Short Gold up here at 1890, happy to be proven wrong (stops in 1896.8 - just above latest high) - this is top picking at its finest, but I believe limited upside risk from here. If it goes higher I will be looking for a new entry short. Cheers, H
I don't know S, this is an entirely different market now for gold, and would not be surprised to see a currency crisis before a meaningful fall occurs in gold. There is a lot of instability under the surface.
Anyone expects a move like SLV did in April-May? I know it happened due to new marning requirements...but so what? Another (or same) reason might correct gold drastically? Speculating...
Its going to be a great short but right now there is nothing out there to suggest gold will go down. Fear trumps all technicals. Gold can easliy hit 2000 to 2500. I'll be there to short when someone yells "fire" and they all head for the door. But right now isnt the time.
Because Greenspan has just said it's not in a bubble: sell sell sell http://www.bloomberg.com/news/2011-...o-is-breaking-down-may-harm-stock-prices.html he also said the Euro Is "Breaking Down", so good news for the Euro as well
Crowded as it may be, as extended as it may be, it can go higher. To paraphrase Orson Welles. "no wine before its time"
Interesting...thanks. It does look over-extended, but are you concerned that there are so many other top callers too?
btw, can someone give a couple of basic logic/story as to why silver has outperformed gold by such a margin even after the crash.
Simple, central bank intervention. They won't touch silver. Greedy excitiable little munchkins will. Particularly at a much lower price level per oz. Silver also has industrial applications. Far better conductor of electricity than copper (faster and doesn't oxidize) but cost prohibitive.