Farage: “No they are not. We are now incredibly cynical
about our government, about our central banks, about all of the things
that we are told. They are sure signs, if people are queued up around
the block to buy physical gold, that people are scared….
“They don’t believe what they are told. Exactly when the moment is I
don’t know, but all I would say to people who have been building into a
gold position over the course of the last few years, and doing it for
all of the right reasons that King World News has advocated, don’t
panic. Don’t worry. This is a buying opportunity, not the moment to
panic.”
Nigel Moffatt, treasurer at the Perth Mint, talks about the demand
outlook for gold. Shoppers in China lined up for gold this week, while
in Hong Kong they rushed to buy bracelets and in India sought jewelry
for weddings not set until December.
Rule – More Evidence Of A Massive Run On Physical Gold
The guy in front of me bought over $1 million in gold. He paid in
cash & walked out of the door with the (gold) bullion in a nike bag.
Amazing.” I have every confidence that if you & I are on the phone
few years from now we will look back &…
KOLKATA: World Gold Council, which has been tracking the global
gold market pattern, has found that there is a shortage for bars and
coins in Dubai which is creating a supply shortage.
Aram Shishmanian, CEO, World Gold Council: “It has become
increasingly clear over the course of the past week that the fall in the
gold price was triggered by speculative traders operating in the
futures markets. Their short-term view of generating a trading profit is
in stark contrast to the views of long term investors in gold, as
evidenced by the massive wave of physical gold buying that began over
the weekend and accelerated following Monday’s further decline.
With the wild price swings being made in this market, it is
hard to be too dogmatic, but the way this market is acting, based on the
news of strong physical offtake down near the $1350 level, I am greatly
tempted to say that a low is in.
But Keith had a decidedly different take on gold, saying,
“I am buying gold and I intend to buy more if it goes down, and I hope I’m smart enough to do it for a long time to come.”
CLICK ON CHART TO ENLARGE
Massive outflows have taken place in the Gold & Silver complex
over the past few weeks, causing large declines. Gold found its 23%
Fibonacci level to be support for almost 18 months, once it gave way,
selling ramped up.
The decline has Gold hitting a support line, at its 38% Fibonacci level with momentum very oversold in the chart above.
Joe Friday says…..The set up in Gold would
suggest that a counter trend rally could take place in Gold, due to
this situation. This set up is more geared for shorter term traders at
this time and one would want to have adequate stops below the key
support points to protect oneself if the 38% level fails to hold.
An unprecedented global frenzy to buy physical gold & silver, All
over the planet, people are recognizing that this is a unique
opportunity to be able to acquire large amounts of gold & silver at a
bargain price.
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