I've been gauging sentiment amongst the gold bulls by reading
the posts on the gold bull sites. For the last couple of months
with the gold price run-up they've been goading and daring the
FedRes to unleash QE3. eg. "go on Bernanke - do it! double the
profits from my gold holdings". If FedRes doesn't make public their
plans for QE3 at Jackson Hole as they did last year, I think many
bulls will be inclined to book some profits.
--
Gold stock bulls who were hoping for a breakout on the
back of the gold run-up have been disappointed. Intermediate term I
think there could be some concerted selling in the coming weeks -
significant correction.
--
that's just my take.
Posted by hamvestor on 24th of Aug 2011 at 01:26 pm
I'm expecting gold to correct to the 50 dma over the next few
weeks. My plan is to pick up some DGP at that point, with a tight
stop in case gold decides to head for the 200 dma (unlikely, I
think, but possible).
Posted by parkridge77 on 24th of Aug 2011 at 12:59 pm
Long GLD / short SPX -- was the " Big Boyz" trade & looks
like they just unwinding that now & banking the coin-- still
unwinding looks like-- thnx ditch for comments as
always !
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Gold Stocks Comments
Posted by rixx on 24th of Aug 2011 at 12:56 pm
I've been gauging sentiment amongst the gold bulls by reading the posts on the gold bull sites. For the last couple of months with the gold price run-up they've been goading and daring the FedRes to unleash QE3. eg. "go on Bernanke - do it! double the profits from my gold holdings". If FedRes doesn't make public their plans for QE3 at Jackson Hole as they did last year, I think many bulls will be inclined to book some profits.
--
Gold stock bulls who were hoping for a breakout on the back of the gold run-up have been disappointed. Intermediate term I think there could be some concerted selling in the coming weeks - significant correction.
--
that's just my take.
I'm expecting gold to correct
Posted by hamvestor on 24th of Aug 2011 at 01:26 pm
I'm expecting gold to correct to the 50 dma over the next few weeks. My plan is to pick up some DGP at that point, with a tight stop in case gold decides to head for the 200 dma (unlikely, I think, but possible).
covered GLD short
Posted by dallassteve on 24th of Aug 2011 at 01:52 pm
Thanks to all for the posts and charts on gold. I was planning to hold longer, but the move down today was so sharp, I covered at 171.
I'll be looking for a bounce to re-enter short.
Nice gain, offsets the loss in GDX. Lets see how this plays out.
I also covered at 171,
Posted by frtaylor on 24th of Aug 2011 at 02:15 pm
I also covered at 171, and am holding my GDX.
I wouldn't short gold at
Posted by rayalexander123 on 24th of Aug 2011 at 01:55 pm
I wouldn't short gold at all here. GDX is starting to outperforming GLD, which could be a bullish sign for the entire gold complex.
Long GLD / short SPX
Posted by parkridge77 on 24th of Aug 2011 at 12:59 pm
Long GLD / short SPX -- was the " Big Boyz" trade & looks like they just unwinding that now & banking the coin-- still unwinding looks like-- thnx ditch for comments as always !