Gold takes a jump on opening....1123.40 - 1124.40

SUMORADA · November 15, 2009 7:08AM

What is causing this I wonder............

konsole · November 15, 2009 7:19AM

dollar drop

trozau · November 15, 2009 7:23AM

Pac-Man won! Asia is buying!

ocon4008 · November 15, 2009 8:02AM

Silver is up to; is this the beginning or will it just come bak again?

mkman123 · November 15, 2009 8:08AM

hahaha. Pac-Man's win over Cotto is making Asia going on a gold buying spree

When he takes on and beats Mayweather, gold will skyrocket to never before seen numbers and believe me, he can beat Mayweather.

jmski52 · November 15, 2009 9:58AM

Obama also just arrived in China. I bet those discussions will be somewhat revealing.

RedHerring · November 15, 2009 10:01AM

$1200 by Christmas.................

Wolf359 · November 15, 2009 10:47AM

<< <i>$1200 by Christmas.................

>>

1200 by December 1 at this rate.

roadrunner · November 15, 2009 11:14AM

Can't keep a good barbarous relic down.

roadrunner

MilesWaits · November 15, 2009 11:14AM

<< <i>What is causing this I wonder............

>>

More so, what is causing you to wonder??

Miles

CaptHenway · November 15, 2009 11:21AM

There is no truth to the rumor that Air Force One was carrying 8,000 metric tonnes of gold when it landed in Peiking........

roadrunner · November 15, 2009 11:42AM

You mean 8,000 tons of Tungsten filled bars don't you?

If gold continues on past $1130-$1135 this will put a serious crimp in the potential of this up-move from Nov. 2008 being an expanded B wave in a typical Elliot Wave ABC correction. In other words the bull will in all probability be fully unleashed and everyone will know it.

roadrunner

Weiss · November 15, 2009 12:25PM

$1129.50 as I type.

MilesWaits · November 15, 2009 12:32PM

<< <i>$1129.50 as I type. >>

Platinum is making a run for it too!!

Typed early though; Gold now over $1130!!

Miles

CaptHenway · November 15, 2009 1:33PM

"But Friday you told me........"

MoneyLA · November 15, 2009 2:02PM

1300 has been in the cards since mid October.... um.... I mean 1300 has been in the charts since Oct 20th. You can pick whatever fundamental reasons you like to explain it, but it's just going to happen.

ProofCollection · November 15, 2009 2:14PM

<< <i>If gold continues on past $1130-$1135 this will put a serious crimp in the potential of this up-move from Nov. 2008 being an expanded B wave in a typical Elliot Wave ABC correction. In other words the bull will in all probability be fully unleashed and everyone will know it. >>

I suspect it's the gold optimist in me, but with the breakout over the upward trading channel, I'd have to say we're in for a second upward move. I agree, 1135 will be a sign of much more upside to come - Ackerman posted that not too long ago.

sinin1 · November 15, 2009 2:35PM

$1200 by thanksgiving

jmski52 · November 15, 2009 11:25PM

But, but, but.................gold doesn't pay any interest, or dividends!!!!!!!!

Justacommeman · November 15, 2009 11:28PM

<gold doesn't pay any interest>

And neither does the USD and thus one of many reasons for $1134 gold.............but you already know that

MJ

MoneyLA · November 16, 2009 1:52AM

jmski, are you trying to poke fun at me??

roadrunner · November 16, 2009 2:07AM

Few things pay dividends and interest these days that aren't fully negated by a depreciating dollar. The Dow has to reach 11,100 just to get back to even vs. the dollar at last year's November peak of upper 9,000's. I'll take the gross 4.4X increase in gold since 2001 in favor of dividends and interest on something whose principal has decreased in "real" value during that time. Even factoring in the dollar's 40% drop since 2001, gold is up a "real" 2.6X.

roadrunner

jmski52 · November 16, 2009 2:14AM

jmski, are you trying to poke fun at me??

What? About interest and dividends? Nah, if you've talked about interest and dividends, you aren't the only one. That justification for choosing stocks over gold has been around forever. Well, almost forever.

Sometimes, that rationale has merit, and sometimes it doesn't. This is one of those times that such a position seems somewhat lame, especially in the light of the gross mismanagement of our economy and financial system.

I wasn't poking fun at you specifically. If you give me permission to do that, I will.

MoneyLA · November 16, 2009 8:58AM

thanks for not poking fun at me.

here's another justification I have for limiting investment in gold to only 5% of your portfolio.

in the last year, gold is up 54%

in the last year, shares of Boyd Gaming are up 128% and shares of Las Vegas Sands are up 189%.

all three, gold, boyd, and LVS, are a gamble. but with boyd and LVS you can also get free drinks, free rooms, free show tickets, free meals.

meluaufeet · November 16, 2009 9:36AM

Las Vegas Sands also topped out at around $145, bottomed around $5. By the way I know for a FACT that the Adelsons' (wife included) met with Goldman yesterday evening. Something is in the works. I don't own any LVS or trade the stock, so that info means nothing to me...

I'd take LVS over WYNN any day, at least the Adelsons put their money where their mouth is, and Steve thinks he can special dividend himself anytime he wants to... I guess divorce has its price... word is that he has to raise $$$ to buy the Beverly Hills Hotel for the X. At least, thats the rumor here in Vegas.

