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Laughing our gooney goo goo asses off.....
Overnight, Trichet, once again talked tough on inflation and pretty much postulated that the ECB would not be cutting rates anytime soon. Whether he means or not, we'll see.
The result of this statement was the euro strengthed tremendously against the dollar and that meant it was fireworks time in gold as driving in, gold was up $18. I was very pleasantly surprised to hear this as when I went to bed, gold was up $8. NOICE!!!!!!!!!!!!!
Gold went on to have one of those days where, previously, one could only dream about. There was barely a negative tick all day as gold closed up roughly $23 at $910 on the April contract. The gold stocks responded in kind as the HUI was up 22.
What's kinda funny is last night I wrote about have a trifecta: gold, gold stocks, and the overall market higher all at once. Today was that day. Except for me. I came in relatively light my full load of stocks, but I did manage to add some in the premarket. Now, of course the gold stocks I had underperformed the other gold stocks. I did make money, but not as much as I have on other days like this. Oh well, that's life, it happens. Maybe I need a quadfecta: higher gold, gold stocks, overall markets, and the gold stocks I own.
IMO, at some point the ECB is going to cut rates, I think they are jawboning the way the Fed did. If and when this point comes, obviously, the Euro would weaken tremendously against the dollar. In the past that would mean disaster for gold, however, we are now quite clearly at the point where trillions of dollars are being pumped into the system. Gold knows this, that' the reason we were up as much as we were. So, if the ECB cuts, look for the dollar and gold to rally together. There are many shorts in the gold market just waiting for the dollar to weaken, thinking their pay day will come. Boy, will they be shocked. That's when the fireworks will really start and we, as gold bugs can sit back and laugh our gooney goo goo asses off.
Surprisingly, I heard very little about gold today on TV. Wait, where were all the pundits who just as early as yesterday were saying that gold along with the great commodity boom was over? Tonight on Fast Money, gold was not mentioned at all. My boy, Guy Adami literally did not have a word to say about it. To me that is the height of cowardice, as you know, if gold was getting crushed, he would be dishing out the "I told you so's."
I could get used to having gold break out and not have the mindless media commenting about it.
The result of this statement was the euro strengthed tremendously against the dollar and that meant it was fireworks time in gold as driving in, gold was up $18. I was very pleasantly surprised to hear this as when I went to bed, gold was up $8. NOICE!!!!!!!!!!!!!
Gold went on to have one of those days where, previously, one could only dream about. There was barely a negative tick all day as gold closed up roughly $23 at $910 on the April contract. The gold stocks responded in kind as the HUI was up 22.
What's kinda funny is last night I wrote about have a trifecta: gold, gold stocks, and the overall market higher all at once. Today was that day. Except for me. I came in relatively light my full load of stocks, but I did manage to add some in the premarket. Now, of course the gold stocks I had underperformed the other gold stocks. I did make money, but not as much as I have on other days like this. Oh well, that's life, it happens. Maybe I need a quadfecta: higher gold, gold stocks, overall markets, and the gold stocks I own.
IMO, at some point the ECB is going to cut rates, I think they are jawboning the way the Fed did. If and when this point comes, obviously, the Euro would weaken tremendously against the dollar. In the past that would mean disaster for gold, however, we are now quite clearly at the point where trillions of dollars are being pumped into the system. Gold knows this, that' the reason we were up as much as we were. So, if the ECB cuts, look for the dollar and gold to rally together. There are many shorts in the gold market just waiting for the dollar to weaken, thinking their pay day will come. Boy, will they be shocked. That's when the fireworks will really start and we, as gold bugs can sit back and laugh our gooney goo goo asses off.
Surprisingly, I heard very little about gold today on TV. Wait, where were all the pundits who just as early as yesterday were saying that gold along with the great commodity boom was over? Tonight on Fast Money, gold was not mentioned at all. My boy, Guy Adami literally did not have a word to say about it. To me that is the height of cowardice, as you know, if gold was getting crushed, he would be dishing out the "I told you so's."
I could get used to having gold break out and not have the mindless media commenting about it.
posted by Neal | 8:39 PM
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