Archive through February 23, 2005

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rederob

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Post Number: 611
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Saturday, February 12, 2005 - 04:28 pm:

Colin's trading diary missed Friday's close, so that's fixed below:

Friday was important as gold strengthened in euro terms on a steady greenback, AND while China was offline for their new year.
Note that if gold pushes over $428 it has a thin path of resistance in moving higher.
Ideally next week will see some consolidation and a touch more upside - a close above $420 next Friday will be welcome.

goldbug

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Monday, February 14, 2005 - 11:52 am:

$US being smashed today in Asian trading.
Probably playing catchup...

POG being sucked along in its path....$423 as we speak.
$430 the obvious next short term target.

Cheap tickets still available!

Regards

GB (not Gordon Brown)

goldbug

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Tuesday, February 15, 2005 - 08:09 am:

Interesting article by Dan Norcini on Gold Eagle: "in spite of the fact that more FUND LONG LIQUIDATION as a percentage of the total open interest has occurred with each major price setback over the last two years, the corresponding gold price drop has been successively shallower. First, a drop of $70, then $60, and now thus far, $50, even though there has been more fund net long liquidation on a percentage basis on each occasion. What this tells me as a trader analyzing this market is that more and more buying is emerging on each of these larger price setbacks in gold and that the buyers are absorbing successively larger amounts of selling - so much so that gold's price dips are becoming more and more shallow. That can only bode well for the gold price as we move forward into this generational bull market in gold."

goldbug

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Friday, February 18, 2005 - 01:21 pm:

rederob's prediction for a 'reversel' week eventuated and some.

POG short term is entering overbought but.....

that said we are heading into the weekend and some buying may occur with geopolitical risks raising its ugly head once again....this time Syria and Iran in a fingers up to the US..... and North Korea boasting about having a nuke....
Mr Magoo also out the way (pretty much a non event as far as everything is concerned..... the US economy is just doin' fine....yawn...)

POG is now entering a multiweek rally......
(see below) dont just take my word for it.....

The generational bull market in gold is entering into another phase which may take it to 20 year highs..
this may take 6 - 9 months or it could happen sooner time will tell but for the few that do believe good on you and poo poo to the rest.....

regards

GB

rederob

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Friday, February 18, 2005 - 04:01 pm:

Dear Gordon (goldbug)
As the daily RSI is at 56 I think there is a shipload of headroom.
I will wait till tomorrow's close posting daily chart.
Certainly very positive and a break over $428 tonight would be excellent.
Where's that darned vermante - have got his tickets, just need the money from him now!
rr

goldbug

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Friday, February 18, 2005 - 06:50 pm:

cheers rederob,
a close tonight on the highs over $428 will be very bullish indeed.....with the $US on the back foot and gold holding $427 at the moment it is quite possible...
regards
gb

goldbug

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Tuesday, February 22, 2005 - 07:49 am:

i think inflation is a bigger problem than we are led to believe..

this maybe the vehicle that carries POG to higher levels in the future and diverts the POG from the POG / weak $US relationship that has flourished for the last 3 years....all good things come to an end.

We are (i think) at this transitory period when the POG latches onto the inflation theme. this usually grabs the attention of funds, as was the case on a bloomberg special this morning were gold was discussed as an investment in times of rising inflation.

regards

gb

vermante

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Tuesday, February 22, 2005 - 08:09 am:

Rederob,

No rush to hop on the tram yet. POG will have to break U.S $432 to grab my interest.

CRS recently deferred a project due to higher than expected contract moving rates and the fall in the POG. This was when POG was at $412/OZ. Cannot see them rushing out to recommence the project with POG at U.S $427/OZ

Cheers

Vermante

goldbug

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Tuesday, February 22, 2005 - 08:25 am:

vermante (excuse the interruption)

thats whats so attractive about gold....its difficult and expensive to mine, you just can't turn on a printing press....

welcome back....your tickets are still with rr, although due to inflation we have had to increase the price.....sorry about that....

regards

gb

vermante

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Tuesday, February 22, 2005 - 09:01 am:

Goldbug

No rush for the tickets yet. Happy to pay a higher entry price.

Cheers

Vermante

goldbug

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Tuesday, February 22, 2005 - 09:18 am:

no problems vermante.....as soon as $432 is crossed your tickets will be in the mail...

regards
gb

goldbug

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Tuesday, February 22, 2005 - 01:07 pm:

The $US dollar being heavily sold again in asia at the moment blasting through 1.31 Euro.....subsequently POG trading through $428.....
the current rally is gaining some 'traction' or was that 'its well anchored'

regards
gb

goldbug

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Tuesday, February 22, 2005 - 02:39 pm:

http://www.321gold.com/editorials/paul/paul022205.html

rederob

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Tuesday, February 22, 2005 - 07:41 pm:

$430 breached and NY markets a way off online trading.
Vermante may be watching with more interest tonight, than usual.
The technical traders could come into the market with guns blazing and launch us to $440 before week's end.
Whatever the bear camp might think, POG seems entrenched over $400 in 2005 and only something totally unforeseen is likely to change that.
I note also a large camp of "we are NOT US dollar bears" in the mainstream markets. What is interesting about this is the "negative" phrasing - they don't seem to be US dollar bulls!!!!

captain_chaza

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Tuesday, February 22, 2005 - 08:23 pm:

I don't want to be a needle in the woodpile but I told you so!

I have pulled out all stops
And will try soon to go to sleep

Crikey!
We had a great Ozzie Breakfast
A brilliant Yum Cha
Spagetti and Frog legs for lunch
Lovely scones with the Tea-bags for after-nooners

I am not too sure what to expect when we hit the USA for dinner later tonite

Anyway I think I have got them by the balls
AND I am not letting go
All my stops are out!!!

This is what I call Sailing against the Yanks

I don't want to be a needle in the