Gold Price - Where is it heading?

[Sean K]

we could see gold hit US$800 plus and indeed back to Bean's area of $640.

Bean's claiming $540. I have a beer on it I think.

 

[explod]

Bean's claiming $540. I have a beer on it I think.

Thanks for picking me up Kennas and sorrry Bean for missreading your post.

In my view I think the gold train has too much momentum for a drop to that level in the forseeable future, but one can never say never. Strong support round the 610 to 630 area. However it will be interesting to see what pans out.

 

[numbercruncher]

NCM in a trading halt to raise 2b to close out its hedging means only one thing to me

 

[cuttlefish]

Imo in some ways gold is serving both the fear and the greed side of the equation at the moment.

Rate cuts, excess money supply (inflationary?), fears of USD devaluation = gold rise.

No rate cut = fears of more sub-prime blowouts leads to lack of confidence in US banking system leads to USD devaluation, flight to safety of gold, also means fed thinks economy is still growing fast enough to not risk a cut (inflationary?).

 

[Ageo]

The price of Gold will keep going up and up, because more and more people are realising that the modern money and financial systems are a SCAM and the only real money on the Planet is still GOLD and SILVER...

Just to clarify silver isnt worth much.

Pays 0.49c per gram where is Gold pays $27 per gram at todays prices. I understand your point that these commodities have more value than paper but silver is still a long way behind (too much supply i believe unlike gold and platinum).

 

[explod]

Just to clarify silver isnt worth much.

Pays 0.49c per gram where is Gold pays $27 per gram at todays prices. I understand your point that these commodities have more value than paper but silver is still a long way behind (too much supply i believe unlike gold and platinum).

Beg to differ, silver is in fact is a better proposition than gold, the following is from the Monex Deposit Company:-

"There may never be a better time for buying silver bullion than right now. World demand for silver now exceeds annual production, and has every year since 1990. Above ground stockpiles of silver bullion are low, shrinking rapidly and approaching zero. Since the end of WWII, for example, the U.S. government - once the largest stockpiler of silver on the planet - has dumped billions and billions of ounces of silver bars onto the world market, effectively depressing silver prices. Today, that government silver hoard is gone . . . and now the U.S. government is a silver buyer. For these reasons, silver bars represent an outstanding investment opportunity." [end quote]

 

[bean]

Just to clarify silver isnt worth much.

Pays 0.49c per gram where is Gold pays $27 per gram at todays prices. I understand your point that these commodities have more value than paper but silver is still a long way behind (too much supply i believe unlike gold and platinum).

I think you had better do some research on silver.
To see what its usages are and what there is left.

All the Gold ever mined in the world still exists
Silver will increase greater than gold % wise

Once this correction is over I will be pushing Silver.
I will put various links on Silver site for reading

 

[bean]

Bean's claiming $540. I have a beer on it I think.

I posted this on saturday

Last night both the Nasday and S&P 500 fell through the neckline of a head and shoulder pattern more than likely early next week they will try to get back to the neck. If they fail which could be say wednesday or thursday night they they will fall as well and they seem to be alinging with what I am seeing in the gold Indicies topping on wednesday or thursday night and thats why I think the Gold Indicies will be drag back down one more time.

As for the POG It may well be caught in the downdraft but I think we can all see that it is gaining strenght and the FED etc can no longer keep it in place.
And thats why I think this next down leg in the market will be the last for the Gold Indicies and (well POG isnt going to fall US540) POG (might not fall much at all) But the Gold Indicies may well drop back and make a double bottom??

I expect the gold stocks to fall back one more time.
I also expect the POG will be caught up as well in the downdraft for liquidity.
540 well a bit to far now isn't it. How far??

Tonight will be interest to see what POG reaches
And hopefully a good day in Aussie gold stocks tomorrow.

 

[Ageo]

Maybe true fellas but jewellery shops have ****loads of silver that you can pick up for penuts...

I have about 20kg worth of silver here. Maybe i should hang onto it?

 

[explod]

Maybe true fellas but jewellery shops have ****loads of silver that you can pick up for penuts...

