Mid-afternoon Gold Buying – 3 times now – what’s going on?
I’m not expert but am not assuming a breakout yet if it’s just one big buyer and light volume. If gold takes a dip again I’ll probaby buy more; if it doesn’t I’m happy with what I have. Then again, if one thinks the dollar is reallly going to tank soon then one shouldn’t wait to buy gold I suppose.
At this moment (monday morning), the gains for gold in dollars is 1.7%. But the gain in euro’s is only 0.16%. While the gains of gold last week did not have a dollar weakening.
What does it mean?
Well, today’s rise is only a rise for dollar-people. Here in Europe the price remains stable. I am going to buy today (or tomorrow) some 1/2 krugerrands. I feel we could have a break-out. But still, when our fiat currencies hit bottom, it will be academic at what price we have bought. I think any price under 1000/oz is good.
EURUSD has gone up during the day. So that’s probably why the gain is a bit higher in USD than EUR
I know you’ve been following it closely lately.
If you enjoyed the US Situation Comedy "Barney Miller" in the 1970’s, you may enjoy this brief 6 minute clip from 1978….
All things come to those who wait….