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Cladiator
Posts: 17,943 ✭✭✭✭✭
Buy it today and take advantage of the down spike. It'll likely gain back all of it's loss plus some in less than two days.
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Cladiator
Posts: 17,943 ✭✭✭✭✭
Cladiator
Posts: 17,943 ✭✭✭✭✭
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Sorry, I couldn't resist. The Mint just gets me after awhile.
I knew it would happen.
Posted On: Monday, February 26, 2007, 7:00:00 PM EST
The Battle of the Titans
Author: Dan Norcini
Dear CIGA’s
What a titanic battle in the ancient metal of kings we are privileged to be witnessing in these days. You can see it in the ebb and flow of the price action during the day session in gold and even overnight to a certain extent.
Last evening, buyers came in during the Asian session and took it higher. As 2:00 AM CST time rolled around, the London market did its usual Western “let’s sell gold act” and took it down off the highs. It came into New York up slightly and then gathered more strength only to meet up with sellers attempting to do their normal “let’s take it down after the PM Fix thing”. The last full hour of trade saw the buyers return who forced the sellers back out after they had taken it down on the day. The buyers then held control over it going into the close. It was genuine see-saw action – a lot of what traders call, “two way action”.
It was interesting watching gold trying to figure out whether it wanted to follow crude oil up and down today or follow the euro up and down. Either way this market continues to percolate up as dip buyers keep coming in. I suspect COT will attempt to make another stand just below the 700 level as they did back near 680. They were able to hold that line for a while before the longs overpowered them and drove them off the hill and forced them to fall back to another strategic location.
That has been the pattern for gold throughout this entire bull market since 2001. The longs drive it north, COT gets driven back and overwhelmed; they make a stand at a higher level and are able to hold it in check for a while; the market retreats as longs liquidate and COT covers; then the longs come back and take it up another notch and the game begins all over again although at a higher and higher level each time. COT is slowly but steadily losing the battle for gold
Someone posted the ten year charts parallelling the current gold run up to the one that took the market to 800. If gold follows the same track, a correction to $500 is in the cards. I'm not saying that this will happen, but it is possible. Someone who loads up today, committing reserves at a relatively high price, might be very sorry if this scenario pans out. Again, the average collector loses when timing the markets, often losing big time. Buying on a one-day 1% dip falls into the category of trying to time the market and is not worth pursuing for the average person.
<< <i>Buy it today and take advantage of the down spike. It'll likely gain back all of it's loss plus some in less than two days. >>
Quite right, Cladiator.....you have great 'golden' wisdom!!!!
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