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Politics : Technical Analysis
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To: The1Stockman who wrote (14041)1/3/2014 12:55:12 PM
From: Robov  Read Replies (1) of 14245
 

Maybe so, ... and I dont think anyone here is ruling it out, ... many here and elsewhere are under the impression that we will see $1,080/$1,030, and if it does, it wont be due to Fundamentals, it will be manipulated lower for the sake of the U.S-$.

I have a very good friend that has been trading the Venture exchange for almost 35 years. He knows this industry inside and out and he says these guys calling for $1000 gold are completely out to lunch. Won't happen. Of course everybody has an opinion, but he says it is not in the best interest of TPTB to take gold below it level of production costs as it will force miners to shutdown or go into maintenance mode which is quite costly apparently and the cost to then get production started again is costly. Add to that the issue of dramatically reduced supply which is already extremely tight. I remember Trader Dan saying something about the Fed and low gold prices.

"The question I still have in my mind is how the Fed is looking at this fall in the gold price and whether it is becoming a concern to them at this point. I do not think it is UNLESS it breaks chart support and REMAINS BELOW THAT SUPPORT for an extended period of time. Spikes below support followed by rebounds in price that occur quickly will not disturb them whatsoever as that can be rightly attributed to market volatility. Low prices however that remain are a more serious signal. Gold is signaling no fears of inflation currently exist. If it sinks further and will not pop back, it will be signaling the potential return of deflationary pressures. That will be a problem for the Fed"
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