One of our readers accused me of being a “perma-bull.” Yes I am, and what is wrong with that? Since I moved from neutral to bullish, in 2001, gold has risen from less than $300 to its current price above $1,750. Gold has finished every single year since 2001 ahead of the previous year’s close. Anyone who has NOT been a perma-bull during this period missed the boat. If you want to aggravate yourself, read some of the “bearish” sources like Larry Edelson or Bob Prechter and stay up nights worrying and twiddle your thumbs on the sidelines. Or you can read my bullish (and honest and accurate) analysis and do well every year, and sleep well too boot. The only thing I would add is that at some point in the future, sometime before 2020, I will gently slide off of the band wagon and will inform you all accordingly.
As for the gold and silver markets, both are biding time, bouncing around in a narrow trading range. $1,775 for gold and $35 for silver still represent resistance but the Cartel has not been able to break down either metal which is very encouraging. $1,800 is not far off. And gold, in euro is just a hair off from its all-time high and when moves above it, that should bring in a lot of new “technically-based” buying. (Euro gold in blue, in the following chart)
If you are a music lover, check this one out. It made my day. It is a pretty good re-do of the original from the 70s.
From our friend, Nick Laird at LeMetropole Cafe:
Here’s some charts that I’ve just finished & show the intraday movements over the last 5 years.
The LBMA fixes are definitive in their price action….
Charts are the last five years from last month back 60 months.
Suggestion – don’t buy till after the LBMA Afternoon fixes……
Note today’s gold chart. See how similar it is to the gold chart (#1) presented above.
Here is a fascinating interview with legendary hedge fund guru Ray Dalio. I urge you to watch all of it. Boy, does he know his stuff. Pretty sure Bill Murphy worked for him in years gone by – and Bill thinks the world of him.
Maria Bartiromo: Beyond Mere Incompetence. Legendary. – teapartyeconomist.com
Written by Gary North on September 26, 2012
The woman, once known as “money honey,” abuses the privilege of not knowing her trade.
She got a 30-minute interview with the founder and CEO of the largest hedge fund on earth, Ray Dalio. He rarely gives interviews. She got it because the Council on Foreign Relations invited him. Then it invited her. Why?
Continue reading on the Tea Party Economist
The following from Jim Sinclair is worth repeating and for those of our readers who missed it in yesterdays daily. You can click on this link, print out the article, and paste it on your refrigerator door as a reminder of what is happening and why.