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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: TimbaBear who wrote (91248)2/5/2008 4:51:31 PM
From: Mike Johnston  Read Replies (2) of 110194
 
Gold did indeed generate a 3-way short term technical sell signal on Friday:

1) "New high breakout failure" pattern on the daily chart ( 923 on April futures)
2) Momentum non-confirmation at the recent highs
3) previous 4 days support breakdown

I did short some futures at 915 on Sunday evening, was hoping to put some more on around 920, but it never got there.

Guess what am i doing with my short profits ? I am buying more physical ( i am still holding my futures shorts, which can change at anytime )

When it comes to gold and inflation I probably have been one of the most bullish participants here on SI.

I have been bullish on gold since 350, have been wildly bullish on the recent run from 700 and i will not sell my physical until we get to at least 5000.
While a 150-200 dollar correction in gold is always possible, the bull market is far from over.

The fundamentals of gold are better than ever:

- sharply negative interest rates ensure that anyone holding cash will lose money

- massive increases in world money supply even accounting for credit losses

-psychology is still in the process of shifting from worthless and fraudulent paper to tangibles

-there will be an epic battle waged by governments to prevent an economic collapse. They will engage in truly desperate and unprecedented measures. Of course they will fail, but their actions will result in collapse of many paper currencies and very high inflation.
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