9:30 pm Pacific
Both Gold and Silver shot higher today and staged important breakouts through key resistance areas. As of 9:30 pm Pacific, the yellow metal is up another $10 an ounce to $1,664 while Silver has cracked the $30 level and is currently up 40 cents to $30.23. The minutes from the Fed’s last meeting, released this morning, renewed expectations that the Fed is ready to take more easing steps, including another possible round of quantitative easing or asset purchases.
A new uptrend in Gold is gathering momentum after today’s move through resistance in the $1,640’s. While there is also some resistance around $1,660, there appears to be nothing stopping Gold from testing the low $1,700’s at a minimum in the coming few weeks as shown in John’s chart below.
As regular BMR readers know, we are extremely bullish regarding the “Big Picture” and long-term outlook for Silver which is now rising faster than Gold for the first time in several months. Following a significant breakout, Silver’s new support is between $28.40 and $29.00 as shown in John’s chart below. The 200-day moving average (SMA) at $30.53 can be expected to provide strong resistance for now. John’s latest Fibonacci target level for Silver (no time line) is $78.
John will have long-term charts for both Gold and Silver as part of tomorrow’s Morning Musings.
Quantitative Easing
Two words that says it all.. It tells us that troubling days are not over yet,
so we patch it, & hopefully it works. That’s why we shouldn’t hold stocks til
eternity. The good old days are gone, when buying & holding was the thing to do.
Those were the days my friends, i thought they would never end. The majority out
there now are selling, once profits’ are realized, even software is geared to grab
our cash, at every opportunity. I am no expert & i do make my share of mistakes,
but i certainly realize what needs to be done, but i will admit, it’s easier
telling the narrative than actually doing it. Also, there are exceptions to every
rule & a solid company, with a solid venture, may need to be looked at in a different
manner, especially if it is well advanced. Some companies, if handed one good result
can, with the assistance of the money bags out there, take advantage of the greed
within us & inflate a story til it BUSTS. Good luck on RBW. R !
Comment by Bert — August 23, 2012 @ 2:18 am
GQC will see some early rebounce but may not be able to keep up… maybe down another 5 cents. RBW … I just want to see some volume trading… unlikely to have a high volume… 300,000 shares will be my guess. Price can close +/- 1 cent.
Comment by Theodore — August 23, 2012 @ 4:30 am
hmmm no stories on gold quest on to new ones didnt see that comeing
Comment by wes — August 23, 2012 @ 4:33 am
Theodore
Did i read somewhere that we are to expect an update or
news from RBW today ?
Comment by Bert — August 23, 2012 @ 4:38 am
Natalie… thank you for the update with GBB… we all should be mindful of talking to our companies to get the goods… and to keep ceo’s etc accountable… just like Sinclair has always said!!!
Comment by Jeremy — August 23, 2012 @ 5:24 am
me think rbw will trade sum shares today. i see gqc closing down yesterday, just my sixth sense but me think this will happen. me have my buy lots in at 5,15, 45,101, 63, cents, me sell lots in at 3,66,106,55,42, me see what happens there. me sixth sense tell me that gbb will trade in range from 1 penny to 10 dollars today. me like to hear myself talk, it help my confidence. i tell people what will happen after it happen cuz me sixth sense tell me this.me make right call after the fact quite ofton.
Comment by heath — August 23, 2012 @ 5:56 am
Bert
The rumor came from the Stockhouse board on RBW:
“Hi. I just called the investor inquires number 1-800-436-2027 on their website.
He said that there will probably be a news release this Thursday.
It will provide an exploration update on the current drill program.
He sounded very positive and said that things are going very well.
It’s a good sign that they are keeping us informed so soon after the drilling began.”
The message was sent Monday, signed Peter the Investor, who does not post often on that board. I would definately qualify this as a rumor.
Marc (my first post, yeah!)
Comment by Humanity inc. — August 23, 2012 @ 6:59 am