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Will we see gold in the $600's today?

UtahCoinUtahCoin Posts: 5,346 ✭✭✭✭✭
in Precious Metals
Could be....
I used to be somebody, now I'm just a coin collector.
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.

Comments

  • OPAOPA Posts: 17,124 ✭✭✭✭✭
    Chances are good....Plat may follow ....
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • BobkBobk Posts: 593
    Very possible. Its only a hair width away now.
    Pecunia in arbotis non crescit.
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    image

    imageQuid pro quo. Yes or no?
  • ttownttown Posts: 4,472 ✭✭✭
    Utah you need to sell some gold so we can get the boom going again.image
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Probably. Note the same pattern with post midnight selling as Asia winds down from buying and London picks up the selling. I suspect the same increase in selling once the NY Crimex opens.

    Next support point is around $685.

    Standby for heavy traffic today from all those that "knew" this was coming. By my count only a few forum members have demonstrated such a position and backed it up with analysis.

    Now that were going to be at a new level for an undetermined period, the real question is does this force any more physical gold to trade hands and be sold off? If it doesn't, then it's a meaningless paper gold exercise.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • jmski52jmski52 Posts: 22,899 ✭✭✭✭✭
    I'm still averaging in, most recently with 2008 Plats. I believe in diversification - silver, gold & platinum. And cash.

    The relative strength in the dollar compared to other currencies is an entirely separate issue from the rise in the dollar compared to gold.

    The U.S. Treasury is making a mess of world finance. In the meantime, I'm staying as far away from paper markets as possible. I want to clearly see that "trust" has returned to the markets before I "invest".

    And there's always an election to consider.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • BobkBobk Posts: 593
    Hey, dont forget silver. It will more than likely get into the eights. But like roadrunner sez, if you cant buy at these prices its meaningless.
    Pecunia in arbotis non crescit.
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>image >>



    i swear i turned on CNBC this morning and saw gold up +25......then fed the dog and it was down -25..this was like in five minutes right around opening bell....i guess this tracking chart confirms it.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Gold made a nice recovery from that $697 point. Some stops got hit at $700 and those people were taken out of the market. PPT pocket picking at its finest. Not to end there, the PPT came to the rescue late in the day to keep stocks from settling down lower yet again. Can't have that. A nice 200 pt gift from the PPT.

    In the end, gold closed down $7 lower than Wednesday's close. For whatever reason I sense a higher close on Friday for no particular reason.

    This from Jim Willie:

    The gap between the physical gold market and paper gold market is widening. An example bears this out. In Toronto this week, a major off-market gold transaction took place. The price paid was $1075 per ounce on the physical transaction. Its volume was in the multi-million$. There was no US involvement in the transaction, and the settlement was in euros. Enormous repositioning is ongoing by the groups that will participate in the new, partially gold-backed currency. My take is this movement is from a large financial entity with global activity, and ties to central banks. It might be tied to the upcoming split in the euro, into a Nordic Euro and trashed Latin Euro. The Nordic version might contain a gold component. This and other transactions are taking place with European settlement. They are being satisfied in the alternative market, far from the distortions of COMEX. This was a physical transaction with the real metal being moved. Big shifts occur behind the scenes. A couple of months ago, 400 metric tonnes were moved into storage with the Royal Canadian Mint by a sovereign entity.

    $1075 USD/oz transaction is quite interesting against a much lower gold price.

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • agentjim007agentjim007 Posts: 6,256 ✭
    Utah do you have to smile when you say that?
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    In the end, gold closed down $7 lower than Wednesday's close. For whatever reason I sense a higher close on Friday for no particular reason. ......whoever made that call yesterday was right on it image

    Gold at $734 now and peforming well as CASH while the USD falters and stocks take another mini-pounding. The USD doesn't appear to be a safehaven on this Friday. But I suspect the PPT will show up by around 3 PM to give stocks a jolt to close positive for the day. Isn't that what a PPT is for? They probably spent so much time today (and last night) shoring up stocks today that they forgot to pull out the rug on gold. Well, there's always next week Hank!

    Resistance comes back into play at $739 and I suspect the PPT will have finished lunch in time today to keep it from closing above $740.

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>In the end, gold closed down $7 lower than Wednesday's close. For whatever reason I sense a higher close on Friday for no particular reason. ......whoever made that call yesterday was right on it image

    Gold at $734 now and peforming well as CASH while the USD falters and stocks take another mini-pounding. The USD doesn't appear to be a safehaven on this Friday. But I suspect the PPT will show up by around 3 PM to give stocks a jolt to close positive for the day. Isn't that what a PPT is for? They probably spent so much time today (and last night) shoring up stocks today that they forgot to pull out the rug on gold. Well, there's always next week Hank!

    Resistance comes back into play at $739 and I suspect the PPT will have finished lunch in time today to keep it from closing above $740.

    roadrunner >>



    everytime the PPT delivers a salvo, there is a part of me that wishes "they" would just pick up their marbles and go home. i wonder if in the end they will have done more long term damage than good, but i think the paper trade of gold and silver would be in a heap of trouble, if everyone decided to take profits in physical. maybe they are setting it up by knocking it down??? but then it has to come out and would they demand the yellow delivery, then?
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