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Gold has been rather uninspiring for the last year now. Yesterday, I came across this:

http://www.marketoracle.co.uk/Article35537.html

I'm not a TA expert but the author seems to reflect my concerns about the trend for the last year. I'm thinking it's time to take some more profits. Anybody else out there wavering as well? Even if you're a long term bull, a significant drop along the way doesn't seem impossible.

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Gold has been going up for 10 years in a row, people never thought Gold would go over $1000 there is going to be a short term correction. But long term I'm expecting higher prices when countries start leaving the Euro.... Exciting times....

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You will know when Golds at the top of its bubble when Cash 4 Gold shops close down and the Media hypes it like Facebook stocks

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Well, looking at a chart to predict the future is as about as useful as looking at tealeaves. But it does indicate that Gold isn't going anywhere good, and long term Gold will go down, of course, because it provides no return - its nothing more than a Ponzi scheme.

So sell some of your Gold, if you have profits good for you. If the Euro does fail, Gold will fall as it will lose its purpose - protecting against currency failure as everyone will sell to to get the new currency's.

Fact is the Euro probably won't fail.

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Gold has been going up for 10 years in a row, people never thought Gold would go over $1000 there is going to be a short term correction. But long term I'm expecting higher prices when countries start leaving the Euro.... Exciting times....

Houses have been going up for 10 years in a row, people never thought Houses would do over £200,000 there is going to be a short term correction. But long term I'm expecting higher prices... Exciting times...

Bubble and myopia anyone?

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Well, looking at a chart to predict the future is as about as useful as looking at tealeaves. But it does indicate that Gold isn't going anywhere good, and long term Gold will go down, of course, because it provides no return - its nothing more than a Ponzi scheme.

So sell some of your Gold, if you have profits good for you. If the Euro does fail, Gold will fall as it will lose its purpose - protecting against currency failure as everyone will sell to to get the new currency's.

Fact is the Euro probably won't fail.

You are wrong Peter. Gold stays the same. The true value of Gold throughout history never changes. It's just how many paper ££££ buy you an oz that changes.

If they devalue our currency by 50% overnight Gold will just cost 50% more £££

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If Greece was to leave the Euro and go back to its old currency the Greek Drachma, it would be devalued against the Euro

So if you had Gold instead of savings in your bank, you would protect yourself from the devaluation.

Simples

Do you really think if Greece left the Euro and went back to the Drachma it would have the same purchasing power as the Euro it just left?

Edited by Asheron
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I can see Gold at $1,1000 short term because as the Euro crisis gets worse people will run to the $$$ as a safe haven.

The Dollar might get stronger. A mini rally

Whilst all the World rich are buying farm land and precious metals. Average people are buying dollars.

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On Friday, Rick appeared on the Korelin Economics Report. In Rick’s segment, the topic of discussion was the precious metals markets and where Rick believes they are headed. The audio for the interview may be heard here,while the transcript of the interview is reproduced below.

Al Korelin: Hey, welcome in. You’re listening to a daily editorial on the Korelin Economics Report. I’m Al Korelin. I appreciate you joining me.

I’ve got Rick Ackerman on the line with me. By the way, this audio is being produced exclusively for our friends at Kitco. It’s been a while since we’ve been there. It’s just about two or three days I guess that we’ve been remiss. But boy, it has been busy, busy, busy.

I have a listener by the name of Bart who wrote a couple of e-mails yesterday regarding his pessimism about the precious metals markets right now. He doesn’t feel it’s a good place to be. My personal opinion is, long term, I think it is. That’s from a fundamental perspective.

But Rick, I sent you one of the comments. You said, “Whoever this guy is, he knows what the hell he is talking about.” Can you comment on that please?

Rick Ackerman: Well, partly because I agree with him, Al. I think that the weight of the evidence, technically speaking, is bearish. I look at these gold charts, and we’ve got August gold Comex closing up around $1567. But I can’t see it escaping a further dip down to just below $1500. $1497 is my minimum target. But at that point, the chart would look even worse.

But the point that he makes is that you’ve got to wait and see, really. Certain things can happen. I’m always open-minded to being contradicted or to changing my mind, at least. So if we get a decent move up in gold, we get what I call an impulse leg on the hourly chart, I’m willing to turn on a dime. But right now, it doesn’t look so good.

Al: When do you see it turning?

Rick: Depending. I can put my subscribers on a hair trigger, you know. We’ll look for one of these impulse legs on the 60-minute chart. But I think, just to be safe, I need to see right now when the Comex, maybe before Monday, $1611, which means that’s about a 45-point rally from here.

Al: What do you think is causing this bearishness, this bearish action, Rick?

Rick: Well, you don’t necessarily have to read it as bearish. It’s really been pretty sloppy. We’ve been in the range for quite some time. You might say that today, we are, the market for gold is virtually unchanged from early May.

So it isn’t so much bearish, as… I mean it’s prospectively bearish, because there are a lot of patterns that I’m looking at that point lower. But strictly speaking, the latest couple of months have been a wash.

Al: Yeah, well they have for sure. So basically, you’re suggesting people keep their powder dry at this point, is that correct?

Rick: Yeah. I don’t think there’s any reason to be all over this market. You can trade it. But that’s about it. It’s going up, and it’s going down. And from one day to the next, you really can’t predict it.

