For the moment POG is pretty much where we started the week, before all the upbeat economic data released. Doesn't seem to be reacting as usual.
For any gold stocks you may own, put in a GTC sell order at a very high price.
Average into gold stocks at this time. Make a partial purchase about 1 time every month.
Not me! Can't argue with the truth! GDX to $15. Risk-free money! Who needs the casino when they can short the GDX???
of who/why caused the kamikaze attach on $1550 AU? ( 400 tonne sale in 30 minutes)
what we do know is the effect!
2013 will go down as the 1st DOWN year in AU's bull mkt
2013 will go down as the 1st year that AU BROKE a previous year's Lo (not even in 2008)
what we don't know yet is "whether a new secular bear mkt has unfolded"
we may not have to wait for more clues if $1175-1180 support fails
we might get an answer yet this year
If the FED was the culprit & even Indian brides ,Chinese housewives & repatriation of phzz can't rout the rout
The miners are a disaster. My god have you seen some of their balance sheets? People keep saying these companies were profitable when gold was $750. Ya, before reckless expansion, massive imbument of debt, huge bod bonuses, massive shareholder dilution, and a fraction of the competion. If gold dipped below $1000 and stayed there for even a few months I see no way hi half of these miners could keep from filing bankruptcy. Its an absolute disaster in the making and the best trade of 2014 will be the same as the best trade of 2013- short gold.
Looking for $850-$900 in 2014. Thats not even a bold prediction at this point.
Mining companies and all stocks are just like the Pink Stock Exchange...pretty much all share printing scams...if you think about it...the company prints a paper and sells it, and then they print more papers and sell more and more...get the idea? Meanwhile they pay themselves huge bonuses and rack up huge debts....even the dividends from these companies should go back into the GDX value, but I bet the people who run this ETF just keep the dividends for themselves in addition to all the other "overhead" charges they take from the poor sheep holding this long term.
Merkel's new gov't likely form on Dec 17. The German high court will be issuing verdict on OMt soon after. A negative ruling will send world market into chaos. Gold should rise but given the manipulators we seeing they might crash gold on the premis US$ is up vs Euro.
Also, on a bigger note the GLD has no gold in its vaults, its completely empty. Once this comes to light, another huge sell off will be at hand.
Every single gold selloff invites a whole new crowd of dumb money looking for a "pop". These false breakouts never last more than a few days before an even bigger more disastrous move down. Next gold target is $1150 after this quick dumb money jump.