Skip to comments.Gold futures rally to a more than two-month high
Posted on 01/23/2014 9:24:33 AM PST by Red in Blue PA
SAN FRANCISCO (MarketWatch) Gold futures advanced on Thursday, snapping a two-day skid with investors mulling the prospects for higher gold demand out of India as a drop in U.S. equities and a weaker dollar helped position prices for their highest close in more than two months.
Gold for February delivery GCG4 +1.89% jumped $22.70, or 1.8%, to $1,261.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices were poised to close at their highest level since the second half of November, according to FactSet data tracking the most-active contracts.
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We were down 1.3% on January 10th and came back up to records.
We need a few days of drops like this to even think of the word “correction”.
I have a bad feeling about this market, and I am someone invested in it.
When people start talking like the market will automatically make gain this year, I start to worry, and I am hearing that more and more.
We are in No Man’s Land right now. The Fed is trying it’s damndest to keep people in the dollar and out of gold. Hence the market levitates, even though it should correct it won’t. Not at least till there’s a significant enough of a shock that even the Fed can’t hold back that stampede.