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oh my........ looks like GOLD!! is on a crash/downward sprial???!!!!!
michael
Posts: 9,524 ✭✭
what will happen next??
are you a net seller?
or will you try to move your better date numismatic pre 1933 gold coins
or possibly will you hedge your bets and buy more bullion or more numismatic gold like threes or choice unc saints??
or
are you a net seller?
or will you try to move your better date numismatic pre 1933 gold coins
or possibly will you hedge your bets and buy more bullion or more numismatic gold like threes or choice unc saints??
or
0
Comments
$550.20 realy isn't much of a "crash/downward spiral"
I like bullion. It's mine. All mine. There are few things I can say that about completely.
oh really?/ well 26 years ago i was in it at 800 dollars an ounce
Buy the dip.
hi, i'm tom.
i do not doctor coins like some who post in here.
<< <i>Hard to believe that gold would be down so much after the horrific trade deficit numbers that just came in. That would seem to portend a very weak dollar, which is usually bullish for gold. Some heavy hitters must be doing some serious profit-taking. >>
Not trying to hijack the thread, But damn ZIGGY, you need a au58 walker in that set.
Lots of paper selling.
roadrunner
Gold has the appearance of a classic market top:
* absurdly bullish sentiment readings (MarketVane)
* cover of Barron's (a month ago)
* civil unrest in major cities
* rumors/fears of impending military action
* radio ads for gold coins on mainstream stations
* The capper is the price action
The volatile price action that makes every bull think the next up day will make up any losses. At a top, one day the goose is cooked, prices are much lower, and the bulls wonder how that happened. Whether this is a "top" or only a "pause" only time and the market will tell. Hopefully I will listen. I'm leaning towards an intermediate top, but evidence can change my mind in a day or a week.
There was one "gold bug" writing what does it matter if gold dips to $350, as long as it is going to $1000 in the long run. This kind of thinking is what makes a top. If a person can buy 50% more gold at $350 vs. here, then in my mind it makes a big difference. Again, $500 is what I'm looking for in the short term (and $8 silver).
Despite all of this, I remain a "true believer" in the long term bullish case for gold. However, in my mind the low risk play right now is on the short side. The high risk play is being long.
Standard disclaimer: my opinions are not advice. Virtually everyone reading this is a grown up. Everyone needs to do their own research, look at whatever evidence they believe is relevant and make their own decisions. Anyone asking for investment advice on a coin board is in way over their head. The average collector has no business trying to time the bullion markets.
Anyone putting money into the CRB's commodities index would have made similar gains. Gold coins act very much like cash with respect to liquidity, especially the generic $20's. It's not bad to earn money on your liquid "cash."
That "guy" that bought gold back in 1988 (maybe there is still one left) and still has it may yet be vindicated in the next 5-10 years.
I would not be surprised to see both stocks and gold bullion to finally cross paths and have the same return from 1988-2012 or a similarly close period. So far stocks are over 5X ahead. That ratio will be coming down.
roadrunner
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
Looks like a correction phase due to hot money leaving the sector.
Again, this is a buying opportunity coming up.
<< <i>No but if you bought it in 1988 not much of a return on investment. Three things will happen buy and sell for the short term and make or lose money or hold on for the long term and you on average would be better off in bank CD's. I don't see the fascination in this gamble.
>>
Thanks for posting the long term chart. A "normal" correction in a bull market would be 1/3 to 1/2 of the $300+ gain from the $260 bottom. That would take gold to about $470 on the 1/3 correction, or about $410 on a 1/2 move. Even if these corrections occur, the bull market case can still remain intact.
Anyone buying today at $550 needs to go in with their eyes open. Yes, there is a lot of potential upside, but it is not all upside, like it has been for most of the last few years (look at the chart).
cost 50 dollars.
we had dinner and drinks at a nice restuarant bar.
cost 40 dollars plus 5 as a tip, 45 total.
So i spent almost 100 dollars on a dinner and gift, but people
are scared to buy a whole ounce of solid gold for 550?
get real! that is a bargain! gold will be 1000+ an ounce in less
than a decade, because i honestly believe our current govt can
muck things up that badly!
<< <i>...
So i spent almost 100 dollars on a dinner and gift, but people
are scared to buy a whole ounce of solid gold for 550?
get real! that is a bargain! gold will be 1000+ an ounce in less
than a decade, because i honestly believe our current govt can
muck things up that badly! >>
Actually, I think $1000 an ounce is on the low side. Again, I have said time and time again that the average collector should ignore these short term fluctuations and steadily accumulate on a regular basis.
That said, I am bearish for the short term and have positioned myself accordingly. All that can change in a heartbeat, but that's where I stand today.
With all the talk about Iran's nuclear program I would think gold should continue going up.