Tracking Gold On eBay
November 20th 2008 03:42
On October 22nd I posted The Pennant Race To The Bottom and said:
We did break down out of the pennant and then went up and back into it. Today, however following the DJTA, the DJIA broke to a new low. It like the pennant was converted to a channel, but the target still remains the same; down another 1,688 points or a target of 6.277!
There's no guarantee or any real way to know for sure, but Richard Russell notes the 50% principle level is 7470 and the 2002 low is 7286. Certainly levels to keep an eye on.
I might note that yields, beneficiaries of a flight to safety, hit 0.11% for 90 day Treasury paper. 1.09% for 2-year and 3.38% on 10-year paper. And the FED is considering lowering interest rates further.
Talk abounds that China will increase its Gold reserves from 600 tons to 4,000 tons. The Chinese love Gold. This chart courtesy of Le Metropole Cafe illustrates the growing demand in China:
You might be interested to learn that 24-Hour Gold has started keeping track of the market for physical supplies of Gold based on supply and demand for gold coins and silver coins on eBay. You can find it here: Gold on eBay, U.S. and Worldwide and Silver on Ebay, US and Worldwide
His focus on pennants got me looking at the DJIA chart with new eyes (see chart). If you connect the two most recent highs (9794.37 and 9284.55) and the two most recent lows 7882.51 and 8197.67), you have a pennant in the DJIA and the DJTA also shows a similar formation. A braking of support in the DJIA pennant gives a downside target of 6194!
We did break down out of the pennant and then went up and back into it. Today, however following the DJTA, the DJIA broke to a new low. It like the pennant was converted to a channel, but the target still remains the same; down another 1,688 points or a target of 6.277!
There's no guarantee or any real way to know for sure, but Richard Russell notes the 50% principle level is 7470 and the 2002 low is 7286. Certainly levels to keep an eye on.
I might note that yields, beneficiaries of a flight to safety, hit 0.11% for 90 day Treasury paper. 1.09% for 2-year and 3.38% on 10-year paper. And the FED is considering lowering interest rates further.
Talk abounds that China will increase its Gold reserves from 600 tons to 4,000 tons. The Chinese love Gold. This chart courtesy of Le Metropole Cafe illustrates the growing demand in China:
You might be interested to learn that 24-Hour Gold has started keeping track of the market for physical supplies of Gold based on supply and demand for gold coins and silver coins on eBay. You can find it here: Gold on eBay, U.S. and Worldwide and Silver on Ebay, US and Worldwide
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