LauraB Posted August 11, 2008 Report Share Posted August 11, 2008 but if your pension income is safe I'm certainly risk averse. It's in Sterling, which may explain my interest in PMs over the last 8 months! Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted August 11, 2008 Report Share Posted August 11, 2008 oil just dropped a dollar in a split second, someone trying a big sell? manipulation? meanwhile fannie mae is down about 8% and gold holding around 850. I was looking at the summer 2006 pog bounce back from the sell-off, here's hoping it happens again forget it everyone buy shares in fannie and freddie, they are a bargain don't you know Link to comment Share on other sites More sharing options...
Johan van der Smut Posted August 11, 2008 Report Share Posted August 11, 2008 $848 and heading vertically downwards. Bollocks Link to comment Share on other sites More sharing options...
Bobsta Posted August 11, 2008 Report Share Posted August 11, 2008 $848 and heading vertically downwards. Bollocks The 1.30pm and 4.30pn smackdowns were a few minutes late today. But still...... you could almost set your watch by this stuff. Link to comment Share on other sites More sharing options...
electroweak Posted August 11, 2008 Report Share Posted August 11, 2008 I'd be using the smackdowns (around 13:30 and 16:30 of late- including today..) hmmm. seems they're not finished yet.. Link to comment Share on other sites More sharing options...
bitbigt Posted August 11, 2008 Report Share Posted August 11, 2008 $848 and heading vertically downwards. Bollocks Now that that IS manipulation... Wait until London closes so no-one can interfere, and force gold below 850 where you know lots of automated sell orders will trigger. So they win this battle, but they'll loose the war. Link to comment Share on other sites More sharing options...
azazel Posted August 11, 2008 Report Share Posted August 11, 2008 Taking the piss IMO. War spreads, banks fail, inflation increases and gold- goes down. Link to comment Share on other sites More sharing options...
CIGA Posted August 11, 2008 Report Share Posted August 11, 2008 Taking the piss IMO. War spreads, banks fail, inflation increases and gold- goes down. I feel sick, I think percentage wise this is the furthest gold has ever dropped below the 200dma since 2001. http://www.kitco.com/charts/popup/au24hr3day.html Link to comment Share on other sites More sharing options...
CIGA Posted August 11, 2008 Report Share Posted August 11, 2008 Someone please tell me WTF is propping up the dollar? Link to comment Share on other sites More sharing options...
notanewmember Posted August 11, 2008 Report Share Posted August 11, 2008 Wow lucky i have no margined positions - longs would be jumping out the window! Link to comment Share on other sites More sharing options...
Bobsta Posted August 11, 2008 Report Share Posted August 11, 2008 I feel sick, I haven't got a huge amount of skin in the game right now (thank god) but can totally understand how you and others who are heavily "on board" must feel right now. Dr Bubb, you still holding those calls? Link to comment Share on other sites More sharing options...
electroweak Posted August 11, 2008 Report Share Posted August 11, 2008 CHF 900-910 Sure hope you're right, CG!!!!! Link to comment Share on other sites More sharing options...
bitbigt Posted August 11, 2008 Report Share Posted August 11, 2008 I feel sick, I think percentage wise this is the furthest gold has ever dropped below the 200dma since 2001. http://www.kitco.com/charts/popup/au24hr3day.html In sterling its still above the bottom from May. This is all about the engineered (i.e., unjustified and transient) strengthenning of the dollar, plus a PR campagn to get people to focus on the global slowdown. When it becomes clear that inflation just is not going away anytime soon then gold will recover. I'm personally planning a big top up in silver EDIT: ...blood on streets, panick, time to buy etc ....here's where the Buffetts of this world would be buying Link to comment Share on other sites More sharing options...
anciom Posted August 11, 2008 Report Share Posted August 11, 2008 its getting a pounding. meanwhile barrats and the banks are climbing fast. theres an air of crisis over. this is all based on the usa sub prime crisis. however, theres a huge sub prime uk problem just begining and also a neg equity default problem looming, so i feel that hpc financial planners opinion of down to $750 before the next run up is possibly the best opinion. Link to comment Share on other sites More sharing options...
notanewmember Posted August 11, 2008 Report Share Posted August 11, 2008 Marc Faber - is a legend. Link to comment Share on other sites More sharing options...
