We've heard enthusiastic reports of sales being up for this holiday season. Personally I think they will be a little better than last year, but then that wouldn't take much, so we'll still be down drastically from where we should be.
So here's where my prediction comes in. Gold starting dropping when these "positive" reports started coming, closing today at 1115. Hong Kong and Sydney are still going but we'll settle for New York here.
Now we have Congress raising the debt ceiling another 1.8 trillion, which if they spend it all, will take our deficit to 14 trillion. The spending bill currently up for vote.... oh you didn't hear about that? Yeah Congress is about to run out of money so there is a 2500 page $400billion+ bill up for grabs ..... so anyway, when that goes through along with the increased debt ceiling, you'll see gold jump back up again on Monday. Don't know if it'll be at the 1215 again but I'll say 1150 by weeks end.
We'll talk again.
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