After watching this video from the folks at INO, I'm excited about the gold chart again. Look carefully, and you'll notice that spot gold bounced after finding support at the 62% retracement level ie. ambush zone.
Charts aside, the proclivity of pols to destroy the value of paper money cannot be denied ...especially true (and possibly sensible) for in countries that are debtors.
Yeah, the central banks and federal reserve's proclivity towards massive expansions of the monetary base, will eventually lead to over-supply and an ultimate race to the bottom in terms of currency debasement and loss of purchasing power. The only real money left will be gold.
Thanks for pointing that video Jamie! I see that ABX in the weekly chart printed an interesting bullish engulfing pattern off the 62% retracement zone. Do you see any potential gold stock plays? Thanks!
That's an interesting setup on the weekly. Looks like ABX reversed on the trendline and could be forming an ascending triangle at $40.00. Also watching AEM and the gold miners ETF GDX.
AUY formed a C&H on weekly and broke out, rallied 20% and came back in. No major stock specific bad news relative to failure except that gold prices pulled back sharply.
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Charts aside, the proclivity of pols to destroy the value of paper money cannot be denied ...especially true (and possibly sensible) for in countries that are debtors.
Yeah, the central banks and federal reserve's proclivity towards massive expansions of the monetary base, will eventually lead to over-supply and an ultimate race to the bottom in terms of currency debasement and loss of purchasing power. The only real money left will be gold.
Thanks for pointing that video Jamie!
I see that ABX in the weekly chart printed an interesting bullish engulfing pattern off the 62% retracement zone. Do you see any potential gold stock plays?
Thanks!
Hey Anarco,
That's an interesting setup on the weekly. Looks like ABX reversed on the trendline and could be forming an ascending triangle at $40.00. Also watching AEM and the gold miners ETF GDX.
AUY formed a C&H on weekly and broke out, rallied 20% and came back in. No major stock specific bad news relative to failure except that gold prices pulled back sharply.
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