and when you see Gold - GLD up only a few cents after a $47 drop the day before, you know both will sell off today. Gold just blew through the $1200 mark and now is headed below $1100 before the year is out. Possibly before Christmas. And GLD my friends is head for sub $100 by end of year.
Agreed - seems most posters right now must be spending their time counting their Dust money versus posting here.
and then really drop next week. Nugt sure looks like "road kill" to me. Short term and long term.
and if you don't believe me read what the pro's are saying.
Sean Lusk, director of commercial hedging with Walsh Trading, said Bernanke’s comments might have changed some traders’ view of the Fed’s decision. “It was clear once he began speaking that they were going to take a very systematic approach to unwinding QE,” Lusk said. “I view that is bullish dollar and very bearish metals/gold going forward.”
Lusk said bears may take this opportunity to pressure prices through some recently strong support levels at the December low around $1,210 and very likely $1,200 or lower. “It’s possible we’ll see them go for that psychological round number level,” he said.
Look for Nugt to fall hard tomorrow as no one wants to be long Gold and no one what gold mining stocks.
The Fed today set the stage for a Gold Correction this month and all of next year. Fed basically said QE going bye-bye, which means dollar strengthens and gold heads South (big time). Looking forward to waking up tomorrow and seeing GLD down 8% -10%.
and with that Dark Cloud hanging over GLD - this long gold ETF is about to be cut in half over the next month or two. GLD I'm afraid is about to be the worst performing ETF for all of 2014, if not all of 2015.
Well its a 50 -50 shot but the odds have increased of the Fed cutting back since there last statement. If I was a betting man I bet GLD drops tomorrow since QE is going bye-bye this month or next and GLD looks heading for sub $80 sometime in early January.
GOLD set for a major collapse as traders run (not walk) away from this tarnished metal. Thinking GLD could drop below $113 tomorrow on news that the House of Representatives just pass a two year budget agreement.
Uncle Ben sharpening his Taper Knife to take a nice big slice out of GLD next Wednesday.
This guy is a "Hawk" and he will counter Yellen. Furthermore Gold is set to fall as we get closer to the Fed announcing they will taper in December or January. Lastly , no one deep down in D.C. wants another Mexican standoff with the federal budget. Look for the House to pass a budget bill this week and Senate to approve it next week. Gld could under $100 a share if budget passes both houses and Fed tapers this month or next.
And you know gold - GLD will pick up speed to the downside as we get closer to Fed Jan. 17 - 18 taper decision. Gold is now pretty much history since if the Fed takes no action in December, they certainly will in January. Fed is lacking credibility especially after the September fiasco when they punted and did not taper. Now with improving jobs numbers, gdp, etc., the Fed has to put the brakes on QE or they will be a complete joke. See you all at 115
Come Monday markets will hear St. Louis Fed chief James Bullard, a centrist, and two who want the Fed to quickly end its bond-buying: Dallas Fed chief Richard Fisher and Richmond Fed chief Jeffrey Lacker. Majority of Fed members now want to end QE, so Bernie either starts in December or more likely gives a strong hint that the Fed starts tapering in January. You know GLD is going down simply because the Fed is now forced to taper sooner versus later. Question is how big of a plunge does GLD swallow week in, week out.
Gold sentiment suggests that the worst of the decline is no where near over. In fact it just beginning with the Fed to taper over the next 90 days.
Think we will see major profit taking today. Investors big and small have good memories and remember Apple falling $25 - $35 over a two or three day trading period. Its happened before and with CM news out, you might see stock drop as investors says "I'm out for the rest of the year".
Stock will take a major hit today and next week.
when Congress passes budget agreement and says "no more govt. shutdowns - last minute deals". So with the Fed about to taper over the next three months and Congress getting along gold has only one way to trade. Straight down.