let hope you are correct... I unloaded 6-7% yesterday, wanted 10, but there were not enough buyers at 0.185 post peak... keeping the rest, expecting some development
envy your "not worried at all"... I probably made a mistake but just sold half of my positions for 30% profit. have some gut feelings there will be a "meeting sell off" today. otherwise, yes, it will go up, but time matters.
thank you. it worked.
using contrarian tactics, I got too early out of gold and still eating my b_lls... anyway, whish you good luck.
it smells a correction is going to happen -- oil up or gold down or both... back to 15 b per oz, but who knows what else exuberance could happen. it also depends on the dollar
as the rally is purely technical, you might be right. it broke 10-day average and if it stays below until tomorrow, yes, but there is chance to repair and continue the momentum
hopefully, you are correct this time. it's been quite long base with low volume on downsides
yep, you are correct. there are huge players with billions of dollars and they use all psychological deceiving mechanisms to the last dollar of normal people. it's the game... use it or loose it.
paul, I was sarcastic this time. do not believe the oil appreciation is over yet. not at least until gold is running up at such ratio to oil
it smells like release of tension to me -- the nervous folks sell... but can be wrong of course.
the ratio of gold to oil price is about 2.5x the historical one: thus, oil seems cheep and has to go up. but of course it all goes through the dollar, so go figure it out.
Ray of Hope
However, the end of the tunnel for the E&P space seems to be drawing to a close. According to a report by UBS AG ( UBS), oil is slated to recover to $55 per barrel from the current $34 per level in a year. However, the report is also apprehensive of a spike in international oil supply, which the agency feels would only delay the recovery.
here is portion of news covering the subject:
"Under the old system, (gold) backed up currencies,” Lee explained. “The U.S. dollar was tied to gold. One ounce was worth US$35. Then in 1971, for lots of reasons I won’t get into, Richard Nixon took the United States off the gold standard.”
Gold and dollars were interchangeable until that point, he said, but in the modern financial world, the metal is no longer considered a form of currency. “It is a precious metal, like silver … they can be sold like any asset.”
The amount of gold the Canadian government holds has therefore been falling steadily since the mid-1960s, when over 1,000 tonnes were kept tucked away. Half of those reserves were sold by 1985, and then almost all the rest were sold through the 1990s up to 2002.
By last year, Canada’s reserves were down to just three tonnes, and the latest sales have now halved that. At the current market rate, the value of 1.7 tonnes of gold comes in at just under CAD$100 million, barely a drop in the bucket when you consider the broader scope of federal finances.