njpurser Posted September 3, 2009 Report Share Posted September 3, 2009 Highlighting is from me. When the German/Swiss/Italian will try to do the same with their gold in the US, they will get a nice paper promise in return. Pictures of rockets to hand Goldfinger?check. Set course for the moon Cg ? check. Assess rear-facing view Romans Holiday? check Charts to hand, Dr Bubb? check Gentlemen-start the pre-ignition sequence, the countdown to liftoff is on! Nick Link to comment Share on other sites More sharing options...
Pixel8r Posted September 3, 2009 Report Share Posted September 3, 2009 There is nothing magic about the 1000 line. Gold could easily breeze through it and fall below it again. Good to see the fanciful figures of 10000... 50000 are being dropped and the more reasonable ones of 1400... 2000 being envisaged. imo these prices will be reached within a couple of years as capital flows from weakened currencies into gold. The price will remain meaningful because the weakened currencies will remain valuable to newly impoverished consumers. This is the inexorable logic of deflation. I would agree that there is nothing magical about $1000, but it has severed as a heavy round number resistance for a year and a half. When we break through it properly there will be a lot of buying, as people will not want to be left holding fiat. As I was saying in another thread recently trying to say how high the gold price will go is impossible, as it totally depends on how much they devalue the currencies by their printing. Maybe it would be better to try and work out a high when comparing it to something else physical, such as the CRB index. It completely depends on your timeframe, Alf Filed was talking about $10,000 being the final high in many years time based on elliot wave analysis. He also acknowledges the weaknesses in using elliot wave. http://www.usagold.com/gildedopinion/alf_field.html Major ONE up from $256 to $1,015 (actually 4 times the $255 low); Major TWO down from $1015 to $699, say $700 (a decline of 31%); Major THREE up from $700 to $3,500 (a Fibonacci 5 times the $500 low); Major FOUR down from $3,500 to $2,500 (a 29% decline); Major FIVE up from $2,500 to $10,000 (also a 4 fold increase, same as ONE) http://www.321gold.com/editorials/field/field080608.html The weaknesses of the EWP are as follows: An incorrect reading of even a single minor wave can put one on the wrong side of the market for some time. Corrective waves are notoriously difficult to evaluate and often their conclusion can only be determined after the event. The exceptions, e.g. 5th wave failures and wave extensions, can lead to some serious mistakes and major lost opportunities. Often the minor waves are confusing, difficult to interpret and conflict with EWP rules. It is difficult to comprehend by other than seriously devoted students. Link to comment Share on other sites More sharing options...
Pixel8r Posted September 3, 2009 Report Share Posted September 3, 2009 Assess rear-facing view Romans Holiday? check Charts to hand, Dr Bubb? check Link to comment Share on other sites More sharing options...
LauraB Posted September 3, 2009 Report Share Posted September 3, 2009 Gentlemen-start the pre-ignition sequence, the countdown to liftoff is on! Nick Don't forget to keep your toes out of the way! & remember nail varnish is highly flammable. She retires knowing that yet another worthwhile contribution has been made Link to comment Share on other sites More sharing options...
alexreeve Posted September 3, 2009 Report Share Posted September 3, 2009 http://www.bloomberg.com/apps/news?pid=206...id=a79poDjcDqOA Gold Falls as Biggest Rally Since March Spurs Investors to Sell Is it just me, or does this headline make it sound like the gold price has taken a big hit? Link to comment Share on other sites More sharing options...
Pixel8r Posted September 3, 2009 Report Share Posted September 3, 2009 http://www.bloomberg.com/apps/news?pid=206...id=a79poDjcDqOA Is it just me, or does this headline make it sound like the gold price has taken a big hit? I think Kim Kyoungwha must be in the employ of the PPT Check this line out from the article; Gold for immediate delivery fell as much as 0.4 percent to $974.37 an ounce and traded at $977.20 at 1:58 p.m. Singapore time. The MSCI Asia Pacific index of regional shares was up 0.1 percent, after a 0.4 percent drop. Link to comment Share on other sites More sharing options...
pmaupoil Posted September 3, 2009 Report Share Posted September 3, 2009 Gold reaching 6-month high in USD, still 15% short in EUR and gbp though... :-( Link to comment Share on other sites More sharing options...
TrueNorth Posted September 3, 2009 Report Share Posted September 3, 2009 I think Kim Kyoungwha must be in the employ of the PPT Worse than the PPT -- The World Gold Council! Link to comment Share on other sites More sharing options...
thegeneral Posted September 3, 2009 Report Share Posted September 3, 2009 http://www.bloomberg.com/apps/news?pid=206...id=a79poDjcDqOA Is it just me, or does this headline make it sound like the gold price has taken a big hit? Certainly misled me. VI? Link to comment Share on other sites More sharing options...
