Monday, February 15, 2010
Is It Time For a Run to New All-Time Highs in Gold?
Me thinks so. Of course, Gold has already hit new record all-time nominal highs when priced in Euros. Did you see the Gold positive announcements related to this important event on bloomberg.com or the bullish pronouncements by Nadler over at kitco.com who now says Gold is better than all fiat currencies? Didn't think so...
The downward trend line that marks the current 2+ month correction in the U.S. Dollar-denominated Gold price has been broken (barely) tonight. Here's the early peek-a-boo above this important short-term trend line:
I remain bullish and still think $1350 before the spring is over is the BEARISH scenario for Gold. I think it's time for a big run. Have you seen the latest Commercial Trader category in the COT report for silver? Talk about an about face! We're talking almost 50% more bullish (on a net basis) for da big boyz than just 4 weeks ago.
I think the fireworks are about to start. Of course, I'm all in and biased as hell, but I think it's going to be a good spring for Gold and Gold stock bulls.