Where's Mega with the "Gold Getting Spanked" Thread when you need him?

[karim0028]

Its days like this that need a gold getting spanked thread Wow, down like ~40-50 bucks today....

[Mega]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

Everything getting KILLED today mate!
Mike

[phirang]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

I warned everyone about this, but then I was assaulted by some of Jim Sinclair's minions.

Happy Margin Calls, to one and all!

[WildspitzE]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

fwiw - I started shorting the mkt a few days ago, but this thing ran up quicker than I expected. Didn't get to build a decent position. Sigh.

I'm starting to buy Au again in small tranches, plus some smaller volatile miners (with my gambling money )

[goadam1]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

Everything getting KILLED today mate!
Mike

True...but my summer trip to Europe is going to be a little cheaper.

[hayekvindicated]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

I warned everyone about this, but then I was assaulted by some of Jim Sinclair's minions.

Happy Margin Calls, to one and all!

No margin calls for me on my gold - its solid, shiny and physical.

Converted all my Sterling cash into USD at 1.60 a few days ago. That turned out to be a good trade. Some good buying opportunities coming up within a few months if this keeps up.

I'd buy industrial metals and oil if they fall a lot.

[WildspitzE]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

fwiw - I started shorting the mkt a few days ago, but this thing ran up quicker than I expected. Didn't get to build a decent position. Sigh.

I'm starting to buy Au again in small tranches, plus some smaller volatile miners (with my gambling money )

now the question is... is the mkt being drived down today b/c it will pop like a champ tomorrow due to "employment surprise"?

hmmm...

[Chris]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

anyone know what caused this today?

[WildspitzE]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

this is what bloomberg is reporting
http://www.bloomberg.com/apps/news?p...9j1CLsOQ&pos=1

[karim0028]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

anyone know what caused this today?

Its all trading algorithms.... Dollar gets strong, Oil and gold go the opposite way...

Attaching this chart (Now, i trade, i dont make predictions on direction, i just follow them)... Short term predictions dont mean diddly bc i would change my position in heart beat if it stopped making sense...

But, as you notice the channel, if price breaks that upwards trend line its most likely going to fall pretty hard simply bc that is what everyone expects.... Next support would be $1000. If it breaks that (mini downtrend) trend line to the upside, next target would be ~1300.00



Needless to say, longterm i am also wanting to accumulate some more gold, so if it falls to the 1K range i will be buying.... That would not be trading, that would be core holdings...

[Chris]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

Its all trading algorithms.... Dollar gets strong, Oil and gold go the opposite way...

Attaching this chart (Now, i trade, i dont make predictions on direction, i just follow them)... Short term predictions dont mean diddly bc i would change my position in heart beat if it stopped making sense...

But, as you notice the channel, if price breaks that upwards trend line its most likely going to fall pretty hard simply bc that is what everyone expects.... Next support would be $1000. If it breaks that (mini downtrend) trend line to the upside, next target would be ~1300.00

But this stuff is only a side-show. What is the fundamental reason for gold to drop if this is due to a worry about a debt crisis? doesn't make any sense (to me - a simpleton).

[karim0028]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

But this stuff is only a side-show. What is the fundamental reason for gold to drop if this is due to a worry about a debt crisis? doesn't make any sense (to me - a simpleton).

That i haven't figured out yet... And honestly, from anyone telling you the cause, it would most likely be a conjecture anyway... This is a market with millions of participants; its like asking why does a herd move one way or another... No clue...

Could be flight to "safety", Could be tampering, whatever... Dollar got strong and it also looks like its in a channel... All these markets are inter-related. Trying to figure out why it happened though is a good mental exercise.

From my perspective i don't try and guess, i just watch and take note.... If dollar continues up it will most likely hit 81-82 and that could in turn bring gold to 1000.00 . Now, again, i don't make predictions, i just watch and see how it gets played out (dollar could just as easily tank tommorow and gold goes to the moon , why it happens is another story.... I take positions based on what i see, if it doesn't pan out i take my losses and move on....

For long term positions, fundamentals almost always rule and thats why i'm a member here, EJ does some pretty through analysis that i dont have the patience to do on my own.... Guess, i cant answer your question :-)

But, my venture is anyone else's guess would be as good as yours..... Technicals tell me when to get in or get out. Fundamental analysis from folks like EJ lets me know what i should keep an eye on.

[iyamwutiam]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

It could be certain institutions getting zero percent interest are dutifully getting out of their positions to pile onto to the dollar -as the need dictates (new record debt issuance).

Once this charade is over and the debt is issued -its back to reality.

[WildspitzE]

Re: Where's Mega with the "Gold Getting Spanked" Thread when you need him?

now the question is... is the mkt being drived down today b/c it will pop like a champ tomorrow due to "employment surprise"?

hmmm...

slight pop in the futures due to "sweet" employment #s, but back to red....