In your opinion, what does this blog need more of?

Wednesday, December 3, 2014

GOLD POPS ABOVE SMA(50): the party is on!


UPDATE: no, I didn't say what IKN says I said.



Well, there you go:


Gold just popped above the SMA(50). By TA definition, it's now a buy.

Not that I give a crap about TA, of course; but I do give a crap about what the entire rest of the market thinks. And I was suspecting that the entire rest of the market was thinking the wrong thing. If it now has to think a new thing, that'll be a few pennies profit for the nimble.

If it turns around today and paints a red candle, that's bad for gold. For a day at least. But the pops this morning have been happy ones, so it looks good right now.

I am not counting on this being the beginning of the magical bull run to $5000 gold. I would be utterly incredulous if the bull move even lasted until PDAC. As far as I'm concerned, til proven otherwise this is nothing but a compensatory bull reaction to overzealous shorting that is not consonant with the market size of the PMs and miners.

I grabbed BTO, DPM (yeah, my ugly old girlfriend), RIO and some HGU.to (2x gold miners bull ETF) to fill it out just cos I'm otherwise out of ideas.

Let's hope this is the fat pitch I was waiting for. If not, hopefully I can at least run out a double.



UPDATE: again, for IKN readers, note that all I said above was

If it turns around today and paints a red candle, that's bad for gold. For a day at least. But the pops this morning have been happy ones, so it looks good right now
and
I am not counting on this being the beginning of the magical bull run to $5000 gold. I would be utterly incredulous if the bull move even lasted until PDAC. As far as I'm concerned, til proven otherwise this is nothing but a compensatory bull reaction to overzealous shorting that is not consonant with the market size of the PMs and miners.
But it would be nice if those of you IKN buddies from the big investment houses suddenly put on huge long-gold long-miners trades to help me out here.

:-)

No comments:

Post a Comment