Thursday, March 27, 2008

Is gold’s bull run over for now?

Is gold’s bull run over for now?

The severity in last week's smackdown in the precious metals market took many by surprise. Should we expect more violent moves to the downside? MoneyWeek's Dominic Frisby thinks it's oversold - and the technical set up now looks rather good...

Posted by damien @ 11:40 AM (724 views)
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5 thoughts on “Is gold’s bull run over for now?

  • happyrenterz says:

    There is now little doubt in my mind that there is a huge amount of speculators money chasing gold and commodities. This means we can expect a bumpy ride every time a bank fails and these speculators receive margin calls and have to sell up to generate cash.

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  • sold 2 rent 1 says:

    I think we will see some consolidation around 900-950 for the next 1-2 weeks. This is the elliott wave 4 correction. Then it is Elliott wave 5 blow off time from early-mid April for 2+ months.

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  • sold 2 rent 1 says:

    Quote re: Martin Armstrong.

    “I was asked to follow up on last week’s piece on the subject of the Martin Armstrong March 22nd turn date. It’s too early to say for sure, but it does look like we are enjoying the early stages of a bear market rally with the financials having bottomed on March 17-18, since when we’ve seen about a 10% move up. If this pans out, he was four days out. Given he made the prediction in 1999 or before, I think we can forgive him that. But I’ll keep you updated.”

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  • rocket robbie says:

    s2r1,

    Do you still see Gold going righer if the ECB hold IR??

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  • sold 2 rent 1 says:

    RR,

    “Do you still see Gold going righer if the ECB hold IR??”

    Good question. If the ECB don’t cut IRs then the euro surges higher and undermines the economy. Eventually they have to cut.

    I still think the euro IR will be cut either in May or June. Maybe the eastern European countries currency crisis that Ambrose wrote about today in the Telegraph will play a part.

    Gold should go over 1000 again in April/May. If the ECB do cut in May/June then it will be the icing on the cake for gold.

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