Some say that it will push to $1346 before it ends
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Some say that it will push to $1346 before it ends
As foretold by the red squiggly line on a graph, and as a result of my paucity of intellect..I humbly post..
Quote:
7 June 2010 (Kitco reports)
Walter de Wet, CFA*
Walter.DeWet@standardbank.com
Leon Westgate*
Leon.Westgate@standardbank.com
Focus: The sharp deterioration in market sentiment over the past week or so triggered a wave
of long liquidation across the base metals complex as investors headed for the exit.
With a run of positive US macro data also coming to an end last week, and mounting concerns over the European sovereign debt crisis, that episode of long liquidation has since given way to outright selling.
The only metal to so far avoid fresh aggressive selling interest is nickel.
• Friday’s weakness has continued into this morning, with the base metals coming under
heavy pressure during overnight trade. Better than expected German Factory Orders
have helped to shore up the Euro however, with the metals picking up heading into the
afternoon.
• Gold was the prime beneficiary from Friday afternoon’s panic, closing the week at
$1,219.90/oz. Given the continuing uncertainty in the markets and concern over Europe,
gold will likely continue benefit from its safe haven status and from any further bouts of
market jitters.
• Crude oil came under heavy pressure on Friday, with front month WTI closing over 4%
lower. In spite of the fall however, WTI remains rangebound.
Gold has just made a new short term high in current price $1245!!!................till tomorrow 1250+ here we come for the all time high of 1249 then onwards ....1300+ before the years out
and as for the Gold doomers it not going crash just because it's at a high price remember if you add in true Inflation to the 1980 highs GOLD's far from high in Inflation adjusted terms an if you add in the state of the world's fiat systems GOLD is only just starting to gain some traction
Yes their will be a time when the GOLD market will go nuts an go up $100+ in 24hrs an in time there will be a blow-off IMHO north of 2,000 which could see it correct $300-$500 downwards but much like the platinum market of recent years it will hit a point buyers will outway sellers an back north it will go
I'll be very surprised if we see GOLD priced in the hundreds of dollars ever again
JB, that was prophetic, gold climbing like a rocket past US$1251 before dropping back just now. You'd better get one of those fancy metal detectors before they're all sold out :)
Skol heres some of Warrens "wisdom" for you
"The entire American public eventually was caught up in a belief that housing prices could not fall dramatically"
"And Freddie Mac believed it, Fannie Mae believed it, Congress believed it, the media believed it, I believed it."
"I mean there were many red and yellow flashing lights along the way."
They made the wrong call. I mean they basically believed, as most of the American public did, that you couldn't have had this size bubble," he said.
"And the Cassandras were there, but who was going to listen to John Paulson in 2005 or 2006 or Michael Burry. I mean it didn't mean anything.
"And, you know, look at me. I mean I was wrong on it too. I recognised that something pretty dramatic was going on in housing but I actually called it, in the annual meeting when I got a question on it, a bubblette. Well that was a terrible term to use. It was a four-star bubble."Warren Buffett's grilling was a reluctant one. He was subpoenaed after rejecting an initial invitation
fu;l article here
http://www.abc.net.au/news/stories/2...03/2917326.htm
What USD weakening?
USD is up against EUR and the USd index is up, and has been for months.
Lucky I don't listen to the advice I'm getting here, like, from JBMurc to sell the USD some time back, that would have cost me heaps.
There's actually some very good contrarian warnings on this thread if you can see past the gung-ho "gold is going through the roof" nonsense.
Yes you're right there Skol , but what makes the POG so interesting is that it has been going up IN THE FACE of the USD strengthening. They are usually negatively corelated so imagine if the USD does start weakening , (which is what I think will start to happen soon-ish)