Trading Now

Trading Now

Sunday, September 20, 2009

Gold's Descent Is Here Sooner Than You Think

*Anyone that I talk to will tell you that I have been saying this rally up in gold was just preparation for the IMF, which got permission a few months ago from Congress to sell around $9billion worth of the little nuggets "in the near future". Well that future is here and god only knows how long or how far the sell off may go and I was also told by Brian that Market Club has a triangle SELL signal on gold so do yourselves a favor and get out of your positions and wait for the correction.

IMF Gold Sales (ht Brian)
On September 18, 2009, the IMF's Executive Board approved gold sales strictly limited to 403.3 metric tons, representing one eighth of the Fund's total holdings.
The Executive Board approved sales strictly limited to the gold the IMF has acquired after the Second Amendment of the Articles of Agreement in April 1978. This amounts to 12,965,649 fine troy ounces or 403.3 metric tons, which represents one-eighth of the Fund's total holdings.
Under the Fund's Articles of Agreement, all gold sales must be conducted at market prices, including direct sales to official holders. Hence, the Fund will sell gold at the market price when the sales are conducted.

*ALSO: 44% plunge in oil prices expected by the end of the year to $30 per barrel. Just keep an eye on the dollar, as dollar goes up stock market goes down. You can get killed out there. Exciting isn't it?

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