I hope I'm right, also... but, just remember, all my comments are subject to the 50/50/90 rule... this means if I have a 50/50 chance of being right, then there's a 90% chance I'll be wrong... I always thought I was indecisive, but now I'm not too sure...
I also intend to profit from any further weakness in gold, but i'll need a legitimate buy signal to get me back on board the long side again... but right now, the gold market has been going down, not only down against the U.S. Dollar, but down against the declining Euro... gold is apparently in some sort of implosion state, it seems all the bubble air has been rushing out of it... I think of a balloon that was fully inflated and then someone took a pin and popped that balloon...
Over the past few years, there has been so much talk and hype about how gold will easily break above 1900 and go to 2400 quickly... but instead gold is now half that price, i.e., just barely above 1200... in a contest between hype and the technicals, the hype loses and the technicals win...
This is not to say we won't see gold exceed above 2400 at some point, but we'll need a highly significant increase in the velocity of the dollar before gold can come to life... meanwhile, gold will remain in the intensive care unit in severely critical condition... I'm staying short...
Oh, and by the way, if gold rallies 50 dollars today, then I didn't write any of this... LOL!!!
GZ |
