The American banks was doing creative accounting for Greece under table for many years before GFC and they also first announced size of Greek debt as I remember , moving credit crises to Europe , it is possible that they also hold some other country debt secret until USA economy became in very bad shape and then use it like joker. I also expect Gold price to drop , however i buy 5 oz today, eventually will go back if fell down to 1420usd.
Any updates to this prediction? It is looking like it has good support at approximately $1515 level (bounced twice off it), and I think it is looking unlikely to go below that now.
Chinese newspaper today: Gold output in China in first four month of 2011 reached 103,23 tons, up to 4,24% from the same period of year earlier.Total gold output rose 5.5 % from year earlier to 85.392 tones. Last year output was 340.880 tones , up 8,6% from 2009. source: Ministry of Industry and Information Technology of PRC
Gold has now rocketed back up to US $1537 per ounce. I definitely can't see it falling back to US $1425 from here (atleast not in the short term). I hope you didn't take on too many short positions Stella during golds brief move below $1520 (or if you did they were paired with a good stop loss).
Based on gold's performance over the past few days, I think we can assume that technical analysis had to give way to fundamentals analysis on this occasion.
So what's the 'analysis' on gold testing the top 1545+ again? you could call that as 3 top tests in 60 days, with the interval reducing
