Good luck JTJ. It's hard to remain positive about the gold market right now, when you weigh in the actions of the last several weeks and months.
However, I am still bullish on gold for these reasons:
Physical gold is in unprecedented demand. The price action of gold is irrelevant. Demand increases while price falls - This contradicts the very idea of a free market. But this should correct itself as pressure increases on those who are fiddling with the COMEX. Take into account also, China and Russia, both of whom have expressed unhappiness with the state of gold, and have been indicating they would like to see the market unfettered sooner than later.
The Dollar. Do I need to say more? Sure the Dollar remains bullish but is this because of the money market and currency interventions or because the Dollar is inherently strong? I believe the former. Add to this recipe the impending inflation fiasco we'll soon find ourselves in, increasing national debt and deficit ratios, off-balance sheet Dollar spending in the trillions that will never be reported, and a recessionary/depressive economy, and you can say that yes indeed, the Dollar is not very strong at all.
Lastly, I like what I'm seeing from the goldbugs. These are the folks that have been trying to convince you that gold is bullish while fortunes have been lost on it. Not very encouraging, but here are a couple of points: First off, you shouldn't be playing with cash you can't lose unless you plan on making this your day job. Buy on fear, sell on Greed, everyone's heard it. And yet everyday people sell on fear, and recommend buy on Greed (Don't be a sheep). The thing you have to understand here is that when you Buy On Fear, you'll probably end up taking a hit. It's a gamble, when you try to call the bottom. Sometimes you'll call it, sometimes you'll lose value. But the payoff is long-term. Let me repeat that: LONG-TERM. As in months, but more likely years. And if you're betting next months rent, or your family vacation money, you're not playing the LONG TERM Game, which is what most of these goldbugs play -LONG TERM. Now, that said, the goldbugs out there are some smart people, and I continue to hear speculation that gold will turn sometime around the new year. Anywhere in the 3 month period of December to February, depending on who you listen to. The thing you have to understand with this sort of statement is that it's based on politics, and really has nothing to do with supply and demand.
Gold is being suppressed to maintain value on the Dollar. Period. But this can't last forever. You're in the right game folks, but remember this is a LONG TERM Game. It may take awhile to improve, but now is the time to buy, while everyone is afraid.
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