Open Question
The GLD looks to be breaking out into this ECB meeting...It has broken
resistance at around 93 and also there was twice the open interest (20k bought,
10k open interest) in the 93 july strikes bought today...lots of bets that the
dollar is going to weaken...
What do the pickrs think? And what benefits more? Oil or Gold if the dollar
hits 1.60 euros.
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Don't be too quick in overlooking 'due diligence'. Gold is used primarily as
jewelry followed by coinage and bullion. AU is also used in electronics,
computers, communication equipment & connections, denistry & medical industries,
aerospace, glassmaking, as well as gold gilding & leafing. There is also a
current study in substituting gold for platinum in the catalytic converters of
diesel engines.
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Oil is having trouble rising from here, it may not go down soon but it's not
rocketing anymore.
Gold having no fundamentals since it has no use can go anywhere and has
definitely broken out.
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Goldie say I
Marjorie
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