Gold Price - Where is it heading?

[Sean K]

I have gold, after tumbling out of the channel/flag/tramtracks, now at a typical W5 point... not to say it won't go further in this count, but I am proceeding with caution at this point in case she retraces into a larger degree 2.... or something...
Cheers
..........Kauri

Yes, I meant to say 5... going to a support line around 760. Is that a fib retraction level?

 

[Kauri]

Yes, I meant to say 5... going to a support line around 760. Is that a fib retraction level?

Hi Kennas,
Budgie says that anything around the 750 mark give or take... by my beginners count 766 is the 38.2% ret and 742 is the 50% ret...
Cheep cheep
.................Kauri

 

[Sean K]

Hi Kennas,
Budgie says that anything around the 750 mark give or take... by my beginners count 766 is the 38.2% ret and 742 is the 50% ret...
Cheep cheep
.................Kauri

By my naked eye it was 760 but if the budgie is cheeping at 750, then I defer to the bird.

 

[Enoch]

Has anybody heard of the Liberty Dollar?

This is a gold and silver backed currency that has been in competition with the US Greenback since 1998.

It was becoming a popular means of exchanging goods and services as the US dollar value depreciates.

On 8 am Wednesday the FBI and secrete service raided the organisation that that runs it.

From what I have read all the gold and silver which backs the liberty dollar and owned by the American public has been confiscated.

Check it out on the website.

http://www.libertydollar.org/ld/legal/raid.htm

This was also discussed with Bill Murphy in this weeks Financial Sense News hour.

http://www.financialsense.com/fsn/main.html

Don't know exactly when but me thinks something even uglier is going to happen to the US dollar.

 

[So_Cynical]

Liberty dollar....thats weird :taz:

Defiantly falls into the "only in America" category.

EDIT:
Hey theres a heap of "alternative" currencies out there...amazing, i had no idea..:dunno:

Digital gold currency http://en.wikipedia.org/wiki/Digital_gold_currency

E-Gold http://en.wikipedia.org/wiki/E-gold

e-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and is a system which allows the instant transfer of gold ownership between users. e-gold Ltd. is incorporated in Nevis, Lesser Antilles.

According to the company's website, as of April 2007, e-gold had 112,188 oz (3,492.0 kilograms) of gold and 138,567 oz (4,313.1 kg) of silver in storage, which is worth approximately US$86 million. [1] There are typically 66,000 e-gold spends each day totalling 15,000 oz (470 kg), which is about US$10.5 million. There are over three million e-gold accounts of which about one quarter are active.

e-gold is a form of commodity money, so it is subject to the price fluctuations of that commodity. If the price of gold drops versus a national currency, the value of e-gold drops in that currency. The account balance, which is denominated in gold grams, does not change, but its purchasing power will change in relation to the gold price.

 

[>Apocalypto<]

Have taken a short on Spot Gold, entry 781$

using a very simple system with some basic Mclaren trend analysis.

Two lower highs formed, Trend has broken line, CCI21 dipped though zero Price dipped though 21 simple ma.

I have fib points laid out as spots of resistance. Sharpening my stop as it moves down.

So_cynical
Egold has been around for awhile as well, it's another e currency, a lot of HYIP scams use it cuz it's hard to track, but i hear that's changing now. That stuff is not for me i prefer good old money!

peace

 

[genus]

Have taken a short on Spot Gold, entry 781$

using a very simple system with some basic Mclaren trend analysis.

Two lower highs formed, Trend has broken line, CCI21 dipped though zero Price dipped though 21 simple ma.

I have fib points laid out as spots of resistance. Sharpening my stop as it moves down.

So_cynical
Egold has been around for awhile as well, it's another e currency, a lot of HYIP scams use it cuz it's hard to track, but i hear that's changing now. That stuff is not for me i prefer good old money!

peace

Newbie question but how does one short gold? Through the ZAUWBA warrants?

 

[>Apocalypto<]

Newbie question but how does one short gold? Through the ZAUWBA warrants?

Hi Genus,

You can short gold though a CFD outfit like IG or CMC on the spot price or the future price.

Or you can short it by selling a actual futures contract, with Xpress trade or IB or and other futures broker that offers a contracts in the Gold market.

I have shorted gold with a CFD over the spot price.

Hope that helps.

 

[BREND]

I've long gold while it was trading at US$590, will add on when it goes to US$750.

 

[greenfs]

I have just read a 100+ page document that was received through a major Australian-based broking house, which indicates that gold will reach USD1,500 and may go much higher than that value.

I am not prepared to name the source, but can advise that it was prepared by a London-based & industry recognised firm.

The provider of the report indicated that for every 10% rise in the price of gold, that would result in a 20% increase in the bottom line of companies like Lihir & Newcrest. Translated, this suggests a 200% growth in the relevant share prices if the price rise eventuates.

Whilst very intrigued by the report, I find this projection very hard to swallow. What do others think?

