Wednesday, Feb 18, 2009
Gold: why it could be time to take profits
MoneyWeek: Gold: why it could be time to take profits
Gold is hitting fresh record highs in almost every currency. And in the long-term it can only go higher. But Dominic Frisby thinks the mainstream is getting too excited about gold, and now could be a good time to take some short-term profits.
Posted by damien @ 11:43 AM (832 views) Add Comment
13 Comments
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1. bellwether said...
Thanks Damien. Got out gold north of $900 but too soon, so far resisted the temptation to jump back in as been expecting it to pull back and create a better buying op. Some support for that idea here
2. hpwatcher said...
so far resisted the temptation to jump back in as been expecting it to pull back and create a better buying op. Some support for that idea here
I too would like to see a bit of a pullback, in order to buy more....but I can't see it happening to an amount that I would be comfortable buying gold at.
3. hpwatcher said...
I read the article, but it seems to rely on looking at historical charts and seeing patters...rather than what is currently going on in the world. Expect to see more crises and shocks, and gold emerge as the only ''real'' money.
4. P. Riddy said...
Gold never fell against Sterling, forget the dollar price. Also, Money week is a vested interest. Of course they want you back in bonds and shares so their advertisers get commissions. But who the Heck can call this market?!
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6. Crunchy said...
Agree. $850 pullback.
7. techieman said...
P. Riddy "forget the dollar price" - Sorry? The market "talks" in dollars.
8. hpwatcher said...
Crunchy said...Agree. $850 pullback.
Nah. Bit too low. Maybe in more ''normal'' times, but these times ain't normal.
9. sold 2 rent 1 said...
From my charts, a whole new Elliott wave series (5 waves) is set to begin in earnest in early April 2009
Bob Prechter was right last summer; both physical silver and PM stocks had completed 5 waves to March 2008 and then crashed in ABC style to October/November 2008.
So in summary, a short correction is due. This is the final correction before three massive uplegs to be completed in 12 months.
10. sold 2 rent 1 said...
techieman,
What's Bob Prechter's take on gold/silver now?
11. hpwatcher said...
This is the final correction before three massive uplegs to be completed in 12 months
Uplegs? pardon my ignorance but I've not heard that term before.
12. sold 2 rent 1 said...
hpwatcher,
www.zealllc.com often use uplegs in their analysis. Think of Elliott waves 1,3, and 5 as the uplegs and waves 2 and 4 as corrections.
Some more thoughts. The seasonal correction in March (from graph in article) is normally the biggest of the year and only lasts 3-4 weeks.
So maybe gold/silver won't exhaust for another 1-2 weeks and then correct for the whole of March.
13. techieman said...
Sorry S2R1 - been tied up.... i THINK he is looking for 650 ish as the apex of a 4th wave triangle. This looks like a diagional to me so an overthrow and then at least back to the lower trendline in corrective form. BUT i havent really looked much at Gold lately, its just from a quick once over.