Breakouts In Gold

[200p]

If we look back in history, when gold goes on a run, it blasts through it's previous historical high.

First red circle $50/oz to next top $200/oz, thats 4x

Second red circle $200/oz to next top $850/oz, thats 3.4x

So from the last top $850/oz will we get to $2890/oz (*3.4) to $3400/oz (*4)?

[soldintime]

Before we see another bull run I expect gold to drop below $1000 first. Gold is on a downtrend at the moment.

[wtw2]

Do you think there is any logic in Mike Bulloneys $15,000 gold prediction within the next 5 years?

[Quiet Guy]

If we look back in history, when gold goes on a run, it blasts through it's previous historical high.

Maybe you should be loking out for the next plunge before the next breakout.

http://www.gold-speculator.com/clive-maund/33918-dont-get-fleeced-get-rich-crash-update.html

"So let’s make this as clear as possible - if there is another market crash soon as expected, investors are going to do what they always do, which is go into blind panic and toss almost everything overboard, and that can be expected to include gold, silver and PM stocks. Yes, we fully understand that the fiat money system is rapidly approaching its nemesis and that gold is the ultimate safe haven and is set to soar as currencies become worthless, but that won’t help it much short-term during the crash phase, which is likely to result in a heavy reaction in gold back probably to its long-term uptrend support line. Silver will be treated as a base metal and will plunge precipitously as in 2008, which it is now perfectly set up to do. PM stocks will tank and many PM stock investors will be devastated as their cheerleaders slink into the shadows. All of this looks very, very close."

I'm holding onto my Au but I'm also preparing myself for some pain in the next year or so.

[Quiet Guy]

Do you think there is any logic in Mike Bulloneys $15,000 gold prediction within the next 5 years?

Nobody knows. It all depends upon what our governments do. I don't pay much attention to any predictions going forward more than a couple of years. A better question might be what will $15,000 be worth in five years?

[Take Me Back To London!]

Before we see another bull run I expect gold to drop below $1000 first. Gold is on a downtrend at the moment.

Thanks for sharing your thoughts.

In my opinion we will not see 3 digit gold ever again. Gold just won't go below $1180 or if it does it will not drop far, before getting pushed back through $1180.

[petrodollar]

Nobody knows. It all depends upon what our governments do. I don't pay much attention to any predictions going forward more than a couple of years. A better question might be what will $15,000 be worth in five years?

Interesting to watch gold on this downtrend, as to how far and how fast it will sink.

I might buy some if it makes 999.

Currently 1181.

[200p]

Here is a quick crash course in reading charts.

There's three approaches:

1. Fundamental (not a big fan, HPC would a have been each year from 2002-2008 on housing based on the fundamentals)

2. Technical

A: Forward looking - those people who try to predict using pattern recognition. E.g. "head and shoulders".(not a big fan, such predictions try to call tops and bottoms far too early)

B: Rear looking - decisions are made by riding trends until they complete. My favourite, decisions are made for you by price action. No arguments, no fundamentals required. Completely mechanical trading.

Two moving averages here - 200MA(green) and 60MA (blue). When ever they cross, they have provided reliable automated periods to be in or out of gold.

One problem with 2B, you have to be prepared to give up a significant amount of profit when the trend changes, as moving averages are retrospective, never forward looking.

[petrodollar]

Here is a quick crash course in reading charts.

There's three approaches:

1. Fundamental (not a big fan, HPC would a have been each year from 2002-2008 on housing based on the fundamentals)

2. Technical

A: Forward looking - those people who try to predict using pattern recognition. E.g. "head and shoulders".(not a big fan, such predictions try to call tops and bottoms far too early)

B: Rear looking - decisions are made by riding trends until they complete. My favourite, decisions are made for you by price action. No arguments, no fundamentals required. Completely mechanical trading.

Two moving averages here - 200MA(green) and 60MA (blue). When ever they cross, they have provided reliable automated periods to be in or out of gold.

One problem with 2B, you have to be prepared to give up a significant amount of profit when the trend changes, as moving averages are retrospective, never forward looking.

well bu**er my truss you learn summat every day.

BTW Ijust love the 10 year gold chart, much better than the 30 year.

