Gold

[corran]

What an exciting day to be following gold.... first up, then took a pretty bit hit when Yellen said tapering would continue, now I arrive home to find it's shot up again.

[Skol]

You might think that astrology's a bit looney to predict the stockmarket, but this guy's often right. Occasionally he issues a free newsletter and one at the end of January predicted the S&P500 will be 2000 by the end of March.
I've made an entry in my diary to check it, and if he's right this time, the stockmarket will be up 10% in the next 6 weeks.

www.mahendraprophecy.com
--------------------------------------------------------------------------------------------------
In this years book we mentioned that January 2014 would remain mixed, and so far the USA
market has remained in a mixed direction. This is a great time to acquire quality stocks so
don’t miss this opportunity to acquire stocks on weakness. This week is the Fed meeting so
get ready to pick up stocks on any weakness on Wednesday and early Thursday. Once again
we would like to remind you that S&P is ready to cross 2000 in the first quarter.

[Skol]

Tsk tsk skol shouldn't be dipping to the goldbugs level, they will beat you with experience!

Gold up 1.15% and testing $1290 resistance again. Pushing above $1300 would be big for the mtal on a psychological level. Upper uptrend channel line around $1308.

I'll put up here at the end of the quarter whether Mahendra was right, in the meantime the goldbug prediction that the stockmarket would crash is coming to nothing, in fact on CNBC the other day, one commentator said a lot of people had lost a lot of money, expecting a severe correction that hadn't eventuated and some had made it worse by shorting the stockmarket.

Buying actual gold is still a waste of time though because of the premiums, but a lot of them are the Armageddon cranks, if you want to buy gold the easiest and cheapest way is via an ETF.

[Skol]

dont have to look to far for the most failed and loudest prediction on this thread eh skol.
How long have you been banging the doom and gloom drum for the gold price now is it 4 or 5 years.

And I've been right. Compare gold with stocks and property and even menial term deposits and you can see who's right.

And if the stockmarket continues upwards, punters will more than likely rotate out of a useless metal into stocks that actually do something.

Gold hasn't broken out of its bearish price channel, but stick with it, it might, but I doubt it. Millions of unsophisticated chinese peasants are praying that it will.

For the last 5 years.

[tosspot]

Does this website have an ignore function for this pessimist skol, you sound way to emotionally involved with gold, did it hurt you in the past or something.

[Bobcat.]

...On CNBC the other day, one commentator said a lot of people had lost a lot of money, expecting a severe correction that hadn't eventuated and some had made it worse by shorting the stockmarket.

Have you never heard of a technical head and shoulder pattern, Skol? US Equity markets are lifting to a shoulder (~16100 on the DJIA and 1825 on the S&P500). IMO it will drop away again before the week is out. I will put money on it that the correction is not over. Trading accordingly.

BC

[Daytr]

It was only yesterday we were talking about $1275 resistance & today gold is lining up $1300. Quite an incredible performance.

Interestingly both gold & the stock markets rallied on Yellen's testimony, which basically said steady as she goes re tapering.

Two things re the market reaction. The market would have been looking for any sign that the Fed may halt its tapering policy & if they had it would have been a clear indication that the Fed considered the US economy not strong enough to handle the stimulus withdrawal. Equities knee jerk reaction was to rally. I.e there was nothing bad or unexpected mentioned. However & this is just a view, we will see the reality kick in tomorrow, that more stimulus is being removed & equity markets will resume their downward trajectory. Earnings season has come in with something like 67% of companies reporting earnings above expectation on the S&P which is above the 61% average. (how bad are these analysts!) However due to weather I suspect Q1 2014 earnings will be significantly off for many companies & markets will start to factor that in as well as the massive rise in inventories that was reported recently & the strain on balance sheets that will create. (sorry that's more than 2 things...)

If you look at a chart gold appears to have broken its long term down trend from $1800. This potentially is massive for the outlook of the POG as a majority of the market & big hitters like hedgefunds & banks trade technically. The technical traders will be taking notice of gold's performance. Next resistance is obviously $1300 area, but major resistance for me is $1360 & then $1420.

On a side note, I see Bitcoin plunged again yesterday.
http://www.reuters.com/article/2014/...A191Y220140211

[skid]

Hardly bagging it, is it? And I did say 'thank you'. I bought QBE for $10.57 instead.

Looks like the goldbug prediction of a rout in stocks is all hot air, gold going down, DJIA up.

Skol, your as slippery as an eel

[skid]

Hardly bagging it, is it? And I did say 'thank you'. I bought QBE for $10.57 instead.

Looks like the goldbug prediction of a rout in stocks is all hot air, gold going down, DJIA up.

Your not paying attention to you own Bubble theory Skol--Give the share market time--nothing is certain but most are starting to take notice that it is overbought.

[skid]

Hardly bagging it, is it? And I did say 'thank you'. I bought QBE for $10.57 instead.

Looks like the goldbug prediction of a rout in stocks is all hot air, gold going down, DJIA up.

Your not paying attention to you own Bubble theory Skol--Give the share market time--nothing is certain but most are starting to take notice that it is overbought.