August Gold (GCQ7)

[BillyRay1]

well with the dollar as weak (1.3460euro + 1.999 sterling) as it is and Oil trading 69.00, copper just shy of 7500 LME

gold still cannot break back above 656 cash level

something is very wrong with this picture
not looking very positive at all......

 

[thriftybob]

Another hammer on GLD. I was surprised to see the dollar down and gold up on friday with the Philly Fed index so strong.

If stock market falters or hedge fund collapses spread, will it affect market causing GLD sales to dump gold on spot market like back in Feb?

 

[bonds]

Quote from thriftybob:


If stock market falters or hedge fund collapses spread, will it affect market causing GLD sales to dump gold on spot market like back in Feb?

Im still noticing the correlation of gld selling off as the market dumps, however the inverse is not true which isn't a good sign for gold longs right now.

 

[thriftybob]

So, is that it for the selloff, or more to go?

Any thoughts?

 

[JSSPMK]

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http://www.elitetrader.com/vb/showthread.php?s=&postid=1517726#post1517726

 

[SethArb]

saw this on www.cbsmarketwatch.com

it was taken from another site though ( the privateer ) ?

its a long term Point and Fig. chart for gold ( spot ) ?

www.the-privateer.com/chart/gold-pf.html

 

[Ivanovich]

Quote from SethArb:

hopefullly you are right ...

one "gold" expert quoted on kitco

told people to SELL gold this week

not sure of all his recent rec's on gold
but I do remember he told folks to sell
gold when it was in the low low $600's
and soon had to reverse his prediction
as gold rallied furiously against his call

LOL! Gold Expert and Kitco should not be in the same sentence.

 

[Ivanovich]

Quote from JSSPMK:

Silver is set to re-test $14 tomorrow

??

Maybe he meant next month? Year?

 

[bonds]

Quote from Ivanovich:

??

Maybe he meant next month? Year?

ahh of course, elitetrader posters are never wrong...

 

[Realist]

looks like we finally hit some kind of intermediate low. Still out of GCQ7 but now long the load of September Silver (SIU7) as the upside looks much more favorable then gold.