Gold. A safe haven? It depends on your trading time frame.

Gold. A safe haven? It depends on your trading time frame.

Markets yawned at rate cuts from the European Central Bank, China's "central bank," and more quantitative easing by the Bank of England. Money is draining from emerging markets, as discussed last week [http://r20.rs6.net/tn.jsp?e=001POIbMq4LvfLTJcsr7iM0yfItVrDW8iWnxDhfEd1ZECSlTNUn3IjLSCL79Qn2Oja-2A_a_FuUAdReKKARIaCfDV-0HML9EFMBfF40sa4svLtXgReq8z6TIaDIo8sl9bTva48WyMwOXVRFrQqdgCIy4SMCu-blnb2wkXbeWn6Y1n62sD2siZ4cryroQkSqptneHs2ruHIJTLfwL7DadPHEi0Geo7NEgVSBbGgwEO6RqiY=]. Corporate earnings forecasts are being managed lower. The global macro view we've held for a while seems to be playing out on cue-unfortunately for those of us that live in the real world.

...During the Dow Jones Industrial Average swoon in the midst of the last credit crunch crisis, gold fell about 27% peak to trough. We expect a similar pattern to emerge. Remain short for now!

Market Vitals | [http://r20.rs6.net/tn.jsp?e=001POIbMq4LvfJzvfc-puBDvfs46lXdl_mIS3Kq-heMjRaQX0Py5oqSCHXx35JPjyy5Lp_Qbr7nxBPpoIDwJICbr5Uh6k47MalB6TSHZ9NoCu2qSPwsWyz2Iiz5_JKjKkWHD-sMO-E6sjizVhBFayuPJ-CXVCQrVQeQXTa9nGoNSBg=] 6 July 2012 ~ [http://r20.rs6.net/tn.jsp?e=001POIbMq4LvfJzvfc-puBDvfs46lXdl_mIS3Kq-heMjRaQX0Py5oqSCHXx35JPjyy5Lp_Qbr7nxBPpoIDwJICbr5Uh6k47MalB6TSHZ9NoCu2qSPwsWyz2Iiz5_JKjKkWHD-sMO-E6sjizVhBFayuPJ-CXVCQrVQeQXTa9nGoNSBg=]