When would the expert gold trader see taking advantage of this gold market correction?
"The drop of interest rates as an assumed healing element for the present credit crisis has had no impact on the basic asset of housing values, and will not.
When so many other factors are economically oppressive, lowering interest rates has no capacity to offset the credit related OTC derivative valuation crisis known as the subprime problem. The drop in the short term Discount Rate is purely a PR tool at this time.
Decelerating the drop in interest rates is only rational as 2% is so close to zero that it would leave no wiggle room to drop by 1/2% or 1% should the upcoming credit default derivative valuation crisis require shock PR.
Increasing interest rates is impossible because of the message such actions carry when business itself has rolled over regardless of what the talking heads want you to believe.
The spin of 'it all depends on the Fed's action' is another variety of misinformation that 'all is well and the financial problems are behind us, the Fed has fixed everything.'
The dollar has so many fundamental problems that the best possible rally is made up of short covering.
Probability suggests that the worst of gold's action should be over by the end of the first week of May."