5 replies to this topic

[Woody]

Reversal Day Brewing in GLD, HUI, GDX, XAU a new high followed by a lower close......now the day is not over and things could change dramatically by EOD. I sold my longs as I prefer the sidelines heading into next week. My concern is that Ben & Co. decide to talk up the dollar.......we could see some serious st damage imho I think alot of folks have been hiding in Gold/Silver while the Equity carnage continues and who can blame them, if Ben can convince the ECB to get onside over the weekend, and if he opts to lower only 50 pts while talking up Dollar defense, we could see a pretty serious Equity drop taking the Gold Stocks with them and a reversal in Gold..... For a short term trader, those risks outweigh the rewards of catching maybe $30 above $1000 if it happens......still as posted earlier, a weekly reversal is required to get me thinking short. I am aware that we paused under $1000 for what appears to be possible coiling for a pop higher but even if the metal goes up, a big drop in equities may negate any potential gains unless of course you are playing GLD. Be careful out there. CW

[dougie]

too many top callers imo, me included. this thing could gather steam next week. confidence in the "authorities" is waning quickly!!!

[Woody]

too many top callers imo, me included.
this thing could gather steam next week. confidence in the "authorities" is waning quickly!!!

Dougie, know what you mean.....if Fed panics and drops 100 pts then obviously dollar concerns way down the list and Gold could get that wave 3 parabolic going, I prefer to be a spectator for now, next week could be wild and wolly, for the Bulls I hope they do get their pop, if I was long from well below then I would ride it out too...kudos to Dharma!

Edited by Woody, 14 March 2008 - 03:18 PM.

[dharma]

too many top callers imo, me included.
this thing could gather steam next week. confidence in the "authorities" is waning quickly!!!

historically, when they cannot maintain all the spinning plates, the currency is jettisoned! the public is still unaware that their wages buy less and less of imported goods.!
we are still going higher!
dharma

[Islander]

We can not discount that the publicity of $1000 gold, it will tend to draw more public participation. I would like a $750 pull back to buy more au juniors. As for the Fed it is concerned over an economic slow down. They want the FF rate =< the two year T note, That is when recovery starts. Holding 1200% gains in gold stocks. We have room to play, but it goes higher. Islander.

[gvc]

I think gold has a mini $40-50 melt up next week to top off the current leg. I've given up on how the gold stox will react. mabey they finally start acting like the leverage they should be, but who knows. que sera, que sera.