GOLD $1037.8 - NEW ALL TIME HIGH....the lid is off

roadrunner · October 5, 2009 10:27PM

$1037+

Gamechanger. No more whining that gold hasn't exceeded its 2008 high.

It's a new era boyz whether or not it holds for the close.
Good bye trading range.....good call MoneyLA.

Last night's blip before midnight to $1020 said this time it looks different. Gold went when everyone was sleeping and waiting for a correction to $960 or less. Who has the nerve to try and catch a rising knife?? Hmm, Legend said last week that gold generics will fall this week even if gold rises. Let's see how long they last at deflated prices with an all time high staring them in the face.

roadrunner

notwilight · October 5, 2009 10:56PM

OK. This is "the big one" --Jerry

mhammerman · October 5, 2009 11:03PM

Better stash some physical cash, campers.

ProofCollection · October 5, 2009 11:05PM

The stock market is starting to lift as well, S&P just broke key 1045 level very decisively. 1045 is a definite possibility for today. And I reckon we're in for a few more consecutive up days in a row.

MoneyLA · October 5, 2009 11:07PM

I said it when gold broke through 980 that the breakout of the pennant formation would mean a new bull run; the retreat held at 990 which was another bullish sign. and now the big run up. this is only the start. super gold is here. and that came from me, the guy who said gold WAS in a trading range. ITS NOT ANY MORE.

My website reflects today's big move.

and thank you roadrunner.

RedTiger · October 5, 2009 11:10PM

<< I said it when gold broke through 980 that the breakout of the pennant formation would mean a new bull run; the retreat held at 990 which was another bullish sign. and now the big run up. this is only the start. super gold is here. and that came from me, the guy who said gold WAS in a trading range. ITS NOT ANY MORE.

My website reflects today's big move. >>

So are you currently in with real money, or buying today or soon? Or still a cheerleader watching from the sidelines?

/edit to add: I went to MoneyLA's website (link) and found this:

<< TUESDAY MORNING UPDATE: GOLD ABOVE $1,035 AN OUNCE ....
So while the $1,035 price level has been reached, I still want you to be very cautious now. ...

For those of you who bought gold three and four years ago at much lower levels -- when I was recommending the purchase of gold on KCAL-TV in Los Angeles -- you are now enjoying some solid long term gains. It never hurts to take profits. Remember, no one ever went broke selling at a profit. >>

Does this mean you are selling the rally? Or are you buying like you said you would on this forum? Or still a cheerleader on the sidelines? Color me confused.

Kip · October 5, 2009 11:17PM

HOLY ####...........................................

ProofCollection · October 5, 2009 11:30PM

New high, 1043.

The breakout over 1040, if we can keep it, is a great position to add to or establish positions if you don't already have one.

Don't be a fool and sell. You never sell something that is starting to break out to new all time highs.

roadrunner · October 5, 2009 11:39PM

I'm a fool. I did sell off some of the gold stocks I picked up on Friday's sweepdown. Just too hard to turn down a 15% profit. I already counted up 5 legs since Friday so I'm not sure how far this can run before there is some sort of pull back. I won't be adding anything until there is some short of noticeable pull back. Of course my core in physical and generics remains intact as always.

roadrunner

cohodk · October 5, 2009 11:40PM

I am still not ready to announce "liftoff".

Cladiator · October 5, 2009 11:52PM

Historically October has lagged. Trippy.

MoneyLA · October 6, 2009 12:10AM

tiger, I am fully invested based on my investment formula.

Meltdown · October 6, 2009 12:19AM

I am loving this optimism! Thanks guys for all the advice over the last year I've ben mainly lurking here on the pm forum.
I've enjoyed reading the discussions and am excited about gold breaking this new ground.
To the moon baby!

ProofCollection · October 6, 2009 12:22AM

Comex gold just touched 1045. It's a liftoff if we close above 1040, which at this point I don't think will be hard to do. Shorts are scrambling and ordering new pants this morning.

