As a speculator, I can only say that the gold futures is beginning to look weak. Unless 1450 is broken, the short bias remains in play. Once 1400 is breached, the bear cycle will have begun.
Implementing a new world reserve currency based on IMF's SDR would put gold in check and at minimum peg its value.
I don't know the actual numbers but I'm sure it's far above $10,000 ounce. In fact, a few years back rhodium was going for $10,000 an ounce yet nobody found it worthwhile to create rhodium via nuclear reactions.
Gold is tanking!!! And we're trading below 1400. Suppose that it closes below 1400, then the bear cycle, however short it may be, is in full swing. Good luck!
stop it. gold could easily go to 1320 and still be just fine without any significant technical breakdown.
As I said already, I never felt serious about gold until now. Call it a trader's hunch but I feel it just might be different this time. Well, take it with a large grain of salt should you please.
The point is that they could temporarily take it down to low $1300's to scare people out of it, but somewhere there, they will need to cover before the rest of the world decides gold its too cheap. Considering that every day, the value of the dollar is being destroyed another $5 to 7 billion, its easy to see that the long term favors upside in gold.