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Minyan Mailbag: Striking Gold

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Gold's ultimate price in dollars may be much higher...

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Professor Succo,

Did you notice that spike in ESZ5 at around 9:15 - 9:20 on the ESZ5 contract? Looked like a huge stop order or panic buying or something, but I don't take it as bullish. It will be interesting to see if that high gets taken out today.

I have sold about half of my gold and silver this morning, with plans to buy it back (and then some) on a pullback. Is this crazy? I feel like the world's worst trader at times and that I should just forget about this metal position for a few years, but I couldn't resist taking some profit. What is your opinion on this?

Minyan JK

JK,

I think gold's ultimate price in dollars is much higher based on my understanding of economics. I just don't know about corrections within that scope; Scott believes it is near an interim top.

It really depends on how egregious our central banks decide to be in debasing all currency. It has so far been a race to the bottom, so no respite in the ever upward price of gold in all currency.

As far as the spike this morning, we see that constantly. I sold that spike and already bought it back just for a small trade in our volatility book.

-Succo

position in gold and silver

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