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Gold at $805 tonight. Of course we're all still bullish, right?

MrEurekaMrEureka Posts: 23,891 ✭✭✭✭✭
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Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.
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Comments

  • CladiatorCladiator Posts: 17,918 ✭✭✭✭✭
    If I were a gold bullion guy I'd probably be buying at least some of it right now.
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭
    Just hoping the Jackson Spouse coin released at the end of the month is priced accordingly!! I'm all for gold prices decreasing while I'm a buyer. once i'm done buying they can go back up image
  • fcfc Posts: 12,788 ✭✭✭
    i saw it coming a mile away and sold every ounce/scrap/junk silver
    i had of both silver and gold, including 25+ lib half eagles.

    thank you very much.

    i will be preparing to buy back in shortly. i like silver at 13 and gold
    at 700-750.

    but i will probably start slow with buying 10 ounce silver bars... and
    sort of play it by ear.
  • 7over87over8 Posts: 4,733 ✭✭✭
    let's see FED and PPT to-do list:

    1) Beat down Oil
    2) Beat down GOLD (lend GOLD at minus 3%)

    Convince American Public everything is under control and we have a STRONG DOLLAR,

    just before all h&ll breaks loose.....

    IMO, something is definitely up.......
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭
    image
    Buy on the dips and go long. It's not rocket science.
    I am curious how these prices affect the grey sheet, though.
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭
    Gold's not for short term profits, or even long term "profit" It's a way of storing wealth that the government
    can't steal with a printing press.


    See what's worth more in 25 years...$805 in paper money or an ounce of gold.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
  • veryfineveryfine Posts: 1,763 ✭✭✭
    Given the fact that gold is close to the $800 level, why are people still paying roughly $1000 for the Gold Buffalo one ounce coins?
    I brought this up in another thread, but perhaps someone can answer it here.
  • BearBear Posts: 18,954 ✭✭
    I can see the various Central Banks beating

    gold down to 740 but it will go back up from

    there to 1000 and beyond.
    There once was a place called
    Camelotimage
  • FrankcoinsFrankcoins Posts: 4,569 ✭✭✭


    << <i>let's see FED and PPT to-do list:

    1) Beat down Oil
    2) Beat down GOLD (lend GOLD at minus 3%)

    Convince American Public everything is under control and we have a STRONG DOLLAR,

    just before all h&ll breaks loose.....

    IMO, something is definitely up....... >>



    I remember how gasoline just happened to drop from nearly $3 to $1.99 right before the November 2006 elections.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
  • Investors are not looking at gold as a good hedge right now. The dollar is strengthening and the European Central Bank is letting the eupo weaken. The support was at $850 for gold, no telling where it will go from here. Too volatile.
  • OldnewbieOldnewbie Posts: 1,425 ✭✭


    << <i>I can see the various Central Banks beating

    gold down to 740 but it will go back up from

    there to 1000 and beyond. >>



    A Bear being bullish...image
  • BECOKABECOKA Posts: 16,957 ✭✭✭
    Buy, buy, buy.

    Mint please re-price quick. image
  • OPAOPA Posts: 17,104 ✭✭✭✭✭


    << <i>See what's worth more in 25 years...$805 in paper money or an ounce of gold. >>



    Frank, you do the math, if you'r still around 25 years from now. BTW A $800 T Bond, paying 4.5% p/a compounded for 25 years will be worth: approx $2,400. I have my doubts if Gold will ever get that high ... heck it took almost 20 years just to get back up to $1,000
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I'm with the Bear.

    Hey, now that we have $56 down days...it only means that $56 up days are in the cards as well. As pessimism runs rampant, the dollar has the potential to turn on a dime with any nasty negative news. But the Goldman's and JPM's want to ride this down to cover their remaining shorts, then ride it right back up on their new longs.

    If everyone is now convinced about gold hitting $700-$750, it's unlikely it will happen. With such a grand day in the dollar, and beat down on gold, one would have expected a far bigger return on the DOW than 48 points. What's up with that?

