Things were really cooking overnight until the Chicoms decided to hike rates. Just another reason not to like those pricks. Not quite up there at the level of Tiananmen Square but it pisses me off nonetheless.
The main point of this thread is gold, however. It seems that, suddenly, its not just the Turd who is pointing out the holding pattern that it is in. Everybody and their brother suddenly has an opinion and most of them are bearish. Keep in mind and never forget that The Cartel has many, many agents of disinformation out there. These folks are tasked with confusing and scaring you. The more folks they can convince to sell their gold, the less paper gold The Cartel has to create.
Gold is about to break out and head higher. By the looks of this chart, the breakout is coming very soon, probably within the next week. The price was capped back in November (the onset of QE2) at 1425. That level contained it and served as significant resistance of nearly four months. However, gold broke through that level in early March and has used the past six weeks to base above it. This very important as the time is being used to acclimate buyers to a new paradigm price above 1400. Now that the base has been built, once gold move higher, the breakout will be obvious to all (except that fool, Gartman). Have mentally adjusted to a 14 “handle”, new money begins to rush in as greed overwhelms fear. Somewhere north of 1500 will be the next pause point. Santa’s next angel is at 1521 and that sounds about right. I’d expect some light resistance in that area but gold will continue moving higher, eventually reaching $1600 on or before June 10, 2011.
As we wrap, June gold is now UP $2 on the day at 1435 and silver is unch at 38.49.
Let go get ’em!!! TF