JimL,
Yes, it kind of brings up those deflation posts from isopatch, doesn't it?
Gold drop today was a coordinated move or a panic. Since there is nothing to panic about in gold, with real interest rates approaching the negative range and TA OK, I can only make the assumption that it was a coordinated move, a manipulated move. By market players, hedge funds or PPT I know not, but the chart reads it like a headline on the front page.
Therefore, I have no targets other than to note we have had four such moves since 9-11 and they have run from 4-11% downside.
If the move is deflation oriented then its "Ashes Ashes All Fall Down!", eventually, but gold will probably lose less than others and could even gain. Note the qualifiers, ggg.
In any case I'm out of here for the day, other things to do and no reason for me to waste my time watching the market while they've got it in thrall.
Best,
Roebear |
