Hear from where? Not that it matters, as there are "potential" buyers AND sellers in all markets. D, like you, I have an opinion on the direction of gold, I've made a bet, and now I'll see what happens. Price action will tell me if I'm right or wrong. The opinions of others are useful for only one thing and that's to help answer a simple question. Am I on the opposite side of the consensus opinion after there's been a protracted move in one direction? If so, I'm willing to consider a counter-trend position like I've taken.
i know man - my real concern is the relationship with my broker whom i want to love me (they do)... im not trading against you, imo, i am trading against my broker. you know what i mean?
Not really, but that's OK. I guess I don't look at it the same way. The market is so vast, it's sort of like a sailboat on the ocean. I just want the wind to take me the direction I'm headed for awhile. If I have to start tacking, then I need to turn the boat!
Situation here is reminiscent, to me, of 1999 and 2000. Breakout in the fall because of the signing of the first Washington Agreement, preceded and followed by sideways trading. A lot of folks got bullish because of the signing of that agreement, but that bullishness turned out to be premature. This eventually led to a final washout in the fall of 2000 for the gold stocks. Gold itself was motionless until a brief pop after 9/11, after which it went back to sleep before beginning its long upward trend in 2003. The brief breakout last May made a lot of folks bullish again, like the Washington Agreement, but its been sideways since then, and I think that continues for a while. The stocks may break down in a final washout again sometime this year. This would be, IMO, a great buying opportunity in the stocks. Gold may have to wait until next year before it moves significantly.
so what would you say here? the bull would say this is a weak-hand shakeout and FA supports their case. the bear would say that todays action does not bode well... not selling gold exposure here.
This little rally (during which I was long for a while, and have an OK 5% profit) is over, IMO. The sideways chop since last May's mini-bubble continues.