Gold Make or Break Right Now
September 28th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Attempting to break higher out of recent range…
Goldbugs adjust stops or otherwise lock and load as necessary.
Posted in Economy | Top Of Page
More bad news for the USD. If only the NZD wasnt tracking higher as well. Gold in NZD is still drifting off its highs of a couple of weeks ago.
http://www.trending123.com/stocktable/stocks.pl?action=stockdetail&symbol=$GOLD:$NZD
When gold did its blowoff top back in May 2006, the NZD was sitting around 0.62USD. Now it’s at 0.755. Gold would have to reach around US$870 in order to reach those highs, if you were to use NZD as your basis.
If only people realised how weak the NZD could be if it weren’t for high interest rates…
NZ$ is a carry trade mule. That’s it. Take the carry trade out of the picture and it would be like a bomb went off under that currency.
You don’t see me gloating about doing so well on my NZ$ holdings because I know it’s all screwed and just a matter of time before the NZ$ implodes.
While the NZ$ is doomed, someday, with the way these things work now, all that matters is what’s doomed today. And that’s the US$. NZ$ makes no sense. But US$ makes less sense than that, at the moment.
Step out of the way, if and when you can.
Going to shop for a solar hot water heater now. 😉