Gold Price - Where is it heading?

[sinner]

Sinner whatever the major bullion companies are supplying at i either match or do better.

But sometimes people just feel happy to deal with large companies like perth mint etc...

You could make a killing selling gold on ebay probably.

 

[Ageo]

You could make a killing selling gold on ebay probably.

Sinner the problem with ebay is the price of gold is moving so much that waiting 5 days is just way too slow. (for bullion that is).

 

[sinner]

Sinner the problem with ebay is the price of gold is moving so much that waiting 5 days is just way too slow. (for bullion that is).

You can set the duration of the auction or even just have a "buy it now" item at set price with no auction at all. I've found auctions to be the best for selling gold though, people seem to invariably bid way higher than what they could've gotten at ABC or elsewhere. Which is why I suggested it.

Just go check it out, you will see what I mean. Demand for physical PMs on ebay is rediculous.

 

[Ageo]

You can set the duration of the auction or even just have a "buy it now" item at set price with no auction at all. I've found auctions to be the best for selling gold though, people seem to invariably bid way higher than what they could've gotten at ABC or elsewhere. Which is why I suggested it.

Just go check it out, you will see what I mean. Demand for physical PMs on ebay is rediculous.

Ill check it out thanks mate

 

[noirua]

Sorry to interrupt this very busy thread. A vote for best forum is in the final stages and ASFs vote has been declining steadily. ASF really does need you now at: http://www.thebull.com.au/the_stockies_list.php?c=Forums

Thanks

 

[explod]

The following from James Turk, who in my view is relatively conservative and helpfull in giving a broard picture in what is going on with the gold price, and particularly in what we may expect. Published Nov 23, and seems to be happening on cue:-

Welcome to Stage Two of Gold's Bull Market

Bull markets are marked by three distinct stages, and when gold climbed above $1,000, it only entered its second stage. In other words, gold has much further to climb in the months and years ahead.

So don’t be misled by what you may hear or read in the mainstream media and even much of the alternative media. After all, how many commentators have correctly identified gold’s bull market, now a decade old?

As Robert Blumen cogently argues: “Many of the financial media have a pronounced anti-gold bias. Of the writers and news anchors now calling gold a bubble, not only did they fail to identify the stock market bubble in the 90s or the subsequent housing market boom as a bubble, they actively promoted the excesses of those unsustainable booms, encouraging their viewers or readers to participate. For the most part, these pundits have failed to identify a rising gold price as an investment trend at any point in the past ten years (during which gold had a positive return each and every year).” Robert then goes on to observe the silly incongruity of their warnings about gold: “Witness the irony of the financial media transformed from hypesters who never saw a bubble they couldn’t promote into bubble vigilantes, issuing concerned warnings to ‘get out [of gold], now, before you get hurt.’”

http://www.lewrockwell.com/blumen/blumen19.1.html

There are different ways to determine relative value, and one of these is gauging market sentiment, which is what a bull market’s three stages communicate. During the first stage of a bull market, the media and most investors alike focus on past issues, rather than future potential. Over the past decade one consequently heard all the reasons not to own the gold.

An old and trusty adage says that bull markets climb a ‘wall of worry’. In gold’s first stage, there seemingly was a lot to worry about. But most of these worries were emotional in nature and not logical. Few paid attention to relative value, which is the proper determining factor when making decisions about your portfolio. Truth be told, I too was worried, but I didn’t let it keep me from accumulating gold and recommending to anyone reading my analyses to do the same.

Gold is now in its second stage, and of course, the worries don’t disappear. They never do because there are always emotional reactions that at first blush offer seemingly plausible reasons for not taking the right action. But there is a notable difference in this stage compared to stage one. Look how many people are writing and talking about gold. Gold has moved from apathy and neglect – stage one characteristics – to growing attention. But importantly, instead of embracing gold and analyzing it to determine relative value, today’s attention is one of widespread disbelief and skepticism that gold can climb higher. These are exactly the responses one should expect to emanate from stage two.

As gold climbs higher, we will eventually enter stage three. The timing of its arrival cannot be predicted, but we will know it has arrived when commentators who have been consistently wrong about gold will be telling everyone willing to listen to buy gold. But at some point in stage three when gold no longer is relatively good value, it is when I will be advising to reduce your gold holding by spending or investing it. We are, however, a long way from there, so my advice for now remains the same as it has been throughout this decade. Continue to accumulate gold. View it as your savings account. Savings are always a good thing, particularly when you are saving sound money.

by James Turk

 

[Edwood]

golden waterfall!! its not looking too happy at the moment...

 

[Ageo]

golden waterfall!! its not looking too happy at the moment...

