Loading ...Is this gold pennant beginning to look like … BRW … watching $1242.
… a bearish rising wedge?
http://assets.bwbx.io/images/ioXloPQHUPks/v2/-1x-1.png
This chart was from an article on Japanese gold demand:
$1242 is the potential breakdown point. Just starting to go down this afternoon in the UK (morning in USA) on Monday 14 March 2016:
Ugh?
… Links to Kitco.com …
Thanks for the post Dave! read the article and it’s always comical when you get these idiot economists talking about how the “system” works. It doesn’t work! period. I get a kick when anyone mentions “Revenue”, as in “government revenue”, ever looked up the true meaning of revenue? posted below. “Income from property or possessions pretty much explains it all”.
early 15c., “income from property or possessions,” from Middle French revenue, in Old French, “a return,” noun use of fem. past participle of revenir “come back” (10c.), from Latin revenire “return, come back,” from re- “back”
Spot on Randy; thanks for the comment! I read the article but I have only just watched the accompanying video and the economist guy (formerly of GS and SocGen) seems fairly but not entirely sanguine on the ‘system’ – as you might expect, although he does talk about buying physical gold. Sharps Pixley he talks about, in London. Hmmmm. That’s an old name, a venerable institution if you will.
Too right about ‘systems’. Our bureaucrats in the UK, in the NHS and the social services – whenever they make a complete balls-up and especially if somebody dies because of it – they always say the systems weren’t in place. It allows them to move rigtht away from the notion of personal responsibility and sack no-one and put no-one in jail or have no-on held legally liable because of their mismanagement.
The guy on the video linked above likes tin and copper. He is a tin-bug!
Another link from the above story:
http://www.bloomberg.com/news/articles/2016-02-24/tucking-10-000-yen-bills-under-the-mattress-spells-worry-for-abe
It says 10,000 yen notes are 92% of all banknote value in Japan. Money printing is there already, literally. Number of those notes last year up 6.2% in an economy with ‘deflation’. Very interesting.
It’s SO IRONIC that, as soon as there is huge market demand for cash, these stupid wonks in government want to ban it. Those idiots … well … just … those idiots!
It is also interesting that the Japanese have only just introduced social security numbers, so the article says. Wow, it sounds like they are thinking of actually means-testing government social security benefits and spying on their citizens! We have had that for decades in the UK. The Japanese are really behind the curve on tyranny this time. I am quite surprised.
UPDATE: $1242 broke down almost immediately and price went as low as $1228.50 bid, so says Kitco. Bounced a little to $1235 bid price at the close. A close near the low.
Waiting for a backtest of the $1242 level perhaps or just straight down fromhere?