Congratulations to gold - $1100

ProofCollection

I'd like to be the first to congratulate gold on hitting the big $1100 today. (Gold Futures December contract).

Let's have a round of applause!

MoneyCollector

DorkGirl

MoneyLA

ho hum.... just another day in a bull run.

Weiss

<< <i>ho hum.... just another day in a bull run. >>



Isn't there at least a psychological support/barrier at $1100? It's within about 1% of where it's been trading for the last several days, but it just couldn't get over that hump.

OnlyGoldIsMoney

It was not too long ago I was hoping it would hold at $1000. Although we seem stuck at $1088 to $1093 it was a grand October.

mrearlygold

gecko109

Geeezus, all you guys must either be holding MEGA amounts of gold, or have been getting mega pay increases over the past 12 months. How can you celebrate that you now have to pay $1100 for the same thing you were able to buy for under $800 less than 1 year ago unless either of my above assumptions is true?



BOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

KUCH

GOLD to $2,500 yea baby! I don't hold mega amounts of gold (wish I did) but knowing that it's value is drastically increasing makes me "feel" good. Now when is the silver run up? .... Soon - plain and simple .... many investors will not pay or can't pay these high gold values, so they will begin to buy silver. Stock up my friends.

Also, wait until China starts buying gold ..... that's when we'll see $2,500. Do you think they will buy dollars?

gsa1fan

I started at $400 got board went to CC GSA's. I got back in at $950 now floating around $1100.

I feel the celebration is about gold FINALLY beginning to reflect reality.

JamesMurray

<< <i>GOLD to $2,500 yea baby! I don't hold mega amounts of gold (wish I did) but knowing that it's value is drastically increasing makes me "feel" good. Now when is the silver run up? .... Soon - plain and simple .... many investors will not pay or can't pay these high gold values, so they will begin to buy silver. Stock up my friends.

Also, wait until China starts buying gold ..... that's when we'll see $2,500. Do you think they will buy dollars? >>




As i understood China has been buying gold up for quite some time now.Reckoned to be the worlds 5th largest bullion holder currently.I believe they and others (asia,middle east,europe) would all like to see the demise of the dollar in terms of world currency.
Im not convinced that buying more silver while the price hovers at $20 is such a failproof plan right now.On paper it all looks good ..too good.Both markets being subject to manipulation id expect to see a sharp fall in Silver before it slowly begins its climb to its appropriete value.

MoneyLA

you can't determine "overhead resistance" until gold stops going up, and then you have to look "back" and say -- 1100 was the resistance point. That can take weeks to happen.

you can call 1000 a new support level because if you look at the recent charts, there was a lot of "bumping around" at 1000 before the break out.

I have been expecting (since Oct 20 when I posted it on my website) that gold will move to 1300 which is the mirror image of the reverse head and shoulders dip. look at the 5 year chart to see the reverse head and shoulders formation that started around Spring '08.

There was a 300 dollar spread between the shoulder line at 1000 and the head, and the mirror image of that should propel gold from 1000 to 1300.

KUCH

MoneyLa, this is "GoldChicago" Opinion on silver please?

MoneyLA

I havent spent much time at all looking at the silver charts, and I just took a look at the 10 year chart. Frankly, there's nothing to get excited about YET. Silver would have to break through $18 an ounce to have a new 10-year high.

Of course, I remember when silver was at $50 an ounce, and there is a long, long way to go before we get to historic highs, similar to what gold is at today.

Those are the "negatives" about silver.

Now what I like about silver: Im a believer in the gold to silver ratio. And the historic ratio was 17 to 1 or 20 to 1. Today the ratio is 63 to 1 and that tells me that EITHER gold is way overpriced OR silver is terribly underpriced.

My gut tells me silver is underpriced... but until there is a price surge, silver could remain underpriced for a long time.

I would wait for a "move" before going "nuts" for silver. But silver is certainly at a price level where believers can "accumulate." Its almost a "second stage" base building. But its far from a break out.

If you recall I turned bullish again on gold at 980 when there was a breakout of the big pennant formation, and then at 1000 when the 5 year reverse head and shoulders formation had a break out, I put in an expectation of 1300 for gold.

Right now, I'd like to see silver get above 18 an ounce. It will, but I can't say when.

meluaufeet

<< <i> Frankly, there's nothing to get excited about YET. Silver would have to break through $18 an ounce >>





For me it would need to break above $21 -- regardless of the GSR -- for me to change my silver outlook.

A break below 45-40 GSR -- regardless of the spot price -- would also change my outlook.

My view on gold/silver has changed over the past 18 months... it'll change again someday.

RedTiger

<< <i>Geeezus, all you guys must either be holding MEGA amounts of gold, or have been getting mega pay increases over the past 12 months. How can you celebrate that you now have to pay $1100 for the same thing you were able to buy for under $800 less than 1 year ago unless either of my above assumptions is true?



BOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! >>



Well, the original poster trades futures. On full margin a 6% move in spot can double a person's money. I would think there is good reason to pop some champagne for him, as he may have doubled and then doubled again during this move, and that's no where near perfection.

/edit for typos