Are there any doubts that Gold is going to $1,000 an ounce?
The gold etf [[GLD]] looks like it may breakout to new highs after clearing a somewhat immature triangle consolidation.
Volume on the gap-up today was nothing special, but the volume in December when it cleared the previous consolidation was also light. Light volume did not stop the precious metal from running 12.5 points, in one month.
Because GLD is my largest position, I may be a bit biased, but I think the etf goes to $100.00
Why wouldn’t it? Can anyone provide a sound, reasonable argument as to why gold will not continue to move up?
Anyway, in the near term I’m not sure I trust today’s move as I would have liked to see a longer consolidation and more volume, but I’m not complaining.
so is GLD your stock pick for Ragin’s contest?
Despite signs that our economy is slowing, gold has held up nicely over the past couple months. I’d say this resilience is encouraging.
When you compare volume on today’s GLD move against the late-Dec move and say they were both equally uninspiring, remember that you’re looking at the volume in an ETF, which one could argue is like looking to odd-lotters to tell the trend in big-cap stocks. The volume picture for futures contracts in which there are big commercials participating may differ considerably from that for an ETF.
Wood,
Lot’s of reasons.
http://leduc916.wordpress.com/
jog
Duc, you are then a dollar bull and a crude short?
Spaulding, do you subscribe to the COT? I’ll have to go over to Gary’s blog and see if he’s talking.
Wood,
I do not subscribe to any COT products. I’m actually not sure what you’re asking, since the government produces COT reports for free:
http://www.cftc.gov/marketreports/commitmentsoftraders/index.htm
I think I see where you’re going with your question, and it makes sense, i.e., what is the dollar depth of domestic gold markets, and what kind of players are playing?
There are dozens of people around IBC who are waay more qualified than I to characterize the gold futures market as to size and players. I hope some will chime in.
SS- I do believe there is a for-pay COT data service, but I may be wrong about that.
Thanks for that link. A new one for me. I will start a spreadsheet to track the week over week changes.
Right now the commercials are short gold, according to the Feb. 15 report.
Wood,
If you’re going to start a spreadsheet, you did see the links to comma-separated-format files at the bottom, right? Unfortunately, it looks to me like the comma-separateds are available for the current week only, and not for the historical data. But hey, there’s always Perl.