Greg Mannarino: Time to Double Down on Gold & Silver

In his latest update, Greg Mannarino states that on a global level, Western Central are now desperate, and are on the threshold of upping the ante regarding the printing of money.  
Mannarino states that the expansion of QE3 when operation twist ends is going to crush the dollar, and light a fire under gold and silver.

He believes the monthly charts in both gold and silver are enormously bullish, and indicate massive moves to the upside for both metals are imminent.

Mannarino states that as of this morning, he has literally doubled down on gold and silver, and is currently more bullish on gold and silver than he has ever been.

Full update below:

Comments

  1. I just finished Greg’s book politics of money, good read. I always enjoy his charts

  2. Damn shame Greg didn’t wait til this afternoon to double down on gold and silver. As he is always saying, too hard to guess short term fluctuations.

  3. LMAO I think he should change his chart. Lol I’m not into Charts, only the knowledge that the PM’s are going to Rocket Up.

    • I’m with you, Charlie.  Charts always seem to give great info on what HAS happened in the past but whether or not that can actually translate into actionable ideas in the future is a BIG question, at least in my mind.  Chart watching always reminds me of a guy driving a car while looking only in the rear-view mirror.  lol

    • @Ed_B Everybody has different takes on the charts and if they where so sound then they would all be saying the same thing.LOl

    • LOL, you’re right, Charlie.  Knowledge IS power and if Greg had any special knowledge from chart reading he would be raking it in hand over fist.  The proof of the pudding and all that.  ;-)
       

    • We all know that gold and silver are going to rocket up except those who are looking for profits in terms of dollars by selling their precious metals. Gold and silver will go up due to the growing demands, the diminishing above ground supplies and inflation.

  4. Well TPTB are not going to just go away it seems. 1 U.S.PS attack here on Friday. I must admit I am getting tired of waiting for this explosive move up! Of course that is what TPTB want, isn’t it! To wear us down, to wear us out. They seem to be able to do that with investment companies that are investing other peoples money and need something to show their clients, that they are making money for them. If we were to sell off our positions and that explotion happens we may not be able to buy our way back in.

    • It is days like today that make it important to study the fundamentals of the silver market, which has even greater upside than gold.
      Diminishing supplies, battered miners, foreign interest, increasing retail interest, etcetera.
      The fuse is lit, they have that debt ceiling looming.  Be patient and just know your stack doesn’t lose any value until you sell.
      Today it’s a buyer’s market.

    • “If we were to sell off our positions and that explotion happens we may not be able to buy our way back in.”
       
      Which is exactly why selling ALL of one’s stash is a BAD idea.  If we want to take a gamble on trading gold or silver, that’s fine but we should also limit that to, say, 10-20% of our stash and no more than that.  It is VERY easy to guess wrongly in the PM market and doing that can get expensive in a hurry.

  5. Charts are useless as long as the cartel can smash prices like today.

    • Yeah, unless they could give us some insight into what the cartel will do next and when they will do it, they are pretty useless.  If they have a price smash program and stick to it, that might be possible.  So far, though, I have not seen much in the way of proof of predictability.  Lots of good guesses, though.

      As a long-time investor, I use more of a basic fundamentals approach to investing.  Unfortunately, Gov and Fed actions for the past 4-5 years have so distorted the market that that old fundamentals approach, good as it once was, is definitely second in importance to what the Fed and the Gov will do next… which is anyone’s guess at this point.
       

    • Charts aren’t a 100% useless. The only use of the silver’s chart is to check if silver has ever went lower than the line. What do I meant by “the line”? Well, if you draw a line from the 2008 low price to the recent 2012 low price, you’ll see that silver never went lower than that line and silver’s price is still going up. That line represents the amount it costs to mine an ounce of silver.
       

  6. One thing about this video is that Greg never says what he is investing in and doubling down on.  Physical metal or paper silver?  Paper is fine for that part of a portfolio that can be risked to make money and that will be traded frequently.  Yeah, I know… heresy.  Fact is, though, it IS possible to make money in paper PMs, convert that to cash, and buy more phyzz with that money.  Use the paper world to fund the phyzz world.  Works for me… and if it gets to the point when the paper world collapses, so what?  It isn’t a large part of my portfolio and the rocketing prices of PMs at that point will way more than make up for that 10% loss.

    • I’ll stick with physical gold, silver, copper and nickel because paper can completely lose their values very fast and all in a sudden. It’s not worth the risk when you can simply buy some physical metals very easily.

  7. I also agree that charts are rendered meaningless in today’s financial environment.  Did Greg or anyone see the May 1st 2011 smash down of silver in the charts when it got hit 6 dollars in 12 minutes in the futures market?  Of course they didn’t but how could they.  50 day moving averages, fibonacci lines, stochastics and all these so-called technical terms are really a joke.  Volume and who is buying the ETF’s in the metals are important but all the others stuff is just irrelevant.  I agree with Any Hoffman that the dollar index isn’t a important factor in the movement of the metals.  Greg always shows the dollar index chart like it has real meaning.  Come on, that is amateur hour.  I highly doubt Greg even understands that gold is traded in all currencies.  As for his doubling down, I also would love to see what his investment is in.  IMO, he isn’t in any position.  He isn’t a trader.  He isn’t a expert on anything.  He is a talking head doing youtube videos from his apartment bedroom.  This doubling down just took a ass beating yesterday.  All those charts didn’t help him or his viewers.  Funny that the next trading day after this video, the metals tanked.  Nice timing Greg!  I’m sure everyone will say that he long term outlook type of guy.  That problem with that argument is that he makes short terms calls all the time.  Kinda like that great call that the Euro was going to tank when it was at 1.21. He made a video to short the Euro and you will make huge money.  Literally the next month the Euro was back around 1.28.  You would have lost your ass if you would have listened to this guy.  If this guy really understand his stuff, don’t you think some firm or fund would love to have this guy?  I don’t think anyone is knocking down his door. 

