Gold Above 370.00 per Oz...Hits High of 373.90 [6 Year High]

Kitco ^ | 1/27/03 | mixed

[antaresequity]

Gold Cracks 370.00...equity futures off, Euro edging up in overnight trading...

SPOT MARKET IS OPEN closes in 10 hrs. 9 mins.
Jan 27, 2003 03:21 NY Time
Bid	372.10
Ask	372.60
Change	+4.40
	+1.20%
High	373.90
Low	368.80

6 Year High in Gold

[antaresequity]

West coast

I dont think we will see much of pop on the SOU...at best we see some serious sideways chop and volatility before the big bear shakes hard...otherwise it may just peel off and not waste time...

Keep in mind that alot of sheep bought the BS from the street and went long on that consoldiation channle...that will fuel the sell off if things get going...

We broke critical range support on Friday...all equity indecie have large bearish engulfing fall off patterns in place that trigger short on tick below the Friday low (futures have already ticked below these lows)

All of the big tech bellweathers have similar patterns and if the gap down holds they will trigger shorts on the open...

There is a massive layer of stops under the October lows...and the pro's are going to try and push those stops...might take a week or two to get their but be aware of the precipitous state of the equity markets...

[antaresequity]

I only trade them to targets...right now weekly structure points at 119'665...tick over 115'170 is my entry..just waiting and watching...stop would be a point or two under the trigger

[imawit]

Thought I saw the bear coming down the hill last Monday on the holiday.

I forecast a down week then by predicting a negative close every day of the week on the NAS. I missed on Thursday.

[SAJ]

You're a bolder man than I! 5 handles UP from here? Never say never, but you've GOTTA ask just who is going to buy 117 on TY, charts or no?

Best wishes to you!

[XHogPilot]

The largest population on earth, the Chinese, were very recently allowed to privately own gold.

The last gold surge was tied directly to the Chinese also. As the turnover of Hong Kong to China approached, the best way to cash-out was to purchase GOLD. In connection with the exodus out of Hong Kong to other parts of the world, it was probably the largest movement of financial assets in the last two decades.

[antaresequity]

Target is weekly ranged target [ie months out]...with a trailer working not that big of a deal...

The impulse points their...doesnt mean it will get their...

I focus on metal, equities and currencies...my friends trade the notes and they have been talking about this...

Cant win em all...its the cost of doing business

[antaresequity]

Another thing...if the bond traders [meet with feds this week] don't want this massive load of new debt dumped...the fed may have to offer more...at least thats the scuttle butt

Keep that in mind...

[antaresequity]

Looking pretty ugly at 5:49 EST

Futures:
S&P -11.75
Dow -118
Naz -14.00

[SakoL61R]

Dollar just as ugly...
http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s&w=5&t=c&a=4
Sako

[waterstraat]

War is not good, and it does not create prosperity nor cause stability.

If Bush has his war with Iraq, oil supplies will be disrupted with higher oil prices, we will have a deep recession within a recession, we will have a major increase in unemployment with layoffs, bankruptcies and factory closings, some arabs may vengefully retaliate again with another bombing on the United States like the World Trade Center, the stock market will take a HUGE HUGE dive, and gold will continue to increase in value.

[Poohbah]

If Bush has his war with Iraq, oil supplies will be disrupted with higher oil prices

How did oil prices behave immediately before, during, and immediately after Desert Storm?

[Poohbah]

some arabs may vengefully retaliate again with another bombing on the United States like the World Trade Center

Are you one of those twits who thinks we deserved 9/11?

"Please, Mr. Muslim Fanatic, don't hurt me, I'll convert to Islam, I'll let you bugger my wife and daughters, just don't hurt me..."

[waterstraat]

some arabs may vengefully retaliate again with another bombing on the United States like the World Trade Center Are you one of those twits who thinks we deserved 9/11?

I said no such thing, it is you who brought up the point that such a thing would be "deserved". Those are your words, not mine. Why would you even think that?

If you think acts of terrorism are "deserved", then tell us why YOU think that.

Are you one of those twits who know nothing about the middle east?

Go to the library, and read the history of the middle east, especially since the creation of Isreal. I got news for you, there has been lots of fighting and terrorism over there recently.

You apparently dont know that the middle east has seen violence in past years, and you also appently dont know that arabs answer violence with violence? You need to read what has been going on in the middle east, you are going to be surprised.

An arab who has a close family member blown up or killed may someday take violent revenge years, or even decades later.

Getting involved in middle east wars is not the best way to make arabs love you.

[Poohbah]

I said no such thing, it is you who brought up the point that such a thing would be "deserved". Those are your words, not mine. Why would you even think that?

When you said that terrorists would "retaliate." That implies that the terrorists were the wronged party. If you have a problem with the meaning of the word you chose, then learn to use English correctly.

Getting involved in middle east wars is not the best way to make arabs love you.

Short of converting to Islam and letting him bugger your wife and daughters...there is no way to make an Arab love you.

Let them hate us, so long as they fear us more.

[waterstraat]

If Bush has his war with Iraq, oil supplies will be disrupted with higher oil prices

How did oil prices behave immediately before, during, and immediately after Desert Storm?

Oil prices went up when we went to war with Iraq, but more importantly, oil prices did not drop like a rock.

Before we went to war in 1990, Saddam announced that he was going to flood the world with oil, and make oil prices bottom. The 1990 war, kept Saddam from flooding the world with cheap oil and ending OPEC, and after the war, the oil output from Iraq was severely limited to prevent oil prices from making a big decline to very cheap and plentiful gasoline.

Cutting and reducing supply, does not lead to lower prices, rather, it makes the price higher than it should be.

[Poohbah]

Oil prices went up when we went to war with Iraq, but more importantly, oil prices did not drop like a rock.

Thank you for demonstrating that you are either an ignorant buffoon or one of Saddam's butt-boys.

[waterstraat]

I said no such thing, it is you who brought up the point that such a thing would be "deserved". Those are your words, not mine. Why would you even think that?

When you said that terrorists would "retaliate." That implies that the terrorists were the wronged party. If you have a problem with the meaning of the word you chose, then learn to use English correctly.

I did not imply anything, it was you that thought such acts were deserved. Here is what the word means:

Main Entry: re·tal·i·ate Pronunciation: ri-'ta-lE-"At Function: verb Inflected Form(s): -at·ed; -at·ing Etymology: Late Latin retaliatus, past participle of retaliare, from Latin re- + talio legal retaliation Date: 1611

transitive senses : to repay (as an injury) in kind

intransitive senses : to return like for like; especially : to get revenge

An arab who sees his daughter get blown up from an american bomb, may seek revenge on those who did it 10 years later. It does not matter if we thought we were right when his daugter got killed, or not. People take revenge for whatever reason they think. We have no control over whether someone someday may think he wants revenge.

Generally speaking, starting a major war in the middle east, is not, historically, the way to lower the price of oil nor the price of gold.

[bvw]

What do you think of platinum, silver, and mining stocks, (current read)?

[bvw]

Past performance ... not good guide. Most wars like you say, not all.

[fogarty]

Woo, I'm glad I got my physical gold back about 3 years ago when it was about $270 and ounce. Same goes with platinum. I'm loading up on silver this month.