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • lope208lope208 Posts: 1,960


    << <i>

    << <i>See what's worth more in 25 years...$805 in paper money or an ounce of gold. >>



    Frank, you do the math, if you'r still around 25 years from now. BTW A $800 T Bond, paying 4.5% p/a compounded for 25 years will be worth: approx $2,400. I have my doubts if Gold will ever get that high ... heck it took almost 20 years just to get back up to $1,000 >>



    This may be true. But for a 23 year old guy like myself, it's more fun to buy physical gold than T bonds image

    Although, I do have a Treasury Direct account and buy regular bonds as well. It's all about diversification right?
    Successful BST transactions:
    commoncents123, JrGMan2004, Coll3ctor (2), Dabigkahuna, BAJJERFAN, Boom, GRANDAM, newsman, cohodk, kklambo, seateddime, ajia, mirabela, Weather11am, keepdachange, gsa1fan, cone10
    -------------------------
  • Of course. I take two bullion trades for coins off the BST and silver drops like a brick. Jeez image
    image
    To support LordM's European Trip, click here!

  • The strength of the dollar (no pun intended) and the quick drop in crude oil prices have fueled this free fall.

    I've heard rumors oil will drop all the way to $70/barrel by October. There are some big whells turning to make this happen.

    Gold could go as low as $700 in September before rebounding to $900+ this winter.

    NostraDogbert has spoken.
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭
    I think a lot of the people having fun at the expense of the gold bugs are acting as if they expected this to be a straight ride up with no dips.

    Long term I think just about any well-established hedge against fiat money is a good place to park a portion of your wealth.

  • I hope the US Mint prices the Ultra High Relief coins when gold is below $800! I have some cash for gold but really want a new UHR Saint so am saving for that.
  • tradedollarnuttradedollarnut Posts: 20,146 ✭✭✭✭✭
    I remember how gasoline just happened to drop from nearly $3 to $1.99 right before the November 2006 elections.

    Doesn't gas just about always drop in November compared to the summer? image
  • ChrisRxChrisRx Posts: 5,619 ✭✭✭✭


    << <i>i saw it coming a mile away and sold every ounce/scrap/junk silver
    i had of both silver and gold, including 25+ lib half eagles.

    thank you very much.

    i will be preparing to buy back in shortly. i like silver at 13 and gold
    at 700-750.

    but i will probably start slow with buying 10 ounce silver bars... and
    sort of play it by ear. >>



    As did I, I sold it all!
    image
  • My Russian friend 'Georgia' says, "Wait a week and see what happens".......

    Another contact of mine named 'Olympia' (I think she's in China) says, "Wait a week and see what happens"......

    And, my best buddy 'Electorial' says, "....."

    Well, we won't go there....


    Rick
  • Why do so many feel the govt and the central banks actually control the up and downs of commodities??? Can you say, "THE MARKETS"???

    Don't you know by now EVERYTHING that shoots up in value at such a short time frame, falls down as hard as it went up??? Oh yeah I forgot, "things are different now". image

    In 1929, "Buy stocks on margin - they will go up FOREVER!!!"

    In 1979, "Buy SILVER - the Hunt brothers are trying to corner the market!!! While you are at it - buy GOLD - it will hit 2000!!!"

    In 1999, "You better get Janus funds with all those internet stocks - everyone else is getting rich - YOU WILL MISS THE BOAT!!!"

    in 2005, "You can make 5-years your salary by buying a house in Florida, and then FLIPPING IT IN A YEAR!!!"

    Today I heard a commercial on the radio stating Gold is at $1000 an ounce, and that experts feel it will triple AGAIN!!!!

    Greed and the sucker is a common American staple like Chevy. And oh yes, they will still be around for years!!! (Greed, the sucker and Chevy that is).

    image
    The Accumulator - Dark Lloyd of the Sith

    image
  • ARCOARCO Posts: 4,305 ✭✭✭✭✭
    Russia invades Georgia and looks to control the oil pipeline in the region....and gold responds by dropping like a lead brick? Maybe if New York is destroyed in the flash of an atom bomb, gold might respond with a healthy $40.00 gain for the day. I doubt that a Fannie Mae or Freddie Mac insolvency / bankruptcy would jolt gold out of its doldrums more than $100.00

  • bidaskbidask Posts: 13,834 ✭✭✭✭✭
    chart looks like 650 ish.
    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • storm888storm888 Posts: 11,701 ✭✭✭
    I am pretty sure that the smart play is to start building
    a SMALL short position here with both GLD and SLV.

    Add to the positions in little bites on ANY strength.

    EOY targets:

    SLV <$9

    GLD <$575

    ...................

    Best to forget the "fiat" nonsense and "the fundamentals."

