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Friday, September 16, 2005

Gold's Gap Up In Price

Yesterday, Thursday, September 15, gold gapped up in price on the COMEX.
The December contract
Normally in a case like this, a bull market, prices would go back down to the bottom of that gap to close that gap before turning around and going back up.

It would not surprise me if this does not happen with gold here as the US Treasury notes and bonds were down substantially yesterday. In other words the bond vigilanties may be back in the note and bond markets due to fear of loss of purchasing power of USD denominated debt instruments. It looks like notes and bonds are making double tops to this most recent rally attempt.
A chart of the 10 year notes
A chart of the 30 year bonds

"We hang the petty thieves and appoint the great ones to public office." - Aesop, Greek fableist

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