RR, I have to admit, I played with my position as it went up, but luckily I was only playing with 20-30% of it and I ended up buying back in at only a few dollars higher. I get mad at myself for not taking profits and giving back gains, and then I get disappointed when I do take profits and miss out on more upside. You can't win. My only comment as it applies to today and today only, is that this gold breakout is one to sit back and ride and ignore the day-to-day ups and downs.

I don't want to call any upside target really because I don't see that it's really anything other than a guess, although I will say that I think $1100 is a very good possibility for this month. $60 from here does not seem difficult.

pmac · October 6, 2009 1:07AM

<< Better stash some physical cash, campers. >>

I assume that you mean PMs.

RonLJr · October 6, 2009 1:19AM

Wheres fc???????????????????????????????????????

cladking · October 6, 2009 1:24AM

When gold reaches about $1150 there may be a whole new round of imploding derivatives.

As a class derivarives are extremely highly leveraged bets on the status quo. When something
new happens there will be an entity somewhere who's out far more money than exists.

gsa1fan · October 6, 2009 1:30AM

I say; ~let's digest $1050 first. I agree over $1,100 it should start really bouncing up, up, & up...!

mhammerman · October 6, 2009 1:39AM

"I assume that you mean PMs."

Nope, I'm talking about having some cash on hand and not in the bank in some paper account...cash.

RedTiger · October 6, 2009 1:40AM

<< tiger, I am fully invested based on my investment formula. >>

Thank you.

This is worth stopping the presses for
--MoneyLA is in gold with real money.

Cheers.

Cladiator · October 6, 2009 1:52AM

<< "I assume that you mean PMs."

Nope, I'm talking about having some cash on hand and not in the bank in some paper account...cash. >>

Are you expecting a run on the banks or something?

Justacommeman · October 6, 2009 1:59AM

I was watching gold trade in Asia and Europe ( I'm in China) all day. It did get perky around the time the OPEC/Russia/Russia/Japan rumor started. Once $1023 was breached buy programs kicked in and it wasn't too long before stop losses on the short side were being set off like fire crackers on the 4th of July.....interesting Nadler piece. rumor

long and strong. MJ

PerryHall · October 6, 2009 2:13AM

<< "I assume that you mean PMs."

Nope, I'm talking about having some cash on hand and not in the bank in some paper account...cash. >>

Oh! I get it. You mean bags of 900 fine silver coins.

fc · October 6, 2009 2:57AM

<< I am still not ready to announce "liftoff". >>

ditto. but i have said that before. i am not seeing the excitement here. i have a feeling it is speculation leading to another short term
bubble. 25 dollar drops are coming in my opinion. a couple in a row.

MoneyLA · October 6, 2009 3:23AM

fc, I like your thinking which is why I urge caution and a limit to one's exposure to gold. gold should be in that 5% of an investment portfolio that contains hard assets.

if you are lucky to have one asset that hits a home run and 100% of your portfolio is in that single hard asset... good for you.

it's everyone's dream to have 100% in that one investment that hits it out of the ball park.

but I think the real winneres are those with a line up of base hitters and consistently hit singles and doubles and triples.

mhammerman · October 6, 2009 3:37AM

"Are you expecting a run on the banks or something?"

Call me crazy but I can see where a bank holiday may be possible or maybe a little more than possible. Not yelling wolf here but there seems to be more of a likelihood of this than normal. If you consider that somebody is gonna light up Iran and folk are scurrying away from the USD and gold is going off the chart and the domestic situation continues to deteriorate and, the banks are failing weekend after weekend and you get a pretty toxic mix for liquidity.

So, when you go to the gas station or to the supermarket and they say "Cash only, no credit cards, no atm, cash only." and the banks are closed then you will be able to get some food and some gas. So what, it's gonna kill ya' to keep a K in the sock drawer for a couple of months till this stuff blows over? It doesn't cost a dime to be prepared, in this case and later you can always just put the money back in the medium of choice.

