"I prefer to play the commodity space by owning physical gold," Faber tells Chiefsworld. "If I were an American, I would store it outside the U.S., because in the U.S., it is not completely unlikely that they will eventually take it away."
"Like in 1933, gold will be purchased back by the government" because eventually, the financial mess will be so bad that gold prices "will go ballistic, and the government will take away something from a minority, and not many people own gold."
"When gold prices shoot up, it will be quite a popular measure to take it away from these rich people," Faber says. "It's happened before...
02.03.2012.
COMM: GOLD. So we faced new "stick" down once reached 1790,3 $ per ozt. (trading platform) I asked whether gold is ready to re-enter that upper portion of the channel between red lines ? No - only touched red line. Was not able pass it. So I was correct indicating highs btwn. 1760-90. First one was at 1763 than we had a picture of the niche and than again 1790. Some famous investors saying " buy" ...I am saying suspend buying....nobody believed about 1523 this Dec. Probably guys in funds have bought gold and now would like to keep high price but just check levels of gold held in reserves of Greece , Spain , Portugal...it is good moment for them to make a swap..as interests on bonds must be paid...think twice. What next ? In my opinion after 1790 collaps -"the stick down" , than not reaching even 1730 is negative for gold.
FEBRUARY 2012
MARKET SPOT
Gold. XAUUSD- Gold spot. 12.02.2012
The Gold Market continues to hold the green momentum channel that was developed using the last price low 1525 indicated as purchase signal, we constructed a "momentum" channel that keeps the gold market. The most important now is the price high. Price has turned into the channel making high app. 1763 only once. We estimated high for 1760-90. Is it the end of this rally?
Is gold ready to re-enter that upper portion of the channel ? I am afraid not. Buffet’ statement did not help. Although gold is the best investment for uncertain times, still valid is question whether 1524 is the end of waves structure going from the top 1921. For the upcoming days, the 1720-1736 area is the first point to watch. If price closes above the 1740 price area, it will take ride for high. In our opinion market has no fuel for that. Green zone is still above the formed “stick” till 1710 than closing below would be a signal that market turns back and a new down leg should be under way.
Date &time
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Instrument: Gold
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Actual
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Forecast
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Previous
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12.02.2012,14:30
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Signal :
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sold
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watch
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purchase at
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1710
| |
S/L:
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Mid term
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Short term
| ||||
T/P:
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sell
|
sell
|
MARKET SPOT
FW20. FWH12.12.02.2012
The red line shows that market is still on bullish side, although it is like a snake since the August collapse. Does it mean that market waits for Greece default and sways according to news? Talks about 170 bilion Euro support what is a half of Germany’s budget. Buying Italian or Spanish debt is at risk therefore we propose thinking about those which are generating real record revenue and profits. FW20 should not be down again to lows of 2008. Our main support level is 2030. Recent January wave ends at 2420. Our highs were indicated 2420-50. FW20 will sway, however 2139 was the only occasion for such low level for long position. Market get used to Greek tragedy. Reacts seriously only for noise of numbers of US debt, therefore market will continue sway to upper levels, although corrections will be on the road.
Date &time
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Instrument: FW 20
|
Actual
|
Forecast
|
Previous
| ||
12.02.2012,14:30
|
Signal :
|
sold
|
watch
|
sell at
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2410-2450
| |
S/L:
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Mid term
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Short term
| ||||
T/P:
|
buy
|
sell
|
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