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Sledgehead

Gold $1500 Today

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Wow, I wish that I had listened to the goldbugs a bit more in 2008. At the current rate of increase it should be at 1600 in no more than a couple of months. The way that a lot of the gold commentators are talking about 1650 dollars suggests to me that it will not reach that level, at least in the short to medium term. Nice signature General.

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Wow, I wish that I had listened to the goldbugs a bit more in 2008. At the current rate of increase it should be at 1600 in no more than a couple of months. The way that a lot of the gold commentators are talking about 1650 dollars suggests to me that it will not reach that level, at least in the short to medium term. Nice signature General.

if you give any credance to TA, it'll probably make ~1625 (it's the 'consolidation' target). Then, technically it will need to consolidate again or retreat - technically speaking.

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Wow, I wish that I had listened to the goldbugs a bit more in 2008.

According to RB, that's when you should have sold.

Without even checking I can be pretty sure that RB called the top in gold at least a dozen times in 2008.

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A little disappointed in how the breach of $1500 is being handled by the MSM ( :P - yeah, right ).

Indeed, so resolutely unimpressed is the world in general, that my post here makes it onto the first page of Google results for gold $1500.

What's more, beyond a smattering of news links, I see the first entry is Gold at $1500? Don't hold your breath - Telegraph

Its writer must be feeling a little red-faced, being stuck right there on the first page of google results. Shame. I note from within the copy:

Investors wishing to buy into gold should wait for it to retrench – as it inevitably will. The main reason to own gold is as a store of value but the price will fluctuate.

Gold at $1,500 is inevitable at some point in the future but it's probably not going to happen any time soon. Don't chase the price just now.

Hmmmm.... looking at the attached chart, I'm thinking the Telegraph might be wishing they'd stuck with an earlier article from April of the same year : Gold price could hit $1500 - Telegraph - Ambrose EP

gold 5 years.JPG

post-141-0-28201500-1303302019_thumb.jpg

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if you give any credance to TA, it'll probably make ~1625 (it's the 'consolidation' target). Then, technically it will need to consolidate again or retreat - technically speaking.

I remember at the start of this year, a lot of the pundits were saying a drop to 1250, hell I even put it in my Chrimbo predictions. In the event it barely got to 1310.

That certainly sounds plausible, would make sense for it to occur around June when the Fed is meant to be ending QE2. We will surely come down to test the 1450 level as well at some point. I find it hard to do TA when the price is at record highs. There are a couple of obvious trend lines but my target for the next year or two would be the 161.8 fib extension of the October 2008 to November 2010 bull, at around 1880 dollars.

Good old RB. I particularly remember his call for a "triple top", at about 1000 dollars. It broke that level within a few weeks.

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Hmm well AUD just hit a new high of 106.2 USD , i doubt this is a fresh high in AUD terms.

USD is totally finished.

Gold hit AUD$1500 in February 2009. Hasn't quite reached that peak since then.

Edited by Tiger Woods?

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Using the kitco technical charts

au3650lf_ma.gif

In an uptrend, when the 200 period moving average is moving up. The trick is to buy when the price is close to the 200 period moving average, or "averaging up/pyramiding" if you already have a profitable position. The stop loss is therefore just below the 200 period moving average (i.e a sell occurred in 2008), so even if a stop is triggered the loss is mitigated.

So is it a good time to buy one big position now? Not really, the good time to buy is when the price pulled back to near the $1280 level. Wait for a pull back. If I drew a trend channel, $1550 looks like when it could pull back from once hit.

However for financial insurance purposes, theres no reason not to have 10% in PMs, and thus one should sit out short term losses on paper.

Edited by Money Spinner

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Hmmm, just checked the price and although it's showing gold as having gone through $1500 (had hit $1508 and currently at $1503), the price in sterling has actually dropped from about £917 down to £906.

Odd coz the chart i'm looking at doesn't show a massive change in the exchange rate today.

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Hmmm, just checked the price and although it's showing gold as having gone through $1500 (had hit $1508 and currently at $1503), the price in sterling has actually dropped from about £917 down to £906.

Odd coz the chart i'm looking at doesn't show a massive change in the exchange rate today.

O3scm.png

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  • 312 Brexit, House prices and Summer 2020

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      • down 5% +
      • down 2.5%
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