GLD - on buy signal.
Bear's Lair
Bear Markets always follow Bull markets and a severe stock market correction is long overdue. Bears Lair will spot, monitor and analyze the stock market correction as it develops.
We've supposedly got Greek elections coming up this weekend, or do we?
Apparently the ballot box folks are thinking of striking and putting this gong show in high gear.
Gold stocks have recovered sharply following last month's panic-like capitulation plunge.
Its been a slow day so I thought I would get the Wednesday stock report finished early.
To paraphrase Einstein, not everything worth measuring is measurable and not everything measurable is worth measuring. The purchasing power of money falls into the former category.
Or do they? Everybody thinks they know that the world is on the verge of a banking and financial crisis, but it is just one of the major effects of the real problem: SOCIALISM has reached the end of its rope.
The past couple months have been a roller coaster ride for investors and traders.
On Friday the price action in gold caught the attention of most market participants as gold put in a monster move to the upside in light of risk assets such as the S&P500 selling off sharply.
As of the end of May 2012, gold suffered the indignity of its first "bearish" year after its long-term bull market began in 2001.
I really don't have much to bring your way this week beyond charts.
Tonight I want to bring everyone up to date on the many H&S top patterns that have been forming for sometime now. All these H&S top patterns are telling a very big story as to the direction of the world marketl.
There is a lot of lopsidedly-bullish analysis on China in the mainstream press and in the "blogosphere". Less so today than two years ago, but still enough to suggest that China's problems are not generally understood.
"When Injustice becomes Law, Resistance becomes Duty." -- Thomas Jefferson
IT'S TIME TO FACE THE TRUTH
We're still up in the air as to what is going to pass in Europe but perhaps this week we will see.
The fortunes of Europe's beleaguered euro currency have been heavily influencing US markets. Both stocks and commodities have been battered down recently by overwhelming euro bearishness.
Gold's biggest problem since February has been one of relative weakness. This weakness in turn has kept the market-moving hedge fund players away from gold.
"Has gold finally bottomed?" That is the big question we are going to attempt to answer in this update. Last week it bounced sharply after it arrived at the strong support at its September and December lows.
It's time to update our long-term weekly charts showing how the gold sector, as represented by the Barrons Gold Mining Index (BGMI), has performed in US$ terms, gold bullion terms and S&P500 (SPX) terms.
With a bank run in near full force in Greece and the country on the verge of exiting the Euro while still searching for a leader the world markets are reeling but gold and silver are finally catching a bid.
Gold stocks have been pummeled mercilessly this month, their price action looking almost apocalyptic. The psychological stress spawned by such extreme weakness is intense, breaking the wills of this sector's few remaining bulls.
Normally catching a bottom is not difficult. Bottoms tend to occur instantly while market tops form during a process. Yet, I've found that bottoms of long-term significance do not occur instantly.
It was a decent down-week early on but then things stalled Thursday before it was announced that JP Morgan had a small trading loss. This small loss forced an unexpected conference call which is odd.
Gold has had a rough time lately, grinding relentlessly lower. Such technical weakness has naturally spawned increasingly bearish psychology.
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Gold weighs 19.3 times as much as an equal volume of water.
