gold closed tues. feb/4/03 379.6 on the comex...... will it go higher if no war?

michael

i see thinfs are starting to heat up

is it because of war or are there other factors involved?

are you a buyer of gold bullion? generic usa old gold coins? rare gold?

or are you a seller or the above?

or are you in a holding pattern?

at what point would you sell/ buy more??? what is your threshold??


sincerely michael

wallstreetman

Waiting to see how much of a war premium there is, will buy more on any correction! Many are going to be surprized when they find out its not all about war.

northcoin

What correction should one be waiting for? Wasn't it just the day before yesterday that gold was at $367 and now two days later it is at $380? This looks like two steps forward for one baby step backward if this momentum keeps up. So what does one do, wait until it gets to $400 so one can take advantage of a $10 correction with a dip to $390? Ah well, market timing only works in hindsight anyway.

michael

wow northcoin you sound like you had a very bad night tonight

sincerely michael

northcoin

Did it really come across that way? What I was trying to suggest was that to wait to buy on the dips is pretty tough to do when a market has upward momentum of the type we have seen for gold in the past few days. I actually had a great day because I found some MS 62 and MS63 $20 non common date Saints that were being offered today for the same price they were listed at last week despite the increase in gold. Last week they were fairly priced, but with the $20 increase in the value of their gold content they qualified as bargains. I wasn't willing to assume that on the next dip that these coins were going to be adusted downward though I fully anticipated that once gold hits $400 an ounce there would be some significant price revisions upward.

dorkkarl

sadly, i think the war is inevitable, & will certainly lead to a rise in bullion prices.

K S

roadrunner

Gold touched the $390 mark last night too after settling to $385. This quick move above the $365 mark was called 2 weeks ago by JS.
The shorts and hedgers are getting smoked out quickly and resistance is waning. Now that things have closed above $375, the move could be even stronger to $400+.

An actual war may not be a done deal. Agree with previous comments that there has been no fall back in gold since early December and it doesn't look like one is going to come unless you expect a $25 drop once gold hits $410-425 and the war premium drops out. It may have been cheaper to buy at $350-365. The prices realized on ebay and Teletrade on generic gold are consistently ahead of the daily market.


roadrunner

Steve27

While I believe that war is not inevitable, it is the ONLY reason why gold is going up so rapidly. The run-up yesterday was due in part to anticipation as to what Colin Powell will present to the UN today. If it appears to be solid evidence of Iraq's failure to comply with UN resolutions then gold will continue its upward swing; otherwise, there might be some profit taking.

BSqr

excerpt from FSO

Today’s Markets
All three major indexes ended the session with a loss. The Dow lost 0.35 percent, the S&P 500 was down 0.54 percent, and the Nasdaq lost 0.36 percent. Year-to-date the Dow is down 4.27 percent, the S&P 500 4.12 percent, and the Nasdaq is down 2.55 percent. Gold and gold shares pulled back with strong money flowing into the sector. It is taking even larger amounts of money on the short side to keep bullion prices from exploding. The short position in silver is at close to record levels with not enough silver on the Comex to cover it. One can only wonder what would happen to the shorts if the longs ever demanded delivery. The shorts are playing a risky game of chicken, a game they have played against the longs so effectively for such a long period of time. History shows, however, that when an enemy’s weakness is exposed, it can often lead to victory in the game of war. In this case the shorts weakness is delivery.

greghansen

If you get a pullback to $360 I'd be an aggressive buyer. I agree with Wallstreetman who says, that the 'easy explanation' that golds recent rise is 'all about the war premium' is WAY OFF THE MARK. Toss in a little global economic weakness, persistent dollar weakness, a federal budget that has a BUILT IN annual deficit greater than any in recorded history, WITHOUT considering the cost of the war, and you begin to get the idea that there is more behind it than toppling some second rate dictator. I hope & pray that when the war starts, gold takes a $40-$50 oz. hit. I don't expect it to, but if it does, you will have your second chance. I am neither a buyer or seller right here. Out of respect for the principles of diversificition, I will liquidate 10% of my gold @ $390 and oz. and an additional 10% at each $20 oz. increment thereafter, if I should get so fortunate.

Elcontador

George Soros and his ilk really loves this thread up to this point. By the time you and I hear / read about something, any opportunity for a fast buck is already gone. Caveat emptor.

greghansen

George and his buddies would have missed a 10% plus move in less than 2 months. We didn't start talking about this today.

We've been talking about the prospects of an advance since $340 and even earlier!

We were talking about it then. Was the opportunity to profit gone then in mid-December? Everyone can decide for themselves I suppose.

dorkkarl

i've had a change of heart!

i believe gold will rise well above $400, war or no war. i think the economy is the driving factor, as the dollar weakens, gold strengthens (rush to equity).

not my original theory, but i like it

K S

Catch22

You will know when gold nears it's top. When everyone, and I mean everyone, comes out in favor of investing in gold.......SELL!

michael

wow all great replies i learned much !!!!!!!!!!!!!!!!!

thanks everyone!!

sincerely michael