Tuesday , November 5 2024
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Why I’m sticking to my bearish gold call.

Summary:
Even if you disagree, I think there is a lot to learn from this. 

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Even if you disagree, I think there is a lot to learn from this. 
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

37 comments

  1. 10 yr T rates is rising despite rate cuts same goes for longer duration … something doesnt smell right and gold is sniffing it out

  2. could you provide some data or at least the source where you getting the data from: for producers shorting and speculators being long on gold? Thank you.

    • I have asked this exact question few times before and he never answered it

    • Look at the commitment of traders releases every week from the cme and you can see the positions of speculators vs commercials. The problem with using this exclusively is that this shows the positions of futures traders. It does not take into account countries buying physical gold. It does not take into account people around the world (Chinese buyers) worried about their purchasing power as they see their property values decrease.

    • producers may be shorting because their earnings are not that great despite record gold prices, i.e. Newmont net income losses for 2022 and 2023, Barrick net income worse than 2019-2020 etc.

  3. That's funny, I was just watching doc about the historical significance of hurricanes in Florida from back the 20's. Long story short, buying a home in Florida is risky at best. Thats' why home prices there are histoircly stagnant for the most part until recently. I guess people have short memories.

  4. speaking of FOMO, you bought NVDA at $115.

  5. Guy speaks on both sides of his mouth. He says he's selling and waiting and next video talks about sticking to his guns and doesn't trade.

  6. Are you also bearish on the cryptos?

  7. @frantzcharles1158

    Gold will continue to go up at least until the us election.

  8. When Mike speaks, I press LIKE.

  9. I’d like to see debate between you and Peter Schiff on golds value and future price behavior. I think I remember seeing a video of you two duking it out around 2007-2008. You said everything was fine and dandy while Peter was sounding the alarm in the economy and stock market. Peter won that battle. It’d be nice for you to get another shot at Peter.

  10. Gold etfs in the united states ie gld and gdx have actually seen outflows over this year while price has been rising. It may have changed somewhat recently. But gold isn't as crowded as you might think. While defintely is the markets crash gold will go down but so will everything else and gold will fall less and recover quicker than other assets in my opinion

  11. Thank you Mike – please stay safe

  12. I watched your videos many years ago where you argued that fiat countries can print their way out of trouble. And I said "sure" , just watch what happens to the currency value.

  13. money printers steam rolling bears

    • At what point do people realize that printing money and injecting it into stocks doesn’t create value or wealth?

    • @@CooperWolfe-pv5fu it isn’t a matter of whether it creates wealth or not. It’s a matter of fact for the individual who is speculating and profits from it.

  14. As the global economies crumble, the USA will see capital flight the likes that god has never seen. Equities bullish, hard assets (real estate, commodities), bonds bearish as the flight to safety hits the treasuries. Not to mention Fiscal to the Moon!

  15. I'm down here with you brother. Good day for the sailboat. I can make good time to the Bahamas.

  16. @financeeconomics1057

    Geopolitical risk is driving the price of gold, if you ask me. As long as those risks remain, I think it will continue to rise. If Trump is elected and he's able to calm the situation in Ukraine, I think gold could crash back to $ 1800 to $ 2200. It's not about interest rates.

  17. well if they have a large short position the producers it could mean they are sold out into the future even. Well if demand continues to climb due to fomo it could drive the price a lot higher

  18. Where do you park your cash on the sidelines where it remains liquid and ready to act?

  19. Now that copytrade is free I just wish everyone one can focus on it and benefit from it too. Menon is really doing a great job and i am just giving him the recognition he deserves

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