I have about 20kg worth of silver here. Maybe i should hang onto it?

Don't know about that, local jeweller has a half kilo bar of silver under his counter case at $345, can buy the same off AJ Mattheys today at $226

 

[Ageo]

Don't know about that, local jeweller has a half kilo bar of silver under his counter case at $345, can buy the same off AJ Mattheys today at $226

Thats right, its dirt cheap compared to gold and platinum. I know prices have almost doubled each year from 2002 (roughly) but you would need to buy shatloads and wait a while to be better off (unless something happens in the next few yrs). I will take all your word on it

Anywayz this is a gold thread so sorry for the hijack

 

[buggalug]

Was reading this and thought you guys might find it interesting:
http://online.barrons.com/article/SB118943551053922601.html?mod=yahoobarrons&ru=yahoo

 

[explod]

Was reading this and thought you guys might find it interesting:
http://online.barrons.com/article/SB118943551053922601.html?mod=yahoobarrons&ru=yahoo

Excellent reference Buggalug, this is very much what we have been postulating on the thread but it is good to get confirmation.

Go Uncle Festivus

 

[Uncle Festivus]

Excellent reference Buggalug, this is very much what we have been postulating on the thread but it is good to get confirmation.

Go Uncle Festivus

Um....?

 

[explod]

Um....?

Sorry Unc, was getting excited yesterday and looks like this is why

 

[Sean K]

Newcrest and Lihir will merge eventually to save the Australian gold industry from being totally in foreign hands.

The talk of the past 2 years has been that NCM and LGL will eventually be taken by one of the Majors. I reckon that before that is allowed to happen, these two will be into bed together to create an Australain gold behemoth!

(I hope. I think it could be good for both. )

 

[Sean K]

540 well a bit to far now isn't it. How far??

No, no, no, beanster! No retracing now.

 

[dubiousinfo]

Newcrest and Lihir will merge eventually to save the Australian gold industry from being totally in foreign hands.

The talk of the past 2 years has been that NCM and LGL will eventually be taken by one of the Majors. I reckon that before that is allowed to happen, these two will be into bed together to create an Australain gold behemoth!

(I hope. I think it could be good for both. )

Oxiana and Zinifex to merge and then take over Lihir. Now that would be a behemoth that would take some swallowing.

 

[bean]

Sold today is the High in Place?

High on the 19th July
The Gold Indices usex,hui,xau
16.7 158.11 371.11

LOW on the 16th August
13.37 125.64 300.14

Todays close
16.24 155.47 366.98

They have retraced, 86% 92 % 94%

I was for the final low was also looking for an ABC correction Was todays close the end of wave B

I currently on one index have a run pattern (which I have been looking for )
One down four up (of course the run pattern may not be finished)
But one Index in that system I refer to went from negative to positive (which can mark a top or within a day of top).
Gold up 4 days in a row can of course rise more in a row but % in doing that decreases (but if it is breaking out well can do)
The US markets themselves last weekend I mention how they fell through head and shoulder patterns and would this week make there way back to the neckline. (which they nearly have)
Also
From a site I go to that has charts on Dow

“The Daily and 60 Minute Charts show the Dow continues to build out within the boundaries of the large triangle range, which continues to be the major long term pattern to watch in the charts. The index is approaching the top of the pattern at 13,450, but more development within this range is likely before a breakout occurs. As we mentioned before, a breakout in either direction from this pattern could yield a move of about 1,200 points, so continue to watch it closely.”

The bottom of that triangle is 13050.

I seem to be having everything thing in place, However I may be wrong about the direction

I have the possibility of getting my 20-30% decline in the gold Indices to the final bottom
And we have the Dow falling a least 10%
POG (I do not have a price on the bottom!!!)

In a matter of days we will know if I am right
And hopefully if I get a pattern the bottom in POG and Gold stocks will be in place in about 2-3 weeks from today

 

[rustyheela]

just seen on ABC finance Alan Kohler was saying South African gold production is the lowest since 1922!! make of that what you will!!