[Dukat_Reloaded]

no, I think kitco stuffed up the prices. still in the $630 range

[truecougarblue]

I'm expecting a run to 650+ early next week, (I'm still in and up on my longs with sloping stop losses.) followed by another significant correction, possibly to the 590s. After that, I don't know if the big shorts are going to be able to keep the game up much longer. Don't despair if it goes below 600. Fundamentals are fundamentals.

[seahorse2]

I continue to think the price of gold recently has a lot to do with the Iranian situation. Back when things were looking ugly at the UN Security Council, gold shoots up to $717 per ounce. Then, negotiations with the EU begin, drops way down. Now, Iran suggesting won't consider latest carrot/stick idea, bc won't suspend enrichment, goes up $10. I don't think this is just coincidence. The price has been as crazy as the negotiations.

[Chaparral]

The lease rates sure plummeted today. I guess no one wants to lease the stuff and short it? I have to agree with the Cougar; will likely see what it does tonight in Asia and London and keep chasing it's rear end with stops- same with silver.

[deconstructionist]

the Fed sort of announced they'd be raising interest rates. the dollar is up vs almost all other currencies and gold is dropping quickly. $626.50 currently. how low will she go? my holdings are soley for the purpose of safe-haven savings. i'm thinking when it hits $600 i get on the phone and buy up some more bulliion...

[truecougarblue]

I'm back at cash after making my money this month. I wouldn't be a buyer before middle of next week unless we see another 5% down first.
I may play the short going into this weekend. I hesitated last time around and left alot of someone else's money on the table as a result.
I'm still calling 590 or lower by next week.

[drew]

Dammit you guys, quit calling it lower...

you're jinxing my CEF....

What did you say cougar?

Fundamentals, fundamentals....

mind you the correction was overdue...

Drew

[Dukat_Reloaded]

Hmmm, oil dropping while gold rallies. figures right?, just goes to show no one can predict this market at all.

[truecougarblue]

Rally?

Intraday maybe, but we're still well below Monday.

If I'm wrong I'll cry over gains lost, not capital lost.

[Dukat_Reloaded]

intraday oil fell while gold rose in NY. Sorry for not being clear.

[o2ny]

Well Bernanke really yanked the rug out from under the gold rally with his 'tough guy' talk about inflation, but really- how many rabbits do the feds have left in their hat now... everybody knows inflation is coming (see OIL), but raising interest rates as the economy is already entering a slowdown is sheer madness. Stagflation anyone? A couple more moves and then Ben is checkmated. Gold wins.

[greenworm]

Bernanke didn't really do anything, I wish I had his job. All he did was take credit for lowering the price of gold, which isn't hard considering he more than likely knew the following was going to occur. This was an effort from Buffet, Goldman sucks, and other hedge funds. Ah, look at that, Mr. Paulson (former Goldman sucks) is now treasury secretary, hmm, looks fishy, smells fishy, must be fishy. Remember you are playing with their assets, not yours. They have the capital to dictate what the price will be at any given moment, you are merely on the ride.

[greenworm]

Most of the original lows have vanished from the gold mining stocks, I knew a drop to 610ish would do the trick. Wake me up if the elevator starts heading the other way.

[o2ny]

Yeah I'm wondering if we're getting close... they say 610 is a major level of support so that could be the bottom. If it goes below that, it could go all the way to 545-550. So they say. This might take awhile to sort out. I think the market might just meander sidways for month or so...

[greenworm]

I like $590 and here is why. I am historically $20 dollars off. I called $750 as a top and I called $610 as bottom. There's ya technical analysis for ya! I hear a lot of analysts predicting $590, but it's the buyers/sellers that will ultimately determine this roller coaster. Oil is coming down for a change which hurts the cause, funny how that Zarqawi got taken out the day after Greenspan decides to tell it like it is on oil. Doesn't it remind you of the week gold got murdered despite the inflationary numbers the gov't kept spitting out. Set the sheep up for slaughter. I told my wife I should short an oil stock after I heard Greenspan and she looked at me puzzled, saying that doesn't make sense. And I replied, "exactly!" These plot lines are way more elaborate than your average soap opera, who thinks this stuff up?

[truecougarblue]

I've locked in a small gain shorting the miners on this. I'd like to see 590 before I go long again. My feel is we're on the way back up by the middle of next week.

[Dukat_Reloaded]

When I first started this thread I said that copper that week would fall close to $3, I was wrong, it would take 1 month instead.



Right on gold, right on copper and wrong on oil. I believe high oil prices are pushing copper down now. So I mean it's complex but it's definatly interesting, everyone assumed high oil means high copper because they are both commodities, but high oil prices are scaring people from copper due to fears of slower future world growth. This has played on gold somewhat as well. I didn't have this view in my orginal analysis of copper before, I believed all commodites would tank, I didn't think all but one commodity would tank being oil, and then that oils high price would then put further price pressures on the other commodities, you need a brain the size of the moon to calculate everything and how they will play out together. No matter how smart you think you are, it's not match for the probabilites of the universe so allways invest conservativly because if you don't you run the risk of being wiped out instead of just a 10% loss which you can easily recover from.

Right now, play it safe, play it conservativly and over the long run you'll be a winner.

[greenworm]

Today's chart looks like yesterday's chart but a couple of steps lower. Anybody off the top of their head know when Bernanke's next rate raising meeting is? CNBC talked about inflation all morning, run sheeple, run!

[Heineken]

Metals, fuels, etc., being sold like there's no tomorrow! It goes on relentlessly. Crazily short-sighted!

[Battle_Scarred_Galactico]

I thought Chinese demand was pushing prices up.