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Has anyone noticed that GLD holdings are at 1272 tons. That is another new record. It is going straight up. I am no Adam Hamilton who studies the subject much more closely but my figures say they have to buy 34 tons of gold this week to meet demand. Are they hitting gold to get better pricing for this purchase??
With all this new money pouring into GLD it’s hard to make a case for lower gold prices as GLD has to buy all this gold in the open market…
I was not expecting yesterday’s action in gold. Today, silver is bouncing back as I expected based on the daily Ichimoku cloud, although we have to wait for the close to see if its meaningful. I would like to see gld get back inside its daily Ichimoku cloud, which means it needs to rally tomorrow or Friday pretty substantially. It’s also possible it gets back above the cloud in the next couple of weeks.
I still believe the metals bottomed on September 24 (and am still 100% long), but I am slightly less certain right at this moment. The only way we will know is in hindsight as far as I am concerned. Additionally, I am a bit more uncertain about the miners since they have shown they are capable of making a lower low on the first daily cycle out of an ICL (see January 2016, where the miners fell apart while gold and silver had already bottomed).
In any event, if I am wrong and Gary Savage is right and we have not yet found an intermediate cycle low, we are simply running out of time as I believe today would be day 39 of the daily cycle that began on August 12. If a lower low does come, it will likely be in the next 10 trading days, which is admittedly a lot of time for plenty of damage to be inflicted.
Thanks Nautilus and Noman .
Also, it is hard to ignore how piss poor the miners (especially silver miners) are behaving relative to the metals. The fact that the stock market has absolutely no problem reversing losses and then some makes it all the more frustrating to hold miners. The next few weeks into the election should be fun.