Gold Price - Where is it heading?

explod · 3 October 2008

Nyden said:
Spot on.

Surely it's already apparent enough that we're in quite a mess here; so why hasn't gold taken off yet? Do cities need to start rioting, and missiles begin firing before gold actually does something? More importantly, if it becomes evident to people that gold is not the save haven / doomsday insurance it once was; what's keeping it from plummeting into the abyss?

... I stand by my belief that gold is a relic

Well why then does it keep going up, 16% the last 12 months?

Gold has been a store of wealth for 6000 years. A relic maybe but the market is so small that it only takes a few relic followers to keep it going up. With everything else going down maybe a few more will get the idea too and so up a bit more it will go.

Nyden · 3 October 2008

explod said:
Well why then does it keep going up, 16% the last 12 months?

Gold has been a store of wealth for 6000 years. A relic maybe but the market is so small that it only takes a few relic followers to keep it going up. With everything else going down maybe a few more will get the idea too and so up a bit more it will go.

16% in 12 months is nothing - at least when you consider what has been happening in these last 12 months? Is this not the economic meltdown the gold-bugs have been wishing for? Where are the fireworks?

Let's not forget the fact that gold can and has at one point dropped near on 10% in one session! When a years gains can be wiped out in one night; that tells me that this tightly-knit cult of gold-followers perhaps aren't as devout as they once were ...

Had you been short in the market over these last few months ... you most definitely would have made far more than 16%.

Kauri · 3 October 2008

explod said:
One has to admire the patience and persistance of the Elliot Wave proponenets but it seems at times that the gold thread is being used more as a formum to backtest and bounce off all and sundry for those wanting to master the method more than talk on subject.

There is a dedicated thread for EW which I do follow as one of my favourite people is Robert Prechter, an expert of renown on Elliot Wave theory.

Gold is very much about politics/currencies or, if you like, the fundamental world stage. The 10 year gold chart shows gold in a long term up trend and in the last 12 months the gain is 16%

Gold sales desks world wide are reporting huge public sales and the depletion of stock. The big days for gold bugs must be close by.

Although, as I have always believed, it will probably not be allowed to bolt till after the Presidential election. Only a month away now though.

BOLLOCKS.... :alcohol:

anti conspirator.. Kauri
and Cheers

explod · 3 October 2008

Kauri said:
BOLLOCKS.... :alcohol:

anti conspirator.. Kauri
and Cheers

Show me the Bollocks Kauri, some plain language would be good as well.

And for the other, gold is steady and solid in an otherwise volatile world. And the big moves will come when the sheep have been properly slaughtered. I am happy with the 16% per annum for the moment

BentRod · 3 October 2008

Hi Explod,
At what exact price did you buy all your Gold?

Cheers Mate.

Kauri · 3 October 2008

explod said:
Show me the Bollocks Kauri, some plain language would be good as well.

plain language... ok... a picture paints a tousand words.. or a conspiracy theorist paints a tousand pictures... mayhaps..

Cheers
.............Kauri

Kauri · 3 October 2008

explod said:
And for the other, gold is steady and solid in an otherwise volatile world. And the big moves will come when the sheep have been properly slaughtered. I am happy with the 16% per annum for the moment

as the driver of the Titanic said.. "Steady as she goes"...

Cheers
...........Kauri

BentRod · 3 October 2008

plain language... ok... a picture paints a tousand words..

LOL

Smart@ss :bananasmi

Kauri · 3 October 2008

explod said:
And the big moves will come when the sheep have been properly slaughtered. I am happy with the 16% per annum for the moment

and when... aaahhh... why worry... after all we are coupling... decoupling... derailing..... being manipulated by the fabled PPT... victims of concerted CB selling cabals... a fiat currency.... and ... whatever... anyting but a commode to be traded.... and 16% return considering the opportunities that the straight-forward, un- aaahhh ... what the heel... why bother, real oportunities are passing bye bye whilst I waste time responding... all the best and a good .... mmmm

Cheers
............Kauri :chimney

Kauri · 3 October 2008

now I wonder... what that is...

