Well, there it is, trading in a range of $550-560 oz.
Some of the pundits tell me $600 is the next stop on
a glorious upward ride. Wow, and here I am thinking
that I could eke out a decent case for gold at $450
oz. based on commercial demand / supply/ extraction
costs. I even thought it would sell off sharply over
the first four or five months of 2006. I know there
are concerns that oil supplies could be disrupted, but
when I look at that market, I can make out a good case
for oil at $40-50 bl., not $60+. No comfort there either.
looks like the same guys are in that market, too.
When I look at the gold charts, I see a sitting duck,
with intermediate term weekly MACD rolling over from very
high levels, yr/yr price momentum very high, Wilder
ADX closing in favor of internal supply. But, a
big drop has not come.
So, for now, I am consigning gold to the "out of my
league" category, to be dusted off periodically.
I do get a kick out of the gold bug websites. Not
even the more voracious Wall Street Bankers can touch
these guys for hucksterism.
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