World's 1st Gold ATM; is this a sign of Top?
May 13. 2010
Do not be
desirous of having things done quickly. Do not look at small
advantages. Desire to have things done quickly prevents
their being done thoroughly. Looking at small advantages
prevents great affairs from being accomplished.
Confucius,BC 551-479, Chinese Ethical Teacher, Philosopher
Amid fears over the
strength of nearly every major currency, Abu Dhabiís top
hotel has come up with a new type of ATM for their most
risk-averse guests. The Emirates Palace is giving those
staying there the chance to withdraw gold from the world
first ever gold dispenser. With gold prices at record highs
amid fears that the EUís rescue package will drive inflation
higher, the ATM monitors the daily price of gold and offers
small gold bars that weigh up to 10 grams with customized
Giesslerís timing is
very good given gold is currently at a record high. Given
the price action at the moment your 10 grams could be worth
considerably more by the time you check out and could help
you pick up the tab at the luxury resort. One night in a
three-bedroom suite that could set you back more than
$10,000 a night.
This is a clear sign that
Euphoria levels are reaching an extreme level in the Gold
camp. The next move for gold could therefore be down instead
of up. History has shown that whenever something spectacular
is done in a market that is extremely overbought, a top is
usually close at hand. The Burj tower is a prime example.