Ok, we see headlines today like this...
10/15 Gold futures fall below $1,050 an ounce as dollar rebounds...source
Gold has come down from the $1,070 level on dollar strength? Nonsense. Who writes this stuff, first graders? I guess since the dollar's rallying that explains why oil went over $77 today. No, the dollar is worse off now than when we hit $1070.
In all likelihood there was simply some profit taking. Surely there's a whole schlew of people thinking they've seen the top. Really they just don't know where it is and since we've never been here before they're ascared. That's right. Ascared. I guess there's nothing wrong with locking in profits but trading in this type of environment, to me, is just silly.
So here's the call, simply: we rebound in Asian trading. Nothing fundamentally has changed and I expect no divine intervention so a brief pause then we carry on. That's that.
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