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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: akgoldbug$20K who wrote (30877)8/28/2011 9:43:16 AM
From: Wade1 Recommendation   of 48092
 
$1580 is the high of May as well as the July lift off point, which should be an extremely strong support. However, there are many things have happened since that propelled gold to $1900, then pulled back to $1800+ at this moment. Despite those are impulsive rally, the fundamental reasons actually points to much higher gold price in the mean time when more and more people realized that they have to allocate some of their assets to gold. For them, any pull back is a good reason to buy. I agree with TSL that any pull back would be shallow and fast. We shall see if it happens that way.

I know some very serious investors they figured that they are going to buy physical gold any way before it went a lot higher in the near term and into the future. They have missed the train long enough and won't miss it again. Lots of sides to consider. Many traders/investors mistakenly think US gold market is the one they are trading. Actually they are trading with/against the world gold market that is pushed by the weakness of the "trade weighted broad USD index". Any one think Chinese and Indian physical gold demand would determine the outcome of the POG should start paying attention this index instead of the major USD index.

Have fun. <G>
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