Agree - but not dramatically. Bigger question is what does it do over night. I'll be holding Dust into tomorrow because I think Asian markets and then Europe markets will dump gold after the $40 spanking it took today, Who wants to go long Gold when you start losing fingers and toes betting the wrong way.
and going to fall further tomorrow. When you see the dollar strengthen (again) the market go green after a 300 point jump and gold drop $40 you know the yellow metal is going to crater again tomorrow. Who in there right might wants to try and catch a very sharp falling knife?
Does Gold Sell off Tomorrow and if so by How Much?
I say the sell off continues tomorrow because
Asian markets will dump gold as the U.S. stock market is higher again
Dollar is strengthening again
Panic selling kicks in with $40 plus drop today
Now the Hard part
I say Gold sells off $15 to $20 tomorrow but might miss high or low.
Any thoughts from Board?
but the real good news is that this baby will double by January and possibly triple come March - April, Fed going to taper every month now as gold and gold mining companies crumble.
Just sold - Stock is set up for a big sell off with no new products on the horizon and China Mobile pretty much saying "we don't need iphones" to make money. Its a mistake to hold here thinking the stock will go higher. If anything it looks like the company could miss big time next few quarters and stock could retest $450 or lower.
China Mobile playing hardball with Apple and one has to wonder how far Apple stock could drop as we get another China Mobile delay, after delay, after delay. Today's CM announcement that the company is in no hurry to sell iPhones will hurt Apple stock, Big question now is will the blood letting stop at $520 - $530 today or head lower tomorrow, next week?
and maybe lower. China Mobil in no hurry to add iPhone and rumors are that a deal won't happen until mid-2014. Also, CM telling Apple they will not subsidize iPhones like other phone carriers so Apple could really fall if we get more negative news. With no new products out for several months and no iPhone deal in China, this stock could quickly retrace back to $400's levels.
Gold going to drop $20 to $50 every week, until we finally bottom around $350 an ounce next summer.
North Korea has no gold, can not buy gold and spends more time killing high level relatives of fat boy dictator then threatening neighbors. GLD drops 5% as more North Koreans go hungry and a few other heads roll..
With the House passing the budget bill tonight gold gets hurt on two fronts. First, the House move directly reduces political risk with regard to fiscal policy – the House bill removes the possibility of a government shutdown. Second, it also has an impact on forecasts for monetary policy. By reducing political uncertainty, the possibility of an agreement also raises the odds that the Fed will begin to taper its monthly bond purchases at next week's December monetary policy meeting.
GLD is now set up for a major sell off. It will start tomorrow but pick up speed next week as we get closer to a very possible Fed Taper.
Because tonight the House sends goldbugs flying into the flames, as they approve a two year budget with no strings attached. Now all we need is for the Fed to taper next week and we all will be dancing on GLD's grave.
question is will you be in the correct trade (position) to enjoy the $100 gold sell off that is coming any day now?
and you know it will sell off day after day going into Dec 17 - 18th. And then after the Fed speaks it crashes and burns never to return over $1000 an ounce much less $500 an ounce - when it dips to $400 in April 2014.
“This seals the deal on tapering at one of the next three [FOMC] meetings,” says Zandi. “My suspicion is it will be March but if you told me it would be in January or December I wouldn’t be too surprised.” With tapering outcome now in our headlights gold has no where to go except down.
See you all at $116 a share (maybe lower) on Monday.
Market is forward looking and GLD see's Taper in Bright Lights heading towards it. Maybe not as fast as many think but its coming and that train wreck for (FOR GLD) will happen sooner versus later.. The Fed tells everyone next week QE is on the way out and with that news gold crumbles.
and looks like it will test $105 to $110 this Friday. And under $80 a share by Christmas
Both Gold and Oil are set up for a massive correction. Gold will fall throughout 2014 as the U.S economy picks up and the Fed starts to taper. Look for Greece, Spain, Italy, Iran, etc., to sell their gold holdings to raise cash. GLD will set new 52 week lows in December which will continue for months on end. Oil is also set for a big correction to the downside as Iran gets ready to pump more oil to willing buyers. Oil inventory report will show oil/gasoline building in the U.S. as more refineries come on line at full capacity.
Come Christmas gold could be trading at $100 - $1100 an ounce and oil could be under $85 a gallon. Best to stay away from yellow gold and black gold since both are going down - big time.