GCZ7 Chart (Comex Gold)

Dear readers,

The trend is simply (still) up until it isn't. The move is extended and as the price keeps climbing the risk for a sharp sell off is also increasing. But for now after a modest ~25$ correction gold quickly recovered and made a new high. The trend (since August) support is currently coming at ~758$ . From an Elliott wave perspective (according to my count and understanding )support is at 749$ & 726.5$. Trend resistance at 803$ and climbing. More resistance at round numbers, contract highs , all times highs and Fibonacci targets.


thats all for now...

GCZ7 8 hours linear chart.

Gold Yen

Gold Yen indicates some kind of top (short or mid term) is around here so take note and be conservative with bearish USD speculation.

GGP Update

Dear readers,

In recent weeks the Dow Jones World Index had it's worst decline since 2002.
On the same page the VIX reached the highest point since 2003.




Given recent moves in major currencies (EURJPY 169 – 149, GBPJPY 251-219) gold have been as stable as one can expect from a major independent private currency. This is very encouraging to say the least. Odds still favors higher gold rates more then lower USD index.


Gold daily chart annotated with wave count

Same 1-2 extending
















Silver daily chart annotated with Elliott wave count

Retraced September 2006 – February 2007 secondary advance

2007 Q2 Hedge Book

Insiders are still buying :

Q2 07 Hedge Impact Declines 5.4 Moz to 31.2 Moz.

See the full report here

Dubai's Gold ETF

By Summer Said

DUBAI (Reuters) - Dubai, already the region's gold trade hub, may see the launch of the Middle East's first gold exchange traded fund (ETF) in 2008, a senior World Gold Council (WGC) official said on Monday.

"Gold trade in Dubai and the region is definitely booming and the market players need an ETF market to manage their risk and catch up with other international markets," said Moaz Barakat, managing director of the WGC in the Middle East, Turkey and Pakistan.

"There is a great interest for ETFs in the region... We may have a Dubai ETF next year."

ETFs offer investors exposure in the underlying commodity without taking physical delivery. Sponsors of gold ETFs buy a matching amount of the commodity from the market to keep in vaults.

"It will be linked to a dollar-based gold price, but it has not been decided yet if it will be listed on the Dubai Gold and Commodities Exchange or the Dubai International Finance Exchange," he said.

source