKS.....BUT MANAGEMENTS HAVE DONE LITTLE TO OFFSET...KGC STARTS DIVIDEND A GOOD SIGN...

    TODAY WAS A SPIKE BOTTOM.....BUT ALL TEH RALLIES HAVE BEEN HIT BY VERY VERY OBVIOUS SELLING,,,,AT VERY OBVIOUS POINTS......THAT IS THE MAJOR REALITY....BIG SELLERS WHO KNOW HOW TO MANAGE THE MARKETS IN CONTROL...
    15 Feb, 10:06 PM Reply Like
  •  
    Italics...
    16 Feb, 01:32 AM Reply Like
  •  
    This is only good for the countries hoarding gold and bad for the US which is falling behind. Given that advanced countries keep about 1-1.5% of their currency's value in gold which among themselves seems to be the real indicator of wealth among themselves along with the ability to buy more, the US currency is set for a fall (the reason Italy with big gold reserves is in currency problems is because it can't afford to buy more gold and may have to liquidate. For that reason Italy said blatantly that someone would have to invade them and start a war in order to get their gold even if they default).
    15 Feb, 11:27 PM Reply Like
  •  
    21 bullish comments, 0 bearish.
    16 Feb, 05:15 AM Reply Like
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    Translation: "21 bullish comments" = semi-pleased investors who established their position in GLD @ 170 or thereabout and hope to talk their way out of it via wishful thinking.

    "0 bearish" = investors with some cash who are simply watching and waiting for GLD to establish a bottom and firm up so that they can buy in < 150.
    16 Feb, 10:12 AM Reply Like
  •  
    The Fed and JPM are driving down the price before the sequester hits. Should those talks fail, metals will take off. They are trying to lower the liftoff ramp....not to mention the silver futures outstanding are still sky high in a tight market (see Harvey). They may get smoked.
    16 Feb, 08:47 AM Reply Like
  •  
    And should these talks succeed?
    16 Feb, 08:57 AM Reply Like
  •  
    Then China will help themselves to another 1000 tons on the cheap
    16 Feb, 09:32 AM Reply Like
  •  
    In my opionion
    Gold can only really be valued in relation to other financial assets.
    A rule of thumb I try to use is about 10% of the Dow
    Right now I would think that I would invest in gold in the 1200 to 1300 range
    It has a way to drop
    P
    16 Feb, 09:25 AM Reply Like
  •  
    Petrarch- That's fine but, after the massive physical buying Friday and, the presumed massive physical buying coming from Asia Monday, don't hold you're breath for that 1200-1300 dip.
    16 Feb, 11:12 AM Reply Like
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    There was massive physical buying Friday?
    16 Feb, 11:28 AM Reply Like
  •  
    snaking... back nxt monday.
    17 Feb, 04:08 AM Reply Like
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    Ran to my local coin shop to purchase gold and silver yesterday after the price took a dramatic drop but there was a long line in front of me to buy!! What the heck, don't these people watch the news?
    17 Feb, 04:37 PM Reply Like
  •  
    Like everyone else here, I spend hours everyday reading articles, reports and analyzing charts. But in the end I buy gold and silver for one reason... it simply makes sense to me. I avoid purchasing when everyone's excited about these commodities and look to buy when people like Prof. Krugman convinces the masses that it's time to get rid of this "archaic metal that serves no real purpose." (His words not mine.) The good professor and his loud voice have been a boon to my retirement savings.

    But also a thank-you to Milton Friedman, Ayn Rand and Friedrich Hayek who taught me how to think.
    17 Feb, 04:37 PM Reply Like
  •  
    Milton Friedman??? LOL!

    I remember the Chicago Boys in Chile and how they destroyed the economy over there. They destroyed the lives of millions. He told Pinochet that if he pushed for deep austerity cuts and lowered tax rates Chile would regain economic growth. What happened was a surge in crime, rampant poverty like never before, children went hungry....it was a disaster.

    The Pension System of Chile was also raided by Milton and his cronies. They said: "ahora nos vamos a dar el banquete total".
    18 Feb, 08:36 PM Reply Like
  •  
    We need more austerity in the first world till everyone will stop peddling austerity. I volunteer Europe.
    18 Feb, 09:22 PM Reply Like
  •  
    Chile is one of the strongest countries in South America...???
    19 Feb, 07:55 AM Reply Like
  •  
    Macro, what about some of those southern states? Let's see what happens when the federal government they despise cuts those billions in pork military subsidies.....
    18 Feb, 11:03 PM Reply Like
  •  
    Oh no! They will have to stand on their own two feet then. No more mooching off of the Govt.
    18 Feb, 11:41 PM Reply Like
  •  
    Yes let's see how McCain and Graham like those defense spending cuts. I'll bet you they STAUNCHLY defend cutting a lot less of what will be done for defense.
    19 Feb, 09:02 AM Reply Like
  •  
    The Republicans will fold. They always do. They did it over the fiscal cliff. They did it over the debt ceiling. They will talk tough this time once again.

    And then fold.
    19 Feb, 09:05 AM Reply Like
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