Gold not looking very good right now at 1368. We may be in for a test of the lows...
I am not really sure what to say about today's move in gold. It looks really bad. I refuse to bail out though, despite heavy losses in the sector. This is all interesting to me because according to Market Wizards (a good book), bullish news that does not affect a market is considered extremely bearish. Well, when the current round of QE was announced last fall, gold did not break-out. This should have been my clue to get out.
You live you learn.
A video I recently posted here had Brent Cook saying the state of the market would last a few years. So, if you are in for the long haul, get ready for hell for a while. I know I am mentally ready now. Everything I have invested in the sector is on hold, and I will be holding no matter what, for quite some time. However, I will not be adding anything more. I may regret the decision to hold, but there are oddities in the global economy right now that have me wondering what might be around the corner. For instance, a good example is the USDJPY situation. Japan may be in big trouble soon. Their currency has decreased against the dollar by 25%+ in <1 year!
Not really sure where things will go from here. I have my head in other things these days. In fact, you may not see me much for a while. We shall see.
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