The latest Wells Fargo/Wachovia news is being digested...

and what it means .... now...
not next (16%) year...
plurry PPT... cabals... conspirators... CB's... or mayhaps phantoms..

Cheers
.............Kauri :microwave

RobinHood · 3 October 2008

so who's actually short here?

BentRod · 3 October 2008

Depends what time you ask. :

Kauri · 3 October 2008

de US is in recession, UK and Eur are also there...actually if not technically... German DWS is rocky??,, the world, according to... umm. Nicolas Sarkozy reckons the world is staring into an abyss... so... where does Gold go??? must be those interferring coupling-decoupling PPT CB interventionist conspirators sneaking around in the shadows agin... or nott.. hey... what airline was floating that flight to safety, I just might grab a seat, butttttt ... not for a year.. or three... I hear thrombosis can set in if you sitttttttttttt for a longgggg whiles and obliviously let the world pass by..

Cheers
..............Him

Whiskers · 3 October 2008

BentRod said:
Depends what time you ask. :

Yeah, thought it might go as low as 810... but 820ish may be it... although it might have another go at it when the congress vote comes through.

Kauri said:
Nicolas Sarkozy reckons the world is staring into an abyss... so... where does Gold go??? must be those interferring coupling-decoupling PPT CB interventionist conspirators sneaking around in the shadows agin...

I think they're all broke mate... trying their hand at bumming a quid from the taxpayer.

MRC & Co · 4 October 2008

IFocus said:
Its the one thing I currently don't get

There hasn't been a larger threat to general wealth world wide in my life time than currently exists.

Yet gold just treads water........

But the bailout?

Not long now, another hour or so, what will gold do........market looks like it's pretty bullish, maybe it will be passed and market tank?

cuttlefish · 4 October 2008

Gold is a hedge. when things go down they go down quickly (up by the stairs, down by the elevator). A hedge moves in counterpoint. Be right, sit tight?

Look at the DOW rally on the bailout being passed. Imagine what it would do on good news.

I'd love it if this bailout worked - its the better social scenario for all - but at the moment I'm not convinced. I think they'll need more - and now that the government has broken new ground on the size of this bailout the next one might be more pallatable (if another one needed).

cuttlefish · 4 October 2008

Dow up minus 34 points right now ... wee iz all saved. Clearly the market is embracing current conditions My suggestion ... buy bank stocks

Wow its roared ahead 16 points since I started typing. (SIXTEEN!!!!)

cuttlefish · 4 October 2008

Dow closes down over 150 points after the bailout. Hardly surprising when the best good news on offer is that the bad news has been postponed.

Hopefully Paulson and Bernanke know more than the market.

bean · 4 October 2008

I subscribe to a couple of US based sites. On there forums the majority are US individuals. It is amazing the amount of talk over the last week as they are getting prepared for a run on banks. Similar to Argentina a few years back.
They are stocking up on essentials.
A bank holiday in the US monday week...The possibility it may be extended for a few days.The thought of not being able to use credit cards, cheques going to the ATM and drawing out cash....A system in limbo...Imaging your pay going into the bank and you can't touch it.
Cash or Gold and Silver is the only thing to have.
http://www.321gold.com/editorials/willie/willie100208.html

Gold may have a bit of downward pressure...but the possibility of a .50% rate cut happening in the US and Europe early next week should help when it happens.

For chartists anyone know anything about '3 peaks'
Is the DOW in the process of one of those?

explod · 4 October 2008

Kauri said:
plain language... ok... a picture paints a tousand words.. or a conspiracy theorist paints a tousand pictures... mayhaps..

Cheers
.............Kauri

Good to be pickled and the crapola is tangible. And human too, lost yer patience mon ami.

Anyway, my rough take

Weekly gold chart forming a large pennant, top is March 08 at US$1,000 and bottom Aug 06 at $640. Will have to break out within 20 weeks from here which is just about the time the new US admin takes the helm and causes one hell of a problem, or at lest the blame for it.

Dont' see much PPT or conspiracy in the possibilities here.

Gold Price - Where is it heading?

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