Gold Down

[Arraya]

http://www.ft.com/cms/s/bf8246aa-8f13-11dd-946c-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fbf8246aa-8f13-11dd-946c-0000779fd18c.html&_i_referer=http%3A%2F%2Fwww.prudentbear.com%2Findex.php%3FItemid%3D57%26option%3Dcom_content%26view%3Dfrontpage

Investors in gold are demanding “unprecedented” amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen. Industry executives and bankers at the London Bullion Market Association annual meeting said the extent of the move into physical gold was unseen and driven by the very rich. There is an enormous pick-up in investment demand. I have never seen a market like this in my 33-year career,” said Jeremy Charles, chairman of the LBMA. “The gold refineries cannot produce enough bars.” The move comes as fears grow among investors over the losses at investments previously considered almost risk-free, such as money funds. Spot gold prices in London on Tuesday traded at about $900 an ounce, more than 25% above the level before Lehman Brothers’ collapse. Executives said gold refineries and government mints were working at full throttle but acknowledged they were suffering shortages, particularly on gold coins.

[peterb]

All currencies are about to start creating more money. Watching gold in a short time frame is not too meaningful. Especially in this market of extreme volitility. The fundementals all point to gold going higher in the next few years. So then it’s a matter of timing. If it gets support at $800 or there abouts, it should be ok for the next leg up. If not, then it go to the next support level of around $650. Keep in mind that it costs about $500 or $600 to produce and ounce. And finding new gold is not getting easier.

I’m 30% right now and keeping a close eye on support levels. I’ll buy more at $800. And if it breaks down, I’ll get more at $700. So I guess I’m getting more no matter what. Kinda funny.

[peterb]

All currencies are about to start creating more money. Watching gold in a short time frame is not too meaningful. Especially in this market of extreme volitility. The fundementals all point to gold going higher in the next few years. So then it’s a matter of timing. If it gets support at $800 or there abouts, it should be ok for the next leg up. If not, then it go to the next support level of around $650. Keep in mind that it costs about $500 or $600 to produce and ounce. And finding new gold is not getting easier.

I’m 30% right now and keeping a close eye on support levels. I’ll buy more at $800. And if it breaks down, I’ll get more at $700. So I guess I’m getting more no matter what. Kinda funny.

[peterb]

All currencies are about to start creating more money. Watching gold in a short time frame is not too meaningful. Especially in this market of extreme volitility. The fundementals all point to gold going higher in the next few years. So then it’s a matter of timing. If it gets support at $800 or there abouts, it should be ok for the next leg up. If not, then it go to the next support level of around $650. Keep in mind that it costs about $500 or $600 to produce and ounce. And finding new gold is not getting easier.

I’m 30% right now and keeping a close eye on support levels. I’ll buy more at $800. And if it breaks down, I’ll get more at $700. So I guess I’m getting more no matter what. Kinda funny.

[peterb]

All currencies are about to start creating more money. Watching gold in a short time frame is not too meaningful. Especially in this market of extreme volitility. The fundementals all point to gold going higher in the next few years. So then it’s a matter of timing. If it gets support at $800 or there abouts, it should be ok for the next leg up. If not, then it go to the next support level of around $650. Keep in mind that it costs about $500 or $600 to produce and ounce. And finding new gold is not getting easier.

I’m 30% right now and keeping a close eye on support levels. I’ll buy more at $800. And if it breaks down, I’ll get more at $700. So I guess I’m getting more no matter what. Kinda funny.

[peterb]

All currencies are about to start creating more money. Watching gold in a short time frame is not too meaningful. Especially in this market of extreme volitility. The fundementals all point to gold going higher in the next few years. So then it’s a matter of timing. If it gets support at $800 or there abouts, it should be ok for the next leg up. If not, then it go to the next support level of around $650. Keep in mind that it costs about $500 or $600 to produce and ounce. And finding new gold is not getting easier.

I’m 30% right now and keeping a close eye on support levels. I’ll buy more at $800. And if it breaks down, I’ll get more at $700. So I guess I’m getting more no matter what. Kinda funny.

[Eugene]

Have you seen platinum?

From $2200 to $980 in 6 months …

[Eugene]

Have you seen platinum?

From $2200 to $980 in 6 months …

[Eugene]

Have you seen platinum?

From $2200 to $980 in 6 months …

[Eugene]

Have you seen platinum?

From $2200 to $980 in 6 months …

[Eugene]

Have you seen platinum?

From $2200 to $980 in 6 months …

[Eugene]

Also, many good articles (again see Roubini’s website) have been written that the Worlds central banks are supporting the dollar. Gold is kinda the enemy of the dollar, because if gold starts rising and people start dumping dollars then momentum can build against the dollar and for gold. So bankers don’t want higher gold prices. Central banks may be conspiring against gold.

