Gold

[Vtrader]

I count 12345 during Jan-Feb 2012, abc during March.
c occurred 22 march
Seems to fit a normal EWT, 2 months motive, 1 month correction

It is possible that there is another count, this pattern fits with many other counts for me.
Waiting for a little more confirmation then will be acting.
V.

[elZorro]

Er, Vtrader, do you need your EWT book back? Maybe sometime next week the Hamilton branch of ST could have a meeting..

P.S. do you mean gold is about to take off again, back up the truck?

[Skol]

Yep, time to back the truck up, a moonshot is imminent.



Categories: Economics / Markets

Topics: Gold


Investors who have helped pushed gold prices up to record highs are now turning their backs on the precious metal, with figures this week showing heavy selling by gold ETFs.



SPDR Gold Shares ETF, the world's largest bullion-backed fund, sold 25.4 tonnes of the metal between Monday and Thursday, according to the Financial Times.


Since the start of December, the ETF's gold holdings have fallen by 44 tonnes - roughly 20% of monthly global mine production of the metal.

In total it has sold about 3% of its physical gold holding, and currently has around 1,282 tonnes remaining.

The sell-off comes after a sharp fall in the gold spot price, which has tumbled from $1,920 back in September, to today's price of $1,645.

The 15% decline has been caused by a renewed appetite for risk assets, as global data picks up - notably in the US - and hopes for a prolonged period of outperformance from equities grows.

Investors are backing shares in Europe in particular to keep rising following the brutal sell-off seen in late 2011.

However, the outlook is far from certain and a return of sovereign worries in Europe - which could this time be sparked by Spain where CDS spreads are rising - could cause a fresh sell-off in markets and spark a retreat to safe havens such as gold.


Read more: http://www.investmentweek.co.uk/inve...#ixzz1pzrsA8vN
Investment Week - News and analysis for investment advisors and wealth managers. Claim your free subscription today.

[Vtrader]

Seems a bit odd, to be waiting for some significant event, or a change in oppinion for whatever reason... just because the chart count could be interpreted as complete.
Hey if were easy everyone would be predicting the future and getting it right.
We are all attempting , some better than others. Some vocal winners and losers, some quietly achieving, and some quietly going broke...
Technically it is possible for gold to turn from this position.
Am yet to state that it will or will not, it is up to everyone to decide for yourself.
EWT is my chosen method, with supporting indicators.


A secret is something you tell only one person (or a few), until you tell someone your secret is merely an idea.
My oppinion is my idea, I publish it when I feel it may have value to the few that read here. If there is a large opposition to my idea I do consider your views and it is possible that my oppinion will change.

You all know to Do Your Own Research, EWT is not supported by everyone.

elZorro,
The trucks are not backing up, however the fuel tanks are full, COF is up to date, and the drivers are rested in preparation for a contracted load to an unspecified destination. Metaphorically to be loaded to maximum Gross weight, like Fonterra have been carrying for years. Now the others are allowed also.
You often write about insider trading... when was the last time anyone saw a Fonterra milk truck on a weighbridge?
Remember Smokey and the Bandit, BJ and the Bear, even Knight Rider, influential TV for me as a kid.
Favourite trucks, White Volvo Globetrotter and fridge semi-trailer.
Attachment 3915
Enough now, charts calling
V.

[elZorro]

I agree Vtrader, gold could go any way from here. Just heard about a professional person who sold his shares a few years ago and bought gold, simply as a way of stabilising his position. Turned out to be a smart idea, now it's worth 3x the amount, no work involved at all. The joke about 'backing up the truck' was aimed at our mate Skol, never fails to raise a response..

Remember, you can't eat gold, it costs a lot to store it, it doesn't produce dividends. And it's a barbarous relic.

[skid]

Why would you want to eat gold when you can buy a years worth of steak with one tiny piece?LOL

[Skol]

Why would you want to eat gold when you can buy a years worth of steak with one tiny piece?LOL

Which butcher shop did you got to?

In a few months time it'll be gravy beef, not steak.

[Pumice]

A few month?

Thats a pretty big call Skol.
I'm not a fan of Gold, but I cant see every single holder of the stuff rushing to the exit.
Seems there will always be someone willing to buy it going by this thread.

[Skol]

You think I'm a pessimist?

This from The Telegraph, 1/3/12


Sharp falls in the gold price have prompted some bears or pessimists to predict it will plunge below $1,000 (£625) an ounce.

Even specialist dealers, such as GoldCore, talked of “blood in the gold and silver trading pits as leveraged longs got their heads handed to them on a plate”.

Goldcore priced bullion at $1,721 or £1,079 per ounce this morning, compared to yesterday’s fix of $1,788 or £1,121 per ounce. A spokesman said: “The massacre is attributed to a host of different reasons – from month end book squaring to Bernanke’s suggestion that ultra loose monetary policies may soon come to an end.

“None of these reasons would justify the scale of the massive sell offs seen in gold and silver yesterday. Gold and silver markets saw massive sell orders from large institutional sources – as only large institutions selling could have caused a price falls of the magnitude seen yesterday.”

Brian Dennehy of independent financial advisers (IFAs) Dennehy Weller commented: “Yet again the ‘safe haven’ myth of gold has exploded. It went down during intraday trading by about $100.

“This doesn’t mean the bull market has ended. It just means that when you buy gold you must do so with your eyes open – it is a highly volatile fringe asset.

“Our technical analysis suggests one of two possibilities. That the bull run is over and the price will eventually work its way down into the $700 to $1,000 range – or one final high lies just ahead before that large correction towards $1,000 will begin.”

[elZorro]

And The Telegraph hates gold, nothing to see here, moving along.. Here are some other opinions:

http://www.goldinmind.com/gold-updat...forecasts.html

Most expect gold to surpass $2,000 in 2012, but also to drop as low as $1200-$1500 at times.