Gold Battered Before Treasury Auction
Posted by Frugal on May 25th, 2006
Does anyone know where to look up the dates of US Treasury Auction? This is not the first time that I read from Financial Sense about gold price hammered right before Treasury Auction. Yeah, gold went down by some $30 in just two sessions. However, creating a mirage of paper money better than physical assets is getting harder as the gold price goes higher and higher.
In any case, it looks like both US dollar and US bonds are temporarily under controls again. Looks like Fed is back in business. So I believe that the general stock market (not necessarily including energy or precious metal) should bounce up from this point on (at least for a little while).
If you know where to find out dates and schedules of the Treasury Auction, please let me know. The best pointer that I could find is at http://wwws.publicdebt.treas.gov/AI/OFAnnce, but it is often too short of a notice to prepare my trading plots.
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May 25th, 2006 at 8:53 am
http://www.treas.gov/offices/domestic-finance/debt-management/auctions/auctions.pdf
May 25th, 2006 at 1:44 pm
Hi,
I really appreciate your link. It’s very helpful.
Frugal
May 26th, 2006 at 6:55 am
You might find this Technical Analysis report on spot gold of value.
http://futures.fxstreet.com/futures/images/graf/mizuho/SpotGold.pdf
By Nicole Elliott
Mizuho Corporate Bank
Email: Nicole.Elliot@mhcb.co.uk
Web: http://www.mizuho-cb.co.uk
She does excellent TA on forex, gold and silver. I wish I read her earlier…
“Comment: Having met our $700.00 target rather sooner than we could have hoped for, we feel the market is likely to consolidate for a few months. Allow for big daily swings as momentum and interest in the metal is still very high. Yesterday prices managed to rally strongly from Fibonacci retracement support and the fifty-day moving average, forming a ‘spike low’. This should set off another rally to the $700 area where we shall watch for evidence of topping. Then down again towards $620. While the very long term trend to higher prices is still intact, the sort of moves we are pencilling in will test frayed nerves of novice investors, who may well give up in frustration. Note also that if extreme and sudden US dollar weakness takes hold, then a re-test of the all-time high is likely. For those whose memories do not stretch back as far as ours, please note that Comex gold’s all-time high was $875.00 in February 1980 and spot gold’s $850 In January 1980.
Strategy: Only for aggressive market professionals: attempt longs at $650 but be prepared to add to $610; stop below $570. Cover all longs ahead of $700 and stand aside if possible.”
May 26th, 2006 at 10:29 am
Thanks a lot BlueDaze, your inputs are immensely valuable. Do you have a blog that I can link to? I’m sure you have a lot to share with everyone.