February Gold (ZGG8)

here is a short quiz .... spot the error ( at least my my prof. opinion ) made in the following quote in todays wires regarding
the yellow metal


-Gold could reach 1000 usd per ounce in a couple of weeks quite easily. If you look at the March future contract at 920 usd per ounce, 2-3 pct more and you're not that far away... When oil reached 90 usd people tried to push it to 100 usd; it's a psychological level.-


www.iii.co.uk/news/?type=afxnews&articleid=6490533&action=article

answer to follow ....

good luck everyone !!

:)
 
March never got to 920; it got to a little over 917.

Also, no one trades March, it's very illiquid. Open interest rolls from Feb to Apr so it's stupid to quote Mar futures to begin with.
 
you sir have won the prize !

I totally agree ... maybe it was a typo and they meant to say
April 2008 futures ... march ? BOO-YAH !

:p
 
The June contract in Shanghai traded at the equivalent of $988 the other day. Not sure what its at now, though.

China removed all import taxes on metal last week.

My guess is that some of China's "excess" dollars will now go towards buying gold.
 
JS has a very telling quote this evening that portends great things ahead for the gold price: "If $900 holds with no break then just around the corner we will move onward to $1050.". So far today gold ran up to about $914 before pulling back right to $901.10 cash. Since then, we are looking at $909 right now. If $900 does indeed establish a floor here, then the next target of $1135 on the P&F can be achieved in a rather quick fashion...
 
With all due respect Realist, I had read JS...I assume you're talking jsmineset...read him for years and was an ardent fan. Problem is he is a die hard gold fan, so was I for many years. My conclusion is that it is better to be neutral that way I am open to more information. Works for me. I'm also not a fundamentalist. But again, its all about the style that works for you...there are many roads that lead to Rome.
 
After today's C announcement and with the markets teetering on edge, the Fed really needs to get their head from underneath the sand and immediately cut overnight FF 0.500. The last cut was only 0.250 and the news coming out since then has been very weak. The longer they wait, the worse shape the US and European economies will get. The Fed feels emboldened to not panic and to wait for the 1/30 meeting however the lag time of Fed cuts means that the filtration effect will take longer to kick in. 6-9 months from now the data will be much worse I believe and Gold/Silver see this development occurring dead ahead imo...
 
Quote from sumosam:

With all due respect Realist, I had read JS...I assume you're talking jsmineset...read him for years and was an ardent fan. Problem is he is a die hard gold fan, so was I for many years. My conclusion is that it is better to be neutral that way I am open to more information. Works for me. I'm also not a fundamentalist. But again, its all about the style that works for you...there are many roads that lead to Rome.
More...

Sinclair is a very smart individual but I take much of his advice with a grain of salt. (ie, moving gold shares into paper cert is a very unwise thing to do imo as your liquidity all but evaporates). However, he has a very keen insight into the gold market and I do pay attention to several things that he says. I am a fundamentalist at heart (belief in the secular PM bull) in some respects but mostly a trade based chartist (long now, but short later)...
 
Pullbacks in gold and silver should be bot as long as 890 and 16.20 hold on a NY closing basis. The DX appears to be headed for a severe resumption of the downtrend imo...
 

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