02/10/2012 The Weekend Report

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The reports streaming out of Europe change minute to minute. They swerve from word of success to stalemate and back multiple times every day. The most current report, which was released about 1/2 hour ago (late Friday GMT), said Greek Prime Minister Papademos has secured approval from his cabinet to submit laws for new budget measures designed to secure a second rescue package for the country.

The current crisis goes much, much deeper than simply securing approval. After two years of deep budget cuts, the citizenship are rioting while Greece continues to drag along, and even increase its current debt load. The austerity measures proposed by the IMF/E.U. contain stringent stipulations.

If Greece is unable or unwilling to comply with these stipulations, what might be the repercussions? Do the Greek government and the E.U. have the political will or even the legal right to enforce these stipulations?

Greek citizens are up in arms. Having already faced two years of budget cuts, it is unlikely that further severe squeezing, which is truly necessary, will go down as easy as a dainty bite of baklava. 

My current commentary, which I published on the kitco.com website this morning, contains my latest take on this tenuous situation. Please use the link on the right to read the full article. 
 
Wishing you as always, good trading, 
 
 
Executive Producer
The Gold Forecast 

gary@thegoldforecast.com 

On Skype Gary.S. Wagner 


 

 

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Proper Action

 

 

 

 

 

 

 

 

GOLD: Maintain Long @1580. Our current stop sits below 1706. With last night's intraday low at 1704.90, your current stop  

is still in play. We might have already seen  

the low and conclusion of this corrective wave. 


There is a chance that gold could retest 1690 before completing this correction. Traders can and should adjust their stops accordingly

 

 

 

SILVER: Maintain Long @28.10.  

Our current stop sits below 32.80.  

 



MARKET FORECAST

Gary S. Wagner

   

GOLD AND SILVER: Although we are in a bullish impulse cycle, gold is currently at the tail end of a minor corrective wave four. As you can see from the gold chart below, the precious yellow metal should in fact find support in this area. We are awaiting the conclusion of this current corrective wave, which will allow us to maximize the profit potential when we enter the final minor wave in gold's current intermediate wave one.
 
Traders and investors with current long positions should look to add both gold and silver at this point. Traders and investors that are currently flat in the markets should look to initiate long positions once we can confirm the conclusion of wave four. Look for special trade alerts that will be sent to all daily subscribers once a signal is triggered.
 

   

 

New futures margins will begin on Monday: The CME group announced yesterday that a margin reduction in gold, silver futures will be reduced effective on Monday.Learn More

 

 

 

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.