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cbwang888 (25.93)

Gold is going to $1800/oz by the year end

Recs

14

May 20, 2011 – Comments (11) | RELATED TICKERS: GLD , SLV , UUP


We saw yet again today gold and silver future selling right before US market open when Asian and European traders are busying dumping euro for safe haven --- gold. Gold was up $10 then 30 minutes after US start trading, it went down $6. 

 The fundamentals for gold has never been better :   

 

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China keep buying gold. Their are importing as much as their production.

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News: Options for Comex gold and silver and Nymex platinum all hit open-interest records Wednesday, CME Group reports.  For platinum, a fresh options open-interest record of 16,247 contracts surpassed the previous record of 15,047 contracts from Monday. A new silver options open interest record of 251,918 contracts topped the previous record of 249,795 contracts from Tuesday. A new gold options open interest record of 1,186,809 contracts surpassed the previous record of 1,182,169 contracts from Nov. 19. Open interest refers to the number of positions open at the end of the business day.  

Paper shorts will meet physical delivery

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Either   US may default their payment, T-bonds will fall, interest will rise, economy will suffer in US/Europe : Gold is the safe haven 

Or   QE3 is coming by the end of the year 

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Based on today's action and continuous buying from China and soon gold will hit new high in term of euro, I'm confident that $1480 was the bottom and I'm looking for a next gold stop to be higher then $1600, then when US raise debt limit or default, we could see $1800 or even higher ...     

 

 

11 Comments – Post Your Own

#1) On May 20, 2011 at 12:06 PM, silverminer (31.40) wrote:

powerful move from gold today ... let's see if it holds.

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#2) On May 20, 2011 at 12:23 PM, cbwang888 (25.93) wrote:

Gold is boring if you hold Aussie or Swiss Franc. But for Euro, it is about time gold to break new high. 

 

 

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#3) On May 20, 2011 at 12:24 PM, motleyanimal (90.89) wrote:

  The Fed will reinvest interest and maturing debt (continue buying bonds) when QE2 ends in June. That's about 17 billion each month that we might call QE2.5. The first sign of tightening will be when the Fed stops reinvesting cash flow from the portfolio.

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#4) On May 20, 2011 at 12:27 PM, lquadland10 (< 20) wrote:

I believe that if we raise the debt ceiling then we get QE 3 if we don't then it is status stays as is. Unless Ben holds a country's money like he did before to make some money for the fed and affect the status of the dollar.

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#5) On May 20, 2011 at 4:02 PM, TheChronos (98.57) wrote:

Good points. It if the dollar is threatened, more states may follow in Utah's footsteps... if that happens, gold and silver will be in pretty good shape.

http://www.coinworld.com/articles/utah-enacts-legal-tender-act-for-federal-gold/?utm_source=OB_traffic

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#6) On May 20, 2011 at 5:21 PM, L0RDZ (84.36) wrote:

LORDZ  has  gold  GLD  greened....

 

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#7) On May 21, 2011 at 12:11 PM, cbwang888 (25.93) wrote:

WSJ: China now the top gold bug

 

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#8) On May 21, 2011 at 12:20 PM, cbwang888 (25.93) wrote:

From Yahoo Finance: China is now the top gold bug

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#9) On August 10, 2011 at 12:29 PM, cbwang888 (25.93) wrote:

8/12/2011: Gold @ 1799.2

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#10) On August 10, 2011 at 12:31 PM, 100ozRound (29.52) wrote:

I'd rec again if I could!  Good call!

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#11) On August 10, 2011 at 12:35 PM, SN3165 (< 20) wrote:

Please check out Franco Nevada - FNNVF.PK

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