well with the dollar as weak (1.3460euro + 1.999 sterling) as it is and Oil trading 69.00, copper just shy of 7500 LME gold still cannot break back above 656 cash level something is very wrong with this picture not looking very positive at all......
Another hammer on GLD. I was surprised to see the dollar down and gold up on friday with the Philly Fed index so strong. If stock market falters or hedge fund collapses spread, will it affect market causing GLD sales to dump gold on spot market like back in Feb?
Im still noticing the correlation of gld selling off as the market dumps, however the inverse is not true which isn't a good sign for gold longs right now.
<object width="425" height="350"><param name="movie" value="http://www.youtube.com/v/6hiPrsc9g98"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/6hiPrsc9g98" type="application/x-shockwave-flash" wmode="transparent" width="425" height="350"></embed></object> http://www.elitetrader.com/vb/showthread.php?s=&postid=1517726#post1517726
saw this on www.cbsmarketwatch.com it was taken from another site though ( the privateer ) ? its a long term Point and Fig. chart for gold ( spot ) ? www.the-privateer.com/chart/gold-pf.html
looks like we finally hit some kind of intermediate low. Still out of GCQ7 but now long the load of September Silver (SIU7) as the upside looks much more favorable then gold.