I dont read Kitco anymore, they have this constant negative slant on gold which pisses me off but I was curious as to whether their analysis and choice of interviewees would be somewhat celebratory given the huge $50 unexpected rise in gold, not just at the opening but constantly upwards all day.
Here is an excerpt with my comments in yellow from their front page article headlined: Gold price surges $50, should investors be selling into the rally?
Despite the stellar performance on Friday, many analysts don't believe this rally will last, as the longer-term trend for gold has been bearish.
Here we go with the academic sounding 'many analysts' .....and then negativity
"This is most likely a short squeeze type of rally that should be sold here," Melek said. "It's too early for gold to move up. The Fed is not finished yet."
Why interview this guy who likes to say 'most likely' a squeeze.....This is wrong I short markets and you never short at an opening thst reacts to good newsm plus a short squeeze is very sudden in minutes, gold went up slowly all day
TD Securities is projecting for gold to fall below $1,600 in the next few months as it sees the federal funds rate peaking at 5.5% instead of the previous projections of below 5%. "As the economy slows, you will start seeing real rates jump. And central banks won't be buying as much gold as they did this last quarter. The cost of carrying will be expensive," Melek added.
Here is another gold hater chosen and of course his crystal ball sees the future with authority , how the hell can someone project that?And by the way the cost of carrying gold is de minimis and there is no carrying cost for gold miners,
Every time gold has rallied recently, selling came into the market, Phoenix Futures and Options president Kevin Grady told Kitco News. "We saw a lot of people getting out of gold earlier, and this is a short-covering rally. Gold is still going to have a tough time," he said.
Here is another predictor of acopalypse. This is weird since the sample of interviewees is limited to bears without real rigorus analysis or questioning, just tavern opinions
All eyes are now on gold's "pivotal level," which is at around $1,685 an ounce. "This is the high end of the range we've been stuck in," said RJO Futures senior market strategist Frank Cholly. "We'll probably see a rejection of this rally."
Another doomsday opinion, probably a rejection of this rally? who would that be? Do you ever say that about any sector? High end of the range? dont ranges end and cant they move up?
At the time of writing, December Comex gold futures were trading at $1,676.40, up 2.79% on the day.
Cholly advised getting out of long positions and taking some profits before the dollar strength came back. But if gold moves above the $1,685 an ounce level, then the outlook changes. "If we are above $1,685, then I'll rethink that strategy," he told Kitco News.
Oh my God another astrology prediction who knows for sure the US dollar will strentghen?
Whether or not gold can get above the next key resistance level and then move to $1,700 an ounce will depend on next week's inflation data. If the data shows price pressures coming down, gold could move up into that territory, said Moya. But a hotter-than-expected number would set a bearish tone.
That would be the only factor ? inflation?
Here is my prediction based on fact - 32 trillion in USA debt is expensive to carry when rates get to 5-6% it cant happen bacause the interest would be over 1 trillion They only collect 3 trillion in taxes and defense takes 800 billion. They would be short 1 trillion, That is why the dollar party is over and gold will regain its normal price tempurature going up because for centuries it just is always priced to not deteriorate in value as with fiat. Gold will go up in the coming months big time yu will see it because of that.They cant keep interest rates high , cant pay it with the present tax base. Invest in gold.