GOLD 0.51% $1,391.7 gold futures

It's cool. The USDPOG doesn't have to move from here (better if...

  1. 7,702 Posts.
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    It's cool. The USDPOG doesn't have to move from here (better if it does), and when AUD falls to 69c (which as we saw it was not so long ago), we are at $1,800.
    My question is - apart from the round number, and also being as record high - is it all that important for us?
    It will certainly be media news: "gold prices in AU hit all-time historic high" ($1,779 close, I think), and women will be lining up in CBD selling their gold jewelry.
    But still I ask the question.
    As an aside, I remember when living in NY, and the DOW hit 10,000 for the first time, '98 or '99 the roundest of all round numbers, they were tossing DOW 10,000 baseball caps from the Balcony where they ring the Opening Bell etc. A year later, it was all over.
    I'm not saying that will happen with gold, I just don't see a lot of technical importance in the number. Like in cricket, is an inning of 99 so much worse than hitting a century? One run short regarding the record books, but still a great score.
    Prefer US$ Gold to hit 1,400 (which apparently is imminent per our resident Oracle ....when prices are rising), 1,500, and damn the AUD.....it will be overwhelmed and subsumed by the USD rise.
    And of course we saw exactly that only yesterday after Friday's night's US news, USD tumbled, gold soared (as did AUD), and XGD went up a remarkable 11.8%!!! Yesterday was maybe the best day ever for many gold longs.
    So, in this regard, I may differ from others here.
    Alternatively, if the USDPOG stays flat, or falls, then we need AUD to fall further and faster (greater percentage than falling USDPOG, to keep head above water).
 
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