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The gold price over Thanksgiving
Wednesday, November 25, 2009
Up until last year, the Thanksgiving holiday in the U.S. has been a very favorable two-day period for the gold price as shown below. Of course, lots of things were different last year.
Who knows what to expect this year, but, due to New York trading being closed on Thursday and there being only light trading on both Wednesday and Friday, this leaves the rest of the world to push the price up or down as they see fit.
It's been more up than down during this decade.
Over the last nine years, the biggest moves have come on Friday, so try not to go into the day with too big of a Turkey-hangover.
3 comments:
Sell rhino horns. Buy fishing lines.
It is not merely Greenspan that caused this problem.
It was the idea that when the Gold Standard was abandoned by Nixon that nations could then begin an endless orgy of borrowing, spending, printing in an infintite loop without finally undermining the credibility of the new unbacked currency or fiduciary media. Year of price supression by the central banks has only lead to a massive build up in potential price engery for the monetary metals.
Yes Greenspan, Robert Rubin, Larry Summers, Hank Paulson and others who worked to help make sure that the OTC derivatives market (now heading towars a nominal value of $1 Quadrillion dollars) be and remain unregulated. The creation of so much un-repayable debt and risk is why nations, small and large, are running to return to what has never stopped being real money, silver and gold.
Duffminster
http://www.duffminster.com/SilverandGold
I guess this year was not kind to gold. I guess this is the 10% correction that needs to happen to remove overbought conditions.
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