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04-11-2013, 09:23 PM
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#16
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,632
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Quote:
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Originally Posted by iceknight
They are not wrong, ever.
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Ain't that the truth. What was that story I read a few years ago? Where during an entire trading year, they only had one or two losing days or was it one or two losing weeks on their trading desk. Something insanely absurd like that...
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04-12-2013, 09:31 AM
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#17
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,760
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Goldman Sachs is doing their job, gold is down $25 this morning, 200 week exponential moving average is $1462. price is heading for that number and should kiss it. if gold breaks $1500 it will scare every weak hand out of the metal.
if i am right, at that point Goldman Sachs will be buying the gold from those weak hands.
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04-12-2013, 11:23 AM
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#18
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Registered User
Join Date: May 2005
Posts: 2,394
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Quote:
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Originally Posted by lamboguy
Goldman Sachs is doing their job, gold is down $25 this morning, 200 week exponential moving average is $1462. price is heading for that number and should kiss it. if gold breaks $1500 it will scare every weak hand out of the metal.
if i am right, at that point Goldman Sachs will be buying the gold from those weak hands.
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That was a beautiful short. /GC went bonkers around 7:30pdt. Its still giving amazing trades. Its lost 1500 a few times so far, see where it closes.
__________________
Those with the best knowledge have the best luck !!!
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04-12-2013, 11:39 AM
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#19
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Registered User
Join Date: Feb 2003
Location: NE Ohio
Posts: 16,487
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Quote:
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Originally Posted by lamboguy
Goldman Sachs is doing their job, gold is down $25 this morning, 200 week exponential moving average is $1462. price is heading for that number and should kiss it. if gold breaks $1500 it will scare every weak hand out of the metal.
if i am right, at that point Goldman Sachs will be buying the gold from those weak hands.
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I agree, although I question how many weak hands there will be. Usually the weak hands are the retail buyers, but I don't see them doing much selling of gold.
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04-12-2013, 12:12 PM
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#20
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,760
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the reason why the gold market is different this time around from the late 1970's is there was no paper market back then. we now have 2 different markets. the GLD and other ETF's have to sell gold when their funds have liquidations. a big down move will exaggerate the selling. gold going down to under $1500 will really ignite selling. there are plenty of paper stops just under that round number.
if there is one thing that i have learned about the gold market is that it won't go up when every one thinks that's the direction its going. gold is going to need every one scared and hating the metal before it moves up.
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04-15-2013, 01:07 AM
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#21
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,632
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Wow, talk about your panic selling...Gold is down another $25 in overnight trading...and in fact was as low as $1425...now back up to $1446...was $1476 if I remember correctly on Friday...damn...
And it actually approached $1500 soon after trading opened at 6pm EDT Sunday...so it's already had a $75 range and it's barely Monday....
Last edited by PaceAdvantage; 04-15-2013 at 01:09 AM.
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04-15-2013, 06:42 AM
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#22
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Registered User
Join Date: Aug 2001
Location: Lehigh Valley, PA.
Posts: 7,464
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Down $88 right now. Fortunately crude oil is also down sharply, trading at below $89.
Last edited by pandy; 04-15-2013 at 06:43 AM.
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04-15-2013, 06:58 AM
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#23
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Registered User
Join Date: Jul 2003
Location: central fla.
Posts: 4,874
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Means % rates are ABOUT to go UP...
__________________
got handed a lemon...make lemonade....add sugar or brown sugar or stevia or my personal favorite....miracle fruit....google it...thank me later...
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04-15-2013, 07:16 AM
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#24
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Registered User
Join Date: Aug 2001
Location: Lehigh Valley, PA.
Posts: 7,464
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The Today show news coverage is so lame. On their "Checking The Markets" segment this morning they didn't even mention gold or oil prices dropping. Instead they talked about earnings reports coming later this week.
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04-15-2013, 08:31 AM
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#25
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Registered User
Join Date: Mar 2007
Location: Manhattan
Posts: 3,826
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Quote:
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Originally Posted by iceknight
They are not wrong, ever. But that does not mean they will tell others to do the right thing. In fact, most of the time their advice is after the event happened.
Or if things go against them, they will change things around to suit them. Don't forget that apart from the many rich people who invest/bank with GS, Warren Buffet also owns ton of GS stock and warrants.
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It's not that they're some super geniuses, but as one of the biggest Market Makers, they can see the order flow and can buy and sell accordingly.
Poker is an easy game when the other guys' cards are exposed.
__________________
“Life does not ask what we want. It presents us with options”
― Thomas Sowell
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04-15-2013, 09:50 AM
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#26
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Screw PC
Join Date: Jun 2003
Posts: 15,728
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Gartman
__________________
Truth sounds like hate to those who hate truth.
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04-15-2013, 10:43 AM
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#27
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Veteran
Join Date: Mar 2009
Posts: 9,893
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Quote:
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Originally Posted by PaceAdvantage
Ain't that the truth. What was that story I read a few years ago? Where during an entire trading year, they only had one or two losing days or was it one or two losing weeks on their trading desk. Something insanely absurd like that...
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That's on the prop side of the house, and in general it isn't humans making the decisions (granted they built the programs). The sell-side of the firm is wrong all the time, and the sell-side made the call on gold.
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04-15-2013, 10:57 AM
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#28
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,632
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Quote:
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Originally Posted by Saratoga_Mike
The sell-side of the firm is wrong all the time, and the sell-side made the call on gold.
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And what a call it was...Gold down about $120 today alone...
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04-15-2013, 11:23 AM
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#29
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Registered User
Join Date: Feb 2006
Location: Anaheim,California
Posts: 4,675
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Gold down 140 as I type these words. Silver is actually doing worse on a percentage basis, down over 10%. Just about everything is down this AM. Only good news is that crude is down 3 bucks, gas prices lower by a tick? Happy income tax day to all. 
__________________
"Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety."
Benjamin Franklin
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04-15-2013, 11:28 AM
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#30
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Registered User
Join Date: May 2008
Posts: 1,556
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/GC, /SI, /CL what a slaughter. Very margin calls coming I would guess.
Stopped out of my /CL swing short when it spiked to 94.82 the other day. That stop run cost me several months living expenses...... 
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