Most likely you are right. I'm thinking that the dollar will not be allowed to drop too much further for the time being and I see confirmation in this as the market seems to be losing a little of its forward momentum. This will surely take some months to play out, and then we will see where we go from there.
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Long stock long more gold
- Thread starter noddyboy
- Start date
Most likely you are right. I'm thinking that the dollar will not be allowed to drop too much further for the time being and I see confirmation in this as the market seems to be losing a little of its forward momentum. This will surely take some months to play out, and then we will see where we go from there.
I am keeping my gold positions. Opportunities such as this only come around once every thirty years or so. Outlook is worse than 1980 at the moment.
I feel confident being long gold
just my 2 cents
Source: Marketwatch
New York -- Gold futures barreled to a new record high above $1,100 an ounce on Friday, as news that the U.S. unemployment rate topped 10.2% in October boosted expectations the Federal Reserve will keep interest rates near zero well into next year, pressuring the dollar. Gold for December delivery, the most active futures contract, rose as high as $1,100.50 an ounce on the New York Mercantile Exchange. It gained up to $1,101.90 an ounce in electronic trade. It recently gained $5.20, or 0.5%, to $1,094.50 an ounce. Industrial metals, such as copper, however, moved lower. Copper, sometimes called "the metal with a Phd in economics," fell 1 cent, or 0.4%, to $2.94 a pound.
"With unemployment at 10%, the implications for Fed policy is that they have their hands tied and cannot defend the dollar," said Joe Foster, manager of the Van Eck International Investors Gold Fund. "We're going to see lots of new records going forward," he said. "By year end, it wouldn't surprise me to [see gold] test $1,200 and then $1,300 by early next year before we see some consolidation."
just my 2 cents
Source: Marketwatch
New York -- Gold futures barreled to a new record high above $1,100 an ounce on Friday, as news that the U.S. unemployment rate topped 10.2% in October boosted expectations the Federal Reserve will keep interest rates near zero well into next year, pressuring the dollar. Gold for December delivery, the most active futures contract, rose as high as $1,100.50 an ounce on the New York Mercantile Exchange. It gained up to $1,101.90 an ounce in electronic trade. It recently gained $5.20, or 0.5%, to $1,094.50 an ounce. Industrial metals, such as copper, however, moved lower. Copper, sometimes called "the metal with a Phd in economics," fell 1 cent, or 0.4%, to $2.94 a pound.
"With unemployment at 10%, the implications for Fed policy is that they have their hands tied and cannot defend the dollar," said Joe Foster, manager of the Van Eck International Investors Gold Fund. "We're going to see lots of new records going forward," he said. "By year end, it wouldn't surprise me to [see gold] test $1,200 and then $1,300 by early next year before we see some consolidation."
Quote from kipster:
I feel confident being long gold
just my 2 cents
Source: Marketwatch
New York -- Gold futures barreled to a new record high above $1,100 an ounce on Friday, as news that the U.S. unemployment rate topped 10.2% in October boosted expectations the Federal Reserve will keep interest rates near zero well into next year, pressuring the dollar. Gold for December delivery, the most active futures contract, rose as high as $1,100.50 an ounce on the New York Mercantile Exchange. It gained up to $1,101.90 an ounce in electronic trade. It recently gained $5.20, or 0.5%, to $1,094.50 an ounce. Industrial metals, such as copper, however, moved lower. Copper, sometimes called "the metal with a Phd in economics," fell 1 cent, or 0.4%, to $2.94 a pound.
"With unemployment at 10%, the implications for Fed policy is that they have their hands tied and cannot defend the dollar," said Joe Foster, manager of the Van Eck International Investors Gold Fund. "We're going to see lots of new records going forward," he said. "By year end, it wouldn't surprise me to [see gold] test $1,200 and then $1,300 by early next year before we see some consolidation."
It may be that there are others interested in defending the dollar besides the fed. And they may very well be able to do so, at least for awhile. I doubt if the Fed is all that interested in defending it, but the ECB, the Chinese and Japanese may be quite interested!
Making money is so easy that I am giving away all my trades -- but the masses are too caught up in the news to listen. I said buy calls in march, keep buying stock, now switch to gold. Has been a fantastic year...Gold is the next bubble and this is still early in the game. Get in now...
One thing I'm bullish is gold, dollar collapse is on the way and I think gold could surge even higher however it seems to be getting EXTREMELY crowded. The way the markets are behaving who knows what to expect, this market is being driven by great amounts of liquidity and when they finally decide to put the brakes on it will be too late. Right now gold and stocks continue to surge because of liquidity injections once this stops everyone will run to the exits. Welcome to the newest bubble.