re: carls re gold - where to?
I found this extract from James Turk to be pretty spot on. He wrote this on the weekend prior to gold's strong surge last night and seems to have anticipated that breakout correctly. His subsequent analysis also seems very sound.
Here is the extract:
"My best guess is that gold will break above $366 within the next eight trading sessions. It will then grind for another week or two under $374, as the shorts try to defend their positions and keep gold from going higher. The shorts will lose though, if not this battle, then at some time in the future. But my guess is that they will have their head handed to them by the third week of September, at which time I expect gold will close above $374. Once $374 is broken, then gold will rocket higher as the shorts run for cover.
I have noted in these letters how everything is coming together here at the same time. To repeat my view as stated in the last letter, "I expect that gold’s 8-month consolidation will end with an upside breakout from the pennant, which will send gold to at least $435, and possibly much higher, within two or three weeks from the day of the breakout. Therefore, be prepared for a very quick $60-$70 jump in the gold price."
