Gold Price - Where is it heading?

wayneL · 5 September 2007

Whiskers said:
You got me there Wayne.

What's a 'woodie'?

It's a chart that is basically going sideways and suddenly goes vertical. A little imagination is needed to see why it was called a woodie.

explod · 5 September 2007

Whiskers said:
From Bloomberg @ http://www.bloomberg.com/apps/news?pid=20601012&sid=aonMoN_d9Vd0&refer=commodities

Gold Rises to 5-Week High on Equities Outlook; Silver Gains

By Pham-Duy Nguyen

Sept. 4 (Bloomberg) -- Gold rose to a five-week high on speculation a rally in U.S. equities will boost investment demand for the precious metal. Silver also gained.

There goes that doomsday theory for now.

As usual on Bloomberg (the crap spin doctors, and part of the Plunge Team) trying to align the strength in gold to Equities outlook. The dow actually contiues to be in a down trend from the beginning of June. Gold in that time has been basically sideways to rising. There are sound fundamental reasons for golds rise and a lot of it was posted on this thread in recent times.

The overall drop in equities has been a great time to accumulate gold stocks, some of Uncle Festivus favs will rise strong today from the open. Go SRI

bean · 5 September 2007

POG is looking quite strong. The US Gold Indicies are I believe still following the US markets.
Is this correction over?
I am still not getting a medium to long term buy on the Gold Indicies.
Short term is weak? (becoming overbought)
US Markets in general may be overbought (Nasdaq in particular)
13500 on the Dow (above and the bulls may be back in business?)

I was/am still looking for US Gold Indicies to make one final dive.

So_Cynical · 5 September 2007

stockGURU said:
What's up with gold tonight? It's gone almost vertical, up around US$10 since trading in New York opened.

will it finally crack US$700/oz in the short term?

Well it "cracked" 500 Euro...thats a milestone...go gold

cuttlefish · 6 September 2007

Interesting article providing a bit of history of gold as a reserve as well as an overview current day issues affecting currencies and gold.

http://www.marketoracle.co.uk/Article2036.html

vert · 6 September 2007

i like the look of the chart
above the blue line and who knows
here comes 700

>Apocalypto< · 6 September 2007

vert said:
i like the look of the chart
above the blue line and who knows
here comes 700

Fantastic chart vert!

I have been watching your posted charts and you're really powering a head!

good trading vert

explod · 6 September 2007

Trade_It said:
Fantastic chart vert!

I have been watching your posted charts and you're really powering a head!

good trading vert

Not saying it will but the gold price is strong since our market closed tonight. Between our market and the open in Europe the plunge team usually push gold down but it looks very different tonight.

Our long patient wait may soon be through. The rush from fiat, on a promise paper currencies, will see enourmous changes to the financial system and gold through the roof

This is not being negative, just a message that by investing in gold and gold shares you can take advantage of the situation. Not that I like the implications of taking advantage, I feel for those losing their homes and those who are not able to see the picture unfolding.

Anyone new to the forums and wanting to get a good grounding on gold, the US dollar and related market influences should go through the posts of Uncle Festivus

explod · 7 September 2007

The price is looking good as promised

Nick Radge · 7 September 2007

streetTRACKS Gold (GLD) through $68.00. Looks positive...

powerkoala · 7 September 2007

here we go.
straight up back to 700 area.
are we heading to 1000 by end of the year?

Uncle Festivus · 7 September 2007

Nick Radge said:
streetTRACKS Gold (GLD) through $68.00. Looks positive...

Mmmmm.... all very exciting, but will it break through?
Nick, how does this weekly view look from your perspective, still need to break the resistance?

explod · 7 September 2007

We must expect that some of this accumulation will be the plunge team, who will let loose big time to stop a close above $715 US, which when it occurs will be a 27 year high.

The way it is all panning out the break, and it will come, will make for more intresting times.

Dont' worry Uncle, not too excited yet. Optimism from the gloom needs facts.

GreatPig · 7 September 2007

In A$ with the GOLD stock, that cup and handle formation looking like a text book example so far, except perhaps that the handle might be a little higher than expected. Last trade $83.66.

Cheers,
GP

Uncle Festivus · 7 September 2007

A sharp drop in foreign holdings of US Treasury bonds over the last five weeks has raised concerns that China is quietly withdrawing its funds from the United States, leaving the dollar increasingly vulnerable.

Data released by the New York Federal Reserve shows that foreign central banks have cut their stash of US Treasuries by $48bn since late July, with falls of $32bn in the last two weeks alone.

"This comes as a big surprise and it is definitely worrying," said Hans Redeker, currency chief at BNP Paribas.

"We won't know if China is behind this until the Treasury releases its TIC data in November, but what it does show is that world central banks are in a hurry to get out of the US. They don't seem to be switching into other currencies, so it is possible they are moving into gold instead. Gold is now gaining momentum across all currencies and has broken through resistance at 500 euros," he said.

http://www.telegraph.co.uk/money/ma...CBQ0IV0?xml=/money/2007/09/05/bcnchina105.xml

...

explod · 7 September 2007

Well,... after a strong week for gold, and it being Friday thought the gold price would stop and go to sleep, but no, even in quiet trading the gold price continues to goes up.

Of seeing things finally going the way I knew they would eventually I have relaxed and went to my Step Daughter's place, and have, as usual, been spoilt with two many good slugs of whiskey, and so..... perhaps not seeing things as clearly as I should.

But I am, gold is breaking up again

A very close friend said to me about 8 years ago now, " everything is f-ck-d, just forget it and party." Can someone out there indicate that there is a way to restore things.

The thing uppermost for me is, what have we done for the future of our Grandchildren. Could we change direction and fix it.

A high gold price may well feather my nest in the short term, but what of its value if we have no water or bread to eat

So_Cynical · 7 September 2007

Gold mite break 700 USD tonight...

698.80 ATM

Uncle Festivus · 7 September 2007

Bingo!

explod · 7 September 2007

Uncle Festivus said:
Bingo!

Agreed, but as U say, dont' too get excited. When we hit and stay above US$715 the audiencee will start listening. Of course what we know and few others can comprehend is that when the penny (or realisation occurs) the gold price rise will profound even some of the goldbugs.

But as said earlier in the day the plunge protection team will delay proceedings somewhat this evening our time.

However, very interesting times and I am with you Uncle

GreatPig · 7 September 2007

According to Kitco, the high last year was at US$720.10

Cheers,
GP

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