GOLD SHARPLY LOWER
March 19th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Sharpest selloff in recent weeks… Monitoring closely. Could be sovereign sales re: IMF. Just a guess. BIG red candles, intraday.
Catching bounce $955. Lock and load.
[CLARIFICATION: Please understand that I acquire tiny amounts during these big dips. If you are sweating these moves, you’re in too heavy.]
In summary: Daily uptrend intact. Daily stochastics unwinding strongly, but not extreme oversold. MACD cross down. Call the strategic support at $952. If the 61.8 fibfan support fails, I’ll stop acquiring and wait to get more lower.
I have no plans to sell since I use gold as a long term hedge against my cash positions.
Spot gold, daily interval
Posted in Economy | Top Of Page
Do you recommend people exit the stock market completely at this point?
@pdugan:
That’s what I did. Use your own judgement.
It’s interesting that the dollar’s slide has been somewhat arrested and that oil went down a bit. I don’t expect it to last, but you can tell the Plunge Protection Team, the Fed, and European and Japanese central banks have been very busy of late.
Pdugan,
I don’t know what Kevin will say to you ( I think he’s sleeping in NZ right now),and I am curious also as to his reply, but the question I think, is why we invest in the stock market at all. If you know why you are investing there, and the risks involved, I say follow your instincts as to when to get out. Most certainly though, the stock market does not care about you personally, never will, and you can lose it all. Right now, the stock market is just a big game of Monopoly. You know, fake money, stupid plastic houses and icons, go to jail, get free.
Myself, I sold U.S. energy stocks my parents gave me in the late 1970’s. That probably was not a really good move on my part since energy stocks are soaring and will remain to be valuable.
But I put my returns in gold and silver and seeds and numerous enery efficiency projects, and after the first tax return where I paid on the gain, I haven’t looked back. Sure I still have a quasi 401 K in the stock market but its kind of blind thing. I work for the US govmint and our funds don’t allow us to exactly where the money is.
I have a dear friend who reminds me of my father. He swears that by staying in the stock market you win over the long term. I disagree, I would not advise anyone to buy stocks at this time. If you are in the U.S. surely any stock you sell right now will give you a loss on your tax return. Twenty or thirty years from now you can go back to the stock market, but actually I think the stock market is a dinosaur that is gasping (just like the rest of us) for some air to breathe.
Transparency in the stock market is no longer available.
Invest in what you can see with your eyes, feel in your heart, eat with your mouth, etc. If you can find those things in the stock market, oi vey, go for it! Let me know what you buy!
I’m in the stock market so I can make enough money to cash out my chips and have some infrastructure (home, solar panels, ect.) so that I can live sustainable. I’m trying to loot the pyramid before it collapses. Unfortunately, this plan seems to have backfired!
I’ve only got a few grand, and I’m now 1.5k lower than where I was. I’ve got about 1k in silver, maybe it should be more. Maybe the whole securities market is speculative at this point.
There are stocks that deal with water, solar energy, agriculture, these are probably good long-term holds (long-term being a few years, in this context).
Thanks for your advice folks, I wish everyone luck.
@ pdugan
I don’t give financial advice…But I hope everyone gets out of the stock market because I just bought some Hail Mary out of the money April XLF puts. hehe