marceau

Yet another DOW and dollar rebound strangled at birth. Sooner or later people are going to realise that stepping in front of the bear market freight train is a recipe for one thing - PAIN. That's when we'll get the capitulation sell, when the idiots have been burned so many times that they don't come back for more.

Indeed. Can it hold?

CIGA, he was talking about Royal Gold, a mining royalty company which a few of us on here own. $32 is resistance for that compnay. As for resistance on gold, I have no idea, the newsflow makes most TA redundant at times like these.

Fair point.

Agreed, it's been somewhat muted over the last few minutes. One thing's for sure, I won't be leaving my screen today.

If $1000 holds for a little while longer we'll shoot up again beyond $1010.

Haha. Just as gold crossed $1000 Royalgold inexplicably sold off below $31.30. It was like taking candy from a baby. Already out for $2500 profit.

Well over $1000 spot now.

Dollar index below 72 again. I think its about to have a very bad day. Should be good for gold though.

There will be plenty of gold short stops at 1000, 1001 and 1002. If these numbers get breached, gold will move up quickly. I'll be going long (short term) if it drops below $990 before restesting $1000, as that retest should come back around fairly quickly.

Bloomberg Hey, it's alright everyone. Inflation has been contained. The market (and particularly the dollar) is truly clutching at straws if it can rise on news like this. This month's drop to 4% CPI is at best a knee jerk pullback from last month's figures and at worst is complete US treasury bullsh*t manipulation. Either way, I'm assuming the markets now think a 75bps cut is a certainty on the 18th. I think we can all imagine what will happen if they don't get their way.

Ideally we'll get a brief pullback to $985 (causing an overreaction sell-off in mining shares, sucking in more shorts and allowing me to top up), followed by a spike straight into the $1020 - $1040 range. However, I can see the asian markets taking this one over $1000 tonight, so the above may be wishful thinking. Still, looking very good for $1050 now and we haven't even had the inevitable Fed rate cut yet. Edited as I was having trouble coping with gold at 4 digits.

I believe Eastern time has just switched from EST to EDT (ie, gone back by 1 hour). NYSE general market hours are 0930 - 1630, although there are of course pre and after market sessions. In UK time NY open would be at 1330, but early morning Fed dumps can happen in the premarket up to an hour earlier.

Agree with you Bubb. I'll be watching its perfomance closely when we cross the $1000 mark (provided gold decides to play). I'm hoping it will spring to life as the bearish/correction mentality in gold temporarily disappears and euphoria takes hold. Those are the times when a repricing of future prospects take place, not based on fundamentals (which we already know are sound), but purely on sentiment. I'll have no problem taking profits if it continues to lag, as that will set up another great buying opportunity when gold does its next set of consolidation/correction.

Always nice to help someone out. I think once gold crosses $1000 spot for any length of time, this one will start to get ahead of itself and do a large jump, maybe by over $2. There is a huge short position on RGLD, which had a major support leg knocked from under it when conversion of some preference shares took place on Mar 10. My theory is that they were hanging around to take advantage of the market having to digest $4 million of extra shares and would be starting to unwind their positions over the next few weeks. Gold's move should accelerate that process greatly. For those who are just reading this and thinking about taking up a position, it's your call, but I never buy strength in anything related to gold. So I wouldn't be buying today. Wait for a significant pullback, if one happens, good, if not, there are plenty of other opportunities and you will have preserved your capital to take advantage of them. Patience pays.

Just logged in to look at the charts. Absolutely fantastic. It looks to me like we're going to go straight through rather than get a large retrace. I hope so. It would be really nice to see the shorters get well and truly murdered on this one. Come on $1050.

Its Royal Gold (Nasdaq RGLD). I only topped up a few days ago, when it was below $30. Most of my holding was purchased last month for under $29. There's a thread on it in the mining section, and I believe it's one of Bubb's largest positions at the moment (correct me if I'm wrong Bubb). To be fair, it's been lagging the price of gold pretty badly since I bought it, but I've decided to hang on with it at least until we breach $1000 gold. By most indicators it's massively undervalued and I was hoping to see around $40 per share for it when gold moved towards $1000. That's still a possibility if gold's next leg up holds.

The dollar's dying today. Something massive must be sat on gold to be holding it down at the moment.

Or we could turn the other way. Either way, I'm sure your 'turn or break' moment will happen this week and I'm heavily inclined towards a move in gold's favour. The picture at the moment simply isn't conducive to a dollar bounceback and it will take 'wonky' thinking on an epic scale to move the greenback higher.

Dollar is on the brink at the moment. Maybe the US will finally start to see sense and realise that pumping additional liquidity in any form is NOT dollar positive. Probably wishful thinking on my part though. They'll likely just refit their blindfolds and stumble onwards into increasing danger. It truly amazes me that they think more of the same action will somehow produce a different result.

Moves in the dollar today quite baffling. I can only assume that many haven't made the link between increased money supply and inflation, as the rise in the dollar and subdued nature of gold seem so contradictory with the fed, ecb and boe liquidity injections announced this morning. Dollar and equities rebound will be short lived in my opinion.

Do you mean John Nadler by any chance? He is the senior gold analyst at Kitco, which I find hilarious because he is an outrageous gold bear. I doubt the Kitco forums will be too mad at him for badmouthing gold, because his reputation is already effectively mud and no-one with any sense actually listens to him. I listen to him though. He is my most accurate contrary indicator. Over the past two months he has been uncannily accurate at making the wrong call. Every time he calls for a correction gold moves explosively higher within days. Similarly, every time he turns bullish, gold consolidates or corrects. He seems to follow the mainstream maxim - buy high and sell low. If he's gone mega bear again it comforts me massively. As Goldfinger says 'BEST gold analyst EVER'.

Looks like the dollar spiked back up just because there was no emergency rate cut. This, of course, was despite the fed announcing increased liquidity pumping to keep the markets afloat. I guess that means the dollar is safe.

Woah, hell of a rebound on the dollar. Anyone know what just caused it?

It will be interesting to see how gold rebounds from the inevitable early morning NY smackdown. If it comes back strong I think we could be in for a good day. The additional liquidity announcement from the Fed should help quite a lot.