drbubb Posted August 11, 2008 Report Share Posted August 11, 2008 I haven't got a huge amount of skin in the game right now (thank god) but can totally understand how you and others who are heavily "on board" must feel right now. Dr Bubb, you still holding those calls? Sure. I am mentally ready for lower prices. That is exactly why I buy Calls, rather than trade forwards, or physical metal. I did say no guarantees, and many people have pointed out the dangers of trading on margin. I think we should be watching crude oil now. Next big support is $110. Crude weakness seems to be the main prop for Gold Link to comment Share on other sites More sharing options...
bitbigt Posted August 11, 2008 Report Share Posted August 11, 2008 This could even be a good signal today... We'll have squeezed out all the automated sells set at 850 (of which there were probably many!!!) and at the same time the dollar rally seems to be faltering and gold is still above its May bottom in Sterling. But we may end just 2% down from last Friday. Plus, overnight it was clear that Asians would rather buy than sell gold at these prices. What a ride Link to comment Share on other sites More sharing options...
Silent reader Posted August 11, 2008 Report Share Posted August 11, 2008 Taking the piss IMO. War spreads, banks fail, inflation increases and gold- goes down. I have to admit, it's got me scratching my head. Obviously somebody is selling, but who ? Banks ? Private investors ? I'm off to www.gata.org before I start thinking of ringing my coin dealer. Link to comment Share on other sites More sharing options...
drbubb Posted August 11, 2008 Report Share Posted August 11, 2008 This could even be a good signal today... We'll have squeezed out all the automated sells set at 850 (of which there were probably many!!!) and at the same time the dollar rally seems to be faltering and gold is still above its May bottom in Sterling. But we may end just 1% down from last Friday. Plus, overnight it was clear that Asians would rather buy than sell gold at these prices. What a ride Remember, it has been true for a long time, and it is still true, I think: Most believe ONLY NEW YORK TRADING is really meaningful on the charts. There's a gap overhead, so at minimum, a move up to fill it seems likely- probably soon ...added... This is getting Ugly as various stops get hit: GLD SPDR GOLD TRGOLD SHS Last [Tick] 81.7500[ + ] Change -2.6800 % Change -3.17% GDX Last [Tick] 34.2600[ + ] Change -2.0400 % Change -5.62% Big Volume coming in. Prepare yourselves for $820, maybe 800 Link to comment Share on other sites More sharing options...
electroweak Posted August 11, 2008 Report Share Posted August 11, 2008 CHF 900-910 Still sure hope you're right, CG.... Link to comment Share on other sites More sharing options...
Gatesy Posted August 11, 2008 Report Share Posted August 11, 2008 There's a gap overhead, so at minimum, a move up to fill it seems likely- probably soon I;ve heard about gaps before, can you explain why it should be filled? Link to comment Share on other sites More sharing options...
drbubb Posted August 11, 2008 Report Share Posted August 11, 2008 I;ve heard about gaps before, can you explain why it should be filled? I think there's a thread somewhere. Think of a gap as a vaccuum. But do not rely on this. It is only a very strong tendency I think it may happen within a few days or weeks, but if this market keeps falling on this sort of volume, and does V back up, gold bugs are in trouble Re: GAPS I think there is one from Dec. at something like GLD-80, perhaps this move will fill that, and then find buying My Olympic trade is clearly out of the medals now, but lots can change between now and Month end Link to comment Share on other sites More sharing options...
harvipark Posted August 11, 2008 Report Share Posted August 11, 2008 I think there's a thread somewhere. Think of a gap as a vaccuum. But do not rely on this. It is only a very strong tendency I think it may happen within a few days or weeks, but if this market keeps falling on this sort of volume, and does V back up, gold bugs are in trouble Any ideas as to what has sparked this drop Bubb? I wasnt expecting to see below 850 again Link to comment Share on other sites More sharing options...
nbarter Posted August 11, 2008 Report Share Posted August 11, 2008 Remember, it has been true for a long time, and it is still true, I think: Most believe ONLY NEW YORK TRADING is really meaningful on the charts. There's a gap overhead, so at minimum, a move up to fill it seems likely- probably soon I dont know about gold, but the S&P for example normally hates leaving gaps unfilled - unless there is a serious bull or bear market on. There were a few gaps on the way down from the May highs that were not filled. I wouldnt be surprised if the same happened in gold if this market has a lot further to go south. Link to comment Share on other sites More sharing options...
Gatesy Posted August 11, 2008 Report Share Posted August 11, 2008 I think there's a thread somewhere. Think of a gap as a vaccuum. But do not rely on this. It is only a very strong tendency Thanks I think it may happen within a few days or weeks, but if this market keeps falling on this sort of volume, and does V back up, gold bugs are in trouble ? Can you expand? 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