Nice consolidation @ $433. Are we ready to test $450 early next month? Considering the fundamentals I am truly surprise how poorly gold has performed this year.
1. Employment creation is low. Also look at the quality of the jobs. 2. The deficit is getting worse not better. Last figure above $60 Billion. 3. Oil is not moving below $50. Will slow consumer demand in the US and increase our deficit. 4. Housing sector is finally slowing
My guess the next FED increase will be the last becuase the economy is slowing already despite the "low" rates. I think the perfect storm is finally arriving creating an opportunity for gold to move above $450.
I could not resist and bought a lot of NEM @$40 1/2 this week. Good year trading except for GSS. GSS is a realy TORM on my side. Reb, do something about it? I have 11,000 shares of GSS that I want to puke everthing I see it. If it gets near by cost basis @$2.88 I will be tempted to dump it.