Gold just hit $400

Cutten · Nov 18, 2003

Just took a quick peek above the big level in Asian trading.

Gold has been pretty crazy recently. Monday it hit $399 then fell $13 in one session down to $386. Now one day later it is at $400. Now I'm a bit of a gold bull but even I was surprised by that.

It feels like a lot of systems traders with stops way too close are trying to get cute with this one. Each time it breaks to new highs they get long and send it up, then it breaks down, takes out their stops, and just after they sell it makes a low and rallies back. Now they've just gotten themselves out, what are they going to do if it rallies above $400?

Just reinforces that Livermore quote about the big bull market money being in sitting, not trading.

waggie945 · Nov 18, 2003

I'm sure that many gold producers out there are doing a TON OF FORWARD FUTURES SELLING at this level.

Should get interesting!

swoop[TR] · Nov 18, 2003

Gold will go to $500+

Cutten · Nov 18, 2003

Gold will go to $1000+

nkhoi · Nov 18, 2003

Eugene · Nov 18, 2003

stock777 · Nov 18, 2003

got to go to 3000 for the buyers at the 70's high to break even after inflation.

Cutten · Nov 18, 2003

Newmont CEO Pierre Lassonde predicts gold will hit $6000

http://goldinfo.net/gold6000.html

chasinfla · Nov 19, 2003

"The United States is sucking up 70 percent of the world's savings to live in the manner it's accustomed to," Lassonde said ...

and the Federal Reserve is run by aliens who inhabit human bodies.

it's idiotic remarks like this that ruin a man's credibility.

rodden · Nov 19, 2003

Monday's action looks like a classic shakeout. If it was a shakeout, who are the shakers-out?

Wouldn't you think the gold market too big to be manipulated?

If it was a shakeout, and somebody is actually running the market, we should see a rapid, high-volume ascent from here.

What do you think - is the gold market manipulated or is it clean?