But man-o-mandingo they can make you crazy.
This morning the vbounded blog linked to our earlier conmmentary, "Repos and GOFO and Specials and Gold (and the possible counterintuitive effect of tapering on metals prices)" in:
GC,GS10 - MICH: climateer v krugman&c: uncertainty v real rates
climateer...Krugman Chart
After gold's reaction to yesterday's Larry Summer news (dollar weak/gold strong like bull, reverse) we're back to gold either making a wide bottom (cue Freddie Mercury?) for the nonce, or, if the bottom fails, building a roof over the ceiling at $1308.
Re-reading that it sounds like the equivocation you can find most anywhere on the web but truth be told we are actually at an important point in gold prices. Overnight action chart below the jump.
krugman
And our chart:
$1302.70 low, $1313.60 last.
You see why I didn't make a declarative statement? The damn thing tested the Sept. 13 bottom just after 8:30 a.m. EDT, made the sweet $20 bounce as per the prophecy and then headed south to thwart my plans for world domination and actually undercut the low from Sept 13 and 8:30 today!
Oh, and then it V-bottomed right after the equity close and headed back up.
This could get ugly.
