Ugghh....where to start........
First I have 101 fever, so I was in no mood for gold to be anything other than up $20 let alone down $18 on a completly bullshit day.
First, I knew we were in trouble, when driving in I heard gold was down $8 on a weaker dollar. What up with that? Second, I was thilled, when Savior Buffet offered the world his bailout plan to save the monoline insurers. Someone else put it best when they wrote, "this is like Buffet being an ambulance driver, driving to an accident and taking away the healthy people." The way CNBC was slobbing all over Buffet's knob was downright disgusting.
Soon after the announcement, the S+P futures took off like a bat out of hell, and gold sank even more. But when people realized this plan was only good for Buffet and not the insurers, the dollar started to tank and gold actually came back so it was only down $2. I thought this might not be a bad day after all. How wrong I was.
From the get go the market roared but the gold stocks, as usual, tanked. They tried a brief rally but had absolutely no strength whatsoever. Business as usual in the gold world.
Then all hell broke loose. Gold basically fell off a cliff as the shorts ran through all the sell stops as this was a complete operation, again. I guess the absent minded shorts thought that with Buffet's rescue plan, all was well with the economy. I can't even begin to tell you how many "this is the top in gold" stories I read today. But funny, silver, plat, and wheat had horrible days also, but no articles about them. I am getting tired fighting this fight.
So where to now? The shorts are firmly in control and judging by the action of the gold stocks, I would guess down to prolly retest $890.
Please exscuse me as I am in a Nyqil induced haze. Hopefully, when I come out of this, today will be just a Nyqil dream.
First, I knew we were in trouble, when driving in I heard gold was down $8 on a weaker dollar. What up with that? Second, I was thilled, when Savior Buffet offered the world his bailout plan to save the monoline insurers. Someone else put it best when they wrote, "this is like Buffet being an ambulance driver, driving to an accident and taking away the healthy people." The way CNBC was slobbing all over Buffet's knob was downright disgusting.
Soon after the announcement, the S+P futures took off like a bat out of hell, and gold sank even more. But when people realized this plan was only good for Buffet and not the insurers, the dollar started to tank and gold actually came back so it was only down $2. I thought this might not be a bad day after all. How wrong I was.
From the get go the market roared but the gold stocks, as usual, tanked. They tried a brief rally but had absolutely no strength whatsoever. Business as usual in the gold world.
Then all hell broke loose. Gold basically fell off a cliff as the shorts ran through all the sell stops as this was a complete operation, again. I guess the absent minded shorts thought that with Buffet's rescue plan, all was well with the economy. I can't even begin to tell you how many "this is the top in gold" stories I read today. But funny, silver, plat, and wheat had horrible days also, but no articles about them. I am getting tired fighting this fight.
So where to now? The shorts are firmly in control and judging by the action of the gold stocks, I would guess down to prolly retest $890.
Please exscuse me as I am in a Nyqil induced haze. Hopefully, when I come out of this, today will be just a Nyqil dream.


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