Realistbear Posted October 6, 2010 Share Posted October 6, 2010 (edited) http://finance.yahoo.com/news/Gold-Prices-Pop-on-Weak-Jobs-tsmf-1536069485.html?x=0&sec=topStories&pos=main&asset=&ccode= Gold Prices Pop on Weak Jobs Number . Alix Steel , On Wednesday October 6, 2010, 11:07 am EDT NEW YORK (TheStreet) Gold prices were popping to further record highs Wednesday as momentum buying and currency fears pushed investors into the precious metal..../ U.S. Trust President Keith Banks, according to a report in Reuters, said that the company is not recommending gold right now because the "things driving high prices are beyond the types of things" where they can add value. Banks is not alone in his cautious belief. Barclays Wealth has been recommending to clients that they short the SPDR Gold Shares, the most popular physically backed exchange-traded fund. Barclays believes that when the crisis premium comes out of the market that gold could fall to $800 an ounce. The ETF currently holds 1,301.91 tons of gold. If Barclays say short doesn't that mean everyone should go long? Momentum buying hasn't existed for years--piggy back buying as forward buying drags lagging shorts into long positions causing a one-way only move upwards. I must admit I am just beginning to inch slightly toward a mildly bearish sort of postion in relation to gold. Edited October 6, 2010 by Realistbear Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted October 6, 2010 Share Posted October 6, 2010 http://finance.yahoo.com/news/Gold-Prices-Pop-on-Weak-Jobs-tsmf-1536069485.html?x=0&sec=topStories&pos=main&asset=&ccode= I must admit I am just beginning to inch slightly toward a mildly bearish sort of postion in relation to gold. A property investor told me " When house prices are high, gold is low...& when Gold is high, house prices are low" Im sure there a lots of people who traded gold for a property around 30 years ago, (I wasnt around just yet ) I know a a town where Gold would have been ingrained on the minds of the locals thorugh culture etc And I kid you not, at least 35% of houses on EACH road have been on rent for at least 30 years Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted October 6, 2010 Share Posted October 6, 2010 (edited) . Edited October 6, 2010 by Crashman Begins Quote Link to comment Share on other sites More sharing options...
Realistbear Posted October 6, 2010 Author Share Posted October 6, 2010 +1 Quote Link to comment Share on other sites More sharing options...
dammfoolman Posted October 6, 2010 Share Posted October 6, 2010 I must admit I am just beginning to inch slightly toward a mildly bearish sort of postion in relation to gold. Time to sell my Gold? Quote Link to comment Share on other sites More sharing options...
Lepista Posted October 6, 2010 Share Posted October 6, 2010 I must admit I am just beginning to inch slightly toward a mildly bearish sort of postion in relation to gold. Since when, RB? and what were you before - ultra bearish? Have you ever (in the last ten years) been anything BUT bearish on gold? Quote Link to comment Share on other sites More sharing options...
Realistbear Posted October 6, 2010 Author Share Posted October 6, 2010 Since when, RB? and what were you before - ultra bearish? Have you ever (in the last ten years) been anything BUT bearish on gold? I am really neither bearish or bullish as I do not consider gold for my investment portfolio. I am just not a metals investor and have a pile of silver coins because I collected them as a small child. Its the religiosity of gold investing that intrigues me. It is hugely sentiment driven because eveyone who buys it has to sell to realise any gain. And they always sell for paper money. The other thing which is of interest is that gold crashes are always sudden and violent catching the vast majority by surprise and the next crash will be the most violent ever. It will be fun to watch from the sidelines. $1374 Quote Link to comment Share on other sites More sharing options...
Lepista Posted October 6, 2010 Share Posted October 6, 2010 I am really neither bearish or bullish as I do not consider gold for my investment portfolio. I am just not a metals investor and have a pile of silver coins because I collected them as a small child. Its the religiosity of gold investing that intrigues me. It is hugely sentiment driven because eveyone who buys it has to sell to realise any gain. And they always sell for paper money. The other thing which is of interest is that gold crashes are always sudden and violent catching the vast majority by surprise and the next crash will be the most violent ever. It will be fun to watch from the sidelines. $1374 So... what about your $600 peak prediction? or your 700. or 750 or 800... etc etc etc. - over the last 6 years or so. Why should we trust the bear that cried wolf? Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted October 6, 2010 Share Posted October 6, 2010 I am really neither bearish or bullish as I do not consider gold for my investment portfolio. I am just not a metals investor and have a pile of silver coins because I collected them as a small child. Its the religiosity of gold investing that intrigues me. It is hugely sentiment driven because eveyone who buys it has to sell to realise any gain. And they always sell for paper money. The other thing which is of interest is that gold crashes are always sudden and violent catching the vast majority by surprise and the next crash will be the most violent ever. It will be fun to watch from the sidelines. $1374 You do realise that the banks have SUPRESSED Gold / Silver for at least 30 years using PAPER Gold/Silver & serious shorting... to allow the fiat scam / house price mania to grow Surely if you believe in house prices crashing, you believe in Precious metals growing Quote Link to comment Share on other sites More sharing options...
