17 Aug 2011

Like a broken record, the medium term remains oversold.  After such a sell off, i would be surprised that this doesn't try again (hold short) at highs before descending back to 50%, but who knows with the market.

Still overbought in the short term.

I thought I posted this post last night, but here I see it is still in editor.  I would buy if hold short short term went back for new highs and it reached a lower height along with the medium term.  GDX is having trouble with one of my resistance lines.

"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."
-- Eddie George, Governor Bank of England, in a conversation with Nicholas J. Morrell, CEO of Lonmin, September 1999