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Sellers Sabotage Gold’s Celebration

By: Rick Ackerman, Rick's Picks


-- Posted Monday, 8 June 2009 | Digg This ArticleDigg It! | | Source: GoldSeek.com

Rick’s Picks

Monday, June 8, 2009

“Phenomenally accurate forecasts” 

The guy in the picture spent the weekend shuffling around Boulder, Colorado’s pedestrian mall, but he should try hanging out in front of the COMEX in New York if he’s serious about buying gold and silver cheap.  It was there on Friday that bullion was not merely “unwanted,” but positively despised. Exchange traders couldn’t dump the stuff fast enough, judging from the way prices plummeted early in the session and barely bounced for the remainder of the day.  When the dust had settled, August Gold was sitting at 957.50, down 24.80. July Silver got hit nearly twice as hard in percentage terms, diving 64 cents, or 4 percent, to close at 15.25.

Some attributed the selloff to disappointment over gold’s inability to push above $1000 last week after hovering briefly above $990.  In that regard, we must confess to have been somewhat disappointed ourselves, since we had predicted a surge to at least $1008, followed by a quick consolidation, then a follow-through to $1066. Now it looks like we’ll have to wait. But for how long? Our suspicion is that the sellers got some help from Friends on High. Although we’re not big on conspiracy theories, it seems doubtful that disappointment alone could have accounted for the drubbing bullion received on Friday as it revved up for a move past $1000 that had seemed a foregone conclusion. It felt more like a shot across the bow – a warning to any speculators who fancy themselves getting rich effortlessly as they dance on the dollar’s grave.

A Resurgent Dollar?

Not on Friday, though, they weren’t. The U.S. Dollar Index recorded its biggest one-day leap in months, rising 1.24 points to end the day at 80.67. We can’t say we were surprised by this, even if gold’s weakness caught us unawares. Rick’s Picks has been tracking the NYBOT Dollar Index dollar very closely since May 29, when it broke beneath a key Hidden Pivot support at 80.04. That appeared to contradict our deflationary scenario of a strengthening dollar, a globally unexpected event that would have the effect of putting many debtors deeper in the hole. Still, we didn’t give up on the dollar when it cracked the support and fell thereafter to a so-far low of 78.33. Now, with Friday’s rally, the dollar warrants even closer scrutiny, since an emerging, bullish trend could have grave implications for all who owe dollars. We’d need to see one more push, however, before we infer that a major trend reversal might be in the works. Specifically, the Dollar Index will need to hit 81.43 by Tuesday. We’ll be watching closely, so stay tuned.    

***

Rick's Picks publishes a daily trading newsletter for gold, stock, commodity, and mini-index traders 240 times per year. Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers' initials will be used unless express written permission has been granted to the contrary. All Contents © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com


-- Posted Monday, 8 June 2009 | Digg This Article | Source: GoldSeek.com




 



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