Al: Okay. There you have it, Bart. Your comment generated an awful lot of responses. We did a weekend segment on this. I did a segment on the Daily Show today, with Roger Wiegand, on this. I appreciate those comments.

Hey listen, we appreciate comments from everybody. We’re going to be back with you tomorrow.

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Rick Ackerman: Well, partly because I agree with him, Al. I think that the weight of the evidence, technically speaking, is bearish. I look at these gold charts, and we've got August gold Comex closing up around $1567. But I can't see it escaping a further dip down to just below $1500. $1497 is my minimum target. But at that point, the chart would look even worse.

But the point that he makes is that you've got to wait and see, really. Certain things can happen. I'm always open-minded to being contradicted or to changing my mind, at least. So if we get a decent move up in gold, we get what I call an impulse leg on the hourly chart, I'm willing to turn on a dime. But right now, it doesn't look so good.

Yep, I'm still bullish long term but the risk of a bad slip this year is rising IMO.

See Daneric from 30 May:

http://danericsellio...0-may-2012.html

We've seen gold go down with the stock marekt in recent times. If there are more economic problems, there is a risk of stops triggering a bad fall. Nobody knows what will happen next but I see more chances for falls than rises at the moment.

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You are wrong Peter. Gold stays the same. The true value of Gold throughout history never changes. It's just how many paper ££££ buy you an oz that changes.

Gold never changes, neither does paper money though, £1 is always £1.

Gold changes in value, up and down against paper money.

Paper money changes in value, up and down against Gold .

Whats the difference?

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Gold never changes, neither does paper money though, £1 is always £1.

Gold changes in value, up and down against paper money.

Paper money changes in value, up and down against Gold .

Whats the difference?

I am surprised you do not know the difference. Gold will always have value, it has remained remarkably stable throughout history. Fiat money - paper - collapses every few hundred years or so, because the politicians can't keep their fat little hands out of the till, and print to make up for their thieving and spending beyond their means.

Any nation, like an individual or family, will eventually go bust if they don't live within their means. It just takes a wee bit longer for the inevitable to happen to a nation. It will be bad for us, but I shall take great pleasure from seeing the Eurozone collapse.

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Gold never changes, neither does paper money though, £1 is always £1.

Gold changes in value, up and down against paper money.

Paper money changes in value, up and down against Gold .

Whats the difference?

The original £1 coin.

Gold-Sovereign-Coin1.jpg

It now takes £250 to buy that sovereign.

Against oil gold has held its purchasing power, unlike paper currencies.

Crude-Oil-Prices.gif

Edited by Take Me Back To London!
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  • 1 month later...

$1100 gold? :lol:

Surprise, surprise. Gold bears will be left looking like the idiots they are.

I have to admit that the shiny stuff has confounded my expectations and started trending up again. I'll probably capitulate and buy some more soon but I still think there could be a correction when/if some members of the Eurozone finally give up the Euro currency.

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I thought Gold was in a bubble at $600 lol :)

Funny how it's completely pointless telling people to Buy Gold even when it was $500 people just think you are trying to be smart. They look at you like WTF?

I did my best :)

Edited by Asheron
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I thought Gold was in a bubble at $600 lol :)

Funny how it's completely pointless telling people to Buy Gold even when it was $500 people just think you are trying to be smart. They look at you like WTF?

I did my best :)

I went into a cash for gold shop recently, I asked if I could buy some gold and the woman behind the desk was completly taken aback. Gold bubble. :lol:

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Me too. I offered to buy at spot every sovereign they had bought. When she had recovered from the "stunned mullet" look, she said "Oh, sorry, all coins go off to our Head Office".

Yes, I bet they did. Those cheap sovs go straight into the boss' safe as a cheap investment; he's not stupid unlike all those who sell to him.

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Me too. I offered to buy at spot every sovereign they had bought. When she had recovered from the "stunned mullet" look, she said "Oh, sorry, all coins go off to our Head Office".

Yes, I bet they did. Those cheap sovs go straight into the boss' safe as a cheap investment; he's not stupid unlike all those who sell to him.

school boy error

be more flirty

tell her u will give her x% over whatever she just paid and the difference is hers and no one else need know ;)

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Too much Buying from China and Russian reserve banks to allow the price to fall below 1550 or so.

+1. They only pause if the price starts to jump too much, then they wait for the Western TPTB to push the price down again so they can buy more! The Western banks / cartel / central banking idiots can't see how they're being played by the Russians and Chinese. Regardless of whether there will be a gold standard again, they will have far more than the banks in the West, which will go down eventually, overwhelmed by a mass of worthless paper.

The sensible thing to do would be to concentrate all the toxic ETF shorts in one bank, let it fail and then refuse to bail it out. Perhaps that's the idea...

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Too much Buying from China and Russian reserve banks to allow the price to fall below 1550 or so.

After everything I have read and doubts about why Gold has risen so much, that`s the one reason that common sense tells me. I cannot see China and other governments allowing any big crashes to occur. They will just use their financial muscle to buy more and keep the price up. Russia`s stature and financial clout on the world stage is growing every year with all their oil and gas reserves.

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Knowing when to sell at the top is very important.

A great signal for lazy investors is when you begin seeing Cash 4 Gold shops closing down.

Or when your friends talk about buying Gold down the pub.

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