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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Incitatus who wrote (55472)	8/28/2006 10:59:10 AM
From: mishedlo	Respond to of 116555

Golden Slumbers schaeffersresearch.com A Shift in Market Posture on Precious Metals 8/28/2006 9:24 AM ET By Bernie Schaeffer The story is told of the power of gold And its lure on the unsuspecting It glitters and shines It badgers and blinds And constantly needs protecting ----"The Power of Gold," Dan Fogelberg, Twin Sons of Different Mothers (1978) Last week in a Schaeffer's Media Outtake, I noted that: "... my sense is that gold has become just another hot-money toy that could actually get clobbered should risk preferences sharply contract." Technically speaking, things are slowly crumbling for the precious-metal group. That's not to say all is lost from this perspective (gold futures and the major indices remain above their 10-month moving averages), but the unabashed strength that perpetuated the rally during the past two years or so is simply not there anymore. The StreetTRACKS Gold Fund ( GLD: sentiment, chart, options) , for example, is fighting with resistance at its 80-day moving average, which once served as support. And long-term gold futures (GC/ - 627.40) are waging a similar battle. .....