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gkc's picture
Last seen: Never ago
Joined: Feb 24 2006 - 11:51am
New Highs

Today, the December contract at Comex (GCZ10) posted new all-time closing highs, at 1383.10. The October 14th intraday high of 1388.10 is still good, but that session settled at 1377.60. Today, the Globex quotes have exceeded 1392, so even the intraday highs of 2 weeks ago are now history.

I am not gloating. I do not like it. I called it, but I do not like it. Recall that I am a Viet-Nam veteran and a patriot. But, as a FORCED speculator trying to beat a half percent on "safe" savings (when inflation is over 5% -- yeah, yeah, yeah, it's less than a percent, but that is the SURVIVAL rate -- "living" costs you 5% a year, and if you don't believe it, check out your "living" expenses over the past year...), I have to go with the trend.

Yesterday, I watched with amusement the "Fast Money" show, on CNBC. At the time, gold was DOWN 20 bucks, and the zoomies were shorting it. Because it was "too high." It was "too high" at 300 in 2001. I know. As a trader, I follow this shit, and it is important for me to know, in real time, whom to fade. It was "too high" at 500, six years ago. It was "too high" when it first shot above 1000, in 2008. It was CERTAINLY "too high" at the August bottom, at 1160, three short months ago.

I am not gloating. I have been making the right calls only because I am paying attention. I have no access to the future. I am merely paying attention.

GG and AUY are still undervalued, even though they have both risen more than 20% since I first mentioned them last August.

Hey. Don't blame me. I don't charge a fee for recognizing the obvious. I just post my trades in real time.

If anyone has e-mailed me over the past 10 months, since I moved permanently into the mountains, I apologize. I forgot to change my profile here. Duh. I just changed it, a couple of minutes ago.

Again, I don't gloat or regret. I am merely trying to remain sane in a world gone mad. And, to my little brain, excessive debt is madness. Expect that to continue, and expect gold to track it.

Happy tunes, all.

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