Rovo, in light of things to be, and things to come, from the aftermath of what has been caused. Things are not avidly collected for sole purpose of throwing them away. There is a purpose to all madness. The recent drop is nothing to be frightened over by some.
As the critics huff and puff, well there is way more happening than a mere distraction to disqualify behavior,
Quote: Golden wall of worry
CHAPEL HILL, N.C. (MarketWatch) — As gold traders contemplate today’s big drop — $26 per ounce as of late morning in New York trading — they would do well to keep in mind that bullion is only about 6% below where it stood at its early-December peak.
That’s only a bit more than half of the kind of decline that’s required to qualify as a “correction,” according to at least one standard definition. And, yet, the average gold market timer is as depressed as you’d otherwise expect him to be if we were in a far more major decline. This suggests to contrarians that gold’s weakness is more likely than not to be a mere pause in an ongoing bull market. Consider the average recommended gold market exposure among a subset of short-term gold market timers tracked by the Hulbert Financial Digest (as measured by the Hulbert Gold Newsletter Sentiment Index, or HGNSI). This average currently stands at 26.9%, which means that the gold timers on balance are allocating nearly three-quarters of their gold-oriented portfolios to cash. Markets Hub: Stocks sell off againStocks are losing ground again amid concerns about over-heating Chinese growth and a mixed earnings picture. Jobless claims fell and home sales rose. Donna Kardos Yesalavich, Kathleen Madigan and Paul Vigna report. In early December, in contrast, when gold was trading above $1,420 an ounce, the HGNSI was double its current level, at 53.6%. So the average gold timer, in the face of only a modest pullback, has cut his exposure in half.
People are frightened. And more and more each day at that, and are pulling out of the overall market, and for good reason. But even as FTI would have it, you have to ride hard in order to succeed. I have no doubt that the pullback is nothing more than a short break as we are in a Currency War. That war is for one side or the other to take the rein. Recent doings were and are about just that.
There is no "wall of worry" as far as I'm concerned. A person makes a play in the market and then lives with that play. Hoping, worrying doesn't cut it. Know what you are doing and play accordingly.
IF gold closes at the current levels it will be in the flat out sell range according to the 5-15-50 SMA Crossing. I won't be acting on this at this point because 1) the market hasn't closed and 2) I expect, based upon past performance, for gold to rise tomorrow and Monday. That said, if gold continues to fall tomorrow I'll be jumping in on the short side of a gold play via GLL. There is no big rush to enter a short play because the potential downside move is so large and giving up a few points for certainty isn't a big deal.
wxyz, why it certainly is priceless. Your SDR baskets tell the tale there. You need to step back and take in a deep breath of the overall picture here. Of course if you would rather just heckle that's fine by me. In at $600 was I, and it has been a splendid ride. Why I could not have asked for a better one. Now Hu is gone and the looming stack of who wants to be a millionaire is on the table. Of course there needs to be some major restructuring finishing touches. So do you take the cake or don't you?