It is just as big of a psychological point as $100 oil. Will the market act in the same way as when oil reached its triple digit mark? Or will we see a larger reaction?
I think the $1000 creates opportunity for a downside play. What I'm getting ready for is the "sell the news" sorta speak and the china olympics. Much of this ramping up was due to that, enough so where we should get a nice sell off near that time. No exactness to this, especially since I trust Charlie will intentionally try to prop it up. China bullish long term? Who cares!
which market reaction do you mean if indeed $1000 is hit gold ( spot or futures ) or equities ? if you mean gold ... then yes their might be some sort of attempt at a selloff but in looking at all the other big numbers in the past two years I find the only big selloff hit gold in early 2006 when it dropped $190 ... and then once it climbed back over the original highs late last yr has not looked back oh there have been some corrections but all less than $100
Selling metals, probably oil too. I don't mean touch $1000, then crash to 600. I'm talking about a series of trades w/ a short bias. There's talk about 20 and 25 as resistance in silver as well. T.Boone talking his book w/ oil. Plus equities will likely find support a little lower IMO a picture is being painted.
we are "overbought" for sure but I only have read of trader ( s ) making big money on the long side in the last yr ( of course they probably took some off the table along the way )
thousand dollar gold id basically here. a very weak dollar means high commodity prices. plain and simple. the dollar gets strong and gold will fall. as will oil.
Can you explain in more detail what the olympics in china has to do with the current price of gold? Thanks 5yr
I wasn't equating gold w/ china. Just additional thoughts on a china trade once the olympics blows over.