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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj


Monday 8 February 2010

Gold


Have attempted an Elliott count.The short term gyrations are difficult,reflecting,I think the contradictory nature of gold's status...on the one hand a vulnerable reflation play (given the current environment of rising dollar,risk aversion),on the other the ultimate hedge in a time of ultimate uncertainty, a time of great confusion and mistrust of government finances/currencies.Ultimately I believe there is only one end game...gold goes a lot higher...in the short-term gold is vulnerable to the stronger dollar and this is reflected in the weekly bearish engulfing candle.My count suggests limited downside though,within a bullish wave count.I would be looking for reversal signals around 1025....

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