Pixel8r Posted November 12, 2009 Report Share Posted November 12, 2009 He's changed his tune - have you read Hot Commodities? In that book he was luke warm on Gold saying the complete opposite of what that article says re mining exploration (i.e. everybody is at it) That book is a few years old mind I haven't read it, glad to hear he has changed his tune though. Quiet a lot has changed over the last couple of years. He is still saying that he expects some commodities to do better. Link to comment Share on other sites More sharing options...
FWIW Posted November 13, 2009 Report Share Posted November 13, 2009 He's changed his tune - have you read Hot Commodities? In that book he was luke warm on Gold saying the complete opposite of what that article says re mining exploration (i.e. everybody is at it) That book is a few years old mind I have the book right here in my hands - published in 2004: He states on page 164: Gold has been a favourite inflation hedge for some, and with the dollar likely to continue weakening over the next few years, I can see gold continuing to climb, which is why I own some. But you may do a whole lot better buying other commodities that will be making much more impressive moves. You should also be aware that the continual fascination with gold flies in the face of the realities of supply and demand. On page 166: The gold standard for gold prices among the goldbugs and other gold hopefuls was that 1980 historic high of $850. It is not a price we're likely to see soon - outside an economic collapse so awful that we will all be fighting one another to buy gold. I don't see anything contradictory in what he said. When the facts change, then people also need to change! Sir Pixel8r posted a story regarding 400 oz Tungsten bars earlier on - maybe a story like that has changed Jim's mind. Read the tungsten story here: http://news.goldseek.com/GoldSeek/1258049769.php note the year 2004 makes another appearance. Link to comment Share on other sites More sharing options...
hotairmail Posted November 13, 2009 Report Share Posted November 13, 2009 Faber... http://www.ritholtz.com/blog/2009/11/faber...ntly-over-1000/ “We will not see less than the $1,000 level again,” Faber said at a conference today in London. “Central banks are all the same. They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.” China will keep buying resources including gold, he said. Link to comment Share on other sites More sharing options...
aliveandkicking Posted November 13, 2009 Report Share Posted November 13, 2009 you may do a whole lot better buying other commodities that will be making much more impressive moves. You should also be aware that the continual fascination with gold flies in the face of the realities of supply and demand. From a traders viewpoint platinum has made some impressive moves at over 2000 to around 1000 and now 1300 and every chance it will be over 2000 before gold is. In an economic recovery where there is less fear of collapse gold will fade in favour of stuff people require. And in 2004 $850 was nowhere to be seen anytime soon It seems if: 1. you are certain of economic collapse then trade wholely with gold 2. If you are optimistic of economic recovery then trade mainly with something that is required. Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted November 13, 2009 Report Share Posted November 13, 2009 Faber... http://www.ritholtz.com/blog/2009/11/faber...ntly-over-1000/ “We will not see less than the $1,000 level again,” Faber said at a conference today in London. “Central banks are all the same. They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.” China will keep buying resources including gold, he said. central banks they are money printers i think that slogan could catch on - to educate the masses Link to comment Share on other sites More sharing options...
Pixel8r Posted November 13, 2009 Report Share Posted November 13, 2009 Elliot wave comment by DrBubb in his diary of interest to gold fans; http://www.greenenergyinvestors.com/index....st&p=140925 Link to comment Share on other sites More sharing options...
Pixel8r Posted November 13, 2009 Report Share Posted November 13, 2009 Gold Already Trading At $1,300 Per Ounce Back in June of 2008 after the Cambridge House Investment Conference I wrote about how Vietnam had limited gold imports but with all the updates to RunToGold it appears the article was lost to the Internet ether. The last time I was in Vietnam to visit a few factories, including one of Nike’s, I found the people so nice and gracious, learned about the mangosteen for the first time and had the best ice cream in the whole world. And the chocolate pancakes were amazing. The extremely low prices would amaze you. Bloomberg reported on 12 November 2009 that ‘Vietnam will resume gold imports for the first time since June 2008 … Five or six companies will be allowed to bring in unlimited amounts of gold’ [emphasis added]. The Vietnamese, like most in the East such as China, India, etc. have a severe case of gold bugitis. Vietnam, a tiny country of about 86 million people with an average per capita GDP of $1,042, is the largest gold retail investment country ahead of India. Of course, this is somewhat misleading because the GFMS distinguishes between jewelry and investment demand. GOLD TRADING AT ABOUT $1,300 PER OUNCE Bloomberg also reported: The price of gold in Vietnam was 27.5 million dong ($1,539) per tael today, according to a telephone directory information service run by Vietnam Posts & Telecommunications. It earlier reached a record high of more than 29 million per tael, online newswire Dan Tri reported, citing local jewelers. One tael is about 1.2 oz of gold. Some simple math reveals that $1,539/1.2=$1,282.50 or 29/27.5*$1,539/1.2=$1,352.45. Link to comment Share on other sites More sharing options...
