Wednesday, September 17, 2008
5:06AM PDST GOOD MORNING GOLD BUGS!
TODAY'S REPORTS: Housing starts Current account Gold has just touched, and gone slightly above, the 75% retrace point at 78850 (see charts) Gold has been trading sideways in a range between a top of 794 and a low of around 777 yesterday and since. Monday the low was at 76740. The markets are constantly having to evaluate each new action taken by the "elites" as they put more tape on the new holes in the economy which I liken to a moist cardboard box with a heavy item in it. It keeps tearing and getting softer ready to disintegrate if anyone moves it too quickly or forcefully. We just have to have faith in THE FUNDAMENTALS and know that gold is soon going to explode when either someone moves the box too quickly, or the elites run out of tape. Hang in there as this game is all ours eventually. Just don't do anything rash if your emotions get to you. The reports are taking a backseat to all these bailouts as far as having an effect on price movement, but people are still watching and reacting to the data. The housing report has to say more bad stuff. The Current Account should be worse with the strong Dollar. Let's see how they manipulate it.