marmite

This 10% question always confuses me How do you work out 10% ??? Is 10% of what you own now ???? A house, Savings, Pension contributions, Monthly salary, Shares, Other investments : Add then all at todays value and make sure you have 10% of that in gold But in which case should we be selling some gold now as it drops Do you measure the gold in Fiat or by weight ?????? If its by weight, how do you work out what 10% is of a £50k share portfollio is for instance I did read somewhere that the average rich person ( what ever that means ) will accumilate 50oz of gold in their lifetime. No idea if this a true measure.

Some very good points wrongmove. I see what you mean " First into trouble, first out again theory " If perception of fundamentals have really changed then this correction will last for a longer period of time, giving the market time to look at the changes. If this is only down to market manipulation the price will catapult to the moon in very short time. I suppose gold is the very investment that you dont want to profit from At least whilist gold is going down, the rest of the market is improving.

I feel like a frightened rabbit at the moment, frozen with fear My target price of £450 a bought ounce has been reached, but the brutality of the drop and taken my breath away. On one hand I should be using some of my dry powder but on the other I just dont know where the bottom could be. What the hell is going on in this market, war breaks out and gold crashes Support level after support level are just wiped out. Fundementals have not changed, so why the crash, I wonder ???? I feel this is time to sit back and watch. If this is the lull before the almighty storm, why the hell are people selling ??? This really brings the deflation arguement back or is this what they want us to think ???

Just been out for lunch and saw these queues

If it breaks $850 - $845 wheres the next big support $825 ??

Thanks Steve, very interesting listen. Not sure what the conclusion would be but I suppose hes advocating holding $ longer term ????

Not as far as i am aware. www.goldline.co.uk, www.atsbullion.co.uk and Chards all do

Ahhhhh, its the fear of recession that I was missing, almost forgot all about that Gold is going to be dam expensive for us by the end of the year Today : $867 / 1.929 = £447 + 6% = £473.82 Nov / Dec ????? : $1000 / 1.90 = £526 + 6% = £557.56 Jims $1200 ??? : $1200 / 1.90 = £631 + 6% = £668.86 Maybe I should be buying today ????

Or on ebay @ spot ( probably spot +% )

Whats going on with the £/$ its being whacked. Down to 1.929 Is this only down to $ strength ??? Or am I missing something ???

Unfortunately I have a self imposed chastise of £450 per ounce before I can pull the trigger, its getting closer and closer and then £ drops I got my timming wrong @ £400 and ounce and only managed to get minimal fills at the end of 2007 Did better last summer tho

The thing that is annoying me is that as fast as Gold is dropping so is stirling. Its not getting any cheaper to buy physical We are here 872 / 1.94 = 449 + 6% = £475.94 We could at least be here 872 / 1.99 = 438 + 6% = £464.28 I wish we was here 872 / 2.06 = 423 + 6% = £448.39 It looks like my target spot rate is @ $820 using the current £/$ rate I's really unsure if we will be seeing that tho

Testing that $875 Angel again this afternoon Where the bad news coming from today, isnt oil up ??

Yes I noticed that. The 2007 Britinnias ran out on monday I think. A lot of sellers got flushed out at the begining of the year with $1000 gold and the new investors just hoovered them up. With all the bad news, if you have been sitting on coins for years why would you sell now before October It amazes me that there are not more shortages, it just shows just how much gold is out there or how little interest the majority of the population takes in it

No one wants to beleive in the bogey man But www.gata.org would disagree that he doesn't exist and they have some very strong arguements

This is what im wondering. A lot of people are trumpetting a seasonal rally in gold in September this year but its not always the case as seen in 2006. With the elections their is arguebly a bigger case in 2008 for a huge takedown. And as Justin Thyme pointed out gold does appear to be tracking oil on the way down so where would the PTB want the price of oil to be in the run up to the election ? Its just food for thought really but when adding to the stack I can be penny pinching

They probably don't, but I am just trying to have discipline. I try to only buy at a pre determined price. That stops me getting too carried away with the trigger when the rockets come out Not sure if it really works

Very wise words indeed. Jim has also been advocating margin free for some time. I leave the trading to others. Although I do fall into the trap of trying to time the market for physicall purchases I have had a price goal of £450 on Krugs / eagles for some time and have been waiting on the sidelines for months hoping to hit that price. I wonder if I will be learning another lesson soon

What are peoples thoughts on the short term price of gold ? Are we going to see a further smack down today / tommorrow ahead of the ECB rate decission ?? I read that there is strong support at $860. Is this going to be tested ?? Is it going to be broken though ?? The so called " Angels " @ 875 was punctured yesterday, although we have seen a small recovery this morning. How low could the price be pushed. My thoughts are that commodity (not that gold is) bashing has built up some momentem the past 2 weeks and it would seem like a good time fot PTB to continue the smack down ahead of elections and the joys of October. P.S. The above does not change my bullish long term view. P.P.S My hat certainlly comes off to all those that can trade this gold market as it has been brutal. Either get wiped out by your stops or just sit there watching the red screen. And as far as shorting goes that seems the same, $10 up this morning already

The date does co-inside with the Pirates Week Festival http://www.piratesweekfestival.com/Pirates...%20Schedule.pdf There will be a gold buying frenzy amongest all those Pirates, which will help to push up the price

Always sorry to hear that anyone has losses and I hope no one loses sleep over it. I think the markets are going to be manipulated all the way up to the elections then the fireworks will really start

Steve its always a great help to get other peoples thoughts and conclusions.

Thanks Steve, nice graphs. Am I reading them correct, the smack down comes after the anouncement so from your analysis the $884 low of this morning should be taken out this afternoon ??

What a beautiful sight this morning, down the price goes I have powder primmed and ready, im looking to lock in some Krugs / eagles at £450 a piece. Its been my target for months now but I fear that silly season will end very shortly as september is in sight. What do you think will we hit $845 ish ?????? I fear strong support at $850 and I thought at $890 Or is it the cartel just whacking the price ahead of the FEDs talk which might include some futher inflation talk reignighting the gold rocket.