 

[Boyou]

Sure would be nice if you could name your source

Without accreditation this might be considered Ramping..c'mon,I promise you won't be put on the rack if it turns out to be a dud source!!

I am knee deep in Spec Gold miners...the 'gators are getting closer


Cheers Ya'll

 

[So_Cynical]

I have just read a 100+ page document that was received through a major Australian-based broking house, which indicates that gold will reach USD1,500 and may go much higher than that value.

Whilst very intrigued by the report, I find this projection very hard to swallow. What do others think?

Gold will see $1500 and higher no doubt...the time frame is whats in question.

 

[explod]

I have just read a 100+ page document that was received through a major Australian-based broking house, which indicates that gold will reach USD1,500 and may go much higher than that value.

I am not prepared to name the source, but can advise that it was prepared by a London-based & industry recognised firm.

The provider of the report indicated that for every 10% rise in the price of gold, that would result in a 20% increase in the bottom line of companies like Lihir & Newcrest. Translated, this suggests a 200% growth in the relevant share prices if the price rise eventuates.

Whilst very intrigued by the report, I find this projection very hard to swallow. What do others think?

I never cease to be amazed that some people are amazed that gold will go up. On an inflation adjusted basis gold should be more than US$2,000 an ounce. Money is deflating because it is backed by massive debt. Oil is going up because oil has a tangible value, food and other tangible needs are also going up for the same reason. But it is increasingly taking more dollars to buy these goods. It is not so much that the goods are going up, it is that the value of money is going down.

Gold has gone up 100% in the last 3 years. I have made a lot of money following the trend in gold and I have a lot more to make on it yet.

Tell me why are others sceptical. I dont want to hear from the converted gold bulls, but the sceptics.

 

[Boyou]

Thanks for the open invitation,explod.

I am a relative late comer to Gold and the whole speculation/prediction tableau.
Perhaps I might best be described as a fence sitter. In the last 8 months I have taken positions in spec Gold miners ( as well as silver and base metals in genaral).I see this as a reasonably "canny" thing to do. My gut feeling is that my selections will do well. (trying to keep emotion out of this.)

What perplexes and puzzles me is the lengths to which the Central Banks and Cartels ..and hell ..let's call them the forces of evil! ...will go to manipulate and massage the POG.

I do know that there are some Big challenges ahead for the western/developed world..definitely forewarned and forearmed ...but trying not to have a mindset that dictates my moves...Not a bull or a bear..just alert and sceptical.

What's the Chinese curse? "May you Live in Interesting Times! "

Yeah

 

[explod]

Thanks for the open invitation,explod.

I am a relative late comer to Gold and the whole speculation/prediction tableau.
Perhaps I might best be described as a fence sitter. In the last 8 months I have taken positions in spec Gold miners ( as well as silver and base metals in genaral).I see this as a reasonably "canny" thing to do. My gut feeling is that my selections will do well. (trying to keep emotion out of this.)

What perplexes and puzzles me is the lengths to which the Central Banks and Cartels ..and hell ..let's call them the forces of evil! ...will go to manipulate and massage the POG.

I do know that there are some Big challenges ahead for the western/developed world..definitely forewarned and forearmed ...but trying not to have a mindset that dictates my moves...Not a bull or a bear..just alert and sceptical.

What's the Chinese curse? "May you Live in Interesting Times! "

Yeah

It is worth reading some history on gold. In fact we should not be invested in anything unless we know its history. Since before the Romans gold has been a store of wealth and traded for goods. Many times over as an empires finances have collapsed gold has been the saviour to the savvy dealer/investor. A rise in the gold price sends out a universal message that it is happening again, that currency is losing value. So the cartels try to control and keep the secret away from the sheeple. However the currencies this time have no gold backing as they did prior to the Bretton Woods agreement (look it up and read about it) so money (paper money) is going to continue to lose value and gold will continue to gain in value.

There is too much to the story of gold to relate here and because it is so important to the serious investor/speculator today you need to do yourself a big favour and read up on it.

Cheers and success in your trading. explod

 

[>Apocalypto<]

Stopped with a tiny profit.

 

[bean]

For newcomers to the Gold bull a couple of articles I have shown to people at work throughout the years.
this one is from March 2004 but makes interesting reading
http://www.financialsense.com/stormwatch/oldupdates/2004/0322.html

 

[So_Cynical]

Stopped with a tiny profit.

Lucky u $788 ATM....were due for a run up.

 

[explod]

Stopped with a tiny profit.

I'm glad I didn't stop. The gold bull is not only intact, with these rises and falls very big players are taking notice. Be sure to be loaded this time through US$850, the previous all time high because US$1000 and beyond could come in a heart beat, or a month or 2. Problem with the dynamics in this financial crises is that they seem to defy the normal rules. We live in abnormal times;-

 

[Kauri]

A touch early to bank on anything but may be starting off on W3orC???
Cheers
.........Kauri