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Euro imploding after Swiss remove Swiss Franc to Euro peg. Gold shot up as a result. Lots of banksters just went bust.
Worth a read of this UK site for some interesting thoughts on the implications re EU QE, Greek exit, even German exit.
http://www.housepricecrash.co.uk/forum/index.php?/topic/202772-swiss-nat-bank-ends-peg-to-euro/#entry1102652633
Gold is up simply because it just got a hell of a lot cheaper for those holding Swiss Francs – i.e. the one nation that loves gold perhaps more than any other.
Nice move today, looking good 🙂
As I’ve stated before, I don’t see a new low in gold later this year. The low is in and it was first week of Nov 2014. Some bearishness mid Feb maybe
HighFreqTrading has some restrictions from today, so tech analysis would work a little bit better in 2015. Positive news for gold&silver. And it works two ways, the robot trading also supports common stock, maybe we will see some changes in that direction too.
GLTA,
Agreed gold looks very good. I’m a bit concerned about the miners lagging. Maybe they are starting to sniff out a daily cycle top soon.
From your archive Gary:
Stefan
October 5, 2014 at 8:06 am
I do not concur with your opinion. It will turn around much sooner. I am thinking late October/early November at earliest and late Februari/early March at the latest. During that period it is time to accunulate as many shares as you can in quality precious metal stocks.
Reply ↓
Gary Post author October 5, 2014 at 9:43 pm
The metals are due for an intermediate degree rally any time now, But the odds are high that it will be another failed rally just like the last one and make a lower low. I doubt the entire commodity complex will head down into a three year cycle low and gold will somehow ignore it. Gold wasn’t able to ignore it in 2008 or in 2012, so I doubt it will be immune in 2015.
Sticking my head out here, so far so good 🙂
Interesting day folks. Let’s see what tomorrow brings.
Gold makes a higher high, but the miners do not confirm. I think Gary nailed it earlier this week about institutions distributing mining stocks to bagholders. I wonder if the ECB announcement next week will be a “sell the news” event in gold, because the news has been priced in during the last two weeks.
Watched ALL profits and then some in DUST HOWEVER tripled down on inverse oil yesterday and today on lit orders near the lows and made my BEST one day return ever.
DUST looks like its ready to breakdown to new lows busting through that support. I don’t put too much credence in leveraged ETFs nor rely on them for anything technical. The regular ETFs have a hard enough time trying to track what they are supposed to track. Just an observation I saw looking at the chart.