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True.
Also the Venezualian CB is now buying
http://www.bloomberg.com/apps/news?pid=20601086&sid=aVL5dFLFQ52s&refer=news
gold is up a staggering fifty bucks at present - the reason it isn"t helping the Aussie is that this is a defensive move into gold, and a general de-leveraging of market positions which is hurting carry trades. ............Kauri
True.
Also the Venezualian CB is now buying
http://www.bloomberg.com/apps/news?pid=20601086&sid=aVL5dFLFQ52s&refer=news
Many traders in the commodity currencies have been left scratching their heads with gold rocketing some 5% on the day and showing no correlation to Kiwi price action which traditionally would be bid on such a rally in gold prices. However, the reason for the breakdown in the correlation has more to do with the factors behind the run up in gold. Maybe gold is now starting to trade back on the traditional themes of a hedge against risk and flight to safety rather than the gold that had been driving higher over the past years on the growth story. If this is indeed true, then Kiwi would not benefit in the same way from the higher commodity price as the driving force behind the gold move would be based on heightened risk aversion, something that forces Kiwi selling. I tunk... and hope..
Crude Invent. Down 6.3 mln; Gas Down 3.3 mln
Cheers
..............Kauri
Throw away the charts, entering uncharted territory dictated by fear, greed and dare I say it, official intervention (in all markets) where necessary?
A period of $50 daily swings in POG, lot's of money to be made (or lost) on the swings ie nice $20 spike down to $764 just then then bounce up again. DXY up/down 2 pts!
This is going to be a wild ride! Decoupling time?
Decoupling.... what/who is decoupling now.... not the old "the world economy from the US economy " chestnut, that decoupling theory actually derailed... so who is decoupling from who... now ???
Cheers
...........Kauri
Thanks for making some sense of it.. what has really blown me away tonight is the complete lack of correspondence between what gold is doing with what the USD, Euro and Oil are doing. It's very unusual. Maybe it does suggest that 'the market has changed'.
Its all about flight to safety.
With the volatility that's coming TA may be not much help, but thats not a flag forming as we speak is it?
Those who went to bed early are in for a shock in the morning!
Whoa there Sapphire! Give it a day or two to get to 943. But 843 is not a bad effort for one session.Oh are they what! Up a cool 60 bucks so far at 943...
Why still optimistic ....
The biggest reason is in the event of a USD/global currency related black swan sort of event I still see gold as having the potential to rise very sharply and significantly.
BTW, my short term Idiot Wave forecast for gold after today's move is for either
1/ Price continues strong upward momentum
2/ Price retraces some part of this move before moving up
3/ Price retraces all of this move before moving up
4/ It's all downhill from now
5/ Price stalls and moves sideways
Investing in Gold ? Just curious.
I presumed that most Gold investors simply invest in companies that mine gold.
Is it possible to directly invest in the gold price, or do you have to actually physically buy and keep it ? You can invest directly in the commodity price right ?
BTW, my short term Idiot Wave forecast for gold after today's move is for either
1/ Price continues strong upward momentum
2/ Price retraces some part of this move before moving up
3/ Price retraces all of this move before moving up
4/ It's all downhill from now
5/ Price stalls and moves sideways
A few US Gold Index have now filled gaps that they made in December 2005.
I always thought that for them to be able to fill the gaps POG would be about US 550-630. However it appears that needs not be the case. The various US Gold Index have made a significant bottom. POG will follow higher quickly. The US $ will now more than likely drop 50%. Of course when the GM market starts its next wave down Goldies may follow to a degree but should not take out this bottom otherwise (POG may be ready to start a Bear).
How confident am I
Never purchased options before until a week or so ago had to be 99.99% correct of the direction, price and time
So bought Puts sold them wednesday.
The out of money call options on NCM, LGL, OZL I purchase on thursday and friday should be well in the money over the next few days. And I am not selling quickly.
The stocks led POG down now they will lead it up
But POG may have huge daily moves but mainly up.
The train has left the station!!!
(but remember we may have to have a few stops along the way for the GM markets. And to Pick up survivors, late comers and new believers )
Gold still hasn ´t made a higher high or low yet has it....or broken critical resistance around $800. Therefore how can anyone have called a difinitive bottom... other than pluck.A US Gold site I subscribed to picked the bottom last week.
All the out of money call options I purchased. I think are going to be in or near money now/soon
I also said wave three had started.
I was wrong its only wave TWO
Gold still hasn ´t made a higher high or low yet has it....or broken critical resistance around $800. Therefore how can anyone have called a difinitive bottom... other than pluck.
Hope it was though for you bean.
But werent you calling for $600s......
as hell...
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