50sQuiff

Seconded. Thanks for the interesting charts and commentary PD.

But should you really assess your portfolio allocation based on the opinions of a few blokes on a gold bug forum? Doesn't sound like a good snapshot of mass psychology to me.

That's a very fair and accurate assessment indeed, ML. I share your sentiments. Trading and speculation is a naturally occurring phenomenon in free society and free markets. There is nothing inherently evil about it. To me, the root of most trading seems to be an arbitrage of free markets and government power.

That's assuming M2 stays flat for 10 years. Not a chance

New, steeper trendline in force on the sterling gold log chart?

Gamblers never do remember their losses. How many times has Tom O'Brien sold all his gold since we hit $1200?

I've been charting this wedge pattern on GEI for a long time now and the breakout just held: Talk about stopping it stone dead.

You'll be citing Jon Nadler next!

http://www.prweb.com/releases/2009/06/prweb2537224.htm NEoWave Warns Stock Market Has Peaked for 2009 NEoWave Institute's Glenn Neely is forecasting the largest vertical drop of the decade for the S&P 500. Neely predicts the stock market will decline 50% in the next 6 months. Aliso Viejo, CA (PRWEB) June 16, 2009 http://www.prweb.com/releases/2010/01/prweb3492414.htm NEoWave's Glenn Neely Forecasts Looming Market Top - Multi-month Decline on Horizon Glenn Neely, founder of NEoWave Institute and top Elliott Wave analyst, believes the S&P 500 is forming an important top and is preparing for a multi-month decline. Aliso Viejo, CA (PRWEB) January 22, 2010

More from our new celebrity trader: http://www.youtube.com/watch?v=cQhW_K0CUJo

I thought your comment was a bit tongue in cheek! No need for regrets. If you're successfully trading this gold market then more power to you. I don't dispute that professional traders or other skilled amateurs are capable of doing so.

Specie money systems only fail due to appreciation, not depreciation. Therein lies the difference

Did you buy any gold whilst you were caught up in the bullish atmosphere? If you didn't you weren't really caught up in anything. I would love to see the net performance of Bubb's PM trades since 2008. I doubt he's much further ahead than buy-and-hold, if at all. And if you buy and hold rather than manically trade you can make money in your business or vocation too! So net net you'd be well ahead of Bubb if you bear in mind that trading is his career.

Perhaps we have a date with the 144 at around £1000 in a week or so's time?

Hate is a strong word, but I come close when it comes to Mervyn King for what he and his crooks are doing to sterling at the moment. Their QE2 jawboning is utterly criminal. This gold correction is not presenting much of an opportunity for Brits.

It's absolute rank manipulation. Central banks are leasing gold in extreme quantities. The evidence is in the gold forward rate discussed in the Alphaville article referenced by a previous poster. Every aspect of news flow is wildly bullish for gold at the moment and they are doing everything they can to keep a lid on it. It's pure desperation and will fail. I don't accept for one second that demand for gold is waning, as certain people are suggesting without any evidence beyond charts painted by the manipulators trying to trip the algos into liquidating. On the contrary, every schmuck like me is dreaming of one more opportunity to back up the truck.

Well, we got our explosion.. to the downside I pray it crashes further so I can buy more bullion. Sadly I never seem to get what I want.

I think it's significant that we now have mainstream financial media postulating that central banks are leasing gold to ETFs on a massive scale in a bid to soak up gold demand without squeezing the physical market. We could be on the verge of an explosion:

This is a pathetic showing from the Evil Empire isn't it? Come on boys, pull your finger out - I want some more cheap gold4cash.

Don't you think short-covering had anything to do with the mini-parabolas in both gold and silver? Open Interest in silver suggests that was a major factor. Then there's also the issue of collusion and the telegraphing of margin hikes to key players. Definitely lots of speculative froth in gold short term, but I think there was much more at play. And remember, not much real allocated physical will have changed hands this week.

In sterling the 50DMA is about £1000 and the 200DMA is £916 or so. We're long overdue a touch of the 200 but if we're in the parabolic phase I don't see that we have to. If we did I think I'd become a big buyer of bullion again.

He's a top-calling tosser who said $1,200 wasn't going to happen. He doesn't seem to understand the difference between the value-destruction and fraud undertaken at Pets.com et al and the re-emergence of the senior currency during the greatest monetary crisis in history.

If we overshot beyond 100% in 1980, I can't help but think 40% is a conservative target for M1 coverage. To paraphrase Jim Rickards, I think we could get away with 40% with a structured, orderly transition. But if we go the chaotic route without massive international co-operation and a new Bretton Woods, then I think we're going way north of 100% and into bubble territory.

I'm waiting for 'the correction' to play out and sitting tight for now. I feel like I have enough physical so I'm waiting for the opportunity to buy a gold equity fund at a discount to current prices. My only question is Juniors or Majors? I'm undecided.