profit taking hit the market ... back under $500 now ... how much support is there below these levels gold bugs claim "this time its different " www.thebulliondesk.com/content/reports/tbd/temp/1970.gif
did the margin change on COMEX affect some of the weak hands today or will it tomm ? some nice ranges recently in gold futures for sure ( overnight too )
Two excerpts from wash post story today http://www.washingtonpost.com/wp-dy...5/11/29/AR2005112901546.html?nav=rss_business - Richard Bernstein, chief U.S. strategist at Merrill Lynch & Co., said the surge in gold prices is not based on fundamentals of supply and demand. "People have to remember that the number one player in all commodities right now is hedge funds," he said. "It's all speculation. In gold, it's an inflation trade. Hedge funds are long gold and short Treasury notes."- -Gartman, despite his recent bullishness on gold, said such figures worry him. "If somebody is thinking of investing in gold right now, I would tell them to go sit down, have a cup of coffee and take a deep breath because I wouldn't be surprised to see gold back down to $400 or $450 by the end of the year," he said. "The very fact that this is making the front page of business sections should give people a lot of caution."-
typical............ Wall street doesn't make money off of the mining industry so we get this predictable talk.............. they'd rather you day trade GOOG
fundamental reason??? the world is awash in banknotes looking for a universal safe place........ and awash in debt............... and the US gov. cant seem to imagine any scenario where the CPI could be higher than 2% per year...forever more all in all a debasement of your savings...............
metals are getting toppish IMO anyone is looking at marketvane consensus ? where is it now ?Has it proved reliable? http://www.trader-report.com/welcome.html