Gold Price - Where is it heading?

[bean]

Well the top might be in the POG!!!

I bought some shares today.


I have said and still believe the US gold Indexs are still joined to movements in the general market.


So until reality hits everything the Market and POG may keep rising.
When reality does hit will everything fall

Well was it the top in POG - Gold Index's and the DOW
It was a huge reversal day on big volume
and they all reversed at about the same time

Has reality finally hit?

Tonight and Monday may give the clues

 

[explod]

Well was it the top in POG - Gold Index's and the DOW
It was a huge reversal day on big volume
and they all reversed at about the same time

Has reality finally hit?

Tonight and Monday may give the clues

Maybe it is gaining its own legs:-

"October 11 excerpts:
(from Bloomberg) --
Gold rose to the highest price since 1980 as a decline in the value of the dollar boosted the appeal of the precious metal as an alternative investment. "Gold is gearing up for another rally," said Paul McLeod, vice president of the precious-metals department at Commerzbank Securities in New York. "It's moving with the dollar, but it's also gathering its own momentum." Gold is headed for the seventh straight annual gain as the dollar has fallen 7.7 percent against the euro this year. "There's technical buying, there's investment buying," said Carlos Perez-Santalla, a gold trader and president of Hudson River Futures in New York. "Long-term buyers are coming into the market who are holding and won't sell for a quick profit." Dennis Gartman, a trader, economist and editor of the Suffolk, Virginia-based Gartman Letter, today advised clients to buy the metal once spot gold rose above $750 or topped 530 euros. "People prefer the security of gold," said Walter Otstott, a senior broker at Dallas Commodity Co. in Dallas. "Investors are losing faith in the resiliency of fiat currencies." Adjusted for inflation (see chart), gold is still below its all-time high, some analysts said. Based on 1980 dollars, the January 1980 record of $873 would be $2177 today. "Based on inflation-adjusted dollars, gold still has a long way to go," said Perez-Santalla of Hudson River Futures..."

 

[Uncle Festivus]

I have taken some profits this week; will a general market correction drag gold & gold stocks down again too or are we entering a new era?

Some thoughts from Marc Faber -

Consequently, I expect commodities to continue to out-perform financial assets including equities - although I admit that gold is now significantly over-bought from a near term perspective (as is the dollar over-sold).

How would gold perform in a deflationary global recession? Initially gold could come under some pressure as well but once the realization sinks in how messy deflation would be for over-indebted countries and households, its price would likely soar.

Therefore, under both scenarios - stagflation or deflationary recession - gold, gold equities and other precious metals should continue to perform better than financial assets.

http://www.ameinfo.com/134334.html

 

[bean]

How many gold bulls believe the world stock markets are not in a bubble at the moment.
Those that do believe they may be in bubbles know what happens when bubbles pop.
POG and gold shares will be no different they are moving in line with the general market

I mentionioned Google the other day look for a price of $662
well it now $637 and they were looking for earnings this quarter of $3.95
Its P/E 51.8

 

[Whiskers]

How many gold bulls believe the world stock markets are not in a bubble at the moment.

Hi bean

I don't dispute that stockmarkets are in 'high territory' at the moment, but I'm not sure that is a bubble. For me a bubble is essentially a symptom of over inflated prices. There seems to be a genuine gap between supply and demand driving most prices even POG, factoring in lower reserve bank sales in the future, from what I can see.

Having said that I'm glad your play the devils advocate position. How do you perceive there to be a bubble?

 

[Sean K]

Well was it the top in POG - Gold Index's and the DOW
It was a huge reversal day on big volume
and they all reversed at about the same time

Has reality finally hit?

Tonight and Monday may give the clues

Or will it be next Tuesday and Wednesday?

You'll be a genius one day bean...

 

[bean]

Or will it be next Tuesday and Wednesday?

You'll be a genius one day bean...