bitbigt Posted November 13, 2009 Report Share Posted November 13, 2009 Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) Link to comment Share on other sites More sharing options...
Pixel8r Posted November 13, 2009 Report Share Posted November 13, 2009 Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) No irritation, everyone is entitled to their opinion especially when they state it in the manner you do Gold is a long term accumulate thing for me. I am sure different currencies will swing about, but see the long term picture for gold being positive in all currencies. I am expecting currently that gold accelerates in dollars, maybe not as much in pounds. But then after the UK election next year I am thinking the pound will take a hit and gold holders will be very happy. Link to comment Share on other sites More sharing options...
FWIW Posted November 13, 2009 Report Share Posted November 13, 2009 Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) It's always good to ease off a little now and again, if only to prove to yourself that you can sell gold and are not a goldbug perma gold bull! However, if you think the GBP will escape some pain then I think you are wrong. Link to comment Share on other sites More sharing options...
FWIW Posted November 13, 2009 Report Share Posted November 13, 2009 MUST Read here: http://www.marketoracle.co.uk/Article15013.html Quote: Anyone who has studied prior secular bull markets knows that a 4 fold gain over ten years is not a bubble and is not anywhere a secular top, but "bubble" calls are everywhere in the mainstream financial community regarding Gold. First, they don't see it coming and say it can never happen and then they call "bubble" the second it does! I love it because Gold is still climbing a wall of worry. Yes, the short-term speculative froth is a little high, but long term (I am not a day trader), Gold has a long way to go regardless of what paperbugs think. Link to comment Share on other sites More sharing options...
Pixel8r Posted November 13, 2009 Report Share Posted November 13, 2009 MUST Read here: http://www.marketoracle.co.uk/Article15013.html Thanks for posting I particularly liked this quote, as explains my thinking precisely. Trying to game short-term corrections in a raging bull market is a fool's game and there's no reason to do it. Simply buy on sharp pullbacks and hold on. It's not rocket science for those with a time horizon of more than a few days. Link to comment Share on other sites More sharing options...
chazza Posted November 13, 2009 Report Share Posted November 13, 2009 Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) Where do you think a pullback will take us to? Depending on the time of the pullback, I would be looking for £590-odd. Unsure as to wether we can break the uptrend line given the fundamentals of Turdling, Link to comment Share on other sites More sharing options...
alexreeve Posted November 13, 2009 Report Share Posted November 13, 2009 Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) You called the top at £690ish early in the year, kudos. I thought you were buying again in early September, has something specific changed your mind? Link to comment Share on other sites More sharing options...
warpig Posted November 13, 2009 Report Share Posted November 13, 2009 Can you ellaborate on why you think this "(global politics, economics, gold news, UK/sterling news, chart patterns...)" is the case please? Can you also hint at what price you think gold in GBP might pull back to? Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) Link to comment Share on other sites More sharing options...
fitkid Posted November 13, 2009 Report Share Posted November 13, 2009 I have the book right here in my hands - published in 2004: He states on page 164: Gold has been a favourite inflation hedge for some, and with the dollar likely to continue weakening over the next few years, I can see gold continuing to climb, which is why I own some. But you may do a whole lot better buying other commodities that will be making much more impressive moves. You should also be aware that the continual fascination with gold flies in the face of the realities of supply and demand. On page 166: The gold standard for gold prices among the goldbugs and other gold hopefuls was that 1980 historic high of $850. It is not a price we're likely to see soon - outside an economic collapse so awful that we will all be fighting one another to buy gold. I don't see anything contradictory in what he said. When the facts change, then people also need to change! Sir Pixel8r posted a story regarding 400 oz Tungsten bars earlier on - maybe a story like that has changed Jim's mind. Read the tungsten story here: http://news.goldseek.com/GoldSeek/1258049769.php note the year 2004 makes another appearance. I like it FWIW u deserve a knighthood as well ARISE SIR FWIW Link to comment Share on other sites More sharing options...
