GREY:PTQMF - Post by User
Comment by
Libertygon Apr 11, 2011 4:35pm
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Post# 18415654
RE: RE: Gold racing towards $1500
RE: RE: Gold racing towards $1500Gold, Oil, Silver reached new highs again overnight and then trended down the rest of the day.Gold could be attempting to test it's break out in the 1440 - 45 area. Or simply a one day hiccup and back on track. But, corrections do begin with days like today as well. We'll have to see what the rest of the week looks like. There is rumblings of interest rates being bumped up, the US debt ceiling, peace talks in Libya, and deflationary scares as Portugal bailout, Japan aftershocks, and earnings for US stocks. etc etc etc.
When a confluence of above events head to the forefront it "can" lead to a change in sentiment. Which could cause a correction of substance (in the short view). Will it? We'll see, but the view is still up for now.
FWIW i exited a majority of my positions to allow this to sort itself out. I don't like seeing silver moving so far so fast as it is highly volatile both up and down, although it had some catching up to do. Gold has been more stable and appears headed toward the 1500.00 - 1525.00 area. But if we see Gold drop below it's break out area and not able to recapture we could see a real correction take place. Either now or maybe around June time frame. We should watch for a correction to begin soon and drift into early June for a possible bottom. Or begin a correction in June and bottom in the fall. If Gold and silver were to continue up now and through June that would be very concerning for the Global economy. We need a decent correction to maintain some form of sanity in the near term. This could simply be the final acceleration of a price we have avoided paying for decades and decades. Would salivate if Gold dropped back to the 1050.00 1100.00 range as a screaming buy, including juniors that may have sold off with it.
PTQ is more attractive every day, but if we get that sharp correction in the metals and equities PTQ will suffer as well. Hopefully we are just ramping up for PTQ's run to new levels with numbers due soon.
And yup i'm having lots of fun yet as well, laughing at Nit Wit's who have nothing better to do than post doom and gloom for PTQ after a very healthy profit to date. Way to funny.
I would love to see PTQ hit .60 cents again so i could gobble up another load of shares, but i'm not holding my breath. Another visit to the mid .80's wouldn't be a shock, and i may begin adding a bit again there if it were to happen.