romans holiday Posted May 9, 2010 Report Share Posted May 9, 2010 SOME CAUTION is called for Gold-in-Euros has reached a key resistance level. Will it die here, or push up to the next one? Caution? Surely depends on a number of "subjective" variables as to whether one should be cautious here. Is gold already owned..... how much is owned.... what is your purchasing currency. A few factors that taken together would help determine how cautious one should [or can afford to] be. Though keeping a decent reserve in dollars, I'll also continue to buy a little here due to the problems facing the Euro/ Euroland. Gold could easily just continue to steadily climb higher in all currencies should uncertainties linger over Euroland. http://news.goldseek.com/GoldSeek/1273233900.php Respected analyst, David Rosenberg of Guskin-Sheff has forecast that gold will rise to $3,000 per ounce. Unlike Nouriel Roubini who has recently warned that the risk of deflation is abating and the growing risk was of inflation, Rosenberg remains a deflationist, but still thinks gold will continue to perform very well. He argues that the breakdown of the euro is very bullish for gold. With the ECB being no Bundesbank and the Euro no D-Mark, gold is set to soar in euros and dollars. Rosenberg warns that the Euro is less of a "hard currency" than its architects could have ever envisaged a decade ago. Now there is talk that the ECB is contemplating a quantitative easing plan. The case for gold heading to $3,000 an ounce is getting stronger by the day. The euro has already broken below 1.30 to the U.S. dollar and there is plenty of room for additional decline going forward. It's only at a one-year low - wait until it moves to a decade low. Make no mistake - the problems in Greece are mirrored in places like Portugal and Spain - this is not about liquidity, like Bear Stearns and Lehman, it is a crisis in confidence (Banco Santander, widely seen as a barometer of financial health in Spain, cratered 7% yesterday). The FT reports today that there has been some market chatter that Spain has been "negotiating" with the IMF for assistance (€280bln) too. History shows that crises over confidence are tougher to repair over the near-term than liquidity crunches. The fact that Greek short- term bonds have collapsed in price even more - even though the country does not have to come to the market for the next few years so long as Germany comes through after the vote - is a case in point. Link to comment Share on other sites More sharing options...
GTG Posted May 9, 2010 Report Share Posted May 9, 2010 Looks to me we're in a third wave which is further subdividing(third of a third), if that's the case then we're in for a negligle retracement/consolidation followed by a fast and furious move higher next week... is it 1979 again? Link to comment Share on other sites More sharing options...
id5 Posted May 9, 2010 Report Share Posted May 9, 2010 SOME CAUTION is called for Gold-in-Euros has reached a key resistance level. ... Will it die here, or push up to the next one? Push up, I think as there is plenty of headroom. If we treat gold as a currency then TA works just as well with gold as USD or EUR. Lots of resistance at $1,159 but if it pops above $1,215 then up we go. Link to comment Share on other sites More sharing options...
frizzers Posted May 9, 2010 Report Share Posted May 9, 2010 More sh*it for Monday's fan ... http://www.nypost.com/p/news/business/feds...qOJpB55M7Rh9vwM Link to comment Share on other sites More sharing options...
warpig Posted May 9, 2010 Report Share Posted May 9, 2010 Gold down £9/t oz in a heart beat. WTF Link to comment Share on other sites More sharing options...
Guest Dramatic Exit Posted May 9, 2010 Report Share Posted May 9, 2010 Gold down £9/t oz in a heart beat. WTF It's tramampoline day I guess: FX Rates On Trampolines Link to comment Share on other sites More sharing options...
ecoface Posted May 10, 2010 Report Share Posted May 10, 2010 Gold's resilience will surely be tested today. Paper printers have gone to town, with EMs washing in the ink. Had to happen I guess; the surely wouldn't let the free market operate would they. Link to comment Share on other sites More sharing options...
romans holiday Posted May 10, 2010 Report Share Posted May 10, 2010 Gold's resilience will surely be tested today. Paper printers have gone to town, with EMs washing in the ink. Had to happen I guess; the surely wouldn't let the free market operate would they. The paradox of gold. The EU looks like its falling apart and Euro/ gold climbs. Then they try to patch the economy together by throwing money at it... but Euro/ gold continues to climb as the currency is perceived to be compromised. This has to be the flaw of modern currencies... that they are inextricably linked to the performance of economies. Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted May 10, 2010 Report Share Posted May 10, 2010 0.25 to 0.5 this time i think link Link to comment Share on other sites More sharing options...
