Tuesday, Sep 08, 2009
Gold up: economy and houses down?
FT: Gold’s round number
"It is a fair bet that some this week will be gunning for gold to break $1,000. If it does so convincingly, this will no longer be just a technical story but one of wider significance."
Posted by letthemfall @ 11:38 AM (925 views) Add Comment
14 Comments
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1. Letthemfall said...
A couple of years ago there was talk of a long term rise in gold to previous levels (in real terms) - $2000 or thereabouts. Does this show the trend is intact?
2. Peakoil said...
well... that's broken that then...
3. Letthemfall said...
About two years ago there was a lot of talk about gold reaching the highs of nearly 3 decades ago. Trend still intact?
4. techieman said...
I have to put my hand up to this one. I expected Silver to top out and was looking to short it on a break of around 1380 [technical support level], if it hadn’t broke upside resistance first – which it did. Of course if that had happened Gold would have followed to the downside. It didn’t and therefore Gold has “correlated up” also (though that’s a bit of a poetic licence).
In spring last year I sold a fair whack of my gold holdings, and never did add to them.
I’m still not convinced of the upside going to exponential levels but I am happy to hold onto the rest until we either see some explosive moves or a complete breakdown.
So in a nutshell I have no feelings one way or the other, it could be a new paradigm or a new suck in!
5. jackas said...
http://www.youtube.com/watch?v=gSq8ZBdSxNU
6. inbreda said...
"it could be a new paradigm or a new suck in!"
IMO it is just gold being gold. It is worth something. Measuring stuff - anything - by GBP or USD is misleading, because neither is worth the paper they are printed on.
Who was it that posted an article with the long term cost of a house priced in gold? I'd like to read that one again!
7. crunchy said...
There is no choice, you keep spare cash which is, will be and has been doomed, or invest in something you feel will stand the test of time.
One must also remember that in these uncertain times with job insecurity that converting cash into hard assets is a very good safety measure offering some protection from the robbers that lurk in the darker shadows of our busted and truely fair society.
Diamonds are a girls best friend, but which is a boys?
8. techieman said...
Welcome back Le Crunch - apologise for penning your Obituary.... but you did say you had had enough and were off to play with the big boyz.... erm didnt you?
9. crunchy said...
5. techieman ..Quiet and yes.
I like to pop in periodically for the crack. I still think this is a great site but my interests have changed somewhat.
Obituary? A drunk once asked if I had any spare cash, he was meet with the flippant reply. I don't know, I haven't died yet.
tech, a jingel has to jangel.
10. crunchy said...
or jangle even!
11. techieman said...
Guys and Gals?
12. crunchy said...
That'z whot i mean. lol
Le Crunch, oxo
13. jack c said...
techieman - following on from yesterday - FTSE 100 back up above 4950 today with Dow hovering just under 9500 whilst Gold at 1005 as I type. Interesting times ahead.
14. drewster said...
I really can't make any sense out of gold. In the last decade it has more than tripled in dollar value, after languishing in the doldrums for the two prior decades. Markets seem to treat it as part collapse-insurance, part inflation-insurance. If the world enters into a Japanese-style slow and prolonged deflation - with neither the fear of collapse nor the risk of inflation - then gold should perform poorly.
I'm not willing to stick my neck out and make any predictions though. The future is still too murky and unpredictable government actions (US printing money, China abandoning dollar reserves, oil traded in Euros or even in Gold) could easily affect the gold price.