Realistbear Posted October 6, 2010 Author Share Posted October 6, 2010 (edited) So... what about your $600 peak prediction? or your 700. or 750 or 800... etc etc etc. - over the last 6 years or so. Why should we trust the bear that cried wolf? Trust? This is a forum made up of views and opinions. IIRC I have never, AFAIK, predicted a top, only bearish sentiment because I do not regard gold as a sane LT or even MT investment. It is far too sentiment driven and its a huge fraud when you consider the average punter thinks he has bought physical when all they are buying is a promisory note--fiat money but lacking government backing. When they sell 8,000 tons a day representing it as actual gold you know its all going to come crashing down as soon as the boys in the back room pull the plug and leave the vast majority of investors dangling in a very nasty breeze. $1374. BTW they are not warning against ETFs alone but the actual price per ounce: Banks is not alone in his cautious belief. Barclays Wealth has been recommending to clients that they short the SPDR Gold Shares, the most popular physically backed exchange-traded fund. Barclays believes that when the crisis premium comes out of the market that gold could fall to $800 an ounce. Edited October 6, 2010 by Realistbear Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted October 6, 2010 Share Posted October 6, 2010 Trust? This is a forum made up of views and opinions. IIRC I have never, AFAIK, predicted a top, only bearish sentiment because I do not regard gold as a sane LT or even MT investment. It is far too sentiment driven and its a huge fraud when you consider the average punter thinks he has bought physical when all they are buying is a promisory note--fiat money but lacking government backing. When they sell 8,000 tons a day representing it as actual gold you know its all going to come crashing down as soon as the boys in the back room pull the plug and leave the vast majority of investors dangling in a very nasty breeze. $1374. BTW they are not warning against ETFs alone but the actual price per ounce: Banks is not alone in his cautious belief. Barclays Wealth has been recommending to clients that they short the SPDR Gold Shares, the most popular physically backed exchange-traded fund. Barclays believes that when the crisis premium comes out of the market that gold could fall to $800 an ounce. Agree PAPER gold will crash Physical... it will only have to be repriced once, that will be more than enough for my lifetime Quote Link to comment Share on other sites More sharing options...
GeordieAndy Posted October 6, 2010 Share Posted October 6, 2010 What about if Barclays and the like are simply scared as they think that people out in the real world have realised that the only thing with any true worth are physical gold etc? Quote Link to comment Share on other sites More sharing options...
Errol Posted October 6, 2010 Share Posted October 6, 2010 Barclays believes that when the crisis premium comes out of the market etc... So when will that be then? When the US dollar and US system has been completely destroyed? Gold is due a correction - and it could be a large one. Buy on weakness. Quote Link to comment Share on other sites More sharing options...
Guest spp Posted October 6, 2010 Share Posted October 6, 2010 (edited) I am really neither bearish or bullish as I do not consider gold for my investment portfolio. Yet somehow you always seem to dig up what you perceive to be a negative article for PM's! Can anyone here say PHYSICAL shortage?? Only the blind are missing the currency race to the bottom. Edited October 6, 2010 by spp Quote Link to comment Share on other sites More sharing options...
Errol Posted October 6, 2010 Share Posted October 6, 2010 Long term, of course, gold is going to first $1650 and then on to much, much higher levels. A nice correction back to $1000-1100 would be welcome here. Quote Link to comment Share on other sites More sharing options...
General Congreve Posted October 6, 2010 Share Posted October 6, 2010 I am really neither bearish or bullish as I do not consider gold for my investment portfolio. I am just not a metals investor and have a pile of silver coins because I collected them as a small child. Its the religiosity of gold investing that intrigues me. It is hugely sentiment driven because eveyone who buys it has to sell to realise any gain. And they always sell for paper money. The other thing which is of interest is that gold crashes are always sudden and violent catching the vast majority by surprise and the next crash will be the most violent ever. It will be fun to watch from the sidelines. $1374 What's the saying again? "A bubble is a bull market that you do not hold a position in". I think that's it. Quote Link to comment Share on other sites More sharing options...
General Congreve Posted October 6, 2010 Share Posted October 6, 2010 Long term, of course, gold is going to first $1650 and then on to much, much higher levels. A nice correction back to $1000-1100 would be welcome here. Indeed, just give me that $800 an ounce opportunity! PLEASE!!! Quote Link to comment Share on other sites More sharing options...
