jmd, thank you for once again serving as a counter-indicator. It is possible that it could trade lower, but the chart shows a lot of support in the 40s, and I saw a weekly chart where it looked like a H&S breakdown with a price target to the downside of around 40. I definitely would keep some powder dry, and scale in, but I'm quite sure the solution to any downdraft in the market will be printing dollars like toilet paper, and no way we touch the 08 lows, if we do it means we will all be in very, very bad shape.
Doubt it. Gold and Silver have both made triple bottoms. The huge miners bounce likely reflected prior capitulation. EU is going to print. Fed is going to print. PM market smells this already.
Agree. IMO the EU and US need to ignite inflation by printing massive amounts of capital. This is a race to devalue currencies in order to boost international trade. This gold drop is both a correction and the EU banks/companies selling part of their reserves to boost balance sheets.
I hope that you are right since I hold physical gold as a store of value, but I trade options on this ETF based upon chart action and at least for the past few months betting on the price to remain above the 10 day sma for more than a short period of time has proven to be a losing trade.
I suspect that you are right. This stock has stayed below its 10 day sma pretty consistently since the first days of March with very few closes above it. Today might be one of those rare days when the stock closes above the 10 day sma but it doesn't, look out below!