With the dollar in a holding pattern tonight after earlier weakness, December Gold appears to be breaking out around 2:30 a.m. This seems quite bullish, but keep the 1174.90 target well in mind, since it is unlikely to be a pushover.
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(I have re-posted this link because the initial response was so heavy.) I have always expected the dollar’s collapse to happen in mere hours, not weeks or months. A blogger named John Galt has imagined how things will play out that day, and his scenario seems to me not merely plausible, but precisely inevitable. It would have bullish implications for commodity-based economies such as New Zealand’s, and this would seem to afford investors a relatively safe haven besides gold when the collapse comes to pass. Click here for Galt’s scary account of a stormy day that seems all but certain to arrive.
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Gold’s Friends Now Outflank Its Foes
by Rick Ackerman on November 23, 2009 12:01 am GMT · 15 comments
In the Rick’s Picks chat room, where the focus is sometimes obsessively on gold, the meaning of “long-term” can range anywhere from 90 minutes to about three hours. Small wonder, then, that whenever Comex precious-metal futures hit an air pocket and briefly plunge, the shock waves wash over the room like a tsunami. In fact, these fleeting episodes mean nothing, considering that the larger, bullish environment for gold contains more testosterone than a Chicago stockyard. Who needs to worry about what those nasty, retrograde bullion bankers, commercial traders and by-now impotent central banks are » Read the full article