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Preliminary Bout Done, Main Event Soon To Come In The Metals

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Posted by Avi Gilburt - Elliottwavetrader.neter.net

on Friday, 08 September 2017 08:03

First published on Sun Sep 3 for members:  While the metals refused to offer much in the way of a pullback last week, they sure did provide us some nice sideways consolidations.  In fact, they held support almost to the penny, and then continued higher on Friday (Sep 1).

And, while everyone seems so skittish to be bullish, the metals are still setting up to leave the station with many disbelievers watching on the sidelines.  But, as I noted in my trading room this past week (of (Aug 28-Sep1), “In metals, you may get scared, you may freak out, you may lose your mind . . . but as long as support holds, there is no reason to lose your position.”

Allow me to show you what I mean from the example of our trading support and resistance over the prior week using the GDX.  Once the GDX broke out, I put out a chart showing the support we then had to hold to keep pressure to the upside (GDX1).  Moreover, I even highlighted the next target should support hold.  In GDX2, you will see that the market held the top part of the support box, and then continued to our higher target, and even slightly exceeded our target by a few cents.  So, in GDX3, I raised our support region to point to where I thought the market will likely pull back after striking our target. 

Well, for the next two days the market tested our support region, the initial test shown in GDX4, wherein I added our next target for the smaller degree move.  And, as we can see in GDX5, the GDX rallied to our next target on Friday, before beginning another pullback, as expected, during the rest of the day on Friday.  And, we basically had the same tracking we did on a micro basis with the GLD all week, as it held our noted support in the 124 region.

Thus far, metals have been holding upper support, and not providing the bigger pullback I had ideally wanted to see.  So, it does look like the GDX may have left the station. 



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Asset protection

Marc Faber: The Gold Sector is Bottoming Out

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Posted by Marc Faber - Gloom Boom & Doom Reporteport

on Friday, 08 September 2017 07:21

 

If you ask me about the world, I think we had a very strong performance of technology and internet-related stocks, e-commerce and so forth. They had a super performance until recently. Now, more recently in the U.S., Facebook, Amazon, Apple, Google, Netflix are the kind of stocks that will not provide you a high return going forward. They will go down as they are quite vulnerable. First of all, there will be more international competition and secondly, the valuations are really high. When we look at sectors that have low valuations, I would say oil and oil-related stocks are relatively low. European stocks are relatively low compared to the U.S. Some Asian markets - Singapore, Thailand, Vietnam are relatively low compare to everything else, as well as Japan. Then we have the mining sector which had a horrific performance since 2011 and the speculators are now-a-days are no longer in gold, silver and platinum. They all migrated to cryptocurrencies. But the gold sector is bottoming out. It is a very different type of asset class to own physical gold than to own bitcoins and other cryptocurrencies. I think that this sector will come back, as well as the underlying shares.

King-World-News-Marc-Faber-Unveils-The-Biggest-Surprise-For-2015-And-The-Greatest-Danger-Facing-The-World-Today



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Asset protection

The Coming Run on Banks and Pensions

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Posted by Dave Kranzler - Investment Research Dynamics

on Thursday, 07 September 2017 07:14

Pension Grenade 16“There are folks that are saying you know what, I don’t care, I’m going to lock in my retirement now and get out while I can and fight it as a retiree if they go and change the retiree benefits,” he said.  – Executive Director for the Kentucky Association of State Employees,  Proposed Pension Changes Bring Fears Of State Worker Exodus

The public awareness of the degree to which State pension funds are underfunded has risen considerably over the past year.  It’s a problem that’s easy to hide as long as the economy is growing and State tax receipts grow.  It’s a catastrophe when the economic conditions deteriorate and tax revenue flattens or declines, as is occurring now.

The quote above references a report of a 20% jump in Kentucky State worker retirements in August after it was reported that a consulting group recommended that the State restructure its State pension system.   I personally know a teacher who left her job in order to cash completely out of her State employee pension account in Colorado (Colorado PERA).  She knows the truth.



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Asset protection

The Insanity in Korea – But Is it Logical?

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Posted by Martin Armstrong - Armstrong Economics

on Wednesday, 06 September 2017 07:47

Kim-Hydrogen-BombThe South China Post reported that Chinese scientists fear that a mountain in North Korea under which the last five bombs detonated as tests, may collapse crumbling into a crater. They fear that the radiation underground would then leak across region.

Russian President Vladimir Putin has warned that the escalating crisis concerning North Korea’s weapons program is placing the world at risk of developing into a “global catastrophe” with massive casualties. Putin has UNREALISTICALLY said that the only way to resolve the crisis was through diplomacy. For that to be even a possibility, it requires talking. Kim Jong Un has not even met with the leader of China – its once closet Allies.

Let’s put this is perspective. Why is Kim pushing the world to the brink? Kim Jong Un looks at this differently He believes that the survival of his regime depends on possessing nuclear weapons. He is most likely NOT interested in starting a nuclear war for he cannot be so stupid to believe he would win. Yet, Kim also realizes that the prospect of the USA sending a nuke to North Korea is also not likely for that would antagonize China and risk pollution drifting to South Korea and Japan, not to mention China. So with all the saber rattling, Kim is not stupid and realizes that the USA cannot launch a first strike.

Now, why is the goal of Kim? To be honest, Kim Jong Un does not trust the USA for from the outsider perspective, he has watched how American intervention in Iraq ended in the overthrow of Saddam Hussein, his execution as well as family members, and left the country ravaged by war and a puppet of Washington. Obviously, Kim has made the determination that had Saddam truly possessed nuclear power then the USA would never have intervened. This logic is understandable for it creates the stalemate between USA, China, and Russia. The USA invading Iraq, Afghanistan, and Syria with the objective of regime change creates the image that one must protect themselves and this is Kim’s perspective.

Sanctions will never work because Kim would starve his people before giving up his power. Also, as long as he appears to be strong, then there is little risk of an internal coup. If he backs down and appears weak, the prospect of being overthrown becomes probable from within.

...also from Martin: Market Talk- September 5th, 2017



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Asset protection

Eight Days to Destruction

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Posted by Gary Christenson - The Deviant Investor

on Friday, 01 September 2017 06:58

Harvey made landfall as a Category 4 Hurricane on August 25. The wind and flooding caused massive destruction. The news mentioned one hundred billion dollars as a preliminary estimate of the damage.

Eight days before on August 17 Harvey became a named storm. There was no apparent cause for alarm on August 17.

Two days later it was upgraded to a tropical depression. Harvey reached hurricane strength on August 24. Much can happen in eight days.

 

  • August 17: Harvey is named
  • August 21: Total eclipse of the sun. The path crossed the contiguous 48 states. Read “Total Eclipse of Sense.”
  • August 21: President Trump announces a revised and renewed war effort in Afghanistan.
  • August 25: Category 4 Harvey makes landfall, destroys buildings and dumps trillions of gallons of water on Texas. Houston, the 4th largest city in the U.S. flooded in many areas.

 

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MUCH CAN CHANGE IN 8 DAYS!

SO WHAT?



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