GREY:PTQMF - Post by User
Comment by
Libertygon Jun 29, 2011 8:42pm
127 Views
Post# 18782335
RE: Share Buyback
RE: Share BuybackI don't believe gold is quite ready just yet. In fact i expect gold to pull back either tomorrow or Friday and re-test the lows, if not break below. At least back to 1495.00. We'll see what it does with the low's. I suspect tomorrow we could see today's gains given back. Also silver back toward 33.50 area. I'm suspicious this correction is not over yet. Should know very soon. Today was very suspicious, and i believe it was a false move coinciding with contract expiry, and the greek news. Don't be surprised to see us back where we started tomorrow. If so then it's reasonable we could see a break below, be alert tomorrow and friday i think it's vital the metals follow through on today's move, or they will be in danger of making new lows.
If looking for some clues watch the US dollar at 75.00. It's at make or break spot It needs to hold that 75.00 if it has hopes of staging any kind of rally. Again tomorrow is a big day for the dollar and the metals.
As far as exit 2011 the fed meeting in August would be the first opportunity for the markets to get the next wave of Fed creative money printing program guidance. Not QE3 in name but, in effect QE3. Once the market gets that signal the deflationary concerns will erode and reality will set in, then it's off to the races once and for all. That could begin sooner if the markets sniff out this reality before the fed confirms. A strong equities correction will send wall street begging for more QE, as fast as they were screaming to end it. That would play right into the fed's hands.