    The money may have "no value," but both the peasants
    and the bankers are desperate to get their hands on it.
    That will likley be the case deep into 2009.
    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • The bearishness of the comments and exultations of selling at the right time over the weekend and today, of usually
    hardcore GB's makes one think now is the time to enter in with another buy of the XAU... which I did. I've learned I cant
    always pick tops and bottoms, but when it reverses sometimes you get left behind waiting for THE good
    entry point. You win some you lose some, but thats where trading management comes in and not the
    "fear and greed" syndrome. Greed causes to buy at tops and fear causes to sell at bottoms. managing
    this element is crucial to market participants or you dont participate for long. (Not speaking about long
    term physical buyers, but even then its nice to make your buy at $250.00 Gold and $ 4.20 Silver, circa 1999/2000).
    Having a diversity of opinions assures that when you sell there is a buyer and of coures the oposite. We can not all be
    right and so far on this collective trade I'm in the red and it could turn a deeper hue of red yet. HUI at 300, Xau at 136.
    Reminds me of "Reminisces of a stock Trader".
    NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
  • ConnecticoinConnecticoin Posts: 12,470 ✭✭✭✭✭


    << <i>See what's worth more in 25 years...$805 in paper money or an ounce of gold. >>



    Were you saying that in January of 1980?
  • ConnecticoinConnecticoin Posts: 12,470 ✭✭✭✭✭
    Wow, pop goes the commodiites bubble across the board.

    Of course, our economically challenged gold bugs will still think we should go back to the good ole days and tie our money supply to a volatile commodity.
  • gecko109gecko109 Posts: 8,231
    Im loving this dip. I have been saving my "pennies" for a rainy day like this. The way I see it, im getting gold now at a very nice 20% discount!image
  • JcarneyJcarney Posts: 3,154


    << <i>Why do so many feel the govt and the central banks actually control the up and downs of commodities??? Can you say, "THE MARKETS"???

    Don't you know by now EVERYTHING that shoots up in value at such a short time frame, falls down as hard as it went up??? Oh yeah I forgot, "things are different now". image

    In 1929, "Buy stocks on margin - they will go up FOREVER!!!"

    In 1979, "Buy SILVER - the Hunt brothers are trying to corner the market!!! While you are at it - buy GOLD - it will hit 2000!!!"

    In 1999, "You better get Janus funds with all those internet stocks - everyone else is getting rich - YOU WILL MISS THE BOAT!!!"

    in 2005, "You can make 5-years your salary by buying a house in Florida, and then FLIPPING IT IN A YEAR!!!"

    Today I heard a commercial on the radio stating Gold is at $1000 an ounce, and that experts feel it will triple AGAIN!!!!

    Greed and the sucker is a common American staple like Chevy. And oh yes, they will still be around for years!!! (Greed, the sucker and Chevy that is).

    image >>



    All true. The trick is to figure out where the next bubble will occur before the sheep pile on.
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
  • fishcookerfishcooker Posts: 3,446 ✭✭

    I think it's directly related to the new Sheriff coming in November.
  • ClosedLoopClosedLoop Posts: 1,077 ✭✭✭
    if gold stays around $800 by the time the next spouse coin is released would the mint respond by lowering their issue price?
    figglehorn
  • thebeavthebeav Posts: 3,744 ✭✭✭✭✭


    << <i> With such a grand day in the dollar, and beat down on gold, one would have expected a far bigger return on the DOW than 48 points. What's up with that?

    roadrunner >>



    I agree Brian. I was thinking about that all night.


  • << <i>

    << <i>

    << <i>See what's worth more in 25 years...$805 in paper money or an ounce of gold. >>



    Frank, you do the math, if you'r still around 25 years from now. BTW A $800 T Bond, paying 4.5% p/a compounded for 25 years will be worth: approx $2,400. I have my doubts if Gold will ever get that high ... heck it took almost 20 years just to get back up to $1,000 >>



    This may be true. But for a 23 year old guy like myself, it's more fun to buy physical gold than T bonds image

    Although, I do have a Treasury Direct account and buy regular bonds as well. It's all about diversification right? >>




    And $800 in an equity mutual fund earning a conservative 8% will be worth approx. $5500 in 25 years. That would be my humble recommendation for a 23 year old!

  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <i>Given the fact that gold is close to the $800 level, why are people still paying roughly $1000 for the Gold Buffalo one ounce coins?
    I brought this up in another thread, but perhaps someone can answer it here. >>



    Dunno. Would it have something to do with the fact there is nothing for sale at $810 and someone who bought a one ounce gold eagle at $950 isn't real hot to sell it for $825?


