Errol

I look forward to this. Just how cheap will it get? I'm rather hoping for £200 an ounce. That would be excellent!

Excellent. When does this happen then? If they want to give me cheap gold I'll take it with both hands.

I would second that (and have done on many previous occasions). Don't trade gold. Buy physical bullion and keep it in your own possession. Day to day, week to week, even month to month movements are just noise. Ignore the noise.

I may buy equities when the Dow reaches 4000 and the FTSE 2000.

What if they enact emergency laws freezing all accounts, banning certain financial instruments (perhaps gold) and securing vaults?

You sold physical bullion? All your bullion should be held in your personal possession. Do you really think electronic gold will be worth much when they close the banks and re-order the world.

No it would be the complete opposite of that advert that would be a warning. It would be an advert selling gold not offering to buy it (on the cheap). These people are just looking to get the gold at well below spot price and make a killing. They rely on there being lots of sheeple.

I just carry on buying regardless of price. It's going to well in excess of $1650 eventually so who cares what the price is now?

This is a bit how I feel. I started buying gold in 2000 (yes, 2000, when the price was dirt cheap). I wish now I'd taken out a massive loan and bought a shed load with it. Would have trebled the money by now.

It will be over £1000 an ounce eventually. £800 will look cheap in a few years time.

Backwardation breakout?

The real price of gold - National Geographic article.

£700! I want a lower sterling price!! I need to buy more!

$455 would suit me fine. But what would the Sterling price be though?

Why not? I'm expecting in excess of £1000 per ounce within a couple of years.

He didn't say which Friday ...

Someone email Mr. Higgins a gold/sterling chart. He appears to have overlooked it.

Iran switches reserves to gold TEHRAN (Reuters) - Iran has converted financial reserves into gold to avoid future problems, an adviser to President Mahmoud Ahmadinejad said in comments published on Saturday, after the price of oil fell more than 60 percent from a peak in July. Iran, the world's fourth-largest oil producer, is under U.N. and U.S. sanctions over its disputed nuclear programme and is now also facing declining revenue from its oil exports after crude prices tumbled. "With the plans of the presidency...the country's money reserves were changed into gold so that we wouldn't be faced with many problems in the future," presidential adviser Mojtaba Samareh-Hashemi was quoted as saying by business daily Poul. He gave no figures or other details. Before oil prices plunged by more than 60 percent from a peak of $147 per barrel in July, Iran made windfall gains from its crude exports and in April estimated its foreign exchange reserves at about $80 billion. Iranian officials in July denied reports Iranian banks were moving funds from Europe, with one report suggesting as much as $75 billion had been withdrawn and converted into gold or placed in Asian banks, because of a threat of tightening sanctions. The International Monetary Fund said in August that if the price of Iranian crude fell to $75 a barrel, Iran would face a current account deficit in the medium term that would be tough to sustain due to Tehran's financial isolation. On Friday, U.S. crude fell $1.20 at $57.04. Gold futures ended more than 5 percent higher on Friday and bullion ended the week about $10 higher compared with its last Friday's close of $735.95 as investors covered short positions. http://in.reuters.com/article/businessNews...-36518320081115

I personally think there is far too much of a fixation with price on this thread. Gold is gold, after all. The price is almost irrelevant. I would buy it if it dropped to $50 an ounce just as quickly as I would buy it if it went back to $1000.

People should just hold physical. Trading this market is madness.

This is just sheer, unadulterated rubbish and shows that the author has misunderstood the fundamental qualities of gold. Gold remains, as ever, THE safe haven. Ignore the price. It's meaningless.

How about by making all use/trading/exchange of gold except with a Government agency punishable by 20 years in prison?

The gap between the physical gold market and paper gold market is widening. An example bears this out. In Toronto this week, a major off-market gold transaction took place. The price paid was $1075 per ounce on the physical transaction. Its volume was in the multi-million$. There was no US involvement in the transaction, and the settlement was in euros. Enormous repositioning is ongoing by the groups that will participate in the new, partially gold-backed currency. Jim Willie CB, Oct 24, 2008 - http://www.321gold.com/editorials/willie/willie102408.html

http://www.europac.net/Schiff-CNBC-10-23-08_lg.asp - Shiff 23/10/08.

I agree with you. I think we could see much lower levels. Its just annoying that I'm buying in sterling! I would love to see the days of £250-300 and ounce come back.