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Update on Short Term Gold Count

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June 18, 2010 – Comments (5)

Here is my short term Gold count (using GLD as an intraday proxy for Gold). To understand where this count comes from and all of my longer term charts and counts for Gold, see this post: binve's Gold Foil Hat Zone: More Thoughts on Gold's Massive Bull Market - http://caps.fool.com/Blogs/binves-gold-foil-hat-zone/403421

My target for the next major wave is ~1400 based on the current cup and handle formation. This also fits with the price touching the upper channel line.



ENLARGE

5 Comments – Post Your Own

#1) On June 18, 2010 at 3:02 PM, outoffocus (23.59) wrote:

That would be nice.  I'm gonna stick with a more conservative $1300 price target for now.

In the meantime, I'm gonna enjoy the runup gold and the mysterious lead in ranking I seem to have over you at the moment.  I'm sure it won't last long so I'll enjoy it while it lasts. lol

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#2) On June 18, 2010 at 3:11 PM, binve (< 20) wrote:

outoffocus,

>>That would be nice.  I'm gonna stick with a more conservative $1300 price target for now.

I hear you. Waves can truncate too, so I personally won't lose sleep over a 1300 vs. 1400 peak

>>In the meantime, I'm gonna enjoy the runup gold and the mysterious lead in ranking I seem to have over you at the moment.  I'm sure it won't last long so I'll enjoy it while it lasts. lol

LOL! Yeah, I picked a few green thumbs the past couple of days. The have lagged the S&P a bit (or will fail miserably like most of my other picks, except the gold based ones of course :) ) so it is dragging my accuracy down a few percent. :)

I too will focus on the increased green in my long term investment porfolio :) Thanks!..

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#3) On June 18, 2010 at 4:42 PM, outoffocus (23.59) wrote:

Hey Binve,

Check out this article. I found it posted in the Yahoo Message boards but its pretty good.

Fifty Years of Suppressing Silver

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#4) On June 18, 2010 at 4:43 PM, cbwang888 (25.91) wrote:

I'll consider buying some short term puts when it reaches $1350/oz even though my year end target is about $1400~1500/oz.

Beside PMs, I green thumbs solars and natural gas lately due to BP and expect higher energy costs and gas price. Gold has commodity face that tends to move along with commodities and energy.

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#5) On June 18, 2010 at 6:02 PM, binve (< 20) wrote:

outoffocus ,

That is a really great article. Thanks!

cbwang888 ,

>>Beside PMs, I green thumbs solars and natural gas lately due to BP and expect higher energy costs and gas price.

Same here! A couple of my recent picks were exactly along the same lines of thought.

>>Gold has commodity face that tends to move along with commodities and energy.

If you substitute the word Silver for Gold above, then I would agree. Otherwise I don't, gold sometimes moves with commodities, but it really is its own beast. Silver, which has a lot more commodity uses, I would agree that it tends to move with commodites more often. It will be interesting to see though, when the crisis really resumes, how much Silver acts like a commodity vs. how much it moves with gold (acts like money).

Thanks!..

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