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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%Nov 12 4:00 PM EST
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To: Crimson Ghost who wrote (62453)1/4/2001 12:22:41 PM
From: SliderOnTheBlack  Read Replies (2) of 116758
 
G Cole - re: no gold move on the Fed Cut ?

... George, George, George;

Do you think Easy Al; is really that stupid ?

Now, what is a "surprise intra-day Fed Cut" ?

It's a market "intervention & stabilization".

Do you REALLY think that Greenspan & the Fed; would just throw out a .50 bp rate cut "naked" ?

No.

The Fed had a job; to stop the foreign repatriation from the US Dollar & equity markets & to stop the bleeding & soften (too late) the US economic landing.

Grenspan & the Fed would do 3 things imho in unison.

1. Prop up the US Dollar
2. Supress the Price of Gold
3. Announce the Rate Cut

Why would they waste a naked, unprotected .50bp rate cut; without protecting/supporting the US Dollar ?

Would they let the US dollar continue to slide into the face of a Fed Cut ?

... hell no; they couldn't take the chance.

Also; would they dare allow Gold to rally as a contrarian "alarm" indicator ?

... you bet your ass they wouldn't.

...give gold some time.

I would think the XAU may weaken due to an exodus of some flight to safety money that arrived here of late - possibly getting what I anticipate; a double bottom re-test of the XAU low 40's levels. - that would actually be a good thing imo.

But; if the XAU holds here; especially into some POG weakness - BAMM ~

Think a wee bit outside the box here GC & give Easy AL some credit - he would NEVER let a rate cut float out there "naked" without supressing Gold & propping up the Dollar... give it some time.

The Fed cut is too late & fails to address the fundamental problem of still inflated equity valuations & falling earnings & revenue into the face of a still less than soft landing imho.

Gold will have its day.... stay in the pocket & be poised for a double bottom re-test... and again; if the XAU does hold here - that's saying something ~

good luck
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