Wednesday, April 17, 2013

Don Coxe: “The Collapse In Gold” – While Gold Regroups, Central Bankers Will Continue The Inflationary Process

In response to the outright fear and panic displayed in the gold market today, legendary investor Don Coxe, Chairman of Coxe Advisors LLP, and former advisor to the $540 billion BMO Financial Group, stepped up and shared a reaffirming statement for battered gold bulls.
Don indicated that, “Gold was ready for a pause. While it regroups, the politicians and central bankers will continue to devote themselves to making it absolutely necessary [to own]. Because of our confidence in those money-printers and deficit ‘increasers’…we expect to rebuild our gold exposure…and therefore believe gold’s peak price will eventually be far above its previous high.”
Here are Don’s comments, in their entirety…(more)

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Fluor Corporation (NYSE: FLR)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, maintenance, and project management services worldwide. The Oil & Gas segment offers a range of design, engineering, procurement, construction, and project management services to upstream oil and gas production, downstream refining, offshore production, pipeline, chemicals, and petrochemicals industries.
The Industrial & Infrastructure segment offers design, engineering, procurement, and construction services to the transportation, wind power, mining and metals, life sciences, manufacturing, commercial and institutional, telecommunications, microelectronics, and healthcare sectors.
The Government segment provides engineering, construction, logistics support, contingency response and management, and operations services to the United States government focusing on the Department of Energy, the Department of Homeland Security, and the Department of Defense.
The Global Services segment offers operations and maintenance, small capital project engineering and execution, site equipment and tool services, industrial fleet services, plant turnaround services, temporary staffing services, and supply chain solutions.
The Power segment provides engineering, procurement, construction, program management, start-up and commissioning, operations and maintenance, and technical services for the gas fueled, solid fuels, environmental compliance, renewables, nuclear, and power services markets.
To review Fluor's stock, please take a look at the 1-year chart of FLR (Fluor Corporation) below with my added notations:
1-year chart of FLR (Fluor Corporation) For the last (3) months FLR has been consolidating within a common price pattern known as a rectangle. Rectangle patterns form when a stock gets stuck bouncing between a horizontal support and resistance. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. For FLR, the rectangle pattern has formed a $67 resistance level (green) and a $60 support level (blue) that had also previously been strong resistance.
The Tale of the Tape: FLR has formed a rectangle pattern. The possible long positions on the stock would be either on a pullback to $60 or on a breakout above $67. The short opportunity on FLR would be on a break below $60.
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Is The Takedown Of Gold A Sign That The Entire Global Financial System Is About To Crash?

from The Economic Collapse Blog
Somebody out there is sure getting prepared for something really big. We have just witnessed a takedown of gold and silver unlike anything that we have witnessed in decades. On Monday, the price of gold had fallen by more than 10 percent at one point. It shocked investors all over the globe, and overall what we have just seen was the largest two day decline in the price of gold in 30 years. The price of silver dropped even more rapidly on Monday. It was down more than 14 percent at one point. There was an atmosphere of “panic selling” as investors and financial institutions raced to liquidate their holdings of silver and gold. But was this exactly what someone out there wanted? As I wrote about the other day, big banks and news outlets all over the world have been boldly proclaiming for weeks that gold is entering a “bear market” and that now is the time for all of us to sell our gold. In particular, Goldman Sachs reportedly told their clients earlier this month that they “recommend initiating a short COMEX gold position“. Was that just a “good guess” on their part, or was something else going on? Were they actually trying to help create a “selling frenzy” that would drive the price of gold much lower?
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Arch Crawford – Cycles Are Down. Another Flash Crash?

from Financial Survival Network
We touched base with Arch Crawford today. While we made it through March without a crash, commodities seem to be getting killed now. Gold is making new lows and the stock markets are getting hit as well. Oil has broken its key resistance point. Arch is concerned about chart formations for the rest of April and still believes that May 20 will be a very signficant date. In any event, it appears that something major is happening now and the market action is just an indicator of more important underlying issues ahead.
Click Here to Listen to the Audio
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5 Unacknowledged, Unexpected, and Unavoidable Facts about Govt Spending and the Economy

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Legendary Pierre Lassonde Weighs In On Gold Takedown

from King World News
On the heels of extraordinary turbulence in the gold market, today legendary Pierre Lassonde weighed in on the takedown in the gold market. Lassonde also told King World News what to expect in the gold market going forward. Lassonde is arguably the greatest company builder in the history of the mining sector. He is past President of Newmont Mining, past Chairman of the World Gold Council and current Chairman of Franco Nevada.
Lassonde is one of the wealthiest, most respected individuals in the gold world, and as always King World News would like to thank him for sharing his wisdom below with our global readers.
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Force Majeur Was the End Game All Along, COMEX Will Default in the Next Week!

by Bill Holter, via Silver Doctors:
The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered! 
So, knowing that “game over” has arrived, they are dumping a massive volume of  paper contracts with impunity to push the metals prices as low as possible before the “default”.  This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”.  They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply.  “Who could have seen it coming?” will be the mantra.  I would suspect that banking stress and “bail ins” will also become prevalent globally.  The pricing structure” will now push any and all physical sellers away from the markets and the “door” to safety is effectively being shut.  Either you own metal or you don’t.
After the closure of the COMEX and LBMA doors there will be no availability and “price” will be meaningless. Your ability to protect yourself is right now for all intents and purposes being eliminated.

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Chart of the Day - UGI Corp (UGI)

Today's Barchart Chart of the Day is UGI Corp (UGI).  I found the stock by sorting the New High list for frequency and found the stock near the top of the list with 16 advances and a gain of 5.36% in the last month.  The stock has been on a steady climb since the Trend Spotter triggered a buy on 11/27 and has gained 18.88% since that date.

The Company is a holding company that operates propane distribution, gas and electric utility, energy marketing and related businesses through subsidiaries. Its majority-owned subsidiary, AmeriGas Partners, L.P., a Delaware limited partnership, conducts one of the nation's largest retail propane distribution businesses through its subsidiary AmeriGas Propane, L.P.

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