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Gold and the Aussie

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THE Aussie dollar smashed through US89c to an 18-year high, as growing fears of a recession in the US pushed the greenback close to record lows against most major foreign currencies.

Worries about the possibility of a recession in the US sparked a further surge in demand for gold and silver. Gold for immediate delivery rose to $US745 an ounce, close to its 27-year high.


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  1. moneymajix's Avatar
    Gold hit $US1,030 record earlier.

    Hit $US1000 just the other day.

    October - $US745.
  2. vishalt's Avatar
    It has jumped too much, if you're going to punt it on it do a very minimal amount.

    Remember in 1980's gold crashed from $600 to $300 in 2 years, and stagnated around that level for TWO DECADES.
  3. moneymajix's Avatar
    We'll see if it is a short-term correction or not.

    Gold juniors have not benefited from the increased gold price, unfortunately.
  4. overule's Avatar
    Gold are priced two or three times higher than their production cost. Just be aware of that!!!
  5. moneymajix's Avatar
    Buy with both hands
    Bob Moriarty
    Mar 24, 2008


    I spent ten days trying to warn people of an upcoming violent correction. It wasn't popular because it was so contrary to what people think. That's how and why I made it. When you can't buy a silver bar because the demand is so high, you are at a top. When do you expect to run out of silver bars? At a bottom?

    We have had our violent correction. The number of gold contracts and silver contracts were at record highs. Before this correction ends, I expect to see those numbers cut, perhaps in half. Most of the damage has been done to gold and silver but another month or so of correction would be about right.

    That said, another technical indicator that I put a lot of value in is also at an extreme of emotion. I use a chart of the XAU over gold as a pure measure of psychology. Investors can either invest in gold or in gold shares. This index shows the ratio between them. When people are very bullish on gold the number is high, when people are very bearish on gold shares, the number is low. It tends to show turning points for both gold and shares but it isn't perfect. It didn't predict last week's carnage but bullish consensus and the number of contracts outstanding did.

    This is going to be a really weird prediction. Last week I nailed the biggest and fastest gold and silver correction in history. It was the best call anyone has made for 28 years on gold. This week I'm going to predict gold shares are going to explode upwards starting immediately. ESPECIALLY the juniors.
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