I agree that gold was extended and recently noticed the price of the GLD was significantly above the 200 Day utilizing online premier Daily Graphs (remember the old printed weeklies?) both daily and weekly versions. However your posted charts display a currency or commodity that continues within a bull market and has outperformed most everything since 2004. While a pause is expected we are viewing a USD version and I wonder in the grander scheme if this Gold thingie may retain its longer term bullish pattern especially vs. currencies. Even the purchases of the physical metal in 2006 were a great buy despite today’s “adjustment.” The move in gold has been unconfirmed by the gold stocks and other precious metals, much like the 2007 DJIA yet it IS a marathon and the pullback we may have begun may have a floor where India purchased 200 “tonnes” @ 1045?.]]>
glad to hear it let me know what you think of them]]>
Thank you as always Babak. I found them.]]>
Paul, it is there, I just saw it. Once in the right folder, lick on the top right corner to order by date and it should be at the top. I’ve also uploaded a second report: “CitiFX Eternal Allure of Gold Nov 2009″. Let me know if you have any difficulty in finding it.]]>
Jay, even looking at it from a fundamental supply demand lens, gold isn’t that attractive. While mines haven’t come online for the past 10 years to expand production, the high price is drawing a huge amount out of the woodwork for scrap gold. Then again, I don’t pretend to be as smart as a guy like John Paulson.]]>
Hi Babak, could not find this article- “the Trading Resource Section (look for it in the Reports & Articles: “CitiFX Gold Technicals Nov 2009″).” Please advise if I missed it. Thanks.]]>
hey Babak great post detailing the potential danger lurking ahead. The technicals on this thing certainly have been astounding lately as it just keeps heading higher. I like your pointing toward the near vertical slope as that is one of the most blatant warning signs out there. Nothing goes straight up.
I wanted to let you know also that today we highlighted hedgie John Paulson’s new gold fund in an in-depth post. We outlined the fundamental reasons he is bullish on gold equities and derivatives on the price of gold as he is betting against the US dollar. Here it is Great post again and I’ll be linking to it this week given its obvious tie-ins to our Paulson post.