12/21/2011 The Daily Report
 
Dear  , 
 
if it looks like a duck, walks like a duck and quacks - it's a duck.
 
In a concerted move to add much needed liquidity to banks throughout the European Union, the European Central Bank held a three-year offering that in effect will refinance the majority of debt European banks have maturing next year, adding a tremendous amount of liquidity to the eurozone. It is estimated that the ECB loaned almost €300 billion with a three-year time frame at an interest rate normally reserved for overnight loans. 
 
Quantitative Easing?

Although the European Central Bank poured €300 billion into the 500+ eurozone lenders this has not been portrayed as quantitative easing on the part of the ECB. By placing the risk with the individual lenders and keeping these loans off their books can this latest move be interpreted as quantitative easing? Its quacking sounds the same as any QE initiative executed by the Federal Reserve this year.
 
Wishing you is always good trading,

 

 

 gary@thegoldforecast.com 

On Skype gary.s.wagner 

 

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Proper Action

Gold : long @  1588

 

 

 Silver: long @  29.10

 



MARKET FORECAST

Gary S. Wagner


  

  

Gold: The chart above is a continuation of the update chart that was sent in a special e-mail last night. Our minimum expectation for this minor wave three was 1626, which was hit last night and exceeded when gold's intraday high went above 1640 in London. This I believe concluded the minor wave three and the correction witnessed this morning concluded the minor fourth wave. I am looking for one last rally to complete this set. My anticipated high is about 1650 per ounce.

 

The chart immediately below is more of a long-term view in gold. It is still my assumption that we are at the very tail end of the corrective C wave, which will conclude a major fourth wave.

 

 

 

 

 

SILVER: Silver continues to follow gold. After reaching $30 per ounce in trading last night, silver prices fell as we witnessed a correction in gold. I would look for one more rally towards the end of the year possibly taking silver his high as $31or $32 per ounce.

Copyright (c) 2011 Wagner Financial Group 
 
Before deciding to participate in Gold or Silver investments, you should carefully  consider your investment objectives, level of experience and risk appetite. Most importantly with futures activity do not invest money you cannot afford to lose.There is considerable exposure to risk in any futures exchange transaction, including, but not limited to, leverage,and market volatility that may substantially affect the price of  gold and /or silver. Moreover, the leveraged nature of futures trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you.