[Executive Sadman]

Gold bars closing in on £800 an ounce, havent seen that for a while

1 ounce £ 801.75 OK

http://www.goldline.co.uk/investmentBarsPage.page

[200p]

Heres a longer chart. Only the 200 Day MA (red line) here is shown. Once again, clear signals of when to be out and when to be in. 1985, was the last up trend until, the year 2000.

Edited July 27, 2010 by Money Spinner

[Georgia O'Keeffe]

If we look back in history, when gold goes on a run, it blasts through it's previous historical high.

First red circle $50/oz to next top $200/oz, thats 4x

Second red circle $200/oz to next top $850/oz, thats 3.4x

So from the last top $850/oz will we get to $2890/oz (*3.4) to $3400/oz (*4)?

I think youll get to around 1350 and then get to somewhere between 200&500 Personally, probaby nearer 200 if i was pushed

Edited July 27, 2010 by Tamara De Lempicka

[200p]

If we look back in history, when gold goes on a run, it blasts through it's previous historical high.

First red circle $50/oz to next top $200/oz, thats 4x

Second red circle $200/oz to next top $850/oz, thats 3.4x

So from the last top $850/oz will we get to $2890/oz (*3.4) to $3400/oz (*4)?

So for fun class, and to see if anyone has learned anything. What kind of chart analysis is this?

a) 1

2A

c) 2B

[concerned_money]

Thanks for sharing your thoughts.

In my opinion we will not see 3 digit gold ever again. Gold just won't go below $1180 or if it does it will not drop far, before getting pushed back through $1180.

well that prediction lasted less than a week...........

pm fix 1168$ 27th july

get out now, sell before it's too late, it's going down baby

[Executive Sadman]

well that prediction lasted less than a week...........

pm fix 1168$ 27th july

get out now, sell before it's too late, it's going down baby

Maybe theyll start seizing it again like they did in 1933. Given then they paid $20 then would be worth more in real if invested in property and the stock market. I'll bet those handing in their gold in 1933 thought they were getting a terrible deal, in fact it was a blessing.

http://en.wikipedia.org/wiki/Executive_Order_6102

Another point, Denninger predicted a fall in the price of gold on his website. The man is an oracle.

[petrodollar]

So for fun class, and to see if anyone has learned anything. What kind of chart analysis is this?

a) 1

2A

c) 2B

Whatever and frankly who cares?...the yellow stuff is soon to meet the brown stuff....

[Errol]

Hopefully we'll see much lower. Another fall to $680 would be great!

[Mark Uttley]

Hopefully we'll see much lower. Another fall to $680 would be great!

I take it you've given up on your much heralded "$1650 at least by 2011".

[Errol]

Stick with it for the moment (it's Jim Sinclair's idea, originally - I can't take credit for it).

Of course it matters little unless you have some time-critical event etc. I'm more than happy to wait but I still think $1650 by January 2011 is doable.

The volatility will only increase as we move forward. Eventually we'll be seeing swings of hundreds of dollars a day.

[Crashman Begins]

Stick with it for the moment (it's Jim Sinclair's idea, originally - I can't take credit for it).

Of course it matters little unless you have some time-critical event etc. I'm more than happy to wait but I still think $1650 by January 2011 is doable.

The volatility will only increase as we move forward. Eventually we'll be seeing swings of hundreds of dollars a day.

Ive got another 25 - 30 years before i get twitchy

[Errol]

I'm perfectly happy to wait 10-20yrs if required. It may take longer than we think for the end-game to play out.

[concerned_money]

I'm perfectly happy to wait 10-20yrs if required. It may take longer than we think for the end-game to play out.

thats the whole point, most people can't wait !

forced to make choices based on lifes needs, like a roof to live under.

investing in gold as a vehicle to purchase a home...hummmmm

[Take Me Back To London!]

thats the whole point, most people can't wait !

forced to make choices based on lifes needs, like a roof to live under.

investing in gold as a vehicle to purchase a home...hummmmm

UK house prices have crashed for anyone who switched from paper money savings to gold.

And is heading nicely towards 50 troy ounces of gold to buy an average UK property.

[Take Me Back To London!]

well that prediction lasted less than a week...........

pm fix 1168$ 27th july

get out now, sell before it's too late, it's going down baby

Gold back over $1180.

What was you saying about selling.