Post by
tony1969 on Aug 14, 2013 8:33pm
Gold just touched $1345...... Lets see if it finally breaks out....
Cisco guided revenue lower after the close and will lay off 4,000 employees. That makes Cisco, IBM, Microsoft and Oracle all guiding lower for the next quarter. Four of the biggest tech companies in the world with a global footprint say business is slowing down yet our government says things are looking rosy. These companies cannot lie as they are public and are held responsible for their guidance. Something does not add up here.
The situation in Egypt today with about 300 people killed in protests is also obviously not good for global stability. The US may not be able to keep ignoring the situation as Egypt (because of its location) is extremely important to us. Egypt was second to Israel in the entire world last year in military aid given to by the US. Anyway, I have to see it to believe it but I think the path of least resistance for gold here in the short term is up.