<<You will see stock market dump, RE dump, bond market dump, dollar dump - the whole bearish fun enchilada.>>
"The whole bearish fun enchilada" includes Gold.
<<No way. This is very desperate official intervention before a
currency run>>
I try to stay away from unqualifiers such as, "no way" in a bear market because the backdrop is uncertain.
The trading session is still young. So, there is still "hope", of course, for the bulls. But what I am observing here is quite alarming thus far for the POG. First off, the mining stocks continue to break down. If GDX does recapture the $42 level, another 20% haircut and retest of its 52 week low looks likely. There is a head and shoulders pattern here. Secondly, $HUI is also at a critical juncture. If that index does not reverse "en pronto" here, a decline to the 295-300 level appears likely.
A global economic downturn will most likely depress the POG short term.
As always, the Market will be the judge.
I remain short Gold, Nasdaq 100 and the 30 year Bond. |
