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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (5780)	8/2/2007 10:24:17 AM
From: RonMerks	Read Replies (2) \| Respond to of 50220

Re- 'do you disagree with that?' I absolutely, completely and unequivocally- disagree that gold's trend has not been broken. Gold is no longer in a bullish trend. If you took the DOW and drew a long enough 'longterm' trendline you could argue that it's trend has never been broken. We can argue about where to draw the trendline from- until the cows come home. It's clear fundamentally, technically and from a sentiment standpoint- that gold has been broken. Doesn't mean that it can't breakthrough and become bullish once again, but it's bullish trend has been broken imo. I think the gold bugs missed a serious watershed event- in that gold is no longer functioning as either a hedge against the falling dollar, as a flight to safety in time of crisis, or as a negative coorelated haven from broad market distress. Hell, let's throw charts and TA aside. Charts are theory. Let's talk about how gold has actually performed. 1.Gold failed to move when the US Dollar tanked to new lows. 2. Oil- not gold, has become the geopolitical hedge vehicle of choice. 3.Gold and gold stocks have went down right along with the broad markets, when they've sold off. Historically, those are the three reason one owns gold. If that's isn't broken- then I don't know what is. I would prefer that it wasn't, but it is- broken. Ron