These following comments were emailed to Myra P. Saefong, Financial Writer for Marketwatch.com, at 8:41 AM EDT.
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Traders are pondering the same question that was raised many months ago. When will Gold break the $600 mark? Even with a very nice first quarter gain Gold continues to frustrate those of us who have been advocating the long side of this market. Well, if I had known it would take this long I would have never uttered the phrase "$600 Gold" to begin with. My arms are getting very tired from "carrying the torch" for this market. Now, don't get me wrong. My position on the Precious metals markets remains enthusiastically "bullish" but this is where it really gets tough to hold on to your objectivity. We traders are only human, after all. This is like a marathon runner who has "hit the wall" and is looking for that second wind that is going to allow his to finish the race. I believe Gold is about to get its second wind, i.e. the $600 barrier and, once that hurdle is overcome, the metals markets could kick things into high gear and simply run away from those who were hoping to get in a slightly better price.
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Traders are pondering the same question that was raised many months ago. When will Gold break the $600 mark? Even with a very nice first quarter gain Gold continues to frustrate those of us who have been advocating the long side of this market. Well, if I had known it would take this long I would have never uttered the phrase "$600 Gold" to begin with. My arms are getting very tired from "carrying the torch" for this market. Now, don't get me wrong. My position on the Precious metals markets remains enthusiastically "bullish" but this is where it really gets tough to hold on to your objectivity. We traders are only human, after all. This is like a marathon runner who has "hit the wall" and is looking for that second wind that is going to allow his to finish the race. I believe Gold is about to get its second wind, i.e. the $600 barrier and, once that hurdle is overcome, the metals markets could kick things into high gear and simply run away from those who were hoping to get in a slightly better price.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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