Australian (ASX) Stock Market Forum

Gold Price - Where is it heading?

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Yep , doing its own thang .

So too Soybean both floor and electronic price , made a killing on those and wheat . Grabbed the YWH8 mini @ 882 and its nudged 915 .

Soybean I think has just thrown a mega year high . I have $864 as the high on the gold mini , but I did see oil hit $100 for real .
 
Like I said, shorting gold now is like trying to pick up pennies in front of a jet proprelled steam roller.

Without understanding the true fundamentals and trading accordingly, TA will at best break even and most people will lose money.

Just think, at this point, basically every gold short position in history (still open), is currently under water and losing money.
 
My wife told me Jim Cramer was on CNBC saying he was selling it , something about they keep buying I keep selling ....... ya know I doubt he is though , the only thing he's short on is credibility .

Now he a staples bull , don't make reservations for him , he's always late to the party ...............
 
refined silver said:
Like I said, shorting gold now is like trying to pick up pennies in front of a jet proprelled steam roller.

Without understanding the true fundamentals and trading accordingly, TA will at best break even and most people will lose money.

Just think, at this point, basically every gold short position in history (still open), is currently under water and losing money.
Click to expand...


Yeh, one of em told me that I was too confident for my own good. I was only trying to explain for their own good. I lost too much in the past to ever be overconfident. I aint' losing now cause I let the market tell me what to do.

I think perhaps some have to make it into rocket science to make it look like they are perhaps doing something clever.

Anyway, cant go back to sleep now so may as well give my 2 cents.

Cheers to all the patient gold bugs and welcome to the news ones.
 
Yeah Barret, I see what you mean. It's a tough call to make. But I will only be selling gainers where I think they have had their best for now and sitting on that cash for a bit. :)

For me I think I would feel worse if I didn't take my profits when they present and watch it wither back down to par in a significant retrace. I seem to have done that a bit too often. :eek:

I got out before the 87 crash, put it into rental property and picked up 50% there. No doubt a bit of luck involved, and I may be getting a bit cocky, but I think I am learning to help make my own luck to some extent. :cool:

Not saying 87 will repeat, but I haven't made the most of the latest retraces because of not keeping enough cash, but still doubled my little portfolio.

I have been dealing heavily in the spec end and a few I have an eye on are new floats and a couple that need a bit of time for new management to sort a few things out. So If the market doesn't come back as I expect, I have some of these to turn too. :cool:

I'm also getting a bit of a feel for expanding my investing/trading into a wider range of products to trade the market both ways. Thats the main reason I am hanging around on threads like this. :D

Bludy good to see POG take off, but gunna live by my new years resolution... not to get too caught-up in the emotions and have a look at things again later.

With the Dow and Nasdag well down it takes the gloss off a bit and makes for an interesting day here tomorrow.

Just looking on the hourly... that was a stellar performance, but must be about done for now.
 
ithatheekret said:
Yep , doing its own thang .

So too Soybean both floor and electronic price , made a killing on those and wheat . Grabbed the YWH8 mini @ 882 and its nudged 915 .

Soybean I think has just thrown a mega year high . I have $864 as the high on the gold mini , but I did see oil hit $100 for real .
Click to expand...
Was that on the pit contract? Because I can't see it online...

ithatheekret said:
My wife told me Jim Cramer was on CNBC saying he was selling it , something about they keep buying I keep selling ....... ya know I doubt he is though , the only thing he's short on is credibility .

Now he a staples bull , don't make reservations for him , he's always late to the party ...............
Click to expand...

ROFL!

I'd be looking for gold to roll about $5 from here. We'll see how much strength there is in that and oil, which looks to be rolling as well.

Looks like most of the good R/R trades are done for the night. Time to test some new strategies me thinks.

P.S. - oil is now rolling over.
 
Feb08 has dropped back to 99.15

March08 is saw 99.30 but looks to be settle around the same as the Feb price around 99.15 .

I wonder whether they'll admit to stagflation now , oil , grains and more pain .
 
Come to think of it those grain rises will affect cattle prices , especially if they start shoving more calves into feed lots . Might be a short there .
 
Really , not that it shouldn't surprise us , they must consume a lot of it hey .

Chops I don't know if I'm right here , but I saw Brent @ 96.75 (earlier on ), I don't think we've visited there before , not that I can remember .

Is that a new all time high for Brent ?
 
Ooooh oooh 6.15 AM here , nearly Cramer time . Can't miss this , it makes my day , such a clown , and his old mate ...... there's no recession out there .

That's cos it's jammed up his a*** hiding from Jims sunshine :D
 
ithatheekret said:
Really , not that it shouldn't surprise us , they must consume a lot of it hey .

Chops I don't know if I'm right here , but I saw Brent @ 96.75 , I don't think we've visited there before , not that I can remember .

Is that a new all time high for Brent ?
Click to expand...

Yeah, it says on some news that that is a record. With the dow rejecting an attempt on that December low, I think the markets are in real trouble.
 
Significant that the gold price is now moving against the Dow. The rising silver price indicates this rally may have some legs. NEM up 7% too.
 

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The pm gold fix of $850 on 21 January 1980 remains intact for the moment - only because the UK markets closed earlier that US trading, thereby leaving us with $846.75 to reckon with on 2 January 2008.
Gold consolidated into US trading hours and has remained firmly at or above $855 since.
With oil tipping $100 and closing in the high $99 range it is unlikely gold will retreat to any significant degree near term.
 
Check out all the "am" activity in this thread, what could have ignited such enthusiasm.........:D

It will be interesting to see what the gold stocks will do today considering we are going to have a pretty down day in Aus also.
 
mmm it was a great night to be very long if not completely loaded to the gills.. I was expecting the Chinese to be all over this market today with the all time high but not so far, just consolidating on HK market.. Techies, are things still looking bullish to pick some more up in the mid-low 850's? Hopefully this breakout will put a turbocharge on wave 5 :D
 

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