These last 2 hours will be interesting, perhaps a rebound?

 

[Edwood]

These last 2 hours will be interesting, perhaps a rebound?

yeah for a trade a bounce is definitely an option from here, so would want to keep stops relatively close - but that's some fall, looks a little ominous

edit: I'm not longing it yet anyway fwiw

 

[explod]

Healthy little blow off overnight, the steps and stairs of the trend is healthy. The following out of Trader Dans blog is appropriate, find it on J. S. Minesite:-

...

Keep in mind that Central Banks are now buyers of gold and will not change their new philosophy because of a short term chart signal. That buying will undergird the gold market as it moves lower into technical support levels.

As far as those analysts ignorantly proclaiming that gold is in a bubble, they have no idea what a chart pattern of a market in a bubble looks like. Gold’s rise has been steady and strong with it picking up momentum only in the last month or so. The market is taking a well deserved rest, especially as we move towards year end and traders begin to square positions in front of the holidays. Besides, if gold is in a bubble, Central Banks such as India and China, who are looking to acquire more of the metal, must be dolts as well.

Nothing short of major changes to US deficit spending and US monetary policy which also deals with the structural problems of gargantuan indebtedness is going to cure what ails the Dollar. The US wants, nay, needs a weaker Dollar to enable to deal with its debt problems. Dollar strength will attract the attention of those nations looking to lighten up on their Dollar holdings and to do so in a matter which is least disruptive to the Foreign Exchange markets. Translation – Dollar strength will be sold.

Shortsightedness is the sickness that kills investors. Be wise and do not adopt the convictions of the short term one minute bar chart readers for they have none.

 

[Edwood]

lets hope those central banks that're busy buying aren't the same ones who were busy selling around the 300-500 zone

 

[Edwood]

fingers crossed for you guys that Gordon Brown doesn't decide to get long

 

[explod]

fingers crossed for you guys that Gordon Brown doesn't decide to get long

Bit late for our old pal Gordon Brown, as the Chancellor of the Exchequer he sold the UK's gold when it was between $260 and $300 an ounce and many have never forgiven him since. Gold is breaking new records now against the British Pound. So they prolly have little left with which to go short of long.

 

[joeyr46]

Nothing short of major changes to US deficit spending and US monetary policy which also deals with the structural problems of gargantuan indebtedness is going to cure what ails the Dollar. The US wants, nay, needs a weaker Dollar to enable to deal with its debt problems. Dollar strength will attract the attention of those nations looking to lighten up on their Dollar holdings and to do so in a matter which is least disruptive to the Foreign Exchange markets. Translation – Dollar strength will be sold.

Explod
this is fom trader dans blog you posted as a quote a few posts ago
Explain how a weak dollar helps the US with it's debt surely a strong dollar helps them pay their debt

Back to gold interestingly the US dollar is not making new lows for Golds new highs are we near the end of a trend especially in the dollar if not in gold as well

 

[Sean K]

Oh dear, what happens when policies change? Gold is fvcked, buy all accounts here.

 

[So_Cynical]

Oh dear, what happens when policies change? Gold is fvcked, buy all accounts here.

LOL the 5 minute chart followers have all the answers.

 

[Edwood]

Bit late for our old pal Gordon Brown, as the Chancellor of the Exchequer he sold the UK's gold when it was between $260 and $300 an ounce and many have never forgiven him since. Gold is breaking new records now against the British Pound. So they prolly have little left with which to go short of long.

aye GB sold the lows, sad sack that he is - if he starts buying now it will surely signal a major turn is imminent. Can't see him ever trying to get involved with gold again after the lashing he got for his last ****-up.

That aside, the "5min crowd" will be looking for a lower high now

 

[Garpal Gumnut]

It will go down after Christmas when all the festivals around the world have finished. When the Indians and Chinese, who are the biggest users, slow down on buying it. It always does. I never chart gold.

I'm selling all my bullion at the moment, once I've dug it all up from about the garden.

Garpaldog is a bit like one of those truffle pigs, he can sniff it out once he has the scent.

gg

 

[cuttlefish]

this is fom trader dans blog you posted as a quote a few posts ago
Explain how a weak dollar helps the US with it's debt surely a strong dollar helps them pay their debt

Weak dollar helps them pay debt because it lowers the 'real' value of the debt and increases the USD value of US productivity thus increasing their ability to repay their debt. (my rough laymans exploration).

 

[joeyr46]

Weak dollar helps them pay debt because it lowers the 'real' value of the debt and increases the USD value of US productivity thus increasing their ability to repay their debt. (my rough laymans exploration).

if their debt is in yuan strong dollar means they pay less dollars to pay off debt
is it not so?