i wouldnt be surprised to see the 13.00 area tested, AND, for it to hold and provide the basis to springboard higher into march deliveries. the etf inventory has dropped 4%, comex warehouse stocks have increased. but the dollar fell below 100 and 200 day mov. avgs. so that is supportive. energies probably have short term topped as well. as far as gold is concerned, the potential sale of the imf gold overhangs the market, but u.s. congress can veto the sale. a pullback would probably be healthy in this nervous and volatile market.
Congress wouldn't allow the sale before, probably won't now. Also, I would think that after the debacle with Brown selling England's gold and missing out on 1 billion profit a couple of years ago, they would be a bit uneasy about selling now. Just my opinion, of course.
this isnt brown and gold isnt 295.00 an ounce where he sold. this is the current head of the ECB and the renowned, cough cough, alan greenspan. so since he is recommending it, God has truly spoken. i dont know why they dont just sell the gold, replace with futures and be done with it. if i were the ceo of any gold company, since jan 2002, every ounce sold would have been replace with futures 5 yrs out. can you imagine??? a company lie newmont would now have 4 more years of reserves on the books in the form of futures. instead of selling mid 40s it would be over 100.