You may be right Ivanovich but I think geopolitics and precious metal fundamentals might reassert themselves before then. Plus if stocks continue getting hammered we might see more flows back into commodities. Contrary to popular opinion, I don't think the recent run in metals prices is speculative froth. Russia and China have both been building stocks heavily as an alternative to USD holdings. The UK looks like it's going to be building stocks again. Comex silver stocks are depleting fast. What many don't realise is that the silver ETF provides a convenient way to take silver deliveries without moving the price i.e. hand in the paper and take the physical. This is probably what Barclays has been doing with the HSBC warehouse stocks which proves that there's low reserves in London...
chill, time and trend are on the PM side. I'm waiting til the weeklies reassert themselves, then backing up the truck. Will miss the very bottom that way, but it is the stress-free option imho (trying to pick tops and bottoms is hopeless anyway). best
I agree, picking tops and bottoms is hopeless... But you enter when you think the odds are dramatically favoured to you, i.e. intraday bottoming pattern(doesn't always work, but profits are large when it does)
Starting to lick my chops at the real possibility of sub 600 gold. Interesting how gold is steadily bid up slowly during the day.
As I said before, 580 looks to be the correction number. Of course you won't see me buy any gold until the bottom has established itself. I don't go for falling knives. What I find hilarious is all the gold bugs. Read the Kitco forums and see how they continue to justify all this, and how gold will be over $1000 by year end. Denial. Not just a river in Egypt anymore, is it.
Who's to say it won't go to $1000. While I don't see it at $1000 this year, I think 750 by end of year is very possible.
My point isn't that it won't go to $1000. My point is you have all sorts of gold bugs screaming louder, the lower it goes. As if their cries about how fundamentals support their theories can influence the path gold takes.
$570/80 target near met. I'm not buying though, I feel there's a lot more downside left in the yellow stuff. But I may be wrong, we'll see....