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Tuesday, May 18, 2010

Gold update

The Sagittarius factor brought a short term hype and new temp. highs but it is rather hard to see how Gold could go higher for now. As the EURO panic should be over for now. My mid term target remains at 1350 but for now a consolidation and correction is the likely course for a few weeks. Other metals might perform a bit better though as Silver. The 200 Dollar spike from the Feb low could give back half as a maximum downside potential butı rather expect no more than 80 pullback to around 1170. The big problem for the bulls is the huge short position some Investmentbanks are holding and they will do all in their power to keep the bull run on check which becomes harder to accomplish with the ongoing investigations but since central banks are part of the cabal the only thing which can save them would be another Roosevelt scam of confiscating Gold. Back in the early 30's Britain was bankrupt and everybody fled the Sterling and bought Gold - sounds familiar to todays action. At the end they got screwed a second time by FDR after the BOE and FED had arranged for some obscure Gold-swaps beforehand.

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I am a professional independent trader