sure np. i went back and searched, the guy said they covered 2000 contracts on Nov 25th i just ignore the GS public research... there's always an underlying motive when banks and traders give shit away. best just to keep our minds clean of that kind of stuff (imo)
Actually the GS call needs to be looked at a bit further in detail. They are not recommending an immediate short position in gold but point out that gold could trade in the mid-600's during the Summer '08. Personally, I have been looking for the metals complex to top out in late Spring '08 at which time when the RSI has gone completely ballistic on both gold and silver, I will then plan to take a short position in the metals myself. There is an infamous saying in the metals arena, "Stairsteps up then Elevator Down". Basically, the gains made on a major downside hit in the metals comes very quickly once the intermediate trends ends. I made a similar move in May'06 when the gold shares were clearly indicating that an intermediate top in gold bullion was nigh. The GS call does not drift very far from my own personal observations in the bullion market by the early Summer '08. Whether or not this ends up being the ultimate top for the metals all depends on the lifeline of the US Dollar...
I believe that today is FND for both December Gold and Silver. I would suspect that there could be some additional downside during the COMEX floor session. I got news for you guys, if the boys push the metals down hard (-$20 on gold & -$0.50 on silver) then I plan to step up my risk factor and I will be doubling my position if this ends up being the case. One last flush out of spec longs should do the trick and I am actually hoping that the COMEX crew gives me this opportunity to double up by the close. If this does occur, then I will be putting my ass on the line but I am firm in my belief that much higher prices are coming. I firmly believe that any major downside action should be bot with a vengeance as it will likely be the final shakeout before the Winter run begins in earnest...
Rollorcoaster today. I agree too that gold should go up and is a bull trend, but these shake-outs hurt.
You got what you hoped for. Im not sure though that its a good long oppurtunity at the moment. Maybe waiting a few days is best.
With the OPEC having their meeting scheduled on Wednesday, this is, and will be putting pressure on Oil, and in turn, this puts pressure on precious metals.
Honestly, my price targets have been revised so many times its not even funny. But I see Gold little above $800 before the end of the year.
So what do you think, Realist? Did you go long again? If not, do you have a downside target? I didn't have the guts to go long again. There was all sorts of gold positive news this week, yet it tanked $42. when I see that I steer clear till it becomes a desperate panic or starts forming a rounded bottom. Not enough volume today to consider it a panic, yet, IMO. Maybe next week it reverses?
Yes, still long. As I mentioned on Thursday evening, I suspected more selling on Friday due to December FND for both GCZ7 and SIZ7. We should begin to move higher from here imo but even if there is some further downside then 770 should hold on gold and 13.80 on silver for closing prices. Only if these levels don't hold on a closing basis would I then bail out for the time being. It is getting tougher to trade the metals and will continue to be more volatile. So I have chosen to stick with a position level that has a manageable drawdown period if necessary. I will repeat my stance once again, I do not want to be out of position at this time so I would rather hold a smaller position and just ride the corrections at this time...