Depends on what's driving equity prices ... inflationary monetary poilcy, or real earnings growth. If it's real earnings growth, it's driven by a consumer sector fueled not by consumer debt, but by consumer income -- a sign that our problems are behind us, and green pastures lie ahead. Under those circumstances, a sharp reversal in gold would likely be in the cards. But if, instead, equity markets are merely flying on the wings of more funny money, well ...
Thanks for all the feedback guys. I'm thinking I'm getting ready to take a short on gold. I will hold it until tomorrow sometime, at least. I will post it, if I do. Disclaimer: I am not recommending anyone take any position.
On my chart, the best I could get is 1903.64. Happened 2 hours ago. Now at 1897. DIRECTION: DOWN (there is also the sideways, but whoever is thinking up, I would like to know what is in their mind).
You're probably looking at spot. Futures opened at 1906, topped out at 1906.2 on the 6PM (6 - 7PM EDT) hourly bar. He posted at 6:30 PM, so time & price are reasonable.
Its 1:30am eastern time....Gold is at $1,915.60. Nothing like losing money in your sleep, aye? I swear...you people that short gold are like the same guys that put their hand over an open fire and seeing how long you can hold it there before you get burned. Gold is on fire and as long as bernanke and Obama are pouring gasoline on that fire, its a really bad idea to go short just because it "feels" like a top.