Gold tanks...buying Opportunity
EagleEye
Posts: 7,677 ✭✭✭✭✭
Seems like a big jump..in the wrong direction. (down $10 mid-day) This is a great time to load up (imho) if you catch this dip.
Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
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Comments
less than 10.00 on over 400.00 not that much,
you have to have a lot of money to make much.
Just my thought.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>It is my experience that people who try to time volatile markets generally get um pontapé na bunda. >>
Is the translation of that something like getting the shaft up the rear?
"Seu cabra da peste,
"Sou Mangueira......."
Let's wager a $20 saint on which comes first, $410 gold or $460 gold. I'm game.
roadrunner
<< <i>Load up on gold at ~$435 an ounce?
Let's wager a $20 saint on which comes first, $410 gold or $460 gold. I'm game.
roadrunner >>
Okay, deal, I'll take $460 gold.
Self Indulgence | Holey Coins | Flickr Photostream
This is about as easy as it was when the majority was talking $300 gold occurring before $400 when gold was in the mid $300's following's its first steep decline.
roadrunner
Gold won't fall below $400 until it takes out some major markers at
$500 and higher. There are just too many problems in the current economy for gold to do anything but rise in the long term. No doubt in 5-10 years or even 20 years gold will likely end up under $400 once again after setting new records. If you plan on holding gold for 20 years (like many sheep will do with stock funds or index funds) then you deserve to lose your shirt. This forum won't be around in 10-20 years to send your message of gold < $400 to all of us. But we can all leave you are forwarding addresses.
Let's see? Buying gold after it has doubled is a bad move. But buying moderns, key dates, and Morgans after they have gone up from 2X to 100X are good moves.
Let's not forget that with inflationary effects that have taken hold since gold was at $400 in the early 1980's and even 1990's, that the gold price is relatively UNCHANGED. You heard that right. Our dollar is worth a fraction of what it was in 1982 but gold is still about the same price. Sort of makes sense that gold, even at $650 would barely balance the inflation scales back to even. Such is the result of central bank and FED intervention in the gold market the past 15 years. I guess gold and silver in the 1970's were lousy buys when they first doubled to $70/oz and $3/oz. Everyone who bailed out at those high figures must have felt good. The fact that something doubles in price has NOTHING to do with its future price potential.
Never has and never will. The decision should always be based on market fundamentals, psychology, etc....but not the current price. That's one of the major reasons why most investors in anything lose out...they are only price aware. And I can frankly say that the same disease hits me at times like anyone else. It takes serious focus to stay focused on the long term trend and disregard the chaff.
roadrunner
Let's wager a $20 saint on which comes first, $410 gold or $460 gold. I'm game.
roadrunner >>
Okay, deal, I'll take $460 gold.
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i want in too.
littlejohn
Even placing one's assets in other strong foreign currencies will help to hold value. The dollar still has a long way to fall to balance things out. It will take years.
roadrunner
roadrunner
The dollar is very oversold at this point. Less than 3 years ago the Euro was worth 80c now it is $1.37. If interest rates finally start to raise next year, (there is early evidence in the charts that say this is starting)- then you can expect to see a rally in the dollar which should hit both the stock market and the price of gold. This drop in gold will probably NOT be long lived as the dollar will probably weaken again, but it should be enough to take gold down to the $400 level.
However, if I am wrong and the dollar continues to decline and perhaps even accelerate, then we will have much larger problems to deal with. A falling dollar is not necesarily bad as long as the decline is contained.
Knowledge is the enemy of fear
This is very true. The foreign currency doesnt even have to be strong. I have property in Poland and have enjoyed a very nice 32% appreciation owed just to the decline in the dollar vs the Polish Zloty.
Knowledge is the enemy of fear
$456.
roadrunner
<< <i>Load up on gold at ~$435 an ounce?
Let's wager a $20 saint on which comes first, $410 gold or $460 gold. I'm game.
roadrunner >>
Uh oh!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Any of you gold hawks getting nervous yet? Gold is now at $420. >>
Not really.
Self Indulgence | Holey Coins | Flickr Photostream
I started a position in GLD yesterday. I'm watching the drop. I may add more GLD if the trend continues down.
KJ
It's called Catching a Falling Knife.
Not sure why ya'll bet that a commodity would trade within its trading range....
But with the price wobbling on the 100 MA for now, perhaps the low guys are OK.
Will be much more interesting to buy when "they" (remember Ted Butler?) move the price down to the 200 MA.
Tomorrows employment number will say a lot.
Knowledge is the enemy of fear
Whoa! XAU buyers should watch out for last April.
Knowledge is the enemy of fear
<< <i>Sold at $42.13 Now I have spending $$$ for FUN. Whoo Hoo >>
$42.13 is cheap!
Cameron Kiefer
closes in 2 hrs. 28 mins.
Jan 07, 2005 11:02 NY Time
Bid/Ask 417.50 - 418.00
Low/High 416.50 - 425.20
Change -3.00 -0.71%
30daychg -34.00 -7.53%
1year chg -4.90 -1.16%
Its $41.70 now. Maybe I should buy it back
Knowledge is the enemy of fear
[snip]
A stronger U.S. currency makes dollar-priced metals less attractive to non-U.S. investors.
Spot gold (XAU=: Quote, Profile, Research) was quoted at $419.50/0.00 an ounce, against Thursday's New York close at $420.95/1.70. Friday's late London fix was at $422.20.
Thursday's COMEX settlement at $421.60 was gold's weakest close since Oct. 18, as days of liquidation sparked by a stronger dollar took prices down 4 percent since the start of the year.
Futures rose nearly 6 percent in 2004, touching a 16-year peak of $458.70 on Dec. 2.
"I don't think the dollar is going to really strengthen all that much in the first quarter," said Scott Meyers, analyst at Pioneer Futures. "I think it's going to be in a range and gold will probably be in range also.
"We're not going to $455, but we're not going to $410 either," he said. "I'm inclined do think we're going to work our way back to $430, and maybe $430-440 will be the trading range."
In the U.S. gold exchange-traded fund streetTRACKS (GLD.N: Quote, Profile, Research) , which is backed by bullion, holdings as of Jan. 6 reached a record high 112.24 tonnes.
[snip]
KJ ---> scars on both hands from previous efforts to catch falling knifes
24 Hour Spot Gold chart
One of the sites I use for watching gold.
KJ ---> busy trying to catch the falling knife
Double or nothing?
<< <i>24 Hour Spot Gold chart
One of the sites I use for watching gold.
KJ ---> busy trying to catch the falling knife
You should try this from Kitco Kcast link Works great, and you can see the current price 24 hours a day right in the bottom right corner of your toolbar.
I'd say if some of you are this poor you picked a hobby to put your money into..........................Sell on the upswing trend when everyone wants the product (coins,stocks,gold,etc) and buy when everyone isn't sure and it's droping if you want to make money. Following the crowd will always result in a loss.
I do much better if I average UP and don't average down.
..........Stumpy
bet $410 or $460....with me on the high end.
The volatility in gold will only get greater. Still, none of the problems have been addressed that have contributed to gold rising for the past 3 years.
roadrunner
But the key word in your last post is gold and the other precious metals are volatile markets, and not one that your average coin collector should be playing in. For a rare coin dealer to announce that collectors here should have bought up gold at $435 which is almost double what it was a couple years ago was really irresponsible in my opinion.
I'm quite pleased actually, surprised there was anyone wanting to dump at that price.
Late January is a traditional time for gold to spike upward.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff