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The February gold contract is up about $7 right now. This is after Chairman Bernanke’s remarks on 60 Minutes. The February contract is now within $10 of it lifetime high of about $1426.
What’s your take on the price of gold?
I do not sense a great deal of pride in gold market right now/yet. I still see and hear a lot of people promoting gold trying to get the word out about how great of an investment it is for the years to come. Even though at/near all-tiime highs, the market doesn’t seem to be jumping up and down throwing victory parties like they’re all on to a “sure thing.”
The cool kids have been at the gold party for a while now, but they’re not leaving just yet. The underclassmen have yet to show up. Only when the party gets too loud, they’ll leave before the cops show up. Until then…party on.
Market is still bulllish, but expecting some violent corrections as the cluster of stop losses get hit. Relative to the liquidity of GC, there a few mega macro funds out there who could ingnite a 50$ selloff on their own. I’m waiting for a 50 to 100$ down day to add to longs. Maybe I’ll get it/maybe not. But to put on full size here and expect not to get stopped out as we potentially go to 1500 is a bit simplistic….
or you just put on your full position now and ride it out and hope this is not the top. T Boone Pickens style.
Will work on one. Thank you.