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Trading Lessons

Gold And Silver Warning - Do Not Buy At Your Own Peril

Commodities / Gold and Silver 2013 Mar 24, 2013 - 03:10 PM GMT

By: Michael_Noonan

Commodities

It used to be that March Madness was about the best basketball at the college level. Now it is about "Bankers Gone Wild!" If Cyprus is not the final nail in the coffin for trust in bankers, then you should put all your available funds into a bank, maybe even the Bank of Cyprus. March of 2013 did not just send a shot across the bow, the Emperors of the banking elite just sent a direct hit to any depositors dumb enough to keep any funds in any financial institution.


Can this be any clearer?

The non-elected banking elite, the EU, the IMF, pick your own acronym, all of these unelected officials are telling sovereign nations how to conduct the operations within the sovereign's business, and the business to be conducted is that of fleecing people. There is no longer even the slightest pretense that laws apply to bankers, for they do not. Angel Merkel is so pissed at Cyprus for daring to not "go along to get along" that she is telling Cyprus what is expected of that island nation.

Whatever happened to the inferior positioned bondholders? Why are they not having to pay up, ahead of the most secured in status depositors. Ahhhhh....the bondholders are the bankers, holding worthless bonds, and they are not about to take a loss for their own financial misdeeds.

The world is suffering a financial crises, brought about by "Bankers Gone Wild" issuing a slew of worthless bonds and these-do-not-make-any-sense-but-are-so-profitable derivatives; their reckless, un-banking-like behavior is being exposed for the fraud it always has been, and now the financial evil-doers are delivering all the losses to the weakest link: The People.

Save the banking institutions at all costs! [And naturally, with no risks.]

What does this have to do with gold and silver? Everything!

On 17 March, we wrote an article, "Can What Happened In Cyprus Happen Here? It Already Has!," [Click on http://bit.ly/ZcIUhI, to view it]. Mention was made that when you deposit money into a bank, it becomes the bank's property. You actually made a "loan" to the bank. While the EU/IMF/Germany placed demands on Cypriot banks to "tax," ["confiscate" would be more apt], depositors funds, Wall Street and the Federal Reserve have already been fleecing ALL people in the US, not just depositors.

There was MF Global, barely two years ago, the S&L scandal from the 1980s, we forgot to mention REFCO from 2005, and currently, Pinocchio Ben has been fleecing bank depositors, pensioners, and all retirees with Zero % interest rates that gives no-cost borrowing to the "Bankers Gone Wild," while depriving dividend income to depositors, bondholders, pensioners, and retirees.

As we have been saying about gold and silver, consistently/persistently: Firstly, buy the physical metals, then HOLD THEM PERSONALLY. If you do not hold it, you do not own it. That advice has not been intended as some catchy phrase, for if Cyprus does nothing else, it demonstrates how the banking elite views THEIR holding of YOUR assets. Your assets are on "loan" to them. Maybe you will get them back in full, but now more than ever, maybe not.

We note a bit of irony that Merkel/Germany pushing/imposing/dictating their financial weight on other, weaker countries, may be the very same kind of victim as Germany attempts to "repatriate" its gold. The New York/London's official response, "It may take several years." Unofficially, 'We ain't got it," long story short.

Those who have been buyers and holders of physical gold and silver have been doing so precisely because of what has been developing since the 1933 confiscation of gold in this country and the justifiable distrust of all bankers. For those who have paper assets in banks, [actually only digital assets, neither of which exist in reality], who are not buying gold and/or silver, the time to do so is fast running out.

This is no longer about which asset is performing better? This is all about which asset will preserve wealth the best. Gold has a 5,000 year history. Even the thieving central bankers are buying gold! Neither gold nor silver can be eaten, ridiculously said by the anti-PMs, but no one eats fiat, either. It is exchanged for goods and services. Gold and silver can be converted into fiat, as/when needed, and exchanged for goods and services, too. The difference? It takes more and more paper fiat to buy the same ounce of gold or silver. PMs are not going up in value. It is the fiat that continually goes down in perceived "value"

In that article link above, we also mentioned Black Swans. Let no one ever say, "Who could have seen this coming?" when depositors, when ALL citizens become further victimized by Wall Street and the insidious banking elite.

For now, the thieves remain in control of the paper world. When that control is lost, so will all opportunity to buy/hold physical gold and silver at current gift levels, perhaps even at any level, without severe government/banker intrusion/"tax" [aka theft].

Just as the banking elite, [call them whatever you want, we do not care about semantics], used to "fix" Libor rates, [always to their advantage], they still "fix" the prices of gold and silver at the end of each day. From the pages of "Do as we say, not as we do," while central casting bankers are buying gold and discouraging The People from doing the same, here are how the current "fixings" look and what the banker would have you "believe."

We like to include the monthly and weekly for consistency, looking for subtle clues of change. The current channel TR lows are holding, and we have discussed the potential for a turnaround for some time, but none is apparent, and one cannot let sentiment, or even disgust with controlling influences be a guide.

Buy physical gold, yes, and without waiting. As to the futures, not yet, at least not without exposure and risk to unexpected sell-offs.


The rally of the past three weeks is more labored and the bars are smaller, relative to when price declines faster with wider ranges lower.


The one message of certainty in the charts is that there is no sense of urgency in any rally effort.


A small range bar, all of March, so far, says a lack of direction, up or down. However, it is buyers who must prove an ability to control at this juncture, not sellers.


We can make an encouraging case for price holding and not going lower, but no case can be made for price going higher right now. Patience.


The low of the January failed probe was not viewed as a swing low. One-time price exaggerations can result from the running of stops or even an air pocket of excess, and are not true measures of support/resistance, from our perspective.

Based on this chart, the case is stronger for continuation lower than for a rally. While either situation still has to be proven, it is the downside momentum that gives the edge to sellers.

One important consideration to keep in mind: the central bankers that are determined to discourage gold/silver as an alternative to their endless issuing of fiat have a vested interest in seeing the lows of the 18 month, and counting, trading ranges in gold/silver violated with new lows in order to punish weak longs, take out a huge build-up of stops, and deflate holders' expectations for higher prices.

There used to be a game show on television called, "Who Do You Trust?" It is an apt question to be asking yourself in today's more treacherous financial environment as it pertains to banks and bankers.


By Michael Noonan

http://edgetraderplus.com

Michael Noonan, mn@edgetraderplus.com, is a Chicago-based trader with over 30 years in the business. His sole approach to analysis is derived from developing market pattern behavior, found in the form of Price, Volume, and Time, and it is generated from the best source possible, the market itself.

© 2013 Copyright Michael Noonan - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Michael Noonan Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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