Jump to content
House Price Crash Forum
Sign in to follow this  
Redtony

Bloomberg Gold Article

Recommended Posts

http://www.bloomberg.com/apps/news?pid=100...PCQ&refer=japan

"`The sell-off hasn't finished yet,'' said Alan Mandel, head trader at Alan M Trading Co. in New York. ``I wouldn't be surprised to see it go under $600, and then stay there a while before there's a resumption of another dramatic move higher.''

Gold for June delivery rose 20 cents to $657.70 on the Comex division of the New York Mercantile Exchange. Futures dropped to $636.80, shedding as much as $20.70 during the session on speculation prices have to decline further to attract new buyers.

In London, gold for immediate delivery fell $2.70 to $654.90, after earlier dropping as low as $637.55. Before today, the metal had gained 56 percent in the past year.

Gold may fall to $575, said Tom O'Brien, editor of the Gold Report. ``Gold wants to build another floor like the floor we had for two and half years, but then it will go higher,'' O'Brien said."

Share this post


Link to post
Share on other sites

This is pretty much my outlook. I'll be watching for a base after August, if my outlook is correct, before buying more gold. I'm watching the downward action - to perhaps give clues to if / where / how high we will go upon a rebound.

Share this post


Link to post
Share on other sites

we've still got a bit of correction to go through IMO.....I don't think $575 is on the cards,it's building up too much momentum,but $620-650 range for the next couple of months would be very healthy.The longer it consolidates,the better the chances of a BIG breakout.

same with commodities as a whole,still have a bit further down to go,copper is a good one.

long term trend suggests $6000/ton is fair value.....when we get there is anybody's guess,but it might be because of increased supply,rather than lack of demand,which is a better scenario for the commie-based stocks.

Share this post


Link to post
Share on other sites

What !! Now its back up to $673 - ARRGG still not buying yet, to risky! Hope im right :unsure:

Gold is inherently risky - liquid, volatile, speculative. It'll never lose all its value (barring the development of alchemy), but you could always lose the majority - hence the rule of thumb of 5-10% of your portfolio in gold.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.