Well after the last few weeks hovering around 1340 I thought we might see 1500 eventually but its def not looking like it now....Maybe Jim Rogers was right?
I would love to see gold fall like a rock over the next couple of weeks. Hoping for $1050 gold....come on baby....drop to the ground! .
Not a chance.... It will probably drop to below $1300 but not much and not for long. The market is getting very tight and the big sellers are gone.
Yes - the big correction is over. We may see small falls $20/ day. But $1050 not going to happen anytime soon.
As you know I am not into TA. What I do see is a grossly oversold market were the metal is at or below production costs. I see a seasonal improvement in PM from September. I see a short squeeze coming in PM due to the crazy price manipulation by the central and bullion banks to save their mates. If it was going to $1050 it would have been there already. I see prices move up from late August/early September. I also see prices moving up fast as as shot positions try to cover. The whole market is bust. Good news is bad as the fed will not print, bad news is good as the Fed will print. How long can this continue. In my opinion not much longer.
All fair enough Ronnie.....I just wish my investment money would come through so I could buy up before SHTF bigtime......Hmmm, wonder if Jim Rogers has read your post?
There's very little love for gold or other defensive assets. Expect to see the continued rotation of bonds into cash and then into equities to continue, in the US I am referring to. I would expect that the late money is now going into US equities due to the Dow's run up and hold above 15,000. Zero returns from bonds and cash will mean the equities bubble is primed to blow up bigger. The Dow is certainly due for a pullback but that was supposed to happen 800 points ago. The rotation into stocks, especially growth stocks like small caps and telco's is usually the last phase in a bull market. The first phase is the holding of defensive stocks like pharmaceuticals and high dividend payers. The US market has over the last several months seen a move to higher growth stocks meaning equities are going into the middle phase of a bull run. All of the above changes though if the Fed turns off QE or moves on interest rates.
I agree Matthew but this is all very precariously balanced on the Fed and minor shifts in politics or instability say in the Middle East can upset the house of cards. Sooner or later something will happen this is not sustainable. I think sooner?
And don't be surprised that once gold demand picks up there will be none available. Then they will have to wheel out the old hacks like the sage from Omaha (Uncle Warren) to tell you that gold is something you dig up in one place to bury it somewhere else ??
I would be surprised. It is possible it will retest the $1180 but I doubt it will fall through $1100. If it does then it will go through to $1000 and that is unlikely. I can imagine the demand for physical if it drops that low. That is why it is more likely to test the $1180 or just above, and then shoot higher.
