Gold Drops as Predicted
GOLD PRICES DROPPED AS PREDICTED IN OUR EARLIER POST
Gold held out as long as it could but, in the end, the downside momentum was just too much. Prices pitched down still further as we concluded they would in our earlier posting on the Gold trigger price points.
Since then, we’ve seen where these hypothetical short prices have accumulated potential profits of $50 and $40/ounce.
This would have represented an increase of value to a futures short trader of $4,000 and $5,000.
A tidy sum indeed and all in about 10-days time. $1245 is presently our reversal trigger price.
The percentage gains from a GLD etf option would have been impressive as well coming in at around 39% increase in value within the last 10-days on a 3% move in the etf.
The present reversal price is well enough distant to be of doubtful reach with the present conditions in play. The trend is strong and downwards and, we’ll follow until clues are given to reverse. – George