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Tuesday, October 20, 2009

Gold update

Gold is topping out short term with the stock markets which is a very rare event but also driven by the new correlation of weak Dollar and strong stock markets. The pullpack towards 970-80 will be a buying opportunity as we should se an advance to 1300-50 within 4-5 months. The same is true for the Dollar as it should make new lows against the Euro rising above 1.60 only the stock correlation might change in that process as we could enter a Dollar crisis pulling stocks down as well. That on the other hand will trigger another round of money printing to 'support' the real economy and drive Gold towards 2000 in 2011-2.

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I am a professional independent trader