I think we are at a pivotal moment this week, and now is the time to put your money where your mouth is.
It's already in my mouth for a long while now.
Though I'm still slightly cautious because there are way too much technical damage done on the POG and there are still signs of massive liquidation/deflation everywhere. Not to mention guys like Jim Roger, while like gold, is still predicting USD may produce a further rally until next year before it is all over.
Of course, he may be wrong too!
and now is the time to put your money where your mouth is.
Emerging As A Clear Winner
In a most interesting development, Mr Ambrose Evans-Pritchard writing in the UK Daily Telegraph newspaper has reported that Citigroup has sent out an "internal client note" predicting that Gold is poised for a "dramatic surge" and could "blast through $US 2000 per ounce by the end of next year". There have, of course, been no shortage of predictions for Gold to go to "$US X thousand per ounce" in the not too distant future. This one is especially interesting because of the source. Given the fact that the Fed and the Treasury just this week agreed to guarantee $US 306 Billion "worth" of toxic assets currently held by Citigroup, one would have thought that this type of prediction was not part of the deal.
Nonetheless, there it is.
As you know, Gold peaked on a spot future closing basis back in March this year. At that point, it had risen by 300 percent (that's actually a quadrupling in price) since its 1999-2001 lows. At its spot future close of $US 816.20 on November 28, Gold had risen by about 226 percent (or about three and a quarter times) since those lows. There is nothing else in the way of financial (paper) assets, or for that matter real assets like other commodities, which comes close to that record.
Nothing else?its 1999-2001 lows. At its spot future close of $US 816.20 on November 28, Gold had risen by about 226 percent (or about three and a quarter times) since those lows. There is nothing else in the way of financial (paper) assets, or for that matter real assets like other commodities, which comes close to that record.
I haven't seen any EW count's here for some time, so I'm putting mine up, with my two main alternatives for critique.
Whiskers, correct me if I am wrong as I am still tinkering with EW
Where you have labelled wave (ii) and (i) - if this is part of a motive wave - wave (ii) shouldn't retrace more than 100% of wave (i)?
Hi mazzatelli. I'm pretty new to EW too.
Maybe I should have labled (1) as (a) and (2) as (b), as I am anticipating (for lack of other realistically foreseeable alternatives) an Expanded Flat for wave 3, consequently making the larger cycle a Diagonal Triangle where wave 4 would retrace most if not all of my anticaped wave 3 by late 2009 or 2010.
Of course, as I mentioned, if the latest low is a fifth wave down, we must be in the corrective abc now and ultimately headed lower still towards (I think roughly) mid 400's. I just can't imagine any circumstamce where that might happen, yet.
So, assuming that count isn't right it seems we're pretty much left with an Expanded Flat leading off the next leg 3... unless someone can enlighten us to another count alternative... or the ar*e falling right out of gold too in the near future.
The market is punting on deflation for the medium term... not good for gold on the face of it.
anyone here try to order physical gold from the dealers.
My brother called up yesterday and there's a wait til FEB!
If you want immediate delivery they put a 35-40% premium on the spot price!
anyone here try to order physical gold from the dealers.
My brother called up yesterday and there's a wait til FEB!
If you want immediate delivery they put a 35-40% premium on the spot price!
The market is punting on deflation for the medium term... not good for gold on the face of it.
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