Replies to post #144668 on ajtj99's Market Pulse

[challo]

this is why - and very interesting -

A 'Copper Standard' for the world's currency system?
Hard money enthusiasts have long watched for signs that China is switching its foreign reserves from US Treasury bonds into gold bullion. They may have been eyeing the wrong metal.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5160120/A-Copper-Standard-for-the-worlds-currency-system.html

[Must Be Patient]

Are you a long-term (12 month+) bear on gold?

People are still paying a 27% premium on gold held by GTU. I like gold long term but I refuse to buy in the midst of a downtrend with this kind of sentiment.

http://www.gold-trust.com/asset_value.htm

On the other hand, I'm not shorting gold either - one world event could cause gold to clear $1000 with clear skies ahead.

[Estimated_Prophet]

Gold Update: After gapping up over my key resistance, it is now trading back below it. GLD is below the daily 13ema, after almost testing the 20sma. Same goes for the weekly chart on the same moving averages. The daily MACD is currently in that inflection point, and setup nicely to be a kiss down. I am anticipating the weekly GLD ADX to get a huge push upward from the bears any day now, especially as we are below the key levels mentioned.

Should get an answer whether my very bearish assessment is correct within a few trading days. If we break the $864-865 area, then 850 should happen quite quickly, and I would think this would confirm hitting near $800.