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11/28/2005
December Gold contract has finally reached the long awaited mark of $500 an ounce. Some of us had to wait for it the last 18 years...
I am not buying the reasons for a rally though. The currency markets have been relatively stable during the last week or so. The energy prices are slowly trending down. Something else is going on. It could be a financial crisis brewing somewhere in the world, or it could be market's reaction to the rumors about a possible terrorist attack... Or anything in between these two...
One thing to watch out for - commercial selling. The long term hedgers may start kicking in their sell programs soon...
This is not a trade recommendation and no one should treat it as such. |
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