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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Jamey who wrote (97203)	2/5/2004 3:22:53 AM
From: marek_wojna	Respond to of 116791

ECB decision today regarding interest rates and Friday employment numbers will affect gold one or the other way. If rates are dropped expect bad job creation numbers Friday.

To: Jamey who wrote (97203)	2/5/2004 12:12:48 PM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116791

James, gold has NOT been hammered. How can you call a 30 dollar sell off of a $182 up move "hammered?" I swear. The short-sighted never cease to amaze me. Here's an exercise for you, James: 1) Grab a gold price chart longer than 24 hours, 2) longer than 30 days 3) longer than 6 months 4) longer than 12 months. Find how many $30 increments you can find as gold has chewed its way off the $248 low? Now ask me the hammered question again. To use such an emotionally charged word indicates to me you are more swayed by emotional response to adversity than you are geared to spotting current opportunity using technical analysis aka facts, trendlines, support/resistance, Fibonnaci support/resistance, Bollinger Bands, etc. I've been on record many many years here on SI (check many posts between me and long-gone,) wherein I've repeatedly stated there was a difficult zone of Gold Price Resistance between $423.72 London PM fix and $432. Mostly in the minds of our European Gold Trading associates, but it's been then, like a tempting piece of guillotine shaped cheese wedge. I was just about the only voice in those days saying we'd punch through longstanding $430 "support" and head south, back when everyone thought price support at $430 was handed down to Moses in gel capsule (as opposed to tablet<g>) form. So we didn't punch through 430 and hold for basically the second serious effort in 10 years. *Big deal.* Second question: What will light a fire under it again? Not a damn thing has a chance until G-7 posturing in Boca Raton this weekend is over. Currently gold is trading like a currency, not like a commodity. As such it is in competition with other currencies, and very much politicized in the process. World politics has come to a semi-annual head these last two weeks, as the Europeans and others (Japanese) have jawboned their currencies to appear "in control" for the made for TV event in sunny Florida. The last G-7 event was September last. Take a chart gander at what happened to gold after THAT G-7 mumbo jumbo. The US$ currency is "broken" and 3 days of sun in Florida USA will not "fix it" nor alter its inexorable downtrend. Gravity will grab the dollar by the short hairs and raise the pointy ears of the gold bugs as the result. Just remember this...we have a generational bullmarket on our hands that only officially started in my mind as well as others...June 2003. Generational means 20 yrs give or take...just like the last cycle was 20 years give or take. Relax if you have a position. Add more here if you like. For God's sakes, initiate a position no later than Tuesday next week and then let it work for you while you go huntin' or fishin' or shoveling snow or whatever it is you do down in Oklahoma with that "red stuff you call dirt."<grin> Selah