TrueNorth Posted September 3, 2009 Report Share Posted September 3, 2009 bolding mine Big Move Coming - 321gold Big Move Coming Puru Saxena Sep 3, 2009 It looks as though the multi-month correction in precious metals is coming to an end and very soon, we are going to get a major move. If the bull-market is still intact, then gold should break above US$1,000 per ounce within a few weeks. However, if the price of gold fails to do this, we could see a sharp decline in bullion and precious metals mining stocks. Put simply, if the price of gold fails to climb past US$1,000 per ounce and instead, it falls below US$920 per ounce, it will be a negative omen. At that point, our suggestion would be to immediately sell precious metals and related stocks. Yes, the macro-economic is wildly bullish for precious metals and we have been bulls since 2001. But this has now become a very crowded trade and in order to sustain the bull-market, gold must trade above US$1,000 per ounce. Today, most precious metals investors are positioned for an explosive rally and if gold fails to climb to new highs very soon, we may get forced liquidation from the frustrated bulls. Under this bearish scenario, the price of gold and other precious metals could plummet and this is the reason why we are suggesting that you exit your ‘long’ positions if gold breaks below US$920 per ounce. Although the weekly chart for gold looks like a gigantic ‘inverse head & shoulders’ bottom formation, it could also turn out to be a massive double top. Remember, gold’s chart pattern looks eerily similar to copper; just before it staged a spectacular decline last year. So, we will have to wait and see how things play out for precious metals. In our view, the direction of gold’s breakout will depend on the US Dollar Index, which is currently trading above a major support level. Yesterday, the US Dollar Index managed to break out of its declining trend and this is good news for the greenback. Over the following days, if the US Dollar Index closes above the 80 level, it will be a big positive for the American currency and a drag on precious metals. Conversely, if the US Dollar Index breaks below the 77 level, it will usher in the anticipated rally in precious metals. So, in the near-term, we suggest that you keep a close eye on the US Dollar Index as movements over here will determine the fate of gold and silver. In summary, if gold fails to reach new highs and on the contrary, if it breaks below US$920 per ounce, we urge you to liquidate your holdings in precious metals. Moreover, if the US Dollar Index breaks above the 80 level, we advise you to convert your cash reserves to the American currency. This strategy may seem flippant to some of our readers but given all the uncertainty in the economy, we do not want to dismiss any possibility. More importantly, we want to ensure that we are prepared for all eventualities. Remember, Wall Street is littered with the graves of those who got married to one market forecast and failed to smell change. Instead, we prefer to be vigilant and will continue to adjust our investment positions based on market action. The above Update was sent out to subscribers of Money Matters on 2 September 2009. Puru Saxena Link to comment Share on other sites More sharing options...
romans holiday Posted September 3, 2009 Report Share Posted September 3, 2009 bolding mine Big Move Coming - 321gold I do not often say this... but I think Puru is pretty clueless when it comes to the macro picture and how gold will perform within it. He spat the dummy when gold failed to shoot to the moon as his monetarist theory dictated. He then flip flopped from the [hyper] inflation position to the deflation position. Not sure where he is now. I certainly wouldn't want him managing my money. Today, most precious metals investors are positioned for an explosive rally and if gold fails to climb to new highs very soon, we may get forced liquidation from the frustrated bulls Does he imagine investors are made in his own image? What Puru fails to understand is that gold is in the process of being "remonetized' with it increasingly perceived as a currency and not a commodity. In this situation, gold and the dollar could well strengthen together. But this seems to be beyond Puru's worldview which is fixated, like most worldviews are, on a binary opposition. Link to comment Share on other sites More sharing options...
TrueNorth Posted September 3, 2009 Report Share Posted September 3, 2009 I do not often say this... but I think Puru is pretty clueless when it comes to the macro picture. Really? Looking in the archives at 321gold, he doesn't seem to be too bad. Link to comment Share on other sites More sharing options...
aardvark Posted September 3, 2009 Report Share Posted September 3, 2009 going steadily up - exciting stuff!!!! Link to comment Share on other sites More sharing options...
alexreeve Posted September 3, 2009 Report Share Posted September 3, 2009 This thread's tagline seems rather appropriate at the moment. Link to comment Share on other sites More sharing options...
