Seems market was shorting gold as a hedge against equities going expecting a deal to be done in the US. Deal is now done & shorts are covering. Expect to see gold rally back through $1300 from here & its Thursday.... Rally night!
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Seems market was shorting gold as a hedge against equities going expecting a deal to be done in the US. Deal is now done & shorts are covering. Expect to see gold rally back through $1300 from here & its Thursday.... Rally night!
The latest from Doomberg on gold. Bad news for the 'bugs.
http://www.bloomberg.com/news/2013-1...mmodities.html
Downward trendline (currently sitting at 1300USD) has well and truly been busted by a bullish $45 spike that has just peaked POG at 1320 !
Don't be suprised if the (previous) technical resistance at 1300 is now the new support level upon which the bulls can establish a new platform.
http://www.kitco.com/news/2013-10-16/template_jimw.htm
JBMurc - I now wish I had not waited until tomorrow to buy those PGI stocks at 4.5c. If they are slow to climb then I may still get some for under 5c...we'll see.
Daytr - ditto for MYG at 3.2
Discl: 80% of my portfolio is now in gold digger stocks...mainly on the ASX.
It's a nice swell that's coming in after the political storm earlier this week. Get that board waxed: surf's up.
BC
Yeah Think PGI shouldn't go lower if this Gold price kicks on after that major spike haven't seen one that sharp for along time
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Gold up over 2%! Thursday night rally night at its best!
Hey Skol - are you buying tomorrow?
Or are you waiting until the POG spikes even higher before you are convinced of a turnaround? If so, let me know, and when it spikes again, I'll sell you some of what I'm holding.
BC
Why would I buy something that's in a terminal nosedive? I'd love a dollar for every time I've heard a goldbug tell me the bottom's in, didn't you read the post from Bloomberg?
I have to admit though it's certainly caused a flurry of adrenalin in the goldbug ranks, but all it amounts to is a brief respite on the way south, nothing goes down in a straight line.
Latest headlines in the FT suggests tapering will begin in Dec., you won't want to own gold or silver then.
I'll stick with companies that make and do things, the S&P500 has just hit a new record high.
I'll give you this, Skol - you are consistent.
Unless you have been shorting (i.e. putting your money where your mouth is) then I suppose that you have little to lose by being consistently wrong, except perhaps some integrity amongst friends.
Last night's spike in the POG is unlike its false positive following last month's FOMC meeting when the price spiked once over a couple of hours and then fell away gradually without any confirmed support.
Last night's spike has been followed by several smaller spikes and an upward slope (1307 to 1319, then 1315 to 1325, and now looks to be holding above 1319). There is some solid support here, and today will see a substantial lift in the price (and future prospects) of OGC.NZX and most precious metal miners on the ASX.
Brace yourself Skol, Moosie and other recent nay-sayers -- you might want to eat some of your words before markets open for the day - i.e. to ease the pain and recover some credibility.
BTW, Bloomberg is seldom right when it comes to the POG and is really just one of many puppet media outlets that the big boy trust fund managers and banks have on a string to manipulate the market and our age-old tendancies to swing like a pendulum from fear to greed. The love of money drives both extremes.
My challenge now is to adopt a selling strategy that is neither fearful (i.e. selling too early) nor greedy (i.e. selling too late). Wish me luck.
Surf's up.
BC
When have I been wrong?
I picked gold was in a bubble and I was right, the bubble's burst and goldbugs are slowly going broke, that is the ones that already aren't.
OMG, you're not into the 'manipulation' craze too are you?
Who do you reckon's doing it? JPM, Goldmans, the Fed? lol
Anyway I'm glad you're enjoying yourself losing money, that makes it a lot more palatable I suppose, and the suggestion that I don't short is correct, I take the opposite bet, stocks, and as I just mentioned they're at an all-time high. Nice!
Here's the proof.
Last year.
Gold -28%
S&P +18%
Last 2 years.
Gold -25%
S&P +40%