Its old news - from my post on the 21/2 - attack of the Butterflies.
Printable View
http://news.bbc.co.uk/2/hi/americas/7920895.stm
Hostess Stephanie Hunt made $477 and salon-worker Amie Larson $416, while another guest, Bebe Bach, came out tops with $541. Others walked off with about $100 or $200.
Do you think gold will hold at $900?
Gold seems to be tracking the Euro/USD to some extent, can't see that going to 1.20 so it seems that gold will get some support soon. Gold is pushed around by banks/speculators/govt interestes etc however and no-one is likely to be able to predict gold/USD values in the short term that precisely.
imho
There is no reason to run the risk of investing in GLD... there are too many recent examples of Ponzi schemes to afford buying what may turn to be "paper gold". There are some other alternatives that yet avoid the hassles of bullion storage, transportation, etc. such as CEF (Central Fund of Canada), another ETF, which is a mix of gold and silver, but has much tougher audit restrictions. Anyone can check the gold/silver holdings, and also sits outside the USA and this has the added advantage of not being subject to the same risk of expropriation as happened during 1930s in the USA.
Another option in the ASX is ZAUWBA, warrants issued by the Perth Mint and guaranteed by the Government of Western Australia.
Of course, everyone will see the risks of these products differently - nevertheless, such risks are much lower than holding GLD, which may turn to be a black hole.
The price of gold has a standard deviation of 55% so whether a certain level is held or not is possibly irrelevant - big swings are part and parcel of gold prices. Long-term, gold prices are inflation proof but to achieve such protection against inflation one has to have a strong stomach.
http://www.stuff.co.nz/business/worl...printing-money
Up gold goes!
Theres an old support level circa 934.40 which its just tested and its currently holding as resistance.
We now need to see it break back over that line and re-test it to confirm support. Also potentially it could come down a bit to test the down-trend line its just cleared. (922 ish if that happens).
Basically still down-trending on short term charts.
Colin Twiggs from Incredible charts presents a very matter of fact trading diary which is pretty often spot on the money actually
http://www.incrediblecharts.com/trad...gold_crude.php
and he reckons
Spot gold respected support at $900, rallying above short-term resistance at $920 and breaking out of its trend channel to signal reversal of the recent down-trend. The short-term target is $940; calculated as 920 + ( 920 - 900 ). Retracement that respects the new support level at $920 would confirm the up-trend, offering a medium-term target of $1000. Failure of support at $900 is now unlikely, but would warn of a test of $700. In the long term, breakout above $1000 would offer a target of $1200; calculated as 900 + ( 1000 - 700 ) from the large descending broadening wedge over the last 12 months.