  • << <i>

    << <i> With such a grand day in the dollar, and beat down on gold, one would have expected a far bigger return on the DOW than 48 points. What's up with that?

    roadrunner >>



    I agree Brian. I was thinking about that all night. >>



    Don't make things more complex than they are. Almost everything is keying off oil. Oil rallied off its lows and stocks lost their mojo, going down almost tick for tick as oil came up. Oil is the lead dog and almost everything is trading off it. I've been writing that for months now, as have others. Also after a 300 point up day on Friday, a lot of folks want to cash in. Recently, these rallies sometimes fade fast, so traders have been trained to take profits quickly.



  • I am constantly impressed by the level of loyalty to the unknown and the creative explanations offered when the unknown becomes known for the moment.

    I wish I had the ability to do the same.

    Respectfully, John Curlis
  • fishcookerfishcooker Posts: 3,446 ✭✭
    And $800 in an equity mutual fund earning a conservative 8% will be worth approx. $5500 in 25 years.

    I bought the SnP 500 almost 10 years ago when it crossed 1200 the first time. Where is the "you collect 8% line?" I'd like to be in it.


  • << <i>And $800 in an equity mutual fund earning a conservative 8% will be worth approx. $5500 in 25 years.

    I bought the SnP 500 almost 10 years ago when it crossed 1200 the first time. Where is the "you collect 8% line?" I'd like to be in it. >>



    Who said anything about buying the S&P? image
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>Gold's not for short term profits, or even long term "profit" It's a way of storing wealth that the government
    can't steal with a printing press.


    See what's worth more in 25 years...$805 in paper money or an ounce of gold. >>



    you could have said the same thing in 1980 and even added a few years!

    image
  • jmski52jmski52 Posts: 22,299 ✭✭✭✭✭
    i saw it coming a mile away and sold every ounce/scrap/junk silver
    i had of both silver and gold, including 25+ lib half eagles.

    thank you very much.

    i will be preparing to buy back in shortly. i like silver at 13 and gold
    at 700-750.

    but i will probably start slow with buying 10 ounce silver bars... and
    sort of play it by ear.


    fc, why the heck didn't you grab my hand and stop me about 12 days ago when I was getting ready to pull the trigger on silver?image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • zeebobzeebob Posts: 2,825
    Ever watch a fighter telegraph a haymaker? That's what the market is doing now. BUY BUY BUY. $1200/oz by next week.


  • << <i>BUY BUY BUY. $1200/oz by next week. >>

    image
    Good deals with: goldman86 mkman123 Wingsrule wondercoin segoja Tccuga OKCC LindeDad and others.

    my early American coins & currency: -- http://yankeedoodlecoins.com/
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Wow, pop goes the commodiites bubble across the board.

    Of course, our economically challenged gold bugs will still think we should go back to the good ole days and tie our money supply to a volatile commodity.


    The "volatile commodity" in question is in actuality the US dollar which had lost 40% of its value from 2001-2008, fueling the rise in gold and commodities in general. Note that gold and commodities were dormant while the US dollar was "strong." Please don't put the cart (ie gold)in front of the horse (ie USD) and then blame the cart for what comes next. Those that don't understand the effects of monetary inflation are the ones who are economically challenged, and this includes congress as well. I would agree that tying the money supply to a barbarous relic would be far better than tying our dollar to absolutely nothing other than to the FFACOTUSG.

    P.S. yes, I'm still bullish long term on precious metals and the commodity sector in general.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • lordmarcovanlordmarcovan Posts: 43,194 ✭✭✭✭✭


    << <i>Of course we're all still bullish, right? >>

    ... that, or something else with the same letters, and an additional "t". image

    Explore collections of lordmarcovan on CollecOnline, management, safe-keeping, sharing and valuation solution for art piece and collectibles.
  • tincuptincup Posts: 4,744 ✭✭✭✭✭


    << <i>I am constantly impressed by the level of loyalty to the unknown and the creative explanations offered when the unknown becomes known for the moment.

    I wish I had the ability to do the same.

    Respectfully, John Curlis >>



    LOL..... so true!
    ----- kj
  • rpwrpw Posts: 235 ✭✭
    The commodity bubble is over. The only thing that can bring gold back is a war with Iran.
    imageimage Small Size National Bank Note Type Set $5-$100
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    If the commodity "bubble" is over, please tell what the next hot area will be to benefit from the TRILLIONS in liquidity sloshing around the world economies? It has to go somewhere. So which of these 5 is now poised for a bull market run now that commodities are off the table?

    Real estate?
    Housing?
    Currencies?
    Stocks?
    Bonds?

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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