GOLD!!! UP or Down?? The top of gold mania??

Below is the chart:

http://i1110.photobucket.com/albums/h451/AaronAllen2/Screenshot2011-09-05at10537AM.png

 

That's not much like a parabolic blowoff move yet - looks more like the setup for one.

Take a look at nasdaq 1999-2000, or gold/silver 1978-1980 - that's a blowoff top.

 

large retracement close.

everyone expectig 2000.

down to 700 would be nice.

 

Checkout Last months volume bar. Wowza.

 

In real or nominal dollars?

 

I dont have a bet in. However, gold longs are eager as gold stocks not progressing as one would hope. large long bets in stocks going in as we speak. I meant 700 todays usd.

 

nice doesn't happen in markets. remember this.

 

Very likely we'll see 700 real once a credible U.S. deficit reduction scheme is in place -- a stringent austerity plan that does not hamper the economy, send unemployment rocketing, provoke general social unrest -- as well as eurozone harmony, consensus on sovereign debt rescue, etc.

Until then, however, I'd say you're wise not to have a bet in.

 

Equities are looking attractive. A move up in that market will put the damper on gold. I don't think gold will crash, it'll just stop going up.