As we here at Market Guardian have been saying 928 was a big number. This time we flew through that like a hot knife through butter. The POG is 935 . Keep a close eye on it now as we think Gold could make a run at the highs over 1,000. ETF’s are buying gold hand over fist. Check back this afternoon for a new update on Gold.
Update: Gold has Reached 944. Folks the Gold Run has begun. I think we could see 1,000 sometime next week if not sooner. Remember pigs get slaughtered so if you have some real nice profits out there take some off. (AUY) just broke $9.00. Lets see what the Banks have to say in their testimony!
Good Luck
Silver zooming too – although it looks to be getting a little stretched in the near term.
Hey Randy, Yes I also think Gold/Silver went up pretty quick here. We might get a pull back soon. It is hard because it feels very toppy up here.
Oh, I wouldn’t say ‘toppy’ at all, except maybe a bit parabolic in the very short term, which is why I’d look for a pullback and/or consolidation — more so in the metals themselves than the stocks.
XAU is just moving up above the recent consolidation today. That doesn’t look toppy at all. Of course, I’m not a short-term trader, either.
No I think you are right on. I guess that is what I meant as short term. It just feels like we need to consolidate before the next move. (short term) I still stand by Gold 1,000 sooner rather than later. I need to look a little closer at Silver here.
Cheers
Absolutely, some consolidation would be preferred, especially in silver — SLV has been a rocket the past couple of weeks.