re: gold's high- 4 dlux
Thanks Dlux, it seems the October '04 contract hit US$416, maybe that's what was floating around my head. Have been using spot price to chart gold, looks like around US$413 was the high. Either way 3/4 of 1 per cent not much diff, but I like to be accurate with fib levels etc. In answer to postscript question re got gold?, answer based on my chart is an unequivocal - not yet.
Alan Kohler's comment on ABC news tonight about trading gold in short term was quite funny - threw his arms up and said something like.. may as well stay away from it - on the sideline is safest option. Regarding oil, he said that predicting the price of oil is currently a mug's game. Very true I believe, lots of mugs out there that want to short it. Why is it when base metals nickle/copper etc go through the roof (due in part to speculation) the punters say it's a "fundamental commodities boom driven by Chinese demand" not speculation - conversely when oil goes through the roof for fundamental reasons the punters shout "its pure speculation driving it!!! it must come down" Oh, I think I know the answer lol.