FWIW Posted November 13, 2009 Report Share Posted November 13, 2009 I like it FWIW u deserve a knighthood as well ARISE SIR FWIW Well that made me smile! Thanks! Link to comment Share on other sites More sharing options...
Schaublin Posted November 13, 2009 Report Share Posted November 13, 2009 Well that made me smile! Thanks! fitkid, I like your idea of knighting posters. Should we address them as Sir.... when we refer to them in posts? Link to comment Share on other sites More sharing options...
fitkid Posted November 13, 2009 Report Share Posted November 13, 2009 From a traders viewpoint platinum has made some impressive moves at over 2000 to around 1000 and now 1300 and every chance it will be over 2000 before gold is. In an economic recovery where there is less fear of collapse gold will fade in favour of stuff people require. And in 2004 $850 was nowhere to be seen anytime soon It seems if: 1. you are certain of economic collapse then trade wholely with gold 2. If you are optimistic of economic recovery then trade mainly with something that is required. Do you regularly meet up with Halcyon and have long drawn out debates.?? Do send the good fellow my best regards.!! Thinking out loud "what on earth is going on in FINLAND seemed such a lovely place too". Link to comment Share on other sites More sharing options...
bitbigt Posted November 13, 2009 Report Share Posted November 13, 2009 You called the top at £690ish early in the year, kudos. I thought you were buying again in early September, has something specific changed your mind? Yes. I sold it all at GBP 660 in March. (Half of the GBP then went into CHF a few months later, and this has since gained me another 8% as GBP weakened) Then bought back into gold with 20% (of what I wanted to put into gold) about 2 months ago at GBP 570, so up 16% on that. If I had put all 10% in at GBP 570, I'd be selling quarter to half now. But with only 20% in I'm just sitting tight. Where do you think a pullback will take us to? Depending on the time of the pullback, I would be looking for £590-odd. Unsure as to wether we can break the uptrend line given the fundamentals of Turdling, I can imagine (50% confident) gold hitting a low of between GBP 500-600 over next 6-12 months. So 10-25% down from here. I am more confident (80%) that we've just seen a short term top. Can you ellaborate on why you think this "(global politics, economics, gold news, UK/sterling news, chart patterns...)" is the case please? Can you also hint at what price you think gold in GBP might pull back to? Not easily in a few lines of text. Its about reading widely, and baking in experience and intuition. Its the 'art' of investing, not the science! Hence, everything is with a masive ...IMHO Link to comment Share on other sites More sharing options...
fitkid Posted November 13, 2009 Report Share Posted November 13, 2009 fitkid, I like your idea of knighting posters. Should we address them as Sir.... when we refer to them in posts? DEFINETLY !! and other posters no names mentioned or needed we should give them the accolade CHUMP Link to comment Share on other sites More sharing options...
TrueNorth Posted November 13, 2009 Report Share Posted November 13, 2009 Hi Guys and Gals At the risk of irritating some of you, I'd like to say that my take on all the recent action (global politics, economics, gold news, UK/sterling news, chart patterns...) leads me to a fairly strong suspicion that now would be a good time to lighten up on GBP gold holdings (not sell it all, just ease off a little) - IF you want to play that game at the edges whilst keeping a substantial core holding. Replies with more that 5 swear words will be ignored :-) Last time we reached what I felt was an interim top (February) I took profits by cashing out goldmoney holdings into gold bullion. Wonder if that would be a good strategy again here? I dunno. I have a core holding. Link to comment Share on other sites More sharing options...
InSilverWeTrust Posted November 13, 2009 Report Share Posted November 13, 2009 Martin Armstrong, Gold $5000+ http://www.greenenergyinvestors.com/index.php?showtopic=8226 Link to comment Share on other sites More sharing options...
Pixel8r Posted November 13, 2009 Report Share Posted November 13, 2009 Looks like we could be on for a nice strong close for the end of the week on another all time high Link to comment Share on other sites More sharing options...
FWIW Posted November 13, 2009 Report Share Posted November 13, 2009 http://broadcast.ino.com/education/spotgold1112/ Link to comment Share on other sites More sharing options...
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