Gold just fell off a cliff
JZrarities
Posts: 2,583 ✭✭✭
Looks that way...
$905,,jump, now down $24...
REMOVED OLD CHART
$905,,jump, now down $24...
REMOVED OLD CHART
0
Comments
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>True gold is a long term investment but it also takes a lot of $$$ to make a few! I got rid of all mine to buy the reverse 07's and have made way more than if I kept the gold. I don't care if it goes to $1500' >>
Some of us collect coins
P.S. I just saved 15% by switching to gecko
$1500 gold, where will oil be at? $200 a barrel?
$10 a gallon for fuel.
$6 for a loaf of bread?
<< <i><<I don't care if it goes to $1500'>>
$1500 gold, where will oil be at? $200 a barrel?
$10 a gallon for fuel.
$6 for a loaf of bread? >>
True...but that's why you should be invested in gold as opposed to US cash in the bank.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>
<< <i>True gold is a long term investment but it also takes a lot of $$$ to make a few! I got rid of all mine to buy the reverse 07's and have made way more than if I kept the gold. I don't care if it goes to $1500' >>
Some of us collect coins
P.S. I just saved 15% by switching to gecko
********************
Silver is the mortar that binds the bricks of loyalty.
I knew it would happen.
<< <i>Gold, Silver and Oil are all primed for major dips in price. The people who made the real money are getting out right now. >>
agree. the way stock prices keep going down it is time to free up cash and find the best
among the bunch.
interest rate hikes should be coming soon. Probably by the end of the year.
maybe a CD will once again pay a reasonable interest rate in a year or two.
less then 4% is just so sad.
<< <i>Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment? >>
Actually, it is neither. In the long term, it is a hedge against inflation. In the short term, it is speculation.
Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?
Do you mean that short term it is a trading vehicle.............and long term(as the chart redefines trends) ---an investment?
<< <i>slipgate,
Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?
Do you mean that short term it is a trading vehicle.............and long term(as the chart redefines trends) ---an investment? >>
I mean long term it is a lousy investment. You are better off putting your money into a savings account. Short term, if you ride the highs and lows, you can make a bunch. Like the current bubble, which is about over and we are about to see a 30-40% reduction.
Expectation of a 30% price decline? That makes it worthy of a Short, no?
My 1866 Philly Mint Set
P.S. I just saved 15% by switching to gecko
TwoSides ... sometimes you crack me up!!!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment?
Right now I define "gold" long term investment as 7 years and counting. Probably 10-15 years when this is all said and done. One side of a cycle (bull or bear) is long term imo. If you're standing pat on both sides of the cycle (30-40 years) as long term then you're probably not getting very far. But judging from the response to a $24 in 20 minute slam on gold before the FED meets on Tuesday and Wednesday, that apparently to the anti-gold crown is a long term investment. And based on that definition, gold failed miserably this morning for half an hour. Sell it all before the 30-40% drop comes.
Rate hike is out of the picture for 2008, so is the sale of 400 tons of
IMF (ie USA) gold. The mortgage and credit/derivatives markets couldn't take any increases at this point. But TPTB will jawbone these 2 to death for the remainder of the year to extract a similar effect at least until election time.
roadrunner
Yeah, I'm still in the process of shifting all my money to a "secure" fiat savings account for the short term rather than "risk" it in PM's.
roadrunner
It's truly puzzling.
Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>I honestly can't understand the fact that some people don't realize the benefits of owning Gold.
It's truly puzzling.
Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions. >>
I think part of the reasons some people are put off about it is that some of the proponents of gold tend to act condescending toward those who aren't gold bugs, as can be seen by this response. And speaking to them in these terms isn't terribly conducive to convincing them to listen.
[Of course, many who don't own much in the way of hard assets see those who do as conspiracy kooks and survivalists, so it does cut both ways.]
<< <i>Right now I define "gold" long term investment as 7 years and counting. Probably 10-15 years when this is all said and done. One side of a cycle (bull or bear) is long term imo. If you're standing pat on both sides of the cycle (30-40 years) as long term then you're probably not getting very far. But judging from the response to a $24 in 20 minute slam on gold before the FED meets on Tuesday and Wednesday, that apparently to the anti-gold crown is a long term investment. And based on that definition, gold failed miserably this morning for half an hour. Sell it all before the 30-40% drop comes.
>>
Correct. Gold has been part of a long bull run in commodities, and the run has not ended yet. There will be volitility and declines in between, but no long term reversal yet.
<< <i> I think part of the reasons some people are put off about it is that some of the proponents of gold tend to act condescending toward those who aren't gold bugs
Of course, many who don't own much in the way of hard assets see those who do as conspiracy kooks and survivalists, so it does cut both ways. >>
Alot of truth in both statements. Gold is a good hedge, but will never be the only basket I have. Gold makes up about 8-10% of my total investments.
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Crude Oil 141.50 -3.79
Remember?
It's truly puzzling.
Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions.
It probably has something to do with that 25-year bear market in the metal. Whether it's over now is unclear.
<< Gold - Long term investment??? I think you need to look at the trends. Gold has never been anything but a short term investment. How do you define long term investment? >>
Actually, it is neither. In the long term, it is a hedge against inflation. In the short term, it is speculation.
I think that's a great definition.
<< <i>In the long term, it is a hedge against inflation. In the short term, it is speculation. >>
I think of gold as a means to preserve wealth.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It's truly puzzling.
Either they are ignorant of the facts or they have been brainwashed by the media/financial institutions.
If you have everything that you own in stocks, bonds, mortgage equity, and dollar savings - then gold represents a financial "threat" and a psychological barrier at the same time.
Even if you are losing money and equity hand-over-fist, gold represents an unknown that is 180 degrees opposite from the world "as you know it" and making a transition to gold ownership requires some independent thought in addition to humility.
I can't imagine the transition being easy for anyone who is invested in every other asset class besides gold.
In addition, anyone entertaining a gold investment is fighting the sum total of negative PR from the financial "establishment" which also includes the BS coming out of Washington DC and Wall Street, both.
So, if you follow your own independent assessment and invest contrary to all of the experts, you are a kook. Or not.
I knew it would happen.
roadrunner
"I've fallen, and I can't get up"
There must have been a trampoline at the bottom of that cliff.
But friends of the Fed/PPT sold off large positions in Yamana gold and knocked that down 5% today. Very strange indeed.
roadrunner
So, should the Shorts cover, or double down at these bargain levels?