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  • Gold Target for Week of February 22nd

    Posted on February 22nd, 2010 Chris P. No comments

    Buy: $1115 | Stop: $1106 | Target: $1149 | Quick Target: $1135

    Hey guys, I don’t see gold breaking past the $1150 barrier this week although I see it in the future cards. Look for the quick move up to $1135 and start your buying around $1115. For all the gold bugs out there, we should be at $1500 right now but you can thank the Euro zone for ruining that party. Until Greece figures out their debt problems, gold will not be off to the races. Happy trading!

  • Gold Target for Week of January 11th

    Posted on January 11th, 2010 Chris P. No comments

    Buy: $1128 | Stop: $1122 | Target: $11158 | Quick Target: $1136

    Finally! I’m a bull once again :) . After a dreaded downward and sideways cycle I can finally call myself a gold bull again. I’m back heavy on gold with buys in ABX and NGD. I really think we will see a big miner jump on this next run. At the same time you can expect a rebound with the Euro and Pound currencies. I’m buying when gold hits $1130 and selling at $1155. I’ll keep everyone update since I’m finally back in the action :)

    I hate those sidelines!

  • The Demise of the Dollar?

    Posted on October 6th, 2009 Chris P. No comments
    The Falling Dollar

    The Falling Dollar

    Word has it that China, Russia, France, and Japan are working behind closed doors to take down the all mighty US dollar. The deal seems to be revolving around the energy sector and pushed heavily by the Arab corner. You probably guessed it by now, oil for the Euro. Or perhaps, oil for gold?

    This is speculation, but the recent demand in gold is quite unexplainable. Inflation is not rampant, retail gold sales are actually declinging, but gold price is rising? The only knowledgeable explanation is institutional buying or some kind of unkown demand. Gold can’t rise without demand, and people are having a tough time figuring out where that demand really is. The Independent in the UK has quickly jumped onto this bandwagon and has written a great article worth reading: http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

    Now the big question is, will the US dollar fail? Personally I don’t believe so but with pressure from around the world as a united front, it certainly can. But it is also important to note that months before the US invaded Iraq, Saddam dropped the dollar for oil. Roughly 1 month ago, Iran has done the same and coincidentally criticism on Iran has climaxed. I’m not sure if I can say this is a coincidence, but its worth noting.

    On a personal note, I have been short on the USD/CAD since about 1.28 and have made a hefty profit on my currency trading (I use QuestradeFX for my currency trading). All in all, the US dollar is going to get a lot worse before it gets any better. Enjoy trading everyone!