Saturday, December 1, 2007
Post on Commentary blog on Gold
In light of Goldman apparently scaring the crap out of the 'gold community' (SHORT GOLD in '08!, LOL) I made a post over here. Jim Sinclair could be wrong. I could be wrong. You could be wrong. But tell me, since when did this market ever make you feel like you were right indefinitely? All the way from 300 (when I first came aboard) there have been giant walls of worry constructed.
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Gary, this article in the Globe was taken to heart in the gold community as being a generalized comment on what kind of action we could expect from Goldman Sachs. But you have to remember the market they are in, which is the Canadian gold market. The $C bullion price is the slowest to break out over its previous highs. Goldman's comments do not refer to other markets which have already broken out. They come at a time when the $C gold price is on the cusp of trumping previous highs set last year. The Canadian Central Bank has no gold in it, so the GS panic is understandable.
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