gold (gld) elliott wave forecast 30/04/2010

[ctrader09]

(cont'd)

Gold certainly does look like it wants to go to new all-time highs, but I think it will be a 5th wave mini-blow off before correcting to below $680. Then I think will be the time to really get aggressive with gold. We'll just have to wait and see how it plays out.

[tradeyourwayout]

@ctrader09 i think gold will top around the $2,000 mark. yes, i believe robert pretcher will be wrong on his call for gold to drop now. i think he is right about the deflation factor, but bubbles always seem to go against the fundamentals and then at some point people "wake up". just like what happened with oil, people woke up and realised that there was no real demand.

[ctrader09]

IMO gold is different because it is real money and oil isn't. Also, if you think Gold will go to $5,000 + before crashing then you are saying Prechter is wrong on his call for deflation. If gold soars to those levels in the near future the stock market will likely go to new highs in terms of dollars which I don't see happening.

[tradeyourwayout]

@ctrader09 i think gold is useless in my humble opinion. it only looks good and that's about it. the real currency is food, the rest is just a "way of thinking" that has been imposed on society. but we shall see if the EW theory i proposed is right.

[ctrader09]

@tradeyourwayout Food is not currency, Gold has always been the globally accepted currency since we stopped bartering and started banking with Gold as money. When the U.S. Dollar and other fiat currencies are eventually worthless, Gold will go through the roof in terms of all of those fiat currencies. A good video to watch about how our global monetary system is unsustainable is "Money as debt" right here on google video, it has the full length feature in one clip.. only 47 minutes long.

[tradeyourwayout]

@ctrader09 what i mean by "food is the real currency" is that food is the only thing that we as humans can survive with. things like gold, fiat currencies, etc, are just objects that "society" has given a so called value to. in any case, this is a whole different discussion. but my view on gold is that it will be the next bubble, because we as humans can't seem to live without them... thanks for the comments :-)

[ctrader09]

@tradeyourwayout I agree gold will be a bubble eventually, but not until way down the road when the hyperinflation hits after the deflation is over. Prechter just put out his theorist that is calling for a bottom in 2016. We'll see. I visit your blog every day and watch your videos, keep up the good work and good luck with your trades :)

[tradeyourwayout]

@ctrader09 thanks, i really appreciate the discussion and comments. we will just have to wait and see what happens :-)

[ctrader09]

@tradeyourwayout BTW, here is my blog... fwiw

fifthwavefinancialanalysis(dot­)blogspot(dot)com

(replace the (dot) with a period