mattyboy Posted August 5, 2008 Report Share Posted August 5, 2008 Kind of in agreement with you there, Bobsta. Ok I haven't lost money having bought in a lot lower than this but I always try to remember that I can only set so much store by what I read on the internet even if the sources of information are particularly knowledgeable. I still believe in the long-term bull market in PMs and at times like this, I ask myself some fairly simple questions like: Is the US banking system REALLY out of the woods ? Did or did NOT gold hit $1032-ish in March while oil was at far lower levels ? Is there likely to be less or more investment demand for gold going forward ? I don't wanna sound patronising so forgive me if i do but I take comfort in simplicity. I ain't backin' up no truck to load up when the path ain't clear but even though I might end up kicking myself by year end with gold at $1200, I'm happy to look elsewhere for opportunities. Uranium and water come to mind. I'm with Bob and Justin - I got a bunch of gold earlier on but loaded up again in March at 980 which took my average in to about where it is now. I am wearing +50% losses on more than 50k of Juniors - my silver is above water but that's about it. I'm getting my confidence shaken a bit atm - more so than the big drop in March - today was a total bloodbath for the Aussie juniors with -10% and more across the board! Double baggers required everywhere just to break even for me - I need a virtual group hug and some reassurance please! Link to comment Share on other sites More sharing options...
marmite Posted August 5, 2008 Report Share Posted August 5, 2008 I'm glad most of you seem to be enjoying this dip in G & S. No, really! Personally I prefer not to lose money in something I've already invested in so that I can buy at a lower price. But hey, at least some of you are happy, even if I'm pretty miserable! Somehow this seems quite apt right now: http://uk.youtube.com/watch?v=5n6chxpEINs Roll on September! 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 Link to comment Share on other sites More sharing options...
romans holiday Posted August 5, 2008 Report Share Posted August 5, 2008 I'm glad most of you seem to be enjoying this dip in G & S. No, really! Personally I prefer not to lose money in something I've already invested in so that I can buy at a lower price. But hey, at least some of you are happy, even if I'm pretty miserable! Somehow this seems quite apt right now: http://uk.youtube.com/watch?v=5n6chxpEINs Roll on September! Chin up! Remember, you only lose money when you sell. At the moment we are looking at paper prices which are irrelevant in the larger scheme of things. We always knew the bull market was going to be very volatile. Seems to be panning out well to me. Have my eyes on Autumn now. Glad I am not trading gold. If I were to trade, it would be in anything but precious metals. Link to comment Share on other sites More sharing options...
romans holiday Posted August 5, 2008 Report Share Posted August 5, 2008 I'm with Bob and Justin - I got a bunch of gold earlier on but loaded up again in March at 980 which took my average in to about where it is now. I am wearing +50% losses on more than 50k of Juniors - my silver is above water but that's about it. I'm getting my confidence shaken a bit atm - more so than the big drop in March - today was a total bloodbath for the Aussie juniors with -10% and more across the board! Double baggers required everywhere just to break even for me - I need a virtual group hug and some reassurance please! Wanna sell me a few of your juniors? Seriously, I am hoping to put a smaller percentage of my powder into juniors as a bit of a speculative punt [which could pay out very handsomely]. By the way, I do not often speculate, but invest very conservatively. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 5, 2008 Report Share Posted August 5, 2008 Sounds like I'd better get out the extra special smilies. This is not snogging. This is a hug: This is obvious: And just to try and cheer you up: Link to comment Share on other sites More sharing options...
mattyboy Posted August 5, 2008 Report Share Posted August 5, 2008 thanks Steve! Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 5, 2008 Report Share Posted August 5, 2008 Things could be worse........... :lol: Last time the despondency meter reached this level was just before the price shot up. So although it sounds nuts, your feelings are really quite good. Oh and Jim Sinclair agrees with me: Jim Sinclair's Commentary: Gold is at or very near its low.The following is one of the reasons: Oh OK, I agree with him Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 5, 2008 Report Share Posted August 5, 2008 Dear CIGAs, My Panic Meter is close to the same high we have had at each gold price low. The meter is the number of calls I get daily in a total state of panic concerning gold. All you witnessed today was Operation Forget Friday. No additional bank went broke on Friday. The wire services were wrong on Friday - sure. Jim Sinclair Link to comment Share on other sites More sharing options...
sossij Posted August 5, 2008 Report Share Posted August 5, 2008 I'm with Bob and Justin - I got a bunch of gold earlier on but loaded up again in March at 980 which took my average in to about where it is now. I am wearing +50% losses on more than 50k of Juniors - my silver is above water but that's about it. I'm getting my confidence shaken a bit atm - more so than the big drop in March - today was a total bloodbath for the Aussie juniors with -10% and more across the board! Double baggers required everywhere just to break even for me - I need a virtual group hug and some reassurance please! Fret not mattyboy, gold will be $1132 on 8th November 2008 (11.22 am). Link to comment Share on other sites More sharing options...
marmite Posted August 5, 2008 Report Share Posted August 5, 2008 Fret not mattyboy, gold will be $1132 on 8th November 2008 (11.22 am). 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 Link to comment Share on other sites More sharing options...
drbubb Posted August 5, 2008 Report Share Posted August 5, 2008 GLD Daily chart 200d MA to get tested today. And maybe 252d.MA soon also Link to comment Share on other sites More sharing options...
bitbigt Posted August 5, 2008 Report Share Posted August 5, 2008 I'm glad most of you seem to be enjoying this dip in G & S. No, really! Personally I prefer not to lose money in something I've already invested in so that I can buy at a lower price. But hey, at least some of you are happy, even if I'm pretty miserable! Hi Bobsta - As you know, this volatility is the price we pay for investing in PMs. Perhaps this might help a little... ...Most of this recent drop is down to the strengthenning dollar. In pounds your investments are essentially no lower than the bottom we tolerated one week ago. I thought prices were much lower than this, and so got myself ready to buy some more silver just 10 minutes ago (16.7 with pound at 1.954 USD). Then I realised the above, and decided I'd want a much bigger drop still before it would make sense to add to my last weeks purchase (17.1 when pound was at 1.995 USD) Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 5, 2008 Report Share Posted August 5, 2008 That's make complete sense. I've been moaning about how high gold/silver have been...in Yen. Finally they are now at a reasonable buying level. Link to comment Share on other sites More sharing options...
bitbigt Posted August 5, 2008 Report Share Posted August 5, 2008 start of a run up??? ...US to the rescue!! Link to comment Share on other sites More sharing options...
Wigler Posted August 5, 2008 Report Share Posted August 5, 2008 Sadly I don't get paid till the 26th so can't take advantage of this low price. I bought some gold for the first time last week. I'm not really one for buying stuff anyway... but buying these small coins felt really strange. Link to comment Share on other sites More sharing options...
Dispassion Posted August 5, 2008 Report Share Posted August 5, 2008 OK, I have moved all the posts that resulted from my innocent little post to a new thread. Do you know how much work that is ?! I am never going to make the mistake of asking an innocent little question like that in the wrong place again It's here: The History of Gold, And why it makes a good money http://www.greenenergyinvestors.com/index.php?showtopic=3963 I hope that's OK with everyone Good plan. Although the discussion about what gold is seems trivial to me, it does seem to be a very popular discussion, so to prevent it polluting a more useful thread, my suggestion would be that it is pinned in the main discussion, and that the scope is opened to promote a discussion on how gold has performed historically against currencies and at times of economic stability, inflation and deflation, but this is just the suggestion of a newbie to the forum and meant to be taken as such. Link to comment Share on other sites More sharing options...
kernull Posted August 5, 2008 Report Share Posted August 5, 2008 no volume yet in gold, oil has even lower volume than yesterday, this means 880 is not the bottom, we are going to test 850 . lets see what happends at 2:15 Link to comment Share on other sites More sharing options...
wrongmove Posted August 5, 2008 Report Share Posted August 5, 2008 Good plan. Although the discussion about what gold is seems trivial to me, it does seem to be a very popular discussion, so to prevent it polluting a more useful thread, my suggestion would be that it is pinned in the main discussion, and that the scope is opened to promote a discussion on how gold has performed historically against currencies and at times of economic stability, inflation and deflation, but this is just the suggestion of a newbie to the forum and meant to be taken as such. Sorry to butt in, but I agree strongly (FWIW ). For non-traders (LTBH) this is very important IMHO. The most frequently given reason for rocket propelled gold prices is the assumption that "gold will become money again". Link to comment Share on other sites More sharing options...
