The following was submitted to the PRB forum this morning:
Gold Makes Significant Upward Move
posted on Dec 17, 08 10:06AM
The following is from the http://www.origsix.com website under forum pages, "Gold Enters Major Bull Market."
By bluejay 12/17/2008 6:57AM
WE HAVE BLAST OFF
Last on gold is $869.30 and its running.
Right on Hans!
By Hans Kummerow 12/16/2008 2:10PM
The price of US$-Denominated gold will probably continue to rise as long as the current weekness of the Greenback persists in the currency markets.
But mind thou well, it is not gold that is increasing in value - it is the US-$ that is losing it's purchasing power abroad.
By bluejay 12/16/2008 12:16PM
Gold is $852.50, up $15.60 and running.
Gold could experience some further strength today as it appears on the verge of breaking a declining 10 month consolidation period around the general area of $850. We'll have to wait for confirmation that this event has taken place with some trading in the low $860's.
Next minor resistance is $905.
The last time the metal pushed out of a significant declining consolidation phase like the current one it was in October of 2006 when it cleared $600 to the upside. Following in February of 2008 it hit $1,030, that's about a 60% advance.
Let's see, 60% of $850 gives this next possible move a conservative chart chance of hitting $1,360. We'll just have to wait and see.
Go Gold!
