I was bullish gold for many, many years...now that the whole world is bullish gold, I am going the other way. Sure was profitable the last 2 days. The last run up took 5 weeks. The drop took one week.
Feds are requiring banks and brokers to de-leverage their clients....hedge funds are selling..... I wouldn't count on any bounce.... If hedge funds been getting 20-1 leverage and now have to come back to 10-1....that is a lot of money not in the market any longer Think about it: Hedge funds will cover short posistion...roll out of commodoties long.....what's left....has to be equities ??? We may be in for a huge bull run....???? who knows... SteveD
Hmmm - specter of inflation killing the dollar as Gold & Oil skyrocket - Fed cuts 3/4 and then changes to higher margin requirements on gold to create a sell off and make inflation look like its no problem. LOL - It's good to be king. I have no position just think the manipulation is funny.
The $64 zillion dollar question is will Asia decide that gold looks cheap while you sleep? Asia Gold-Jewellers on buying spree as price sinks - Khaleej Times http://c.moreover.com/click/here.pl?x1345127711&f=1774
Gold climbs to 1000+ and drops 100 bucks and everyone says the bull market in commodities is over with, Dow goes to 14k down to 11.7k and everyone says its still a bull market. Gold and other commodities had a minor correction, im neither bullish or bearish on commoditites, but it certainly amazes me to hear that the bull market is over after the 1st minor correction.
Made $9,000 this am long GLD from Friday's close to a 91.30's exit. Nothing goes down irrationally like that and doesn't bounce, IMO.