Feel free to give confidence where appropriate but methinks this is a very good couple or three weeks to keep some cash on hand.

bushmaster8 · October 6, 2009 3:38AM

<< When gold reaches about $1150 there may be a whole new round of imploding derivatives. >>

And what, pray tell, is an imploding derivative? Sounds painful...

roadrunner · October 6, 2009 4:53AM

A bank holiday is in the cards, not if, but only when. There are things that need some fixin' and that will be the stated reason to do it. Who knows what all will come out of it. Having a little extra cash on hand would be the minimum insurance you should have. Even PM's won't help you on that day(s) because your local B&M shop won't have any cash to give up either. Credit and ATM cards won't be of much help.

So who ended up being the closest to call the new all time high or was it just an end of year call?

roadrunner

mrearlygold · October 6, 2009 6:13AM

DorkGirl · October 6, 2009 7:16AM

$1042.70

Justacommeman · October 6, 2009 11:41PM

<< 

<< I am still not ready to announce "liftoff". >>

ditto. but i have said that before. i am not seeing the excitement here. i have a feeling it is speculation leading to another short term
bubble. 25 dollar drops are coming in my opinion. a couple in a row. >>

That would be just fine. A healhy five percent pull back would coincide with a five percent stock marker breather as well. Me thinks China has gold underpinned @ $985-$990. I'm currently in China trading for the next two weeks. MJ

Justacommeman · October 7, 2009 12:12AM

<<]fc, I like your thinking which is why I urge caution and a limit to one's exposure to gold. gold should be in that 5% of an investment portfolio that contains hard assets>>

Your recipe is very very very dated in my opinion. I've put most of my "clients" in 10% -15% physical gold and 5% in pm stocks the past several years. I firmly believe you should have 5-10% in bullion just as wealth insurance. Never to be traded. Any excess, take profits as one see fits. Buying gold on the dips in a bull market is the only thing that seems to work. Getting a client or family member to buy their first ounce was like pulling teeth. Everytime, gold went down ten dollars back in 2005 when we first started buying gold in earnest I got a panic call. Why is gold going down? Should I sell? Now, the phone calls are, "gold is down $20. Should I buy a few ounces on this dip". I don't let anybody (that I know of) get over 20% of their portfolio in gold exposure. That could change as I think more like 25% maybe in order. Personally, I just sold some gold to get back down to 20%. That's been happening a lot on gold's raise I'm pleased to say.

You DO NOT buy gold on breakout's unless you are trading futures and it's a trade. Your advise is the surest way to get whipsawed and taken out of physical positions and to lose money sir. I think you give bad trading gold advise. ( I have an office in LA) The "no overhead resistance theory" is so broken and very Trading101. I'm a chartist, but been trading long enough to know that every sunken ship had a chart as well. Your followers would be better served subscribing to Dan Norcini @ JS Mineset . He is a master pm chartist.

Those who hold gold as insurance, just like home and car insurance and that buy it when it's on sale will be way ahead. Not those that just bought at $1030 to your theory. Fell free to retort.

As odd as it is to say, I would welcome a pullback. Nothing goes straight up. JMO.

Respectfully, really..........

MJ

KUCH · October 7, 2009 2:18AM

This is a great thread!!!!! Justacommeman, sounds like you're one of the pro's like so many who post here. Question - How do silver and gold certificates from the 1930's play into having 5-10% in wealth insurance (never traded). Do you sell these and convert to physical gold and silver? As you can see, I'm learning and want to learn more.

I'm waiting for the next small dip and buying more.

ttown · October 7, 2009 2:36AM

<< This is a great thread!!!!! Justacommeman, sounds like you're one of the pro's like so many who post here. Question - How do silver and gold certificates from the 1930's play into having 5-10% in wealth insurance (never traded). Do you sell these and convert to physical gold and silver? As you can see, I'm learning and want to learn more.

I'm waiting for the next small dip and buying more. >>

Gold and Silver certificates are collectables, they're obsolete and can no longer be exchanged. So they play no part.

GOLD $1037.8 - NEW ALL TIME HIGH....the lid is off

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