Gold correction has ended

Quote from EmAy:

GOLD is working on his typical Top-Formation, just like in the 70s.

A huge bearmarket is about to shape....just wait a lil`..
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:eek: :)
 
Well since I last posted here (a few days ago gold in US$ has tanked 5%! Gold stocks like Newmont have taken a beating. This is just the beginning of a long bear market. Sure! there will be spikes and some hedge funds will attempt to get a momentum going if there is a terrorist attack (patriotic chaps aren't they?) but the long term trend for the next year at least is down.
 
CRB index breakout on the downside(should've noticed earlier...) Nonetheless, spot gold 612 and sell. I shoulda known better than to meddle with it but it wasn't too big of a position so oh well.
 
Quote from Organon:

Fear Not Kind Fellow! Gold will break US$1,000 by the end of year!
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Nope, sorry, not this year.

Eventually, yes, probably. But if you can buy at $500 or under what you now can buy for $600, why?

Tightening credit is deflationary along with dropping interest rates. And the yellow metal drops in that scenario, particularly since most of the people who bought bought higher and some flake out.

Not to say that your reasoning is wrong.... it just will take a lot more time to bring it to fruition.
 
I don't believe Gold should be speculated on. It should be HELD as some fixed percentage of your net worth which only you can determine. If you don't currently own any, you should buy, and not wait for a correction which may or may not come. I'm not a goldbug but am familiar enough with the history of fiat currency and the huge risks involved in our current credit environment that owning some Gold is prudent and the only way to protect yourself. Not all assets but something. All paper currency which is backed by nothing has always folded. Maybe it won;t happen in our lifetime but are you willing to take that risk? Not me.
 
Hi! It´s the first time I post in this forum as I´ve registered just yesterday. I´m glad I could find a good thread to express my opinions.

First, Gold is still on a bull market as the weekly chart shows gold above the 50 EMA, which has run the entire bull since 2001. Daily charts also show Gold prices and EMA50 always above EMA200 since June 2001.

Gold had a huge correction and now is consolidating. Maybe it will go down a bit more to 600, or even to 580, which is expected to be a strong support.

Fundamentals are strong and I don´t see the charts drawing a trend to the down side.

Cheers,
Comentador
 
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