Gold: Breakout Action?

Posted on by

It’s beginning to look like Gold is breaking out on the daily chart but we must remain cautious, this could be a fake out. Then again, why would it be a fake out? The world reserve banks, ours included, have been dumping so much liquidity into the system to help soothe the sub-prime mess and they’ll have to continue this through out 2008 as well!

Gold buyers aren’t dumb, they’re probably thinking that things will get worse and that possibly, just possibly, the US Federal Reserve is losing its grip on this. My connections to Wall Street are all saying the same thing, we have Financial Armageddon.

So it looks like my call about Gold breaking out might just come true, fingers crossed of course!

  • http://www.sexyhotbeauty.com/ sherry

    “My connections to Wall Street are all saying the same thing, we have Financial Armageddon.”

    To be contrarian, I just don’t sense the panic in the newspapers or on the nightly news.

  • http://www.neuralmarkettrends.com Tom

    Panic would only prevent the ever further stretched consumer to stop spending.

  • Caldera

    “I just don’t sense the panic in the newspapers or on the nightly news.”

    That’s because the MSM owners are busy taking care of their own wealth, making sure it’s safe. They don’t want to let the cat out of the bag until they’re done!

  • http://www.neuralmarkettrends.com Tom

    Caldera, you hit the nail right on the head!

  • http://www.sexyhotbeauty.com/ sherry

    I found a leak in one msm,

    Sean Olender, an attorney from SFGate seems to be looking at a possible fraud case against the big banks,

    “MORTGAGE MELTDOWN Interest rate ‘freeze’ – the real story is fraud

    Bankers pay lip service to families while scurrying to avert suits, prison”

    http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/12/09/IN5BTNJ2V.DTL&type=printable

    The problem is, if the lawyers go after the bankers, the entire house of cards will collapse.

  • http://www.neuralmarkettrends.com Tom

    I sure hope some bankers get what they deserve!