http://finance.yahoo.com/news/Barri...7.html?x=0&sec=topStories&pos=1&asset=&ccode= Looks like they are pretty sure gold is going to skyrocket from here.
last i checked the open interest short position out there was several fold how much gold actually exists. i don't think they were the last bear by any measure
You have to know a bit about the gold market to understand what I said. Back in the late nineties, Barrick had a deliberate strategy of putting on hedges to drive down the gold price. They did this in order to bankrupt their competitors. They were widely despised in the gold bug community as a result. This announcement means they're finally throwing in the towel. A lot of the rise in the gold market is due to gold companies buying in their hedges. Barrick was pretty much the last holdout. This is decidedly NOT a good sign. I've been trading gold for probably longer than most people here have been alive. I can recite gold bug arguments in my sleep. They've never been right, and they never will be, because they don't understand modern economies. Anti-gold bugs, OTOH, don't understand the cultural hold gold has. So, me, I just trade the one against the other. This is an extremely volatile market, and if you play it with an ideological mindset, you WILL get burned. Fair warning.
No, not a top. My standing opinion is that it's sideways, unless we break 1030 decisively to the upside. Which means, you play both sides aggressively. Not something you want to try at home, unless you know all about how to measure momentum, and how to manage your risk.