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Strategies & Market Trends : The coming US dollar crisis
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To: Real Man who wrote (25140)12/3/2009 7:34:01 AM
From: carranza21 Recommendation  Read Replies (3) of 71402
 
The gold market is acting very strangely. Very much overbought. A correction should have taken place long ago. Perhaps the rumors about there being excess paper gold are making inroads. Mylchreest makes a very good case for this to be true in the huge London market. Others, whose veracity I cannot vouch for, argue the same is true in NY.

Have you had a chance to read Mylchreest's report?

Is there any way to determine whether there has been a historical up trend in delivery? I think that if we see increased deliveries, it might be reasonable to think that buyers increasingly do not trust the market, which would perhaps account for the continuing uncorrected trend.

And let's not forget that the Chinese are intent on increasing their gold reserves very substantially. I think this is probably the main impetus to the present price.

All in all, yes, apparently overbought, but the reasons that may explain it are good reasons, not necessarily indicative of a mania, esp. the Chinese plans.
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