Right now strong dollar is bad for the global economy. GDP kept growing through the first half of the year because of strong manufacturing and strong exports. With dollar back to 2007 levels, unemployment is through the roof and ISM manufacturing index is showing strong contraction.

So HOLD COURSE on keeping my gold holdings to a MINIMUM (currently 25%) and watch for the bottom in gold prices, then LOAD UP ON GOLD at teh bottom of the recession. GUESSING now I think we are going below $800. Will we go below last resitance level of $750/ounce? I have no idea!

Loading up on gold at the bottom would be a remarkably bad idea. As the recession ends, investors will start moving from gold into stocks again, GLD and the likes will start unloading its reserves, prices will crash. If anything, load up on platinum because it will appreciate due to fundamental demand.

My personal sentiment is shifting towards bullish on gold (for now).
Sooner or later, probably sooner, the Fed will have to start pumping more money into the economy to avoid deflation, gold will appreciate. The idea is to buy gold now and sell at the bottom of the recession.

[Eugene]

Also, many good articles (again see Roubini’s website) have been written that the Worlds central banks are supporting the dollar. Gold is kinda the enemy of the dollar, because if gold starts rising and people start dumping dollars then momentum can build against the dollar and for gold. So bankers don’t want higher gold prices. Central banks may be conspiring against gold.

Right now strong dollar is bad for the global economy. GDP kept growing through the first half of the year because of strong manufacturing and strong exports. With dollar back to 2007 levels, unemployment is through the roof and ISM manufacturing index is showing strong contraction.

So HOLD COURSE on keeping my gold holdings to a MINIMUM (currently 25%) and watch for the bottom in gold prices, then LOAD UP ON GOLD at teh bottom of the recession. GUESSING now I think we are going below $800. Will we go below last resitance level of $750/ounce? I have no idea!

Loading up on gold at the bottom would be a remarkably bad idea. As the recession ends, investors will start moving from gold into stocks again, GLD and the likes will start unloading its reserves, prices will crash. If anything, load up on platinum because it will appreciate due to fundamental demand.

My personal sentiment is shifting towards bullish on gold (for now).
Sooner or later, probably sooner, the Fed will have to start pumping more money into the economy to avoid deflation, gold will appreciate. The idea is to buy gold now and sell at the bottom of the recession.

[Eugene]

Also, many good articles (again see Roubini’s website) have been written that the Worlds central banks are supporting the dollar. Gold is kinda the enemy of the dollar, because if gold starts rising and people start dumping dollars then momentum can build against the dollar and for gold. So bankers don’t want higher gold prices. Central banks may be conspiring against gold.

Right now strong dollar is bad for the global economy. GDP kept growing through the first half of the year because of strong manufacturing and strong exports. With dollar back to 2007 levels, unemployment is through the roof and ISM manufacturing index is showing strong contraction.

So HOLD COURSE on keeping my gold holdings to a MINIMUM (currently 25%) and watch for the bottom in gold prices, then LOAD UP ON GOLD at teh bottom of the recession. GUESSING now I think we are going below $800. Will we go below last resitance level of $750/ounce? I have no idea!

Loading up on gold at the bottom would be a remarkably bad idea. As the recession ends, investors will start moving from gold into stocks again, GLD and the likes will start unloading its reserves, prices will crash. If anything, load up on platinum because it will appreciate due to fundamental demand.

My personal sentiment is shifting towards bullish on gold (for now).
Sooner or later, probably sooner, the Fed will have to start pumping more money into the economy to avoid deflation, gold will appreciate. The idea is to buy gold now and sell at the bottom of the recession.

[Eugene]

Also, many good articles (again see Roubini’s website) have been written that the Worlds central banks are supporting the dollar. Gold is kinda the enemy of the dollar, because if gold starts rising and people start dumping dollars then momentum can build against the dollar and for gold. So bankers don’t want higher gold prices. Central banks may be conspiring against gold.

Right now strong dollar is bad for the global economy. GDP kept growing through the first half of the year because of strong manufacturing and strong exports. With dollar back to 2007 levels, unemployment is through the roof and ISM manufacturing index is showing strong contraction.

So HOLD COURSE on keeping my gold holdings to a MINIMUM (currently 25%) and watch for the bottom in gold prices, then LOAD UP ON GOLD at teh bottom of the recession. GUESSING now I think we are going below $800. Will we go below last resitance level of $750/ounce? I have no idea!

Loading up on gold at the bottom would be a remarkably bad idea. As the recession ends, investors will start moving from gold into stocks again, GLD and the likes will start unloading its reserves, prices will crash. If anything, load up on platinum because it will appreciate due to fundamental demand.

My personal sentiment is shifting towards bullish on gold (for now).
Sooner or later, probably sooner, the Fed will have to start pumping more money into the economy to avoid deflation, gold will appreciate. The idea is to buy gold now and sell at the bottom of the recession.

[Author]

Posts