gunDriller
29th May 2012, 02:06 PM
This was on Yahoo this morning.
"Gold Prices: Death Cross Signals Bubble Has Popped Says Suttmeier"
http://finance.yahoo.com/blogs/breakout/gold-death-cross-signals-bubble-popped-suttmeier-140251120.html;_ylt=ApaoCxeudubwY.mk62CWg3iiuYdG;_ ylu=X3oDMTNyZWNnajE1BG1pdANGUCBUb3AgU3RvcnkgTGVmdA Rwa2cDNWYyNTA0NWUtMzNiMS0zMjg0LWJiOWItYTk1MjZmNzQ0 NmRhBHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyAzE4NGU4OWMwLW E5OWYtMTFlMS1hNzk3LWVmOTM0ZTc1MjYzYg--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRw c3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
"A year ago gold seemed to be the answer to almost every financial riddle. It was the world's favorite safe haven and was touching new heights on the back of inflation worries and a weak dollar. Today gold is down nearly 20% from its recent peak last fall, and according to Richard Suttmeier, chief market strategist at ValuEngine.com, has entered a new 5% trading range since experiencing a ''death cross'' in April.
''For a commodity such as gold, I think it could be years before gold breaks out of its new bearish bias," he says. "I think it's a significant high; the bubble has popped."
Officially, Suttmeier is targeting a trading range from $1525 to about $1600, pointing out that "there's an 85% chance" that gold will go back up and test the upper end. Perhaps more important is the fact that Suttmeier thinks "the upside is limited to where the death cross is ($1693)," which is why he's closer to closing out the gold trade rather than initiating or adding to a position in it.
For the record, it has been nearly five years since gold last posted a death cross in October 2008, roughly six months into a 10-month slump.
But even though fears about Greece and a possible break-up of the euro zone are still very much alive, the U.S. Dollar is the current hot parking place. While conditions would seem favorable to own gold at these levels, especially amidst so much economic uncertainty, Suttmeier says there's simply just ''less speculative interest" in gold right now.
As he describes gold trading right now, "it seems to be get me out on strength," until gold gets down to around $1525, and then traders should take a look a again."
Sort of funny in a macabre way. Obviously no mention of the 100:1 paper-physical ratio, or of the gross currency manipulation that is part of the strong dollar policy.
I suppose another part of the strong dollar policy is - talking down gold and, when necessary, silver.
So I guess there's 2 basic parts to the Strong dollar policy -
* market manipulation, e.g. Feb 29 500+ million ounce paper silver sale
* talk shite about PM's, aka 'Perception Management'.
Question - when the Yahoo's on Yahoo, Fox, CNBC, CNN, etc. talk shite about Gold - which of them are taking their cues directly from the US gov and its agents (JP Morgan, HSBC), and which of them are independent analysts who are just not yet informed ?
And, in case you were wondering - 'Dumbkopf' is German for 'Idiot.'
"Gold Prices: Death Cross Signals Bubble Has Popped Says Suttmeier"
http://finance.yahoo.com/blogs/breakout/gold-death-cross-signals-bubble-popped-suttmeier-140251120.html;_ylt=ApaoCxeudubwY.mk62CWg3iiuYdG;_ ylu=X3oDMTNyZWNnajE1BG1pdANGUCBUb3AgU3RvcnkgTGVmdA Rwa2cDNWYyNTA0NWUtMzNiMS0zMjg0LWJiOWItYTk1MjZmNzQ0 NmRhBHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyAzE4NGU4OWMwLW E5OWYtMTFlMS1hNzk3LWVmOTM0ZTc1MjYzYg--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRw c3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3
"A year ago gold seemed to be the answer to almost every financial riddle. It was the world's favorite safe haven and was touching new heights on the back of inflation worries and a weak dollar. Today gold is down nearly 20% from its recent peak last fall, and according to Richard Suttmeier, chief market strategist at ValuEngine.com, has entered a new 5% trading range since experiencing a ''death cross'' in April.
''For a commodity such as gold, I think it could be years before gold breaks out of its new bearish bias," he says. "I think it's a significant high; the bubble has popped."
Officially, Suttmeier is targeting a trading range from $1525 to about $1600, pointing out that "there's an 85% chance" that gold will go back up and test the upper end. Perhaps more important is the fact that Suttmeier thinks "the upside is limited to where the death cross is ($1693)," which is why he's closer to closing out the gold trade rather than initiating or adding to a position in it.
For the record, it has been nearly five years since gold last posted a death cross in October 2008, roughly six months into a 10-month slump.
But even though fears about Greece and a possible break-up of the euro zone are still very much alive, the U.S. Dollar is the current hot parking place. While conditions would seem favorable to own gold at these levels, especially amidst so much economic uncertainty, Suttmeier says there's simply just ''less speculative interest" in gold right now.
As he describes gold trading right now, "it seems to be get me out on strength," until gold gets down to around $1525, and then traders should take a look a again."
Sort of funny in a macabre way. Obviously no mention of the 100:1 paper-physical ratio, or of the gross currency manipulation that is part of the strong dollar policy.
I suppose another part of the strong dollar policy is - talking down gold and, when necessary, silver.
So I guess there's 2 basic parts to the Strong dollar policy -
* market manipulation, e.g. Feb 29 500+ million ounce paper silver sale
* talk shite about PM's, aka 'Perception Management'.
Question - when the Yahoo's on Yahoo, Fox, CNBC, CNN, etc. talk shite about Gold - which of them are taking their cues directly from the US gov and its agents (JP Morgan, HSBC), and which of them are independent analysts who are just not yet informed ?
And, in case you were wondering - 'Dumbkopf' is German for 'Idiot.'