Gold is finished
- Thread starter ChkitOut
- Start date
If you call it right or wrong life goes on.==============
M-Trader;
Actually calling tops on 5 minute or daily gold charts is easy;
a good uptend is SO full of them.Not so easy to short with profit a good uptrend, but Citigroup has never been much of a good uptrend. But I read a childrens book, a city book ,one sunday named ''Pigs Can Fly''.LOL A good fun/cartoon book
As long as Citigroup, PIGS,Putin ,debt downgrades, & other porky-trends exist;
gold may shine. Not a prediction
Here is a guy calling a top on gold at $600.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=123557&highlight=gold+1000
Quote from ChkitOut:
Looks like I may have been a little early in my call but we're getting started on the plunge right now.
You're looking pretty smart right about now. On a similar note I received an e-mail from my brother on Monday saying he had liquidated his entire physical silver holdings. He buys/sells physical silver in some quantity. I was surprised at such a dramatic move so I gave him a call. He said he's staying in cash until QE3 comes a reality and then he'll start buying again.
Who knows, but he's made a ton of cash in the last year and a half.
Quote from ChkitOut:
Looks like I may have been a little early in my call but we're getting started on the plunge right now.
Even a broken clock is right twice per day.
What are the fundamentals that are driving down gold price today? What were the fundamentals in late 2008?
Stocks plunge, and cash is needed to meet margin, so gold/silver holdings are liquidated? Seems like an outlandish hypothesis to me.
Stocks plunge, and cash is needed to meet margin, so gold/silver holdings are liquidated? Seems like an outlandish hypothesis to me.
People liquidated their gold & silver positions meet margin requirements in other assets. 500 point drop in the dow is going to be some big margin calls for some people, so they have to get out of gold temporarily. If the market catches its breath tommorrow(meaning we stay flat or go up in the dow and not down again), we should see metals go up. Might even see them go up tonight depending on how asia and europe sessions go.
And gold is back to $1,659 as of this writing. About 1.2% off its all time record breaking high. Not quite what I would call being finished.