Justin Thyme Posted September 3, 2009 Report Share Posted September 3, 2009 Nice price action in gold but it appears to be happening on weak volume according to GLD chart. Link to comment Share on other sites More sharing options...
marceau Posted September 3, 2009 Report Share Posted September 3, 2009 Nice price action in gold but it appears to be happening on weak volume according to GLD chart. Agreed, I couldn't trade this with any confidence. Triangle breakouts can do a 'pump and dump' false upmove before plunging. I believe this very thing happened to gold last Aug/Sep. A 'be careful' to the traders here (glad I'm not one of them). Link to comment Share on other sites More sharing options...
G0ldfinger Posted September 3, 2009 Author Report Share Posted September 3, 2009 ... He spat the dummy when gold failed to shoot to the moon as his monetarist theory dictated. He then flip flopped from the [hyper] inflation position to the deflation position. Not sure where he is now. I certainly wouldn't want him managing my money. Does he imagine investors are made in his own image? ... I don't give him as much weight as before anymore. I don't see a big problem for a very well justified change in opinion. But the facts hardly changed at all while he still changed his opinion. The frustrated bull thing is a joke. If only 5% of all the worlds investment wealth went into gold for "insurance" reason (no speculation etc.), we would have a clear Mars shot already. Link to comment Share on other sites More sharing options...
G0ldfinger Posted September 3, 2009 Author Report Share Posted September 3, 2009 Nice price action in gold but it appears to be happening on weak volume according to GLD chart. GLD volume is meaningless when the big money buys loco London. Link to comment Share on other sites More sharing options...
TrueNorth Posted September 3, 2009 Report Share Posted September 3, 2009 Anybody hear yesterday's TFNN with Larry Pesavento? He says, "[Gold] really looks like it's going to new highs." He doesn't expect a correction down more than 10 or 11 "If we go below $960 all bets are off, though." He also recounts what happened in the crash of 87, where gold and the swiss franc went up first. "Gold is telling us something here. Everybody should pay attention. Just like the wake-up call in stocks on Tuesday, this is a wake-up call for gold today." "Something really significant happened over the weekend and we don't know about it yet, but we will soon." Link to comment Share on other sites More sharing options...
G0ldfinger Posted September 3, 2009 Author Report Share Posted September 3, 2009 ... He says, "[Gold] really looks like it's going to new highs." He doesn't expect a correction down more than 10 or 11 "If we go below $960 all bets are off, though." ... I think statements like this are moronic. It either goes to the MOON, or, OH HORROR!, all bets are off!! Link to comment Share on other sites More sharing options...
marceau Posted September 3, 2009 Report Share Posted September 3, 2009 Anybody hear yesterday's TFNN with Larry Pesavento? "Something really significant happened over the weekend and we don't know about it yet, but we will soon." It does have that feel to it - the sudden rally does seem a little bit 'unexplained'. I haven't been this spooked by the market since last Aug - and that certainly didn't end very well. Link to comment Share on other sites More sharing options...
DoctorSolar Posted September 3, 2009 Report Share Posted September 3, 2009 I think statements like this are moronic. It either goes to the MOON, or, OH HORROR!, all bets are off!! Agreed 100% GF. Its just plain daft thinking. The same type of wrongheaded thinking that makes the likes of Mr Paul Hill in Moneyweek claim gold is in a bubble just because it did not hold over $1000. So higher prices would indicate we are not in a bubble? My god man with thinking like that you would be buying buy to let properties at the peak in 2007!! All of which makes me realise the supposed experts get it wrong a lot of the time. Sun Micro a good buy at 13USD Paul Hill?! Now bought out at 9USD Trust your own instincts. If gold looks good then don't get too fancy. Average your way in. GLD volume is meaningless when the big money buys loco London. Agreed 100% too Link to comment Share on other sites More sharing options...
jinbal Posted September 3, 2009 Report Share Posted September 3, 2009 Agreed, I couldn't trade this with any confidence. Triangle breakouts can do a 'pump and dump' false upmove before plunging. I believe this very thing happened to gold last Aug/Sep. A 'be careful' to the traders here (glad I'm not one of them). +1 I would have preferred a retest of previous resistance from the other side 960/ the down trendline before a continuation on - This feels a bit like too much too soon Link to comment Share on other sites More sharing options...
Mr Pipples Posted September 3, 2009 Report Share Posted September 3, 2009 We're at 990-995 resistance. If we break that then apparently next resistance will be around 1005-1010. I feel cautious here but I reckon if it breaks past 1010 then we could well see a surge that takes it up a fair bit leaving 1005-1010 as strong downside resistance - unless it gets knocked back down pretty sharpish. Just my bet... Link to comment Share on other sites More sharing options...
DoctorSolar Posted September 3, 2009 Report Share Posted September 3, 2009 going steadily up - exciting stuff!!!! 996.80USD kitcos gold price charts must be getting hammered now All the goldies hitting f5 to watch it sail over 1000USD Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now