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13-09-2013, 01:43 AM
#5351
Originally Posted by peat
Haha so dramatic.
Silver getting a pasting, gold probably on its way to $1,000. Gold forums doing their usual whining about 'manipulation' and 'intervention'. Many goldbugs have thrown in the towel but there's still lots out there determined to ride it all the way down. No huge body count in Syria, must be disappointing for the goldbug community, it was a standout opportunity for what's been a lacklustre 2 years.
Last edited by Skol; 13-09-2013 at 07:36 AM.
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13-09-2013, 10:22 AM
#5352
Don't be surprised if over this weekend there is a reversal, supported by comments made at next week's FOMC meeting. Support at 1320/1325 if it holds today will be my trigger to buy into some oversold local gold stocks (e.g. ASX.KCN and possibly OGC).
BC
To foretell the future, one must first unlock the secrets of the past.
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13-09-2013, 10:31 AM
#5353
Originally Posted by Bobcat.
Don't be surprised if over this weekend there is a reversal, supported by comments made at next week's FOMC meeting. Support at 1320/1325 if it holds today will be my trigger to buy into some oversold local gold stocks (e.g. ASX.KCN and possibly OGC).
BC
Yes FOMC will they taper or not >>>glad to have some cash in the call account should well be some mindless selling next few days
will 1320 hold ? we will see
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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13-09-2013, 12:30 PM
#5354
Gold as expected made the big drop, glad I'm on the sidelines. My view is we could well see lower but I don't see gold being smashed ;like last time. The market was very long then & it isn't now, also think the Chinese will buy if we start seeing gold around $1250-1280ish & India may yet surprise. Looks to me to be a typical sell the rumour buy the fact on QE tapering, but obviously the proof will be in the puddin !
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13-09-2013, 12:33 PM
#5355
Support is holding well at 1320/25:
see http://www.kitco.com/charts/livegold.html
KCN has NTA of $3.11 (sp = $1.69), FML an NTA of 5c/share against a sp of 1.5c, and GRY an NTA of 52c against a sp of 16.5 - all appealing this morning. GRY is slightly down, FML is holding and KCN's RSI and Scholastic screamed at me to buy, which I have done. Premature? I don't think so, but of course the market is well capable of making a liar of me. My KCN purchase this morning may be a quick profit via a Monday sell.
Last edited by Bobcat.; 13-09-2013 at 12:42 PM.
To foretell the future, one must first unlock the secrets of the past.
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13-09-2013, 12:58 PM
#5356
Yeah Bobcat I am tempted as goldies aren't coming off as much as I would have expected, but think I'll hold fire at this point. Friday is always interesting as traders usually want to close positions for the weekend, so really depends on the positioning of the market. I don't think anyone will be sticking their neck out today.
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13-09-2013, 01:00 PM
#5357
[QUOTE=Bobcat.;427404]Support is holding well at 1320/25:
Sorry & by the way Asian market doesn't open for another hour so wouldn't read too much into what gold is doing right now. Asia may come in as a buyer, but I think the tone will be set by Europe & US markets
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13-09-2013, 01:21 PM
#5358
Moosie,
I agree that there is negative sentiment amongst many analysts, but not all of them (and besides, you make money swimming upstream, past the injured fish floating downstream).
Have a look at the 50 day moving average and support level here:
http://www.kitco.com/news/2013-09-12/template_jimw.htm
To foretell the future, one must first unlock the secrets of the past.
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13-09-2013, 03:25 PM
#5359
September is traditionally the best month for gold but so far down 5.7%, on average gold is up 2.5% in Sept.
October is the worst month for gold, on average down .24%.
We've passed the months when gold generally does well, from 2001 to 2009 gold averaged about a 20% late summer rally, but this year's rally is nearly back to where it started.
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13-09-2013, 03:41 PM
#5360
What charts are you looking at Skol?
Examining the past 5 years:
2009 July-Dec rally of $300
2010 July-Dec again a $300 increase
2011 July-Sept rally of $400 then dropping off in Sept (like now?) to rally again $200 through to Nov
2012 July-Oct rally of $250 through October before dropping off
2013 Late June rally to end of August with a current correction (about to be reversed?).
http://www.kitco.com/scripts/hist_ch...rly_graphs.plx
To foretell the future, one must first unlock the secrets of the past.
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