Monday, September 22, 2008

GLD gold how far up this time ?

Sold some today at $89.60
Will repurchase on the next dip.

My thinking is that many people were caught when gold crashed down, but since they are gold buyers we know they are stubborn folk who, just like me, decided to wait it out. Then they got worried (in the last few weeks) and were looking for an exit. Underwater people looking to get out. BUT they are equally scared of the dollar.

So I expect a pullback from profit taking and just a general pullback from a historically massive pulse upwards.

But I don't expect much of a pullback, because everybody knows now that the dollar rally is done, inflation is inevitable and gold will now glitter again. that's seems a foregone conclusion now.

No comments: