Fortune

Well good luck to you Roman. My cojones are certainly not as big as yours. I still can't bring myself to trade my savings so I'll just take the wimpy way out - buy and hold. By the way, are you still in Korea? I've set myself up in the countryside now waiting for the big one (or ones!). Hope you have an exit plan too.

It will go up? Seriously, those graphs tell me we have a long way to go yet. The fun will really begin when we are in the thousands (USD) and have monsterous take-downs - over 200 bucks in a day. The nervous nellies will really have something to worry about then. Your life (and your savings) will literally flash past your eyes. I'm mentally ready for it. Hope the rest of folks out there are too.

He's only been back for a day and some posters are already wound-up! I'll call it the cgnao effect

I'm in a similar position to you - but without the self-doubt! - just try to keep the faith. Forget about PMs for a while; switch off the PC for a week. I guarantee your confidence will come back. All this daily noise drives most people nuts so don't pay attention to it. I'll leave you with a final quote from argubly the greatest of all financial traders Jesse Livermore. Read this, or even better post it on your wall, before pressing the sell button:

I sent a quick message to GM the other day regarding vault locations in other places besides London and Zurich, and this is their response. FYI.

I reckon they have got at least 5000 tonnes by now, probable more like 7000 tonnes. In fact it wouldn't surprise me if they have the world's biggest gold reserve as of now. Who wants to bet on how much the Americans have in Fort Knox? 500 tonnes?

Sure. But it doesn't hurt to have a backup plan, just in case. Besides it is only prudent to prepare the worse in the best way you can. I'm very fortunate to have bought some ridiculously cheap arigcultural land in SK and I'm aware that not many people might have such an opportunity. In those cases, the local community will be your main backup plan: helping each other out together for the things that they don't have or need to protect. Didn't Faber say the other day that he had some land out in Thailand? Even he knows what's coming. Do what you think is best for you and your family.

I'll feed them hungry and destitue deflationistas, or the roaming STR zombies

As if you folks don't know already, this is going to get real ugly. I sincerely hope most of you have some land out in the country by now. Don't think for one second that this coming shit-storm won't affect you. It will. And PMs won't be enough. Me? Land is already there (just a couple of acres) and in the process of building a small house and drilling a water well. I'm going to get me some dobermans as well. I sincerely wish all you fellow gold bugs good luck. We are all going to need it. Peace be with you all.

You know what GF, I think you are right. I dabbled in a bit of trading last month. Even though I made a nice healthy profit, I just couldn't shake off that sickening feeling of the price running away from me. I can't think of a worse feeling than watching the price shoot to the sky while holding bits of paper with the queens head on it. The regular smackdowns are nothing compared to this. Sitting tight is best; our sanity isn't worth the pieces of paper we call "profit".

Alf's price targets are based upon the Fibonacci number sequences. And in his article he states that the gains to be made from $3500 to $10000 are understated: 3 times the previous low of $3500 is only to outline the minimum terminal peak price of gold (in USD). To follow the sequence logically, the previous low should be multiplied by 6 (Wave 1 low multiplied by 4, Wave 3 low multiplied by 5, Wave 5 low multiplied by 6). Thus, a final price target of $21,000 can be reached according to the rules of Elliot Waves with Fibonacci sequences. Can this really happen? Who knows? Its definately something to look out for. The mother of all shake-outs will occur when we hit that $3500 target. This is significant because it gives the US the opportunity to at least moderate the debt liabilities with a rise in Gold and prices. Alf explains more here: It will be at that point when a semblance of confidence is restored that the precious metals will respond accordingly. However, that will not be the end. The price decline from $3500 to $2500 will boot out everybody but the most hardened gold-bugs. Every man and his dog will say that Gold is finished. All the GEI Gold bears will be peeing in your face. Then, and only then, will the soon-to-be legendary vertical warp speed price rise occur. I think everyone will be surprised just how high the price will go. This will be the time to test to the depths of your soul how much you really believe in this bull. That's why trading Gold will be suicidal, except for the unemotional and heartless. Goldfinger said it best: something about picking up nickels in front of steamrollers....

Alf's EW Count:

I don't get Nadeem's EW counts. Correct me if I'm wrong, shouldn't it be 3 impulse waves up and 2 corrective waves down for the bull cycle (e.g. 1-2-3-4-5) followed by 2 corrective waves down and 1 impulse wave up for the bear cycle (e.g. A-B-C), thus completing the whole gold market lifecycle? And in the 2 corrective waves down of the bull cycle, shouldn't they take the form of an A-B-C wave, rather than a 1-2-3-4-5 wave? Seem to me like his counts are mixing-up secular bear and bull lifecycle waves.

Will the really go after the 'elite' clients in Switzerland? Surely the government insiders and their mates have their stash there as well? And what about the VIAMat gold vaults?

Ah, so its "Sell at the end of Nov and come back Jun next year". Nice chart by the way.

Hmm...interesting. Can we see the old "Sell in May and go away" pattern here?

Just last week, I took some gold profits and swapped some gold for silver using goldmoney (metal-to-metal exchange). I think we won't see such an opportunity for a while, so its time to take the plunge and play the ratios...

Keeping tabs on the 'great beast' - Goldman Sucks: