The British Pound got hammered last week as they nationalized their banks. I think this rally in GOLD is something about that. Maybe this is in anticipation that the US will nationalize their banks and then the Dollar will be hammered.
But Gold has one more hurdle or should I say at least 2 more hurdles to jump. The resistance at 915-920 and then the previous high of over 1000. If in the meanwhile the Dollar strengthens ( as a result of other currencies weakening), then it will be interesting to see what Gold does.
So the actions and words of Obama and team matter a lot. Any hint of nationalization or not doing that should affect the $ and Gold. In any case Gold accelarates now or pullsback an then goes higher.
I better get some calls on it huh?
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