Daddy - good point. Just wondering where you are thinking of placing your stops, in light of the day's events? I'm worried that an entity (i.e., IMF) forces a sell to calm the metals.
as stated the comex can force cash settlement since it's their sandbox... same as the Hunt Silver hayride went to a liquidation only market... but the gold market is so tiny as compared to all the primary paper out there let alone derivatives and silver is a micro market even looking at gold equities which are $200 billion in total market cap give or take... Microsoft smokes that by $60 billion by itself.. really a small speck on the elephant's ass and why I'm searching for unhedged junior miners around here which are at near giveaway valuation
As of this post, Gold hit a high of $1032.20. Taking a Fib retracement from Nov 20, 2007 of $772, levels are: 23.6% @ $971 38.2% @ $932 50.0% @ $902 Slowly build a short position on the way down. Size in at 1/4 of your full size. Stop loss at $1040. This will be a multi-month short. Carry interest for this short is positive.
Do not do it yet! If you think Gold is finished, you have deluded yourself! Silver has only just begun. Mark this post, making crazy money and the FED will still cut!
Gold is just another scam. Canned goods my friend, canned goods. Position: 100,000 cans of Spam, expriation 3/15/2079
All you gold bugs gotta hope that if the apocalypse comes they dont decide gold is a remnant of the bad old days and it becomes worthless. If that happens my Spam will be priceless.
Gold is making news as it is going down along with the prices of oil, see below links: http://uk.reuters.com/article/hotStocksNewsUS/idUKL1652656020080716 http://www.thebulliondesk.com/ http://www.axcessnews.com/index.php/articles/show/id/16426 http://www.ft.com/cms/s/0/150995d6-532a-11dd-8dd2-000077b07658.html?nclick_check=1 http://www.bloomberg.com/apps/news?pid=20601012&sid=advL9_mGQ3sY&refer=commodities http://africa.reuters.com/business/news/usnBAN658300.html http://www.usagold.com/gold-price.html http://www.kitco.com/charts/livegold.html http://www.bullionvault.com/gold-price-chart.do
Congratulations on the bracelets. You are correct in saying that "Gold is great" as it has been in demand for centuries. However, there is also a saying that "All that glitters is not Gold". Hence, we may need to use caution also.