Don't get me wrong, I'm long and medium term bullish on gold and silver. But when I look at the gold chart, I see trouble. We hit 1200 and headed right down. Steep up and looks like steep down to follow. We have two big gaps at 1075 area and 1025 area. I think we likely fill those before we head back upward. Take a look at the weekly gold chart and do your own D & D. But I think I keep my powder dry til we get back closer to 1000 before I buy big time. The fundamentals all favor gold, but that doesn't mean we can't have some short, sharp corrections, which are typical even in a raging bull market.
yeah...keep some powder dry for $1000 because when it hits $1000 it is going to bounce to $1045-1050 area then it is going to go down and break a $1000....and when that happens you are going to witness a run for the exits that is going to make the oil crash a year or so ago look like a picnic.
So you better keep some more powder dry to blow your brains our when gold hits $550.
oh I see... it goes to $550 and all of the central banks that just bought gold can't put up what would amount to a few bucks from their foreign reserves to maintain the price wherever they want it.
I live in Asia...nobody here knows about Glen Beck, or charts, or the numbing talking heads who people in the US think are so important.
You can be reasonably sure that China, after telling its citizenry to buy gold and silver, are not going to hide under the table because a few suspender wearing dork traders on Wall Street want to work the price.
when China and India get tired of the nonsense they will bury gold shorts.