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Gold 5 rallies & 4 corrections. Because each rally bettered the prior rally by a mere $5, it discouraged gold followers from placing big bets. Yet the uptrend has prevailed. Odds favour its continuation. A break below 395 would shatter that & test lows in the 380’s (see gold in Back to the Futuressection for buy/sell tactics on |
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handling both breakouts & breakdowns as a guide for shares & futures). ••I
reported this in Gold Charts R Us, but I must report it in HSL also,
as not all Hslms get GCRU. Here’s an interesting letter:“Dear
Uncle Harry, Whatever happened to the commercial banks' gold derivatives issue?
Did it go away; is it still there? 2yrs ago there was talk (from
Jim Sinclair, etc) of a crisis if gold went above 350 (or 360, 370,
etc), but nothing seemed to happen. It would be good to have a post
mortem comment from U on this. Best wishes, FW, London, GCRU & HSL/FMU subscriber.” Dear FW, Good question. I don’t have a final
answer.
JS originally put out the theory some mines/banks
would hit trouble with gold at these prices. But they haven’t.
I
believe the answer is partly the mines have bought back much
or most of their derivatives. 2nd, govts may have quietly bought
up some of these derivatives to avoid bank/mine closures.
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