G0ldfinger Posted August 5, 2008 Author Report Share Posted August 5, 2008 I'm with Bob and Justin - I got a bunch of gold earlier on but loaded up again in March at 980 which took my average in to about where it is now. I am wearing +50% losses on more than 50k of Juniors - my silver is above water but that's about it. I'm getting my confidence shaken a bit atm - more so than the big drop in March - today was a total bloodbath for the Aussie juniors with -10% and more across the board! Double baggers required everywhere just to break even for me - I need a virtual group hug and some reassurance please! Sorry to hear this. Just try and stay away from margin in anything gold. Think of people (like cgnao or DrBubb) who got into gold very early and have seen movements like this many times over. Even I, who started buying gold much later, can't be @rsed to feel anything stronger than "darn it, should have bought my silver at $16.60 rather than at $17.40." But at the end of the day, will it matter once it has reached +$100? Link to comment Share on other sites More sharing options...
G0ldfinger Posted August 5, 2008 Author Report Share Posted August 5, 2008 As always Bobsta, my fortunes seem to track yours.... Of course, I know why that is and I think so do you, but Sinclair woudl have no sympathy... Do I smell some margin here? Link to comment Share on other sites More sharing options...
G0ldfinger Posted August 5, 2008 Author Report Share Posted August 5, 2008 Loaded with silver and a few gold coins yesterday. Are we close to this bottom? I feel as if I've caught a handful of falling knives over the last three weeks. My dry powder is running out and it just keeps getting cheaper. In a few months anyone who bought below $1,000 (or $20 for silver) will look like a genius. Link to comment Share on other sites More sharing options...
Vicarious Posted August 5, 2008 Report Share Posted August 5, 2008 Just thought I’d chip in here, I bought my first core position in gold at around $350 -$400 and was lucky enough to build most of my position under $500, from a physical point of view; yup movements like this haven’t scared me, but the stocks??? I don’t remember them being so undervalued in relation to the physical price, these drops seem even worse than the massive sell offs before the first fed cut last year when I assumed the banks were selling to raise capital for margin calls. Link to comment Share on other sites More sharing options...
CIGA Posted August 5, 2008 Report Share Posted August 5, 2008 For those losing their heads or worried or losing confidence. Please take a note from Jesse Livemore "It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon." We are in a BULL MARKET, the PRIMARY TREND is up. Everything else is noise. Sit tight and know and be sure you are in a precious metals bull market where the primary trend is up - and believe me we are in one hell of a bull, some are calling this as the mother of all bull markets when we consider the amount of paper floating around and the problems associated with it. Sit wait and be calm - you are one of the earlier entrants and will eventually make the biggest rewards. I am down about 35% on my juniors but up about 20% on my physical. I have bought more at this dip and will continue at any dip as long as the fundamentals stay in tact. You have got to believe and be sure we are in a precious metals bull market - still the early stages, institutional investors aren't even in properly yet. Link to comment Share on other sites More sharing options...
electroweak Posted August 5, 2008 Report Share Posted August 5, 2008 For those in doubt, when this creamy filling ends, the pain will be severe and seem endless. 3 bear-food headlines from Bloomberg. The last one, is imo very significant. When CDSs start to be exercised it's going to make sub-prime look like a ripple in a tsunami.. •Mark Mobius Says Fed Should Cut Overnight Bank Rate to 1% to Boost Economy •Ex-Merrill Executive Dow Kim Abandons Hedge Fund After Investors Pull Out •GM, Ford, Chrysler Swaps Signal an Almost Certain Default, UniCredit Says Link to comment Share on other sites More sharing options...
wren Posted August 5, 2008 Report Share Posted August 5, 2008 For those losing their heads or worried or losing confidence. Please take a note from Jesse Livemore "It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon." Great quote. I sent more cash to my gold account. I hope it gets there quick enough to take advantage of this dip. Link to comment Share on other sites More sharing options...
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