re: "where to next? or what do you think is going to happen?"
Although I've read that gold could go as low as $1,450 without it actually constituting a breakdown of support (hence, I'm not nervous about $1,530), I don't think that's going to happen. I think this is likely an end-of-the-year selloff (to offset other losses), and that there will be a major recovery in the first week of January. Weird happens between December 20 and January 10 of MOST years. I've actually made a considerable amount of money over the years, trading on that. (And I bet Nemo has as well.)
But China is also cracking down on the trading of gold. That could be scaring gold bugs.
Ultimately, we know what will happen. The next major wave of counterfeiting will commence, and gold's price will hit new highs.
Nothing has changed. Nothing has been fixed. The slow-mo economic collapse is still underway... still gaining speed. One big difference from the past is that the Federal Reserve is now virtually out of bullets. Aside from words, there's not much more it can do that will cause even a short-term boost to the economy.
A reminder in case anyone needs it: Gold broke through the $1,000 barrier just a little more than two years ago. $1,500 today is pretty impressive.
I call $2,000/oz by Summer.
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