woody

Just touched $896.08, guess it will drop now...

I reckon it'll sneak through.Too much bad news elsehwere today! Still seems strong although that could look like wishful thinking in a bit :-)

W

Took oil nicely through $130 as well. I'm slightly gutted to have missed the last mini ride. I had a speculative £1/point order to open on August crude at 12175 which didn't trigger (missed by about 30 pts from what I can see on the charts). Now trading at 13318 ... would probably have been the easiest £1k of my life!

 

Ah well, I'm also expecting it to head back southwards at some point soon. There will be another chance.

I was toying with going back in this morning so kicking myself now too! Just closed my eyes and done so in a small way on the back of the Morgan Stanley prediction and the bull case that put me in last time! in the money now but hoping to play most of it through gold and silver positions renewed over the last week or so.

I guess the $130 bull trap isn't on then?

 

Looks like it's trying to break its old highs.

 

I just made some gold and silver buys on that last pullback.

Looks more like the shorts being squeezed to me

The highest unemployment rate since 2004 and the largest monthly jump since 1986 !!

 

Bernanke complete with his inappropriate rhetoric earlier this week are now, officially, obsolete. No way the fed can even dare to mention the possibility of hiking rates. More likely that these numbers combined with higher oil and the delayed fallout from the monoline downgrades are going force another cut

 

Not really understanding gold's action though. A quick spike then smacked right back down . . .

According to CNBC the stats are fine if you ignore teenagers :-)

Gold moving nicely ahead nicely now although it did settle back. Look at Crude too: +$9 in 24 hours. All very positive for gold.

W

Hi Cuthbert,

I think you're right. This is the P&F for the UK ETF (PHAG.L). Good support just north of $16.50. Still in a short-term down-trend which we need to break out of but I'm as long as I can be for now at least!

Edit: Forgot to mention that trade is also heavily to the long side this morning. Like by 30x.

Woody

Hi folks,

Silver and crude were nicely up yesterday. Looks like that is continuing, especially with crude, and with Bernanke's 'king $' words fading from memory the $ seems to be on the slide too. Looks like gold has joined the party today and we're set for a bit of a rally. Hope so as this choppiness hasn't been fun!

BTW, does anyone have any thoughts on 'king $' becoming election rhetoric? From an outsiders perspective it strikes me it'd have appeal amongst voters even though the economy needs the opposite!

Woody