Definitely a psychological selling off point...but what about once it closes over 1000 a few times? May turn out to be an equally strong psychological support level.
I'm with you on that one. I think too many people are talking about gold for it to go that much higher without something big to the downside. Hell, who knows, but $1K, like you said is gonna be a tough psychological level. I bet if it breaks $1K then it will shoot up very quickly from there...at least temporarily...
Some have to be deluding themselves. The Dollar is going to tank to nothing. It weakens by the day and other currencies/countries that are pegged to it will start to hoard gold and silver to hedge against their own currencies decline as the dollar tanks into oblivion. Is way above 900oz in Asia Trading and just might hit 925 by the time NYMEX opens. http://kitco.com/charts/popup/au24hr3day.html
I'm not much for 'inflation adjusted' . . . "When adjusted for inflation, however, gold remains far short of its all-time high. An ounce of gold at $875 in 1980 would be worth $2,115 to $2,200 today." http://www.usatoday.com/money/markets/2008-01-08-gold-prices_N.htm
....save for some screaming / yelling I love this market and will continue to, more so, for the next decade. "measured move" in an elliott frame work?
measured as to a multiple of the last uncorrected upmove.... and I'm no fan of these measured moves but when it's at a nominal all time high, there are all kinds of stat guys that throw around numbers... these giant bull moves dont seem to let you in at a resonable price... it's good to see some of these lunchbox brokerages downgrading miners.... The bank news has to be serious for Benny boy to just lay out the road to perdition....