    • “I agree with Any Hoffman that the dollar index isn’t a important factor in the movement of the metals.”

      No, it isn’t but it is a useful number when looking at various currency moves.  One thing that I have noticed in the PM world is the complete lack of respect for the US dollar and other fiat currencies.  Yes, I understand the basis for this, however… the US dollar does have value.  If it didn’t, then people would not be willing to give us stuff in exchange for those notes.  Gasoline is useful stuff if you need to get around in a gas powered vehicle.  Gold and silver are useful as stores of value.  In spite of the goodness of these things, people WILL give them to us in exchange for this “worthless fiat paper”.  I agree that there will come a time when this is no longer so but that time has yet to come. Until it does, regarding US dollars as valuable is appropriate.  Just don’t fall in love with them, for they are a temporary financial convenience.
       

  8. He never says anything new, or anything that most SD readers don’t already know. He seems to love the sound of his own voice, talks a lot, but says very little…

  9.  
    I agree that the dollar index is a good indicator of movement in FX markets.  The problem is that Greg thinks the dollar index is a valuable tool to watch the PM movement.  That is simply not true.  Gold would show weakness against the dollar but gold has hit all time highs against the Euro, Ruble, and many other currencies this year.  This shows how weak Greg’s analysis is when it comes to understand the markets.   Once of the all time great calls by this moron came when he said QE3 happened when the FED started the repo market again. Just a quick search on the FED website showed they never stopped these kinds of transactions.  He was blabbing away that he was the only guy talking about what the FED did.  Not one website recognized that QE3 just occurred but Greg figured it out.  The guy simply is a amateur hack.  I’m a huge gold and silver bug myself but just because someone talks bullish about the metals doesn’t mean he understand the markets.  I almost get embarrassed by his charts.  If you want to see a chart of the Dow and PM go to http://jessescrossroadscafe.blogspot.com/  Now that is a chart.  He does a fantastic job of charting. 

    • Perhaps the reason why the US Dollar index chart isn’t a good way to watch gold and silver’s movements is because the US dollar’s value is manipulated. Just look at the US Dollar Index’s chart and the silver’s chart, silver went down and so has the US dollar.

  10. Well, fine. Just a reality check. When you buy from a bullion dealer, you pay a premium over spot. This markup floats, especially during turbulent times. If you sell back to the same dealer, you see a premium over spot depending on investment grading, but can also see a quote less than spot. Then, depending, you can be taxed at 28% on collectibles capital gain tax. Right?

    • Or, you can simply sell your gold and silver on Craigslist and people would your precious metals for the full price including the over spot. You won’t have to pay taxes if you don’t report your sales to the IRS. Or even better, don’t sell your precious metals! :)

  11. You guys are a bunch of ball busters. Silver drops $1 and you guys act like he made some awful call like buy Facebook at $34. Those charts look pretty convincing to me. The similarities to 2008 and now are compelling. It looks like within the next few months gold will be breaking out and silver will be retaking the old high. Would argue $1700 gold is just as cheap as $700 gold in 2008 considering the monetary aggregates have ballooned about 3 fold since then and the economic backdrop is as FUBARED as those bad ole days. When silver miners don’t even make impressive money at $30 silver that is telling you something. The same reasons to hold silver remain: Extremely undervalued relative to all other asset classes, far below nominal price level of almost 33 years ago(!), Global offtake far exceeds mine supply, investor demand is far greater than scrap/recycling, real interest rates are strongly negative and will remain so far a decade, solar, decades of drawdowns that has put the once 40B silver suPply at perhaps only 1-2B of deliverable silver worldwide, decades of banker “price management”, Decades of CB gold leasing that has left tens of thousands of tons ENCUMBERED, do I need to keep going on why you should buy silver and add to your positions on price declines?!?!?

  12. This video is all you need to understand about Mannarino.  This is a all time classic call by this moron.

    The video cannot be shown at the moment. Please try again later.

    That video is proof that he is a moron.  He actually said that the FED with it’s repo allocation is a new operation and is QE3.
    What a total idiot.

  13. Here is a article to prove that Greg is way off base with this call.  All he had to do was google Federal Reserve Repo market. 
    http://repowatch.org/2012/07/23/the-federal-reserves-century-long-affair-with-repos/
    He is a little quote from the article:
    The relationship between the Fed, other central banks, and the repurchase market has been building for decades.

    In 2011, the Federal Reserve did not do any repos with securities dealers, because it was using quantitative easing instead. (It did, however, get an average of $1.5 trillion in repo loans from foreign central banks and other international government groups. In part, this was possibly European organizations investing their cash at the Federal Reserve during times of turmoil at home.)
     
    So they didn’t do any repo’s in 2011 but did QE instead.  So repo’s are not QE!  Again, Greg is a amateur hack wanna be economist that doesn’t understand basic operations of the system.  The guy is a joke.

    • Before you put a lot of trust in the Fed, consider that they are the same people who have lied and who continue to lie to the American people about the true levels of both unemployment and inflation.  That alone makes me VERY suspicious as to whether or not they are also lying about repos being QE.  My basic thought is that the Fed is very good at coming up with new names for the same old crap.  Money printing IS money printing and I don’t care if they call it that or 27 other things, it is STILL just printing more and more money. 

  14. Operation Twist was only useful for once but it won’t useful forever as the bonds are going to be expired soon. The only other option left for the Federal Reserve is to do QEs and they’ll do QEs forever until the economy recovers but it won’t. QE infinity was also admitted publicly by the Federal Reserve itself.

Speak Your Mind