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Gold back to 1500

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Valued Contributor
couple of TA folks suggesting 1750 as first support .. but ultimately retrace back to 1500 ??
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9 REPLIES 9
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Super Contributor
What's their track record like?
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Valued Contributor
good .. most convinced is Yonatan Rom ..
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Super Contributor
I could take that bet. Assuming his timframe is this year. We are entering a seasonally strong period for gold. 1700 possible. 1600. VERY unlikely (tho ill have the truck backed up and buying) 1500? Sorry I dont see it. Feel free to ridiucle me if Im wrong.
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Super Contributor
It has dropped $200 in 2-3 days.Will be interesting to see where it bottoms.
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Super Contributor
Let's keep this post alive-see if these TA pros are worth their salt.
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Super Contributor
Feasible since FED is broke and elections coming, selling Fort Knox is their last resort.
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Super Contributor
1: THey wont sell the gold in FN as its the only asset they have with no counterparty risk 2: Gold reserves get leased out in a similiar way to how our fractional reserve banking system works. Trying to sell it would mean winding up all those lease and swop arrangements. That would have the effect of a traditional bank run. So naaaa they wont sell it
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Super Contributor
This was put to Pres Obama who is reported as saying "Yes We Can"
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Super Contributor
If they start selling their gold reserves one would think this was bearish for the gold price. Given the lease and swap agreements out there it will actually be very bullish. ALso the last moron to sell a nations gold was Gordon Brown. And look what happened after that ... Obama may be an educated man but he is far removed from the common man and that wonderful thing we call common sense. Sadly it appears to not be that common!
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