Gold Spot Jumped this AM

WASHINGTON (AP) -- General Electric said Friday its fourth-quarter earnings dropped 46 percent as it restructured its troubled lending arm. The news comes as the conglomerate says it expects 2009 to be "extremely difficult" amid the financial crisis.

Fairfield, Conn.-based General Electric Co., which makes everything from refrigerator to jet engines, said it earned $3.65 billion, or 35 cents per share, after paying preferred dividends in the quarter ended Dec. 31. That included $1.5 billion in restructuring charges.

The earnings were down from $6.7 billion, or 66 cents per share, a year ago.

Revenue fell 5 percent to $46.2 billion from $48.5 billion a year ago.
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that's why
 
Gold is over 890 right now. Silver is not following. Anyone knows whats going on?

I wanted to buy some gold next week, but I think I may be late.

Hugo
 
hugolp said:
Gold is over 890 right now. Silver is not following. Anyone knows whats going on?

I wanted to buy some gold next week, but I think I may be late.

Hugo
Click to expand...

I just can't see silver not following eventually. No one's going to be buying groceries with gold. Unless, we have a situation where the currency's good enough to trade with short term, but everyone keeps their savings in gold, I suppose that's possible ...
 
Wohoo + $37....maybe we'll see $900 today. I wouldn't be surprised if there was a slight correction brought on by profit taking, though.

As for silver, it's not like it's down. It's up 2.1% ($0.24) ATM.
 
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gls said:
Wohoo + $37....maybe we'll see $900 today. I wouldn't be surprised if there was a slight correction brought on by profit taking, though.

As for silver, it's not like it's down. It's up 2.1% ($0.24) ATM.
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It has piked almost $900. If next week it doesnt go down for a while I am going to be pissed.

Hugo
 
I wanted to buy some gold next week, but I think I may be late.
Click to expand...

I'm waiting to see if we get another big dip around late August, since it is a very weak time of year for gold and silver.

It is quite interesting to see it surge along with the US dollar. With what happened to Iceland's currency, and now the British Pound in trouble, maybe it's just a general nervousness which is building against all currencies right now.
 
It almost breached 700 euros. Made it until 699.74. Would have been a first.

Edit: 12 bucks silver, 900 gold.
 
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Very nice to see silver above $11 again finally and gold at 900. The thing I like is that silver/gold have stayed pretty steady for the past month or so, and now they are breaking out, with not just buying, but very strong buying. Along with my rave, is the fact that both gold/silver seem to have disconnected with the dollar, the dollar has been rising all week as well. This may be "IT", the market could be saying hyperinflation is almost here...

Obviously the above is just an opinion/rave.
 
I have been playing the gold mkt for 35 yrs, what i don't like is action like today.

There are things we don't know----is this a short covering rally-----specs getting long---- where is the buying coming from ----

Watch the close and look for a spike to see if the shorts are covering today.

I know they can take the gold mkt down much faster than it goes up.

I like small moves, like 3 up /2 down moves in small steps.

Remember the big banks hate gold and will come in as a group and short 1,000- 10,000 contracts and tear this thing apart very fast.
 
ILUVRP said:
I have been playing the gold mkt for 35 yrs, what i don't like is action like today.

There are things we don't know----is this a short covering rally-----specs getting long---- where is the buying coming from ----

Watch the close and look for a spike to see if the shorts are covering today.

I know they can take the gold mkt down much faster than it goes up.

I like small moves, like 3 up /2 down moves in small steps.

Remember the big banks hate gold and will come in as a group and short 1,000- 10,000 contracts and tear this thing apart very fast.
Click to expand...

Excellent points you make, you have had alot more experience.
 
ILUVRP said:
I have been playing the gold mkt for 35 yrs, what i don't like is action like today.

There are things we don't know----is this a short covering rally-----specs getting long---- where is the buying coming from ----

Watch the close and look for a spike to see if the shorts are covering today.

I know they can take the gold mkt down much faster than it goes up.

I like small moves, like 3 up /2 down moves in small steps.

Remember the big banks hate gold and will come in as a group and short 1,000- 10,000 contracts and tear this thing apart very fast.
Click to expand...

Thanks for the coments. I hope they do, I want to buy some more.
 
ILUVRP said:
I would watch GOLD/PLATINUM , If gold can overtake platinum i would not want to be short gold.
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I really don't see that happening. Platinum should see another dip if the Big-Three come back into the news. Toyota is also seemingly having troubles so that could cause platinum to dip.
 
Solidarity said:
I really don't see that happening. Platinum should see another dip if the Big-Three come back into the news. Toyota is also seemingly having troubles so that could cause platinum to dip.
Click to expand...

I guess i'm saying that if the gold rally is for real gold should blow right pass platinum, i agree plat will drop because of cat conv demand.

I think we need to see gold hold $890 today.

Best gold charts on the net is "USA GOLD" site
 
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