OK you crystal ballers

edmundfitzgerald

So I'm thinking of doing another large purchase. All gold.

Is it true that as we near the end of December that some "major" profit taking may take place that
could drive the price of gold a bit lower ? Is this historically accurate anyone ? TIA

57loaded

you could check the kitco gold charts, but this December i think is different.

....there's a lot of "profit" in the stock market, this year, too

gsa1fan

I think we are seeing profit taking now. I look at Dec. trends last few years.



2008 was not typical so I left out.



From what I see early to mid December declines/profit taking year end. JMO FWIW

roadrunner

I think the November-December 2007 chart is most similar to what is happening now. Gold is zig-zagging and doesn't yet want to pull back hard. There's no way of knowing which dip is the last one. If it were me I'd at least allocate some buying to each dip. The dip to $1365 today would have been worthwhile. Worst case might be down to $1250-$1280 on 1 or 2 more dips. Best case is you just saw the lowest dip. But hopefully the bounce takes us to $1500-$1600 sometime next year.

roadrunner

ProofCollection

You might want to refer to the December gold trading thread - that's where this kind of stuff is discussed...

57loaded

i wanted to add and support some of RR thoughts....especially buying dips if one can do so.

QEII has temporarily made the markets almost giddy, there is a hang-over on the horizon IMO. some $$$ may be going back into the stock market. the "security blanket" of PM is not as comforting. did QEI have the same initial affect? (correct my grammar i never get the effect or affect thing right)

i know cohodk and others here can make $$$ on an up/down/sideways market and the savvy will make it in stocks and the trading.

so i think you have some good thoughts about making a purchase and don't sweat the timing to the day or hour. be loaded and take aim and fire! don't look back.

forgot to add....AND ProofCollection did make an excellent post in the December trading thread. second to last as i type

mhammerman

Load this into your crystal ball...

I believe we, as goldcentricists, are very fortunate to have enough understanding and confidence in ourselves that we would buy gold at the drop of a hat, funds allowing of course. It is a great leap for most working folks to plunk hard earned buks into a financial vehicle that they are really not educated in or familiar with. On the other hand, it is easy for the workers to send visa or mastercard $500 a month on their credit balances...it's a bit of a disconnect that folk would rather run up the plastic for gadgets rather than plunk down a few hundred bucks on a handful of ASE's or a tube of walkers every month or so.

The logic, as I understand it is: "But gold might go down" yet they let the cc companies rake them for 29% interest on their unpaid balances month after month and feel as comfortable as pigs in mud doing this and then they let the banks hose them for fees on their transactions everytime they touch their own money and yet they are more comfortable doing that than of keeping a couple of bens in their sock drawer for unexpected expenses. Be happy you got stash, it's an evolutionary leap...welcome to 2011.

Yeah, crystalballers, it might go down...hee hee!


Got CASH?

INDIANJOE

mine crystal ball say that both gold and silver , will for sure take a dive in the next 2 to 3 weeks.










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when red line cross blue , it gose down

roadrunner

That's not much of a stretch considering gold and silver tend to have moves of around 6-13 days each before changing direction. And since there's no real sign of a breakout either way right now, one would expect zig-zagging every 1-2 weeks. But I agree, some sort of "dive" in the next 2-3 weeks. Might only be $30-$50 max. It could also come after a run up of $70.

roadrunner

derryb

James Turk is predicting $1800 gold in the first quarter of 2011. But then again, he sells gold.

jmski52

I just sold some high premium gold and a little bit of platinum in order to rebalance and to buy some more AGE bullion.

I hear that gold is a good way to keep from losing your purchasing power when the government goes on another binge.

roadrunner

I think most of the profit taking for gold is over for the year. Now that things are slowing down for the holidays I think most traders and funds already did most of their selling/rebalancing for the rest of the year. Even though I like gold and silver, I think platinum is showing the chart with the most potential. It's lagged a bit and seems to be getting ready to challenge the 2008 ($2000+) levels again. The other metals have already done that.

platinum cup w/triangular handle essentially complete

roadrunner

percyb

Toss a coin. The price may go up some or it may go down.