*** Central Fund of Canada pays a dividend; a whole $.01 per share... love that 'passive foreign investment'.

MoneyLA · November 16, 2009 9:45AM

wow, that is excellent info. please PM me if you have any more. I'd like to use it on my website.

sinin1 · November 16, 2009 10:35AM

just be sure not to tell the SEC where you got that information

jmski52 · November 16, 2009 12:14PM

here's another justification I have for limiting investment in gold to only 5% of your portfolio.

I'm still waiting for your reason.

MoneyLA · November 16, 2009 2:57PM

jmski... because there can be other investments that are better. so why put all your eggs in one basket (gold).

and if you do have all of your eggs in one basket (gold) what do you do when gold prices go down?

coynclecter · November 16, 2009 5:21PM

Well, they were picketing in front of Goldman Sachs today. Maybe the manipulators couldnt get to thier computers. But dont get too excited. I believe this is options expiry week and they always manipulate it down. Too many options are in the money right now and they cant let the 1150s cash out too.

But just like every expiry week, they have a slingshot effect right after they expire.

jmski52 · November 16, 2009 11:50PM

thanks for not poking fun at me.

here's another justification I have for limiting investment in gold to only 5% of your portfolio.

in the last year, gold is up 54%

in the last year, shares of Boyd Gaming are up 128% and shares of Las Vegas Sands are up 189%.

all three, gold, boyd, and LVS, are a gamble. but with boyd and LVS you can also get free drinks, free rooms, free show tickets, free meals.

After a post like that, I just can't resist. MoneyLA, please note that a 5% portfolio weighting in *anything* is virtually worthless. It won't hedge against anything, it won't cause any damage if it goes down, either.

Do the math. In analytical terms, it's called "sensitivity analysis". It's a real science - you ought to educate yourself a bit. What you are telling people is just plain dumb.

Now, as for what's a gamble and what's not - I like to gamble when I have money to blow, but buying gold is only a gamble when you have no money management skills. Then again, so is buying any investment if you have no money management skills.

Buying T-Bills is a gamble is you don't know what you are doing. So is buying 30-year Treasury Notes if you don't know what you are doing. Buying California real estate - heh, need I say more?

jmski52 · November 16, 2009 11:58PM

Maybe it's a "California mentality" or something bizarre. I had a friend from high school call me last week. It's been about 40 years since I've seen him. He and his wife have moved to Mexico about 30 miles south of San Diego, because of the cheaper costs.

He has no job, and his wife is on disability. Of course it's cheaper in Mexico because it's scummy and there are no jobs. He's in denial about what the heck he is doing.

He wanted me to "invest" in a ponzi scheme called "a gifting pyramid". It's tax-free, he told me. You simply send $100 to him and he puts you on "the list". Then you ask all of your acquaintances and business associates and relatives to send YOU $100 and you will put THEM on the list.

Like I said, maybe it's a California thing. So was the real estate bubble. It's sad.

If you can't do the math, and if you don't have a plan - things don't get better, they get worse.

And I'm not teasing about that either.

mhammerman · November 17, 2009 1:22AM

"...what do you do when gold prices go down."

Buy more!

MoneyLA · November 17, 2009 2:26AM

mhammerman... interesting quote... "what to do when prices go down... buy more."

thats one way to look at it.

I look at it another way: when prices go down why would you buy more? I don't price average DOWN. When you price average down, you are throwing good money after bad.

I always price average UP.

jmski52 · November 17, 2009 2:33AM

I look at it another way: when prices go down why would you buy more?

It's called "averaging in", a smart way to diversify the market risk when taking a position. It's a term used in financial analysis. Don't try to talk around it.

mhammerman · November 17, 2009 2:44AM

"When you price average down, you are throwing good money after bad."

Or...you are buying a proven asset at a discounted price.

coynclecter · November 17, 2009 4:53AM

November futures have closed. Under 1150

Should be boomerang time.

mhammerman · November 17, 2009 7:10AM

What I can't understand is how folks can take a 50% bath in their IRA's and 401 (k) and then worry about buying gold because it might go down. Why folk held onto GM, CIT, and a half a dozen others all the way through BK only to get shut out when they emerged under new symbols yet, they won't buy gold because everyone yells that it's volitile and it might go down. Maybe it's the sanitary nature of equities...first you put your money in and then you just hit a few key strokes and watch the computer screen and you either win or you lose. Vegas is a lot different than holding physical. 1143.60 But...I'm still mad about not buying F @ $2.

coynclecter · November 17, 2009 8:39AM

What I can't understand is how folks can take a 50% bath in their IRA's and 401 (k) and then worry about buying gold because it might go down.

Simple

The average idiot actually believes thier "wall street guru". These liars got them in to the scam, took thier money and are setting them up for another round. Wall Street doesnt make money on gold so they are not selling it like they do the paper stuff so the sheeple dont buy. They dont understand that the clowns that give them investing advice are actually betting against them. The brokers have daily meetings and sometimes contests to move thier clients into stock X or Y. These stocks are pitched after the broker firm has accumulated a lot and then start selling. To the fish of course.
When Merrill or Goldnman or any others put out a buy recommendation its only after they have bought all they want and now in the sell stage.

Gold takes a jump on opening....1123.40 - 1124.40

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