I read that on the way to work. I bet newsweek or time will have a cover with a big gold bar on it real soon. Buy gold! Buy gold! Someone's got to keep this rally going and it's not the large speculators (hedge funds, big traders, etc.) cause they're already in. So that leaves the public.
Look at the massive amount of gold that GLD owns, just for its investors. Just imagine if gold drops down and people start selling GLD. They'll be forced to liquidate all their gold. Gold could completely collapse.
Back in 87 gold was 880. It fell to lower 400's. Anything can happen but I think it will happen soon. BTW I don't want to sound like I'm married to a short gold position, I'm ready to go either way. If I see big volume and a continuation up then I'm ready. But I'll have a very tight stop on it.
I wouldn't want to short gold. you are a brave man! the US government is bent on propping up the market with trillions of dollars. They must crush the dollar to pop up the market! dollar down, markets up, baby boomers fat and happy! and they (fed) are purposely trying to make it cheaper for other parts of the world to buy our goods cheap. this will help get the economy humming again. that's why you weaken a currency in contraction period (econ 101). these are major macro market cycles you are fighting so just keep that in mind. this gold rally isn't even close to over. maybe in 2012 and when the price is that high per oz too ($2012)
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
You're getting into fundamental analysis and I don't go there. I let the best fundamental analysts in the world debate it and then I join the side of the winner. I often takes me a few tries to get on the winning side (sometimes I think the debate is over but it's not) but usually I'm on the right side in the end. The winner can't hide, price gives him away.