Dollar Yen trading at 110.55 right now and its causing equity markets to tumble yet again. I am glad to see that the metals are holding up though. Silver is holding 15 very well so far. We could see some buying coming in soon to toughen up the US indexes and this could put a further bid under the metals. The indexes look pretty oversold as the selling has occurred almost all week now. For now gold seems to be holding 827 and silver 15.30. Let's see how the floor closes today...
December Gold (GCZ7)
- Thread starter Realist
- Start date
You would feel a lot better if you looked at it in US dollars. You'd even get to pay taxes on all your gains that way.
That chart is showing what's really been happening. Sort of like the crash in 29 followed by a the real crash into the depression as all the debt blew up, because it doesn't distort it by the value of (or lack thereof) the paper its being measured in.
That chart is showing what's really been happening. Sort of like the crash in 29 followed by a the real crash into the depression as all the debt blew up, because it doesn't distort it by the value of (or lack thereof) the paper its being measured in.
So where do you figure support is? 800? 775?
I figure some nasty economic news will come out before too long to end the dollar bounce.
I figure some nasty economic news will come out before too long to end the dollar bounce.
Since US stock index futures have recovered this morning and the metals are still getting sold down even further, this is the hallmark of commercial induced selling. It is very likely that these entities are pushing down prices to cover some short positions. If Comex gold can hold 800 during todays floor session and even recover back up to 815-820, then I would take this as a brutal, one-day selling ordeal. I knew this was coming and have 1/2 cash ready to deploy...
How do you explain today's strength in the dollar?
so scared... (sniff)
i saw one of the scariest things ive ever seen happen on gold (ecbot) last night. i was sitting there, watching the dom go up and down, mostly down, but at one point i saw a whopping 168 or so contracts appear instantly followed by a 2 dollar drop in price. now 168 contracts x $2000 (roughly the cost for a position contract) = 336,000 bucks, thats a lot a money and a lota gold to take care of. i might have even seen 200 being asked later. when i saw this i thought, oh &*@)! the commercials are selling, when i went to bed god was around 820. now(as i type this) ecbot gold is at 806.
hold me...
i saw one of the scariest things ive ever seen happen on gold (ecbot) last night. i was sitting there, watching the dom go up and down, mostly down, but at one point i saw a whopping 168 or so contracts appear instantly followed by a 2 dollar drop in price. now 168 contracts x $2000 (roughly the cost for a position contract) = 336,000 bucks, thats a lot a money and a lota gold to take care of. i might have even seen 200 being asked later. when i saw this i thought, oh &*@)! the commercials are selling, when i went to bed god was around 820. now(as i type this) ecbot gold is at 806.
hold me...
Todays lower support just gave out so I'm completely flat for now. Next stop on gold looks to be 795-790 on cash gold and on silver 14.20-14.40. It is very disappointing to see the $15 breakout in silver being completely reversed and rejected today as 14.90 should have held. However, with the break on the USD/JPY to under 110 is very significant and things could continue to get ugly for global markets including the metals. The amount of panic setting in seems very similar to the August selloff so I think its time to just stand aside and observe for a while imo...