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Scooped by Hal onto Gold and What Moves it. |
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TF Metals writes:
... gold, in fact, is building a very nice "stair" accumulation pattern on the shorter-term charts.
Everything looks positive as $85B/month of QE is confirmed for the foreseeable future. To that end, the metals appear to be coiling for a breakout move here. They look to be ready to extend toward the current downtrend lines that extend back toward the highs of early October last year. ...
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With continued volatility in gold and silver, today Michael Pento has written exclusively for King World News and he is predicting a rally in gold next week. Here is Pento’s tremendous piece: “The recent spate of better data on initial jobless claims has caused bond yields to rise, stock prices to rally, and gold shares to tumble in the last few days. For the sixth time since 2010, an oasis of improving economic data (that has proven to be ephemeral each time in the past) is once again giving investors the false signal of a robust and sustainable recovery. “This has, in turn, caused investors to once again wonder when the Fed would finally stop buying assets from banks and raise interest rates, which have been at zero percent for over four years. But the data on initial claims has been distorted by seasonal adjustments at the Labor Department.
"On an adjusted basis, initial jobless claims for the week ending January 19th dropped to 335k, which was the lowest level since January 2008. ..."
Hal's insight:
Wondering what's happening to gold right now? Check out the full post. There's certainly a ring of truth to Pento's analysis. I think some of the other things affecting the spot are the moves of govs like India and Vietnam who are attempting to manipulate the way their citizens hold the precious metal. Delete the scoop?
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Click through for the full post and charts.