Gold has now broken two resistance levels $680 and $640. If you are long sell now before it gets ugly. I heard some dolt on CNBC saying gold will be worth $3850 by the end of this year! (sic) I researched this idiot and found he is a spokesman for some gold council which he didn't disclose (of course) The silly money has been made. Buy unloved industrials like I am. It pains me to say this as I have a large position in a junior miner here in Oz. Any body here can tell me whether there are any serviced apartments in Lexington Ave New York and how much I need to pay a month?
Silver warehouse stocks have strangely dropped over the last few days --> http://www.kitco.com/IND/watson/may312006.html Fundamentally this is extremely bullish news but then again, the famous silver shorts have their ways and means. I think silver and gold will have another run at the big time but I can't see gold going over $1,000 unless WW3 breaks out or the USD collapses.
eshama - you short gold or silver? do tell and what price and where is your stop? my two cents dollar index - sweet bear flag http://futures.tradingcharts.com/chart.php?cbase=US&market=US&cterm=66 canadian dollar - nice bullish pattern http://futures.tradingcharts.com/chart.php?cbase=CD&market=CD&cterm=66 euro - i like this one too http://futures.tradingcharts.com/chart.php?cbase=EC&market=EC&cterm=66 yen - they are printing money as fast as possible to keep this down. BOJ dumped 2 trillion yen into the market last week - which they said they wouldnt do anymore. got to run out of ink sooner or later. despite that - still a sweet pattern. http://futures.tradingcharts.com/chart.php?cbase=JY&market=JY&cterm=66 oil - closed at 72.75 friday... http://futures.tradingcharts.com/chart.php?cbase=CO&market=CO&cterm=76 silver - comex stoccks go below 100 million ounces and could be some panic!!!!! i dont love this chart but i personally love silver at any price... http://futures.tradingcharts.com/chart.php?cbase=SV&market=SV&cterm=76 gold - luscious like maria sharipovaesque pullback into support around 620.... maybe even see a little more downside juice. who knows who cares.... all aboard!!!! http://futures.tradingcharts.com/chart.php?cbase=GD&market=GD&cterm=66
niceneasy, I am short both Gold and silver. 1. Gold avg price would be around 700. ( I shorted it on the way up) 2. Silver around 13(Twice each time it pulled back above 13). I don't use any particular stops. I just have gut feel based stop as opposed to price based stop.