how ugly is this. pm stocks getting destroyed again. gold up slightly but not for long. wave 3 down is here.
Honestly, if gold does not correct more, with the one that is coming down right now, its a very bullish sign. Gold is still up a lot from a year ago. Its normal to have a correction.
Also, I have not seen mentioned tha the gold and silver margins were rised 21% (
http://www.tradingnrg.com/gold-silver-prices-cme-margin-hike-by-21-september-24-2011/) forcing a lot of people to recapitalize or remove some positions. 21% is a lot! Its very "curious" that they have choosen to do so just as the next deflationary mini-crash was starting. With the know history of the USA gov to try to keep the price of gold (and silver) down to help the survival of the dollar, it is "like" if they want to create a psicological effect to try to beat down gold and silver prices.
Mid and long term Im bullish on gold.
as i said before, i'm slightly more agnostic towards gold denominated in non USD. you being in the euro means gold could make sense altho i would still be worried.