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Registered User
Joined: 10/7/2004
Posts: 2,181
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People are swarming to gold; the handwriting on the wall is in a universal language.
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Registered User
Joined: 8/19/2009
Posts: 170
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yeah from what im seeing in the currency market, the dollar has been dropping significantly in some pairs
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Registered User
Joined: 10/7/2004
Posts: 2,181
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OK, everyone wants strategy talk, so here's mine. I sold out of the ultrashort etf's this morning with a decent profit for just several days. Bought rather heavily into gold mining stocks; was rewarded nicely (eg IAG).
Now I believe that people are buying into gold and metals because they don't have confidence in the markets. So, I suspect that the ultrashorts will be good opportunities within the next few days. I'm looking at this minor pullback as another buying opportunity.
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Registered User
Joined: 1/30/2009
Posts: 267
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It also may have something to do with China loosening regulations and encouraging all of it's people to buy silver and gold bullion for investment purposes. This has created a so called gold craze. With 1.3 billion people being encouraged to buy, the prices should rise more.
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Registered User
Joined: 1/30/2009
Posts: 267
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I knew it had to go up soon. With all the "gold parties", encouraging people to sell their "unwanted gold", somebody had to know something. Somebody stockpiled a lot o gold from houswives and they certainly didn't do it out of the goodness in their hearts. When I started seeing that, I started buying.
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Registered User
Joined: 2/19/2008
Posts: 193
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Tobydad, I am amazed! You picked the best performing stock over two days out of the bunch IAG! I can see the grace in the chart now that I look back, but when I was presented with a choice of which ones to grab it was difficult. Any clues to how you did that?
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Registered User
Joined: 10/7/2004
Posts: 2,181
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IAG was one of the gold mining stocks with the least overhead resistance. Always go with blue sky when it's available.
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Registered User
Joined: 7/17/2009
Posts: 42
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I talk to gold bugs every day ( been hearing about this move above 1000 for the last 2 years ) looks like they been finally rewarded , or almost anyway. They arent sure why its happening ( im not so sure i care although I do a little ) . They have been in some of the leaders like AUY etc for a while but last week began buying the smaller stocks , i picked up some AXU and BVN ( but missed IAG when looking at the sector.
One thing i noted is that the bugs anticpated the dollar would be the catalyst for the gold move yet the DX is forming a base about the 78 level and hasnt moved out of its trading range. What that means for the markets i dont know , theories abound but nothing clear is coming out in the charts.
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Registered User
Joined: 7/17/2009
Posts: 42
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Yeah moving on , If gold breaks 1000 I can see it reach 1000 easily enough , silver lead in this case and I will watch that for weakness, it ran into its 61.8 retracement on the weekly and also closed outside the bollinger band ( weekly ) so some form of near term weakness wouldnt surprise me. Relating to your early comment on gold as a flight to safety , im not sure. Friday was a festive volume day but one thing i noted was that we broke the streak ( trendline ) of rallying on poor breath , the leg from 976 to 1039 was kicked of with 4:1 A/D whereas we registered 4.2:1 on Friday, like you i vew the rally with a degree of caution but i think a move beyond fridays high and in particular 1039 could eaily lead intp 1048 and then through the thin zone . In gold and silver there was massive short interest from the institions leading into last week and a DSI read of just 5% gold bulls so that may have room yet even if it consolidates here so im inclined to sit out any form of consolidation once it doesnt get too hairy based on that silver chart.
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Registered User
Joined: 7/17/2009
Posts: 42
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I mean to say 1085/100 , have to get used to not having an edit function :)
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