Careful Goldbugs, I had a feeling this may be a headfake

MrOrganic

I hear about the CFTC crackin down on commodity etf's & knew it would be bullish for metals BUT only temporarily

http://www.bloomberg.com/apps/news?pid=20601087&sid=aFHI6f7FceSo



http://www.youtube.com/watch?v=qLiDY_npgNg 6 min mark rick states its only CTFC putting pressure on commod etf's that gold is rising

57loaded

or....

this has been floated the past day and a half.........


hyperbole or will they really buy some?

rgCoinGuy

More China Gold News

renman95

<< <i>or....

this has been floated the past day and a half.........


hyperbole or will they really buy some? >>



The chart works for me.

goingbroke

Gold has plainly broken out upside in Euros. In Yen it has not yet broken out, but has turned up strongly and is close to breaking out. Indicators have turned up. Point is, this metals rally has not been sparked by a falling dollar, but hints to be a rally against all fiat currencies

goingbroke

This is a complex topic and has many aspects. A stock is a stock, an ETF an ETF, a gold certificate a gold certificate and I like gold bullion in my hands. Without subscribing to any apocalyptic views of the U.S. dollar and appreciating that the gold bullion market is volatile, any arguments against holding some physical gold (coin, bar) are specious. That should appear obvious when so many TV commercials offer to buy your used 10-14-22 carat gold jewelry, albeit at severe discount, which as scrap is then sold on, refined and sold on again, often to meet rising demand for gold coin and bar. It is cheaper to get the metal this way than through traditional mining and smelting. It may be a good idea to sell your used gold jewelry through "reputable" firms for U.S. dollars so you can then buy 99.99 bullion, while the price is still (marginally) under $1000. per ounce. The Asian economic meltdown of the 90s saw much gold sold by strapped consumers to meet their obligations. That asset, culturally ingrained and held in various forms, helped save many a family in the downturn. In fact a major reason why Asians hold gold is for just such emergencies. If Americans had, over the years, modestly and steadily, accumulated gold instead of (often Chinese manufactured) consumer goods through costly credit card purchases, as the Chinese government is now recommending their citizens do, American family wealth (not to mention the U.S. Treasury) would be a rosier picture. That is the bottom line and it is obvious. Have a nice Monday.

RedTiger

Lots of folks seem to be trying to talk the market down, likely because they aren't on board, or perhaps even short. I see this as an extremely good sign for the bulls. Forget about "why" it is moving, the pundits will always have stories and rumors to explain any move in any stock, or any commodity. Some are true, some are half-true, some are not true at all. Instead of listening to stories or over analyzing the fundamentals, for the short term picture just look at the chart--the chart is bullish. Trying to figure out the why is often overthinking the situation. A good many of the reasons published for public consumption are designed to manipulate, rather than inform.

There is always a swirl of publicly stated opinion, and rumors that will cloud your eyes if you let it. Keep your eyes on the chart, the price and volume will tell you all a trader really needs to focus on. Sentiment will help call the turns. See how it reacts to new news. Ignore the rest for short term trading.

roadrunner

Good point Red Tiger. The bulls have been turned back so many times in the past 6 months that they now seem to be their own primary opposition to $1000. If one was checking on the sentiment in the Kitco chat rooms in late August you would have seen a generally bearish group waiting for another drop to $900 or lower to reload. The most highly thought of analysts over there were expecting a drop in the Stock Market with gold stocks going down with it. They couldn't have been futher from the truth and scared a lot of people out of gold stocks at the worst time possible. I've seen a lot of terrible calls by these experts over the past 6 months. The majority of the newsletter writers were so mucked up over the constant whipsawing they couldn't come up with a straight answer. And some of them who were staunch bulls for the past few years started backpedaling just at the wrong time. Very odd indeed.

roadrunner

NumbersUsacom

It may be that the more and more bearish the sentiment becomes when we near $1000.00 the more likely the possibility of bursting the barrier decisively.

Justacommeman

Ignore the noise....MJ

SportsModerator

The loudest and strongest bears are longs that have sold.

mhammerman

"The loudest and strongest bears are longs that have sold."

Hey, SM, you been takin' lessons from the wise ol' Bear?