Friday, November 21, 2008

Gold

Posted by TraderMark at 2:07 PM TweetThis
Hmmm... interesting action today - one might deem this a breakout. Gold bugs have been waiting for this type of crisis for decades to get their boogie on, yet ironically gold has not reacted in kind, mostly due to the fascinating strength in the dollar.

If you look closely you can see a double bottom there around $69 as well... hmmm


Posted by TraderMark at 2:07 PM Comments (2) | Edit This Post | Create A New Post

2 comments:

sliman said...

So what due you think. This temporary deflation will probably not last given the doubling of the money supply. At least with gold you know what you own. At what point would you take a position. I recently bought some Goldcorp.

November 21, 2008 2:35 PM  
TraderMark said...

I'm on the bandwagon there. Timing those events is another thing.

When the market "looks through" the valley of disinflation, deflation - gold (and really all commodities) shall rally. There is no reason to 'predict it' - the price action will let us know. No need to be super early because I think this will be a long term trend.

Gold seems to be making a bottom, in fact if you look at the chart above you could call that a double bottom, eh?

November 21, 2008 3:06 PM  

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