The first auction on July 6 was $261.20 and it was 5.2 times covered; in the second auction on
September 21 it was $255.75 and 8 times covered.
In my eyes, the auction went very well. there was a 35+ dollar increase in price from Sep 21 auction at 255.75.
I was wondering on demand at higher price, market has spoken. I am very happy it fell in the trading range of late. 290 to 300, if it would have been lower than 285 , that would have been a real bust. IMO.
XXXXXXXXXXXXXXXXXXXX
But here's a significant signal. For the first time since February
1999, the shorter-term MA on this chart has moved above the
longer-term one. Here is where the two sit as of the Gold close
for the week in New York on November 24:
20 Week MA: $US 277.60
40 Week MA: $US 276.97
"The longer-term MA (the 40 week one) is flattening out. Looks like the two averages will
converge somewhere between $US 276-78."
(From Nov. 19)
When this last happened, the Gold price was well below both the averages. This time, it is well above
them.
Now, couple that with the formation on the longer-term chart. See how the chart spent three weeks
bouncing exactly off the top of its post-1996 downtrend line? And see how it has lifted off from there,
coincident with the cross over of the Moving Averages.
Gold has taken a two day holiday in New York. On Monday (Nov. 29), it will have the results of
another Bank of England auction to contend with. Right now, it is right at the top of its recent $US
290-300 trading range. With all the technical factors here coming together, any breach of $US 300 is
becoming more and more significant.
XXXXXXXXXXXXXXXXXXXXXXXXX
the-privateer.com
Now we wait, for the market to show its hand.
Mr Market showed its hand, its 293.50. !!!
Not bad , IMO.!!!!!! |