50sQuiff Posted May 10, 2010 Report Share Posted May 10, 2010 Interesting to note that this recent upleg in gold has not been matched by an uptick in Google search or news reference volume: Google Trends: "buying gold" http://www.google.com/trends?q=buying+gold...=all&sort=0 So far we've only had a small spike in this, presumably as we made new highs in Euros and Sterling: Google Trends: "gold price" http://www.google.com/trends?q=gold+price&...=all&sort=0 Link to comment Share on other sites More sharing options...
dietcolaaddict Posted May 11, 2010 Report Share Posted May 11, 2010 Gold closing in on its record high in USD today. There is a jump up this morning in london hours. Anyone know why? Link to comment Share on other sites More sharing options...
aardvark Posted May 11, 2010 Report Share Posted May 11, 2010 its a strange time of day for it to go up so much. Link to comment Share on other sites More sharing options...
romans holiday Posted May 11, 2010 Report Share Posted May 11, 2010 Gold closing in on its record high in USD today. There is a jump up this morning in london hours. Anyone know why? Not sure. But noticed Euro is sliding against dollar again. I think gold is well and truly being monetized here. Euro money going into both gold and dollar. Silver not moving in tandem [last time that happened, gold spiked and came back again]. Platinum also down. Link to comment Share on other sites More sharing options...
harvipark Posted May 11, 2010 Report Share Posted May 11, 2010 I was expecting this place to look like Cape Canaverel this morning! £825 in Sterling...is that a new high? Ok, no rocket pics i promise http://www.youtube.com/watch?v=bTShsX5KxcE Link to comment Share on other sites More sharing options...
romans holiday Posted May 11, 2010 Report Share Posted May 11, 2010 I was expecting this place to look like Cape Canaverel this morning! £825 in Sterling...is that a new high? Ok, no rocket pics i promise http://www.youtube.com/watch?v=bTShsX5KxcE 960 Euros. Link to comment Share on other sites More sharing options...
LauraB Posted May 11, 2010 Report Share Posted May 11, 2010 Not sure. But noticed Euro is sliding against dollar again. I think gold is well and truly being monetized here. Euro money going into both gold and dollar. European Banks Now Feverishly Betting Against Euro, As Bailout Fails, Gold Surges - Zero Hedge has received confirmation that several of the largest French banks are now actively shorting the euro to take advantage of globalized moral hazard, which with every ensuing bailout does nothing but make the bonuses of French FX traders surge. In other words, the very banks that Europe is bailing out are betting more and more aggressively with each passing day against Europe's own survival! Even George Soros has shed a tear of pride in how beautifully his initial plan to take on the BOE has mutated for the Bailout Generation. http://www.zerohedge.com/article/european-...ils-gold-surges Link to comment Share on other sites More sharing options...
romans holiday Posted May 11, 2010 Report Share Posted May 11, 2010 European Banks Now Feverishly Betting Against Euro, As Bailout Fails, Gold Surges - http://www.zerohedge.com/article/european-...ils-gold-surges The mistake government made was not to nationalize the banks. Link to comment Share on other sites More sharing options...
G0ldfinger Posted May 11, 2010 Author Report Share Posted May 11, 2010 The mistake government made was not to nationalize the banks. The mistake was not to let them go properly bankrupt. Link to comment Share on other sites More sharing options...
LauraB Posted May 11, 2010 Report Share Posted May 11, 2010 That's one of hell of a 'mistake' guys. Remind me (not), who pays again, again? Link to comment Share on other sites More sharing options...
50sQuiff Posted May 11, 2010 Report Share Posted May 11, 2010 Time to buckle up. If today's attempted smack down fails (cf. Jim Sinclair) and we break higher, then we have lift-off. Oh to be a fly on the wall at the JP Morgan prop desk. Link to comment Share on other sites More sharing options...
romans holiday Posted May 11, 2010 Report Share Posted May 11, 2010 Gold too high to buy? Think of it as a currency. The use of a decimal point helps for this: Nov 09. 1.025 Dec 09. 1.226 Feb 10. 1.075 April 10. 1.150 May 10. 1.216 Just a currency swap really. Link to comment Share on other sites More sharing options...
electroweak Posted May 11, 2010 Report Share Posted May 11, 2010 Smackdown's failing... 1218.50 from 1215... Link to comment Share on other sites More sharing options...
harvipark Posted May 11, 2010 Report Share Posted May 11, 2010 Smackdown's failing... 1218.50 from 1215... 1221......here we go! What is the all time high....is it around 1224? Link to comment Share on other sites More sharing options...
Happy Nihilist Posted May 11, 2010 Report Share Posted May 11, 2010 If gold were to go bubble, then this is what it might look like (although I'm thinking the "New Paradigm" might refer to a de facto Gold standard of some sort)? Anyway, looks like tonight could be an interesting night in the yellow metal: And possible Cup and Handle in Swiss Francs (from Swiss Franc thread): Link to comment Share on other sites More sharing options...
warpig Posted May 11, 2010 Report Share Posted May 11, 2010 I think it's $1226/t oz. 1221......here we go! What is the all time high....is it around 1224? Link to comment Share on other sites More sharing options...
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