Thursday, May 13, 2010

Worlds 1st Gold ATM; is this a sign of a top?

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 Dhabi's 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 EU's 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 designs.

Giessler's 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. Full story=

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.


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