Monday, May 18, 2009

GOLD DROPS FURTHER IN AFTERNOON TRADING


Gold has drifted to a new low and suddenly dropped to 91520
on 851 contracts at 3:18pm pdst and has moved up since, but
not by much. It appears to me that the gold bashers decided
to hit gold early in the week to shake things up and create
uncertainty that would last at least one more day, because
gold has been doing so well recently by climbing up from
880 to almost 935 in a very smooth intermediate uptrend channel.
All this and gold has managed to move above all the moving averages
Can't have gold move too high or it makes the dollar look
like the piece of paper crap it really is.