Thursday, February 12, 2009

7:50AM PST GOLD SPIKES TO 952 IN ONE SECOND AND BACK DOWN $3 THEN FALLS MORE


A lot of people got creamed on that hairline spike up to 952 using market orders. I was almost one of them. I'm back in on the green line after the 75% retrace.
Gold is just too strong right now to pull back very far.
Everything else in the economy is a disaster, so gold should benefit.
This pull back is mostly profit taking, but I'm sure the bullion banks are selling like crazy on guv'mint orders. Those bids should be sucked up easily given the buying pressure exhibited in the last few days.