50sQuiff Posted May 14, 2010 Report Share Posted May 14, 2010 If it feels scary to be in on this ride, I wonder how scary it's going to feel soon for people who aren't crewing the rockets? And that's being 60% in gold. I feel slightly sick in my stomach and I'm 40% in gold. There's a distinct feeling that this is getting out of hand. Looking around my office right now, everyone's happily getting on with their job. Maybe they're on to something? Link to comment Share on other sites More sharing options...
The Mad Hatter Posted May 14, 2010 Report Share Posted May 14, 2010 I feel slightly sick in my stomach and I'm 40% in gold. There's a distinct feeling that this is getting out of hand. Looking around my office right now, everyone's happily getting on with their job. Maybe they're on to something? More likely they are completely ignorant. Try a few questions such as "What would you do if sterling collapsed because of a gilt strike?" and see if they understand what you are saying. Link to comment Share on other sites More sharing options...
DoctorSolar Posted May 14, 2010 Report Share Posted May 14, 2010 I feel slightly sick in my stomach and I'm 40% in gold. There's a distinct feeling that this is getting out of hand. Looking around my office right now, everyone's happily getting on with their job. Maybe they're on to something? Sadly most folks are utterly clueless about what is going on. My office is filled with pretty educated folks many of whom are in finance. These guys were piling in to Icesave when it was clear to me something was up. They have no idea what is going on or where we are headed. They have no idea what a Sov or a Britannia is. Ignorance is bliss for these folks right now.... Sadly the bliss wont last. EDIT: just to get it off my chest one of the financial guys at work was always bragging how much money he was making with his chinese stock investments in 2007/2008. He has now lost 50% of his money. Even the so called experts are f&cking clueless. Another finance guy stopped buying the FTSE index tracker right at the low. I told him at the time now is the time to buy not sell. Did he buy? No! He threw it all in the garbage can ready for the banksters to gobble up. God help us all these guys are supposedly the financial geniuses! I showed them a 1oz bar of palladium i bought right at the low. Again totally clueless as to what it was. Showed them a $50 1oz gold eagle. Again amazing ignorance. "Why did you buy it when its only worth $50" give me strength! Link to comment Share on other sites More sharing options...
ologhai Posted May 14, 2010 Report Share Posted May 14, 2010 Question - Was the 1.37 in Feb 09 in gold $ or sterling gold? If sterling, I will double check my numbers. I have this at 1.34 According to my spreadsheet, the ratio peaked on 20-Feb-09. The 200DMA was £502.42 and the PoG was (PM Fix) £690.35 -- a ratio of 1.374 or so. (I actually sold on 19-Feb when the ratio was 1.365.) Link to comment Share on other sites More sharing options...
ecoface Posted May 14, 2010 Report Share Posted May 14, 2010 CGNAOs call of £900/toz for this leg up is looking a lot more likely suddenly. There will be a correction soon whcih will test £750 to 775, as its getting beyond itself; this wouldn't be a bad thing but a good time to buy IMO. My guess is that a correction will co-incide with a GBP short term rally as this is what the herd is least expecting. The herd has gone short too much on sterling too quickly, and long GBP/ POG too quickly. Anyone else looking at the contrarian view here? Link to comment Share on other sites More sharing options...
romans holiday Posted May 14, 2010 Report Share Posted May 14, 2010 There will be a correction soon whcih will test £750 to 775, as its getting beyond itself; this wouldn't be a bad thing but a good time to buy IMO. My guess is that a correction will co-incide with a GBP short term rally as this is what the herd is least expecting. The herd has gone short too much on sterling too quickly, and long GBP/ POG too quickly. Anyone else looking at the contrarian view here? Just as likely to contniue higher here as correct a little. I'll buy a few ounces at the end of the month. At some point though... maybe later in the year or next, we'll see everything liquidate. The contra currency to be in for this is the dollar... in order to buy lower gold. Pound, Euro, near everything will be caught up in a dollar vortex. Link to comment Share on other sites More sharing options...
lyb Posted May 14, 2010 Report Share Posted May 14, 2010 Has temporarily exceeded 1000 Euro/ounch and silver closing 16 Euro/inch. As a Eurogold and Eurosilver investor (89% invested), it is time to open the champagne! Although I do know, once I do this, a sharp correction is likely to follow. A possible scenario, is that the correction will start (as in March 2008 when gold just exceeded 1000$/ounch) at the 1020-1040 Euro level. But then you have these projections of 1338$ gold and Jim Sinclair's belief we are heading to 1650 on this leg, no summer doldrums. Who knows? I have a significant dollar allocation waiting for the next sharp sell-off. Link to comment Share on other sites More sharing options...
lyb Posted May 14, 2010 Report Share Posted May 14, 2010 Gold price always seems to do the opposite, one expects. Many have sold, expecting a double top. Link to comment Share on other sites More sharing options...
romans holiday Posted May 14, 2010 Report Share Posted May 14, 2010 Gold price always seems to do the opposite, one expects. Many have sold, expecting a double top. Gold makes for excellent mirror material. Most often we read what we want into it. Link to comment Share on other sites More sharing options...
