Rallying 10% from recent lows silver is nearing resistance
Per our last update, the prospect for some sort of pivotal turn-date occurring near Thanksgiving appears to be setting up as a plausible short-term pivot high rather than a long-term secular low. As I suggested weeks ago, this rally came as no surprise.
Not gone and not forgotten, China is ready to solidify its claim to the South China Sea (SCS). Recent satellite imagery confirms China is conducting significant land reclamation operations in the Spratly Islands in the SCS. The SCS is an important fishing ground and is believed to hold large amounts of oil and gas. Undermining the United States’ influence in the region, China intends to play the shepherd in one of the world’s busiest trade routes.
An aging world is a deflationary one, according to “The Demographic Cliff” author Harry Dent. In this interview with The Gold Report, he predicts a major, painful crash in the next two years based on population statistics and historic patterns. He has some positive short-term predictions for gold, and investment suggestions for how to be one of the ones still standing after the dust settles.
The Gold Report: Your book, “The Demographic Cliff: How to Survive and Prosper During the Great Deflation of 2014–2019,” predicted a great deflation based on demographic trends. Were you surprised by the strong stock market over the last year?
I happen to like the sun. By definition, the earth would not even be a planet without the sun. No one on earth would be alive without free sunshine.
I happen to like Google. I could survive without Google, but like the sun, much of what Google provides is free.
Dr. Kent Moors writes: Happy Thanksgiving from Dubai.
I’ll have much more to tell you about my meetings in Paris, Frankfurt, and here on the Persian Gulf coast next week.
But today I’d like to fill you in on an interesting wrinkle I’ve uncovered dealing with the ongoing saga of why oil prices are so low.
By Grant Williams “How could it happen, Grandad?”
The old man’s eyes misted over as he looked down at his grandson, who sat at his feet, his young eyes alive with questions as he turned the heavy gold bar over in his hands.
”I’ve told you the story too many times to count,” said the man, half-pleading, but knowing full-well he’d soon be deep into the umpteenth retelling of a story he’d lived through once in reality and a thousand times more through the eager questioning of the young man now tugging at his trouser leg. “Why don’t I tell you the story of how I met your Grandma instead?”
New Market Highs with New Lows Up Trending at the Same Time?
Today’s chart show’s the updated NYSE New Lows. The good news is that the VIX broke a support yesterday (a market positive), while the NYA New Lows did not break its thick red support line (a market negative).
See the NYA New Lows chart below for what is going on.
Gold and silver held their prices well today with silver actually gaining some ground. Not bad for the day after a Comex option expiration.
This Friday the December contract becomes active on first notice, so we might see some changes in open interest.
Not much to report in the delivery category, but the Comex warehouse show the continued drip, drip of bullion out of their domains.
Alexander Green writes: In my last column, I wrote about how life today is getting objectively better yet polls show we fail to recognize it.
Two-thirds of Americans believe the country is on the wrong track, a number that has hardly shifted in the last three years.
But take a closer look. We enjoy economic, political and religious freedoms denied to millions down through history and around the world today. Life expectancy is increasing. Standards of living are rising. Technology and medicine are easing and extending our lives. U.S. household wealth is at an all-time record high.
A funny thing happened on the way to a nuclear-free world — Japan realized what a stupid idea that was.
You will probably recall that in the wake of the earthquake/tsunami/Fukushima nuclear disaster Japan shuttered its 50 nuclear power plants, which were supplying between 30% and 40% of the island-nation’s electricity needs. For the first time in more than three decades, Japan was totally dependent on non-nuclear fuels. The country became a poster-child for a nuclear-free future, and countries including Germany, Italy, Sweden and others followed suit, announcing they, too, would phase-out nuclear energy.
Suppose you bring a fur coat to a dry cleaner, and discover that the owner allowed his wife to wear it before cleaning it (which is also the subject of an episode from Seinfeld). Or, suppose you gave your car keys to a hotel valet and, when attempting to pick up the car later, were told your automobile was lent to teenagers who took it for a joy ride while you slept at the hotel. You would not be too happy, and for good reason. When you surrendered your clothes or your car keys it was a bailment. You retained ownership and gave the clothes or car keys for safekeeping. In no shape or form, did you surrender ownership of the items or lend out your property.
Gold spiked higher in many price feeds overnight and was $270 higher or more than 22% higher to $1,467.50/oz at one stage in what appears to have been some form of computer glitch.
There was speculation that the price spike which came while the COMEX was closed for 30 minutes was due to a series of charting errors or misprints, a bad price feed or a computer glitch. Another example of how technology is a great enabler but can also be a great disabler.
Briefly: In our opinion, speculative short positions are favored (with stop-loss at 2,085 and profit target at 1,950, S&P 500 index).
Our intraday outlook is bearish, and our short-term outlook is bearish:
Intraday (next 24 hours) outlook: bearish
Short-term (next 1-2 weeks) outlook: bearish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
Google Inc. (Nasdaq: GOOG) has grown to be the fourth most valuable U.S. company, with a market capitalization of $370 billion.
Only Apple Inc. (Nasdaq: AAPL), Exxon Mobil Corp. (NYSE: XOM), and Microsoft Corp. (Nasdaq: MSFT) are larger. In 2015, the company will likely generate more than $60 billion in revenue and more than $17 billion in net income.
As we approach Thanksgiving in the States, Streetwise Reports reached out to some of our most popular experts for perspective on the natural resource market during this volatile time. While some thought 2014 was so bad it was good—for contrarian investors—others will be all too happy to see the year in the rearview mirror.
Streewise Reports: What is the 2014 development for which you are most grateful?
Tensions in the US are high. Hundreds of millions of people have been extorted and many have been kidnapped and beaten. People are frustrated and demanding answers, and to find them they are looking to…. authority figures?
They’ve been well-trained. But it is not with these authority figures true liberation lies. It would be better for us all, as individuals, to look deep inside ourselves and find an inner calm that runs in all living beings and recognize the true terrorists.
At the start of November with winter fast approaching and the temperature starting to drop, I decided it was time to get a decent set of ladders to enable me to complete a whole host of maintenance tasks before winter and after much searching settled on a large 12 rung Triple Extension Ladder supplied by the online retailer TrueShopping.co.uk, that could also be used as double extension step ladder though which lacked adequate online customer reviews though I did not think it would make much material difference to products such as ladders.