As a spiritual-futurist, I have a BA degree majoring in history. One cannot know the future without knowing the past which holds clues to what is on the horizon. The world is in such a rapid expansion of knowledge that we are close to entering a tipping point that will forever change earth as we know it.
Gold STOCKS have declined SEVEN out of the last EIGHT days primarily as a result of a COMMODITIES downward trend which has taken OIL from $72 a barrel to $60.21 at the close today. For the past ten days, YELLOW (gold) has been following BLACK (oil) with the mentality that the recession will last longer than thought. The hoped for 2009 turn around in the world economy is now postponed til 2010, so the thinking goes.
But, let's get back to the REAL DEAL- gold coins and or bullion.
As an investor I'm a buyer of a few coins at this level. We will probably see a few more months of a sideway movements (otherwise known as a trading range) before gold looks at that $1,000 level for the third time (3rd time is a charm). When gold passes the $1,000 once more, I expect it to not look back. When will that happen? You tell me. :-)
The yellow dog has been down $45 in the last thirty days and that's a good deal. As Richard Russell reported, "Gold continues to be interesting. A daily chart of gold going back six months shows the 50-day MA is rising and above the rising red 200-day MA. RSI and MACD are in bullish positions, and it remains to be seen whether gold will (once again) try for the "over-one-thousand area. The obvious question is whether gold can rally to break out above the resistance at roughly 1000. This is a potentially very powerful formation, and gold is at an exciting juncture. Hard to believe that this formation won't eventually break out to the upside, but gold is the most emotional of all tradable items."
The Fed does not want to see gold spurt higher, and there's no telling what the Fed might do to halt gold's progress, but, the supreme irony is that the Fed and the government want a lower devalued dollar, but they don't want the world to see what they're doing via surging gold. They can't have it both ways. It's an exciting time! :-)
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