GOLD!!! UP or Down?? The top of gold mania??

Good Morning. :)

Time for a long position on gold??

Equities look pretty weak pre-market.

Did anyone see the government is suing the banks for 200 billion.. haha?

Hey Mr. Banks, I will bail you out so that I can sue you later.

Meanwhile.. I'm shifting over to look for some shorts on the ES.
 
Quote from tortoise:

Very likely we'll see 700 real once a credible U.S. deficit reduction scheme is in place -- a stringent austerity plan that does not hamper the economy, send unemployment rocketing, provoke general social unrest -- as well as eurozone harmony, consensus on sovereign debt rescue, etc.

Until then, however, I'd say you're wise not to have a bet in.
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I agree, but this is equivalent to saying, "Very likely we'll see 700 once the second coming of Christ has occurred."

A credible U.S. austerity plan is the least likely outcome of the current financial fiasco. Eurozone harmony is also a low probability event. They kicked the can down the road last year and it's going to be hard to do it again. The Germans do not want to bail out a bunch of insolvent countries.
 
Gold off $45 from this morning's 1911 mark.
Now appears to be taking a cue from oil.
I think it's fighting between Armageddon and deflation.
This morning was the former, now it's the latter.

Again, with no chances of higher wages to fuel more inflation, Gold is trading as a currency, not a commodity. I think it may have gone "bipolar".
 
Quote from Ghost of Cutten:

That's not much like a parabolic blowoff move yet - looks more like the setup for one.

Take a look at nasdaq 1999-2000, or gold/silver 1978-1980 - that's a blowoff top.
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Yea.. I agree. I looked at those charts and compared prices w/inflation adjusted just for the sake of it.
 
Quote from peilthetraveler:

Its 1:30am eastern time....Gold is at $1,915.60.

Nothing like losing money in your sleep, aye? :)

I swear...you people that short gold are like the same guys that put their hand over an open fire and seeing how long you can hold it there before you get burned. Gold is on fire and as long as bernanke and Obama are pouring gasoline on that fire, its a really bad idea to go short just because it "feels" like a top.
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Post your trades. It's easy to talk shit and try to put others down.
 
Quote from AaronAllen:

Post your trades. It's easy to talk shit and try to put others down.
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Fine. 6/10/2009 Long silver @ $16

7/2/2009 Long silver @ $14.24

7/2/2009 Long gold @ $959.88

5/11/2011 Long silver @ 38.53

People never seem interested in my trades. Last one I posted was in July and nobody seemed to care. Check it out if you like

http://www.elitetrader.com/vb/showthread.php?s=&threadid=223961&highlight=ghl


Now...does that give me the right to talk shit yet?
 
Quote from peilthetraveler:

Fine. 6/10/2009 Long silver @ $16

7/2/2009 Long silver @ $14.24

7/2/2009 Long gold @ $959.88

5/11/2011 Long silver @ 38.53

People never seem interested in my trades. Last one I posted was in July and nobody seemed to care. Check it out if you like

http://www.elitetrader.com/vb/showthread.php?s=&threadid=223961&highlight=ghl


Now...does that give me the right to talk shit yet?
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Maybe no one seems interested because you like to talk too much shit?

What about gold? You on the sidelines for now?

You kinda made it sound like it was a no brainer.. "you people that short gold.. blah blah".
 
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