GREY:COLUF - Post by User
Post by
dannblackon Sep 24, 2009 8:30am
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Post# 16334260
Ed Steer Quote--09-24-2009
Ed Steer Quote--09-24-2009Well, the closing New York gold price has held above the $1,000 mark for nine days now. That's a big positive in my books. That's the good news!
Then there's the record short position in gold by the bullion banks. And, as Ted Butler has pointed out a few times recently, the time will come when the contents of the Commitment of Traders won't matter any more. Has that time arrived? Don't know... but I'm still on the lookout for "in your ear!"
But whether we have a sell off first... or blast off to new highs from here... I'm still "all in"... as this is not the time to get cute by attempting to trade this market... picking up nickels in front of a steam roller. This is a time to be long and strong.
Ed Steer
"Cheerfully holding to modest positions in Euro and Sterling gold, The Gartman Letter observed today... '[what] we know with reasonable certainty is that the trend for gold is higher in all currencies, and that there is someone or something with some sense of intent trying to keep gold from plowing upward through$1,020-$1,030... and thus far they’ve succeeded'"
"TGL (The Gartman Letter) suggests watching €700 gold as the break out point. Right now gold is at €683."
Lots of Money will be made & lost in the next 3 to 6 months--good luck to all--......dannblack