electroweak Posted May 14, 2010 Report Share Posted May 14, 2010 Gotta love a good Link to comment Share on other sites More sharing options...
alexreeve Posted May 14, 2010 Report Share Posted May 14, 2010 It's Friday, it's 3 o'clock... Smackdown!!! EDIT: OK that was weak... Link to comment Share on other sites More sharing options...
jinbal Posted May 14, 2010 Report Share Posted May 14, 2010 I have a significant dollar allocation waiting for the next sharp sell-off. AKA the sanity retainer - really works Link to comment Share on other sites More sharing options...
alexreeve Posted May 14, 2010 Report Share Posted May 14, 2010 OK that was weak... I'll take that back. Link to comment Share on other sites More sharing options...
bazmercer Posted May 14, 2010 Report Share Posted May 14, 2010 I'll take that back. hehe, yeah that was quite an impressive one. edit: why does it move in such huge jumps (downwards)? It doesn't make sense. If anything else I owned did that I'd assume there was some news. With gold it's just normal now and I tend to ignore it! Link to comment Share on other sites More sharing options...
Guest Dramatic Exit Posted May 14, 2010 Report Share Posted May 14, 2010 edit: why does it move in such huge jumps (downwards)? It doesn't make sense. If anything else I owned did that I'd assume there was some news. With gold it's just normal now and I tend to ignore it! Yup. You'd think that ups and downs would come from *somewhere*. Maybe a news article, a press release, Spandau Ballet being on the radio... With gold, it's just Friday 3pm. Nice bounce back now the LBMA have gone to sleep. Link to comment Share on other sites More sharing options...
dietcolaaddict Posted May 14, 2010 Report Share Posted May 14, 2010 'Failed smackdown pattern' developing currently in NY time. In my experience, this is bullish for the week ahead. Link to comment Share on other sites More sharing options...
Wanderer Posted May 14, 2010 Report Share Posted May 14, 2010 I hope it is bullish. I'm getting all sort of twitchy on the trigger finger. I'm very used to seeing my 'fortune' rise, think I should sell, and then seing it fall back. So I'm nervous of keeping it all right now. That said, ther does seem to be enormous volatility out there and some really interesting political developments. THe whole Euro area, and the UK's relationship with it, is very much in question right now. Link to comment Share on other sites More sharing options...
azazel Posted May 14, 2010 Report Share Posted May 14, 2010 Could it be that gold is facing resistance at 1000 euros like it did at $1000? Link to comment Share on other sites More sharing options...
DoctorSolar Posted May 14, 2010 Report Share Posted May 14, 2010 I find listening to Sinatra singing Sondheim's "send in the clowns" helps at moments like these: Isn't it rich? Isn't it queer? Losing my timing this late In my career? And where are the clowns? Quick, send in the clowns. Don't bother - they're here. Link to comment Share on other sites More sharing options...
LauraB Posted May 14, 2010 Report Share Posted May 14, 2010 Could it be that gold is facing resistance at 1000 euros like it did at $1000? Or could it be innocent profit taking, for a change? Just a hunch as it hasn't bounced back up again which has been the recent healthy response to any smackdown. Link to comment Share on other sites More sharing options...
50sQuiff Posted May 14, 2010 Report Share Posted May 14, 2010 Interesting chart gleaned from ZeroHedge. Is gold in a bubble? The answer: Link to comment Share on other sites More sharing options...
chazza Posted May 14, 2010 Report Share Posted May 14, 2010 Interesting chart gleaned from ZeroHedge. Is gold in a bubble? The answer: 'Wow' is all I can add to that graph, certainly puts it in perspective. Goldfinger, that will have to be one of your regulars also... Link to comment Share on other sites More sharing options...
electroweak Posted May 14, 2010 Report Share Posted May 14, 2010 Yup. You'd think that ups and downs would come from *somewhere*. Maybe a news article, a press release, Spandau Ballet being on the radio... With gold, it's just Friday 3pm. Nice bounce back now the LBMA have gone to sleep. I saved the horror of the drop as I have decided to whenever I see a nice smackdown. Obviously those here will know the demand is hellishly strong for "consumer" physical. Most dealers are either out of small silver/gold products or have dwindling stocks. Ominously: COMEX gold open interest rises to all-time high 14 May 2010 - 20:22 NEW YORK, May 14 (Reuters) - Open interest for COMEX gold futures rose to an all-time high on May 13 as traders piled in when bullion rose to record highs on safe-haven demand this week, exchange data showed on Friday. COMEX gold open interest jumped 10,952 to 599,058 lots on Thursday, surpassing its previous record of 593,953 contracts set on Jan. 15, 2008. (Reporting by Frank Tang) Link to comment Share on other sites More sharing options...
Schaublin Posted May 14, 2010 Report Share Posted May 14, 2010 Krugerrands back in stock at CID - but over £900 each. Link to comment Share on other sites More sharing options...
50sQuiff Posted May 14, 2010 Report Share Posted May 14, 2010 'Wow' is all I can add to that graph, certainly puts it in perspective. Goldfinger, that will have to be one of your regulars also... That chart looks stunning at first glance. I think the different scales in use may need closer examination though. Tomorrow, when my eyes are less tired.. Link to comment Share on other sites More sharing options...
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