General Congreve Posted October 6, 2010 Share Posted October 6, 2010 Agree PAPER gold will crash Physical... it will only have to be repriced once, that will be more than enough for my lifetime Exactly, the paper markets outweighs the physical 100-1 and reportedly many large buyers are asking to have their paper contracts settled with the physical stuff, hence some very strange physical gold transactions between the LBMA, ECB, Deutsche Bank, BIS, BoA etc. that have taken place in recent weeks and months. Paper gold is the booster rocket sitting underneath the moon shot. 10...9...8...7... Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted October 6, 2010 Share Posted October 6, 2010 http://finance.yahoo.com/news/Gold-Prices-Pop-on-Weak-Jobs-tsmf-1536069485.html?x=0&sec=topStories&pos=main&asset=&ccode= Gold Prices Pop on Weak Jobs Number . Alix Steel , On Wednesday October 6, 2010, 11:07 am EDT NEW YORK (TheStreet) Gold prices were popping to further record highs Wednesday as momentum buying and currency fears pushed investors into the precious metal..../ U.S. Trust President Keith Banks, according to a report in Reuters, said that the company is not recommending gold right now because the "things driving high prices are beyond the types of things" where they can add value. Banks is not alone in his cautious belief. Barclays Wealth has been recommending to clients that they short the SPDR Gold Shares, the most popular physically backed exchange-traded fund. Barclays believes that when the crisis premium comes out of the market that gold could fall to $800 an ounce. The ETF currently holds 1,301.91 tons of gold. If Barclays say short doesn't that mean everyone should go long? Momentum buying hasn't existed for years--piggy back buying as forward buying drags lagging shorts into long positions causing a one-way only move upwards. I must admit I am just beginning to inch slightly toward a mildly bearish sort of postion in relation to gold. How many inches to go? Would like to know since I've got a lot of old gold chains etc. I wouldn't mind flogging. Quote Link to comment Share on other sites More sharing options...
Guest spp Posted October 6, 2010 Share Posted October 6, 2010 (edited) Indeed, just give me that $800 an ounce opportunity! PLEASE!!! This is what the furry one doesn't seem to grasp...The physical will be sucked straight off the market! Maybe we should start posting a positive PM article everytime the furball gets his pom poms out. Paper GOLD TO $200!! p.s Try buying any physical! edit: a positive article based on fundamentals and not furry paper pipe dreams. Have you had fun being wrong and watching it rise all these years RB? Edited October 6, 2010 by spp Quote Link to comment Share on other sites More sharing options...
General Congreve Posted October 6, 2010 Share Posted October 6, 2010 With regard to the topic, this month sees the biggest net short position against gold that has ever been held. Who's holding it, the usual suspects, JPM, HSBC, Barclays etc. Why? Because gold is the single biggest threat to the fiat system which they leech off. They are the reason that gold crashed in dollar terms in 2008, as net short futures are factored into the spot price and they went short big time a few months before Lehman and all the sh1t went down to prevent everything falling apart in gold's favour then. That is the only time the trick worked, but they don't stop trying. They can try, but all that will happen is they'll end up having to cover their positions when the market goes against them for the umpteenth time. But hey, the tax payer will cover their losses, so no big deal. Anyway, keep at it RealistBear, would be awfully dull not to have anyone to spar with on here. Quote Link to comment Share on other sites More sharing options...
_w_ Posted October 6, 2010 Share Posted October 6, 2010 Its the religiosity of gold investing that intrigues me. It is hugely sentiment driven because eveyone who buys it has to sell to realise any gain. And they always sell for paper money. There is another way to look at it which I picked up from a piece written by someone who called himself A.N.Other (legendary in the goldbug world). You might find it intriguing and runs along the following lines: "Give the current madness another couple of years: what will prompt you to give up your scarce tangible assets when people try to sell you their paper money?" If you completely reverse your point of reference you can see paper money for what it really is, in all its glory: worthless sh*te. Quote Link to comment Share on other sites More sharing options...
Errol Posted October 6, 2010 Share Posted October 6, 2010 Barclays wouldn't be the same Barclays that 'didn't see it coming'? The bank that didn't see any of the crash coming even when people on HPC had been predicting it for 5 yrs? Quote Link to comment Share on other sites More sharing options...
Errol Posted October 6, 2010 Share Posted October 6, 2010 The bubble is in paper. Paper bugs are the ones going to be crushed. Quote Link to comment Share on other sites More sharing options...
Errol Posted October 6, 2010 Share Posted October 6, 2010 look at this chart. A correction is coming and $1250 looks like a nice number. Quote Link to comment Share on other sites More sharing options...
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