Well I bought Macmin and Conquest today but they are silver
thats BEAN lagging hasn't it got some catching up to do to POG

 

[Kauri]

Looking for a fifth wave in this one... around$800 would be nice.. :
Cheers
.........Kauri

 

[explod]

Well I bought Macmin and Conquest today but they are silver
thats BEAN lagging hasn't it got some catching up to do to POG

Yes, but some steady movement over the last week or so. Apafrt from the last six months or so I had noticed silver for the most part lead gold and was a strong indicator of P/M moves. If silver breaks out it will be bullish.

An interesting fact, the world gold price at the moment has only been surpassed on four trading days in history and that was 28 years ago. It is very underpriced on an inflation adjusted basis so we could see very interesting times for gold indeed and soon.

 

[Sean K]

Spot testing $760 but HUI and XAU rejecting highs. Only just I suppose, but maybe a bit of profit taking.

 

[Sean K]

Looking for a fifth wave in this one... around$800 would be nice.. :
Cheers
.........Kauri

What's the budgie say Kauri?

 

[wavepicker]

Foreign curencies look like they may be ready to retreat here for a while, could be that POG does likewise in the weeks ahead.

(Oops should have not said that- the Gold bulls will be out in force with all the fundemental BS again)

 

[explod]

Foreign curencies look like they may be ready to retreat here for a while, could be that POG does likewise in the weeks ahead.

(Oops should have not said that- the Gold bulls will be out in force with all the fundemental BS again)

Where is the BS in fundamantals? The retreat in the Aussie dollar put the Aussie gold price up $10 overnight, where is the retreat for gold.

Fundamentalists deal in the why, how and now which I would argue is also technical. Most gold bugs deal in both anyway. They are also usually, ion ore bugs, lead, nickel, uranium, oil, gas, food and any other thinggy that is going up bugs.

You need a stronger can of fly spray.

 

[explod]

Where is the BS in fundamantals? The retreat in the Aussie dollar put the Aussie gold price up $10 overnight, where is the retreat for gold.

Fundamentalists deal in the why, how and now which I would argue is also technical. Most gold bugs deal in both anyway. They are also usually, ion ore bugs, lead, nickel, uranium, oil, gas, food and any other thinggy that is going up bugs.

You need a stronger can of fly spray.

Oops, I suppose there is a big difference between a BUG and a BULL, my dislexia coming to the fore here.

Bean, interesting that the Dow down over 100 overnight with gold and the HUI up, do we have a decoupling now. From a Tech the HUI looked overbought last week but it continues to defy. Silver still repressed though. As with other commercial metals there seems to be a lot of manipulation to fit contracts.

 

[Kauri]

What's the budgie say Kauri?

He called in his big cousin..got his eye on the bell but not ringing it yet.
Cheers
..........Kauri

 

[chops_a_must]

Foreign curencies look like they may be ready to retreat here for a while, could be that POG does likewise in the weeks ahead.

(Oops should have not said that- the Gold bulls will be out in force with all the fundemental BS again)

Still on the wrong side of the trade, huh?

 

[wavepicker]

Still on the wrong side of the trade, huh?

What trade might that be Chops???

The only trades I am in ATM are short positions in the DJIA

 

[chops_a_must]

What trade might that be Chops???

The only trades I am in ATM are short positions in the DJIA

You've been calling a sell on gold since 720.

 

[wavepicker]

You've been calling a sell on gold since 720.

Is that right??????


Are you quoting the sell I made last year when it fell over $100??


Chops, I think you might have some problems, perhaps you should stick to something your good at like philosophy.

 

[chops_a_must]

Is that right??????


Are you quoting the sell I made last year when it fell over $100??


Chops, I think you might have some problems, perhaps you should stick to something your good at like philosophy.

Mate, you're embarrassing yourself.

Gold has been going nuts, and you haven't traded it. In fact, you've harrassed anyone who has gone long on gold. Yet, they are the ones on the right side of the trade at the moment.

I said gold would get above 750. I'm only a mug. But it sure as hell hasn't taken Einstein to trade this.

Just cool it, and suck it up snookums, because you are looking like an absolute fool in private messages here.