RE: RE: Did you guys use todays rally to sell?"70% of demand is jewelery, and right now people don't have much money to buy them."
You're kidding right??? All of the projections from the piles of Gold analysts out there have nothing to do with demand for jewelery and everything to do with protecting your 'paper money' by moving it into a hard asset. Wait until the US discloses that they will need to back their currency with Gold again. Right now the US dollar is backed by nothing. Do you think that all the printing of this paper money is going to keep it afloat?
Not to say you can't make money on the short side - as long as you're short term trading... but I certainly wouldn't be buying HGD and holding it expecting Gold to drop back down to $700.... can it get there? Of course it can... but nearing the end of this year and into 2010, GOLD MANIA may take hold of the public and we'll see similar action to what Oil has done in the past 2 weeks...