Sunday, December 30, 2007 4:30:14 PM
Gold mania update: Bernanke boss comment on inflation/deflation is boosting Gold hypers as if we don't have enough gold speculations to drive up the gold price.
I commented on the gold that 850 +/- is a significant resistance after super bubble after a breaking when we had Katrina disaster as shown on the chart below. Now, we have new monthly closing high even though we had HOD 854.50 on 11/8/07.
Many are hopping on Gold hype bandwagon to sell stocks and buy gold based on various speculation including winter kongdratieff cycle (high debt, bankruptcies, bank crisis, credit crunch, currency crisis, etc.)
Now we have McHugh jumping on gold bandwagon and my thought on his EW count 5th wave target is in agreement at which is 850-900. Gold 1000 is a double of 500 breakout, basic math for Gold Mania.
Instead of recession or deflation, it seems that Bernanke wants to create hyper-inflation?
~~~
http://www.safehaven.com/article-9115.htm
December 29, 2007
Gold Could See $1,000 in 2008
by Robert McHugh
Gold finished the Minor degree wave 3 of Intermediate degree 1 up on May 12th at $730.40, and has decisively surpassed that level, a Bullish breakout. It came close to hitting a new all-time high, above $850.00. It got to $848 on November 7th, 2007. It closed November with an average daily price over $800 an ounce for the first time ever. Gold is rising sharply once again.
Gold's Minor degree wave 4 was a Symmetrical Triangle, a consolidation pattern of the Minor degree wave 3 rally that started back in 2001 and extended into the May 12th, 2006 top. Waves a through e within wave 4 are complete. A break above $730 confirmed that the triangle is complete, and wave 5 up is underway. Wave fives typically extend with precious metals, so for wave 5, $1,000 is not out of the realm of possibility for Gold in 2008. Minuette wave i up of 5 up has not yet completed. Gold revealed itself to be forming a Symmetrical Wave 4 pattern, a five wave pattern of three waves each, that started at the $848 top on November 7th. This pattern looks complete, is textbook, is Micro wave 4, and Gold has predictably broken out higher from this pattern, wave 5 of i up.
I commented on the gold that 850 +/- is a significant resistance after super bubble after a breaking when we had Katrina disaster as shown on the chart below. Now, we have new monthly closing high even though we had HOD 854.50 on 11/8/07.
Many are hopping on Gold hype bandwagon to sell stocks and buy gold based on various speculation including winter kongdratieff cycle (high debt, bankruptcies, bank crisis, credit crunch, currency crisis, etc.)
Now we have McHugh jumping on gold bandwagon and my thought on his EW count 5th wave target is in agreement at which is 850-900. Gold 1000 is a double of 500 breakout, basic math for Gold Mania.
Instead of recession or deflation, it seems that Bernanke wants to create hyper-inflation?
~~~
http://www.safehaven.com/article-9115.htm
December 29, 2007
Gold Could See $1,000 in 2008
by Robert McHugh
Gold finished the Minor degree wave 3 of Intermediate degree 1 up on May 12th at $730.40, and has decisively surpassed that level, a Bullish breakout. It came close to hitting a new all-time high, above $850.00. It got to $848 on November 7th, 2007. It closed November with an average daily price over $800 an ounce for the first time ever. Gold is rising sharply once again.
Gold's Minor degree wave 4 was a Symmetrical Triangle, a consolidation pattern of the Minor degree wave 3 rally that started back in 2001 and extended into the May 12th, 2006 top. Waves a through e within wave 4 are complete. A break above $730 confirmed that the triangle is complete, and wave 5 up is underway. Wave fives typically extend with precious metals, so for wave 5, $1,000 is not out of the realm of possibility for Gold in 2008. Minuette wave i up of 5 up has not yet completed. Gold revealed itself to be forming a Symmetrical Wave 4 pattern, a five wave pattern of three waves each, that started at the $848 top on November 7th. This pattern looks complete, is textbook, is Micro wave 4, and Gold has predictably broken out higher from this pattern, wave 5 of i up.
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