Will Golds run to $2000 suffer the same fate as Silvers run to $50?

piecesofme · August 22, 2011 9:24AM

An apx. a 37% biyitch smackdown in case you forgot.
$2000 for Gold seems to be what it's destined for, at least, just like the pshycological number for Silver was $50. I'm just sayin, be very careful out there folks.

jmski52 · August 22, 2011 9:30AM

Silver will get even with JPM, in spades, before it's over.

mariner67 · August 22, 2011 9:32AM

I have the very same concerns.
There easily could be a pull back as gold approaches the psychological milestone of $2000/oz(or a little below that level) and people start dumping/taking profits!
We shall see.

Wingsrule · August 22, 2011 9:35AM

People were saying that $200 ago. I thought we were due for a fall to the mid 1600s. I was wrong (so far).

piecesofme · August 22, 2011 9:48AM

I think...Ag will go $300 either way at some point in the next month. Would I play that in the stock market? Hell no! Why? Because the stock market is rigged and heavily manipulated. Will I buy a few oz's of physical? I already did last week at $1625-ish when I was offered some at Spot + $20.

RedHerring · August 22, 2011 9:54AM

They're won't be any 37% (or close to that) correction for gold. Trust me, I know.

roadrunner · August 22, 2011 10:04AM

The 2 previous biggest smackdowns for gold (2006 and 2008) resulted in pull backs of 25-33%. So those numbers are certainly on the table.
A large gap in the gold chart at $1660-$1680 will more than likely be filled sooner later....probably in <6 months. And even that would only mark
a 17% pull back from $2000. Gold "could" go to $2200-$2400 and pull back to $1660 in a normal course of events while keeping the bull market intact.
That would give the hefty 25-33% pull back already seen twice before.

I'd be surprised if gold gets past $2025-$2062 which is 40% beyond the 200 day moving average. That's the current record "overboughtness" for gold over the past 10 yrs.

roadrunner

JCMhouston · August 22, 2011 11:39AM

I don't know but I hope so. I'm not buying at current levels, but would start acquiring again around $1500-1600.

MsMorrisine · August 22, 2011 12:15PM

<< I have the very same concerns.
There easily could be a pull back as gold approaches the psychological milestone of $2000/oz(or a little below that level) and people start dumping/taking profits!
We shall see. >>

or the mythical "all time high" (which I even dispute since I do dispute the inflation numbers) of the $2250-$2300 area.

MsMorrisine · August 22, 2011 12:17PM

<< I don't know but I hope so. I'm not buying at current levels, but would start acquiring again around $1500-1600. >>

Another First Spouse is going to be cranked out into these prices.

That one is on the schedule for Sept 1.

Let's all hope for a good strong correction of about 10 days, then a rocket back up.

roadrunner · August 22, 2011 12:20PM

The butchered CPI that is used today would project gold to around $2300-$2400. But if we utlize the 1980 CPI model and bring it forward, it would project gold to $7500.
That's an interesting number since it also is about the same point where it backs the money supply. If considering backing sovereign debt, that number is over $10,000 now
but also used to be in the mid-$7,000's before more debt was tacked on this year.

roadrunner

CaptHenway · August 22, 2011 12:37PM

I fully expect a $100 correction somewhere along the line, and I don't care. I bought long ago, and am holding. I am way ahead of the game.

storm888 · August 22, 2011 12:57PM

I'd like it to tank, too; but, that's just me being greedy.

Folks who waited for the "pullback" from the $1500
level have cost themselves a lot of money.

$2.5 in 2011 is still a VERY safe call, but it may not be
in a straight line.

pmcollectour · August 22, 2011 7:22PM

Buy all you can if gold pulls back 50 to 100 dollars.

I'm expecting a straight line to 2,300.

Charts do not matter anymore.

Sinclair was right about that 1764 number. There's nothing that can slow it down now. The cat is out of the bag.
Just keep buying the highs. They're going to fall eventually anyway.

pmcollectour · August 22, 2011 7:30PM

It appears that gold hasn't pulled back more then $75 dollars all year. But I do remember when I bought at 1575, and gold dropped
$100 bucks in two days after I bought.

piecesofme · August 22, 2011 9:11PM

Charts do not matter anymore

Konahead · August 22, 2011 9:57PM

<< I fully expect a $100 correction somewhere along the line, and I don't care. I bought long ago, and am holding. I am way ahead of the game. >>

Coulport · August 22, 2011 10:01PM

<< I think...Ag will go $300 either way at some point in the next month. Would I play that in the stock market? Hell no! Why? Because the stock market is rigged and heavily manipulated. Will I buy a few oz's of physical? I already did last week at $1625-ish when I was offered some at Spot + $20.

Gold is Au from aurum.

Silver is Ag from argentum.

gecko109 · August 22, 2011 10:06PM

If considering backing sovereign debt, that number is over $10,000 now
but also used to be in the mid-$7,000's before more debt was tacked on this year.

roadrunner >>

Im getting closer to $57,000/oz. $15,000,000,000,000 divided by 262,000,000. Where did I go wrong?

derryb · August 22, 2011 10:09PM

gold is overbought, temporarily. too much gain too quick. small correction (less than 10%) is in order and should be considered healthy and a buying opportunity.

MoneyLA · August 22, 2011 10:33PM

Charts do matter and the one year chart shows avery strong rally for gold built with successive cup and handle formations, but the last spike up may have been too much too quickly and so some selling would be expected. There is a good support level between 1500 and about 1580.

PerryHall · August 22, 2011 10:36PM

<< gold is overbought, temporarily. too much gain too quick. small correction (less than 10%) is in order and should be considered healthy and a buying opportunity. >>

Well put and I agree.

derryb · August 22, 2011 10:48PM

<< Charts do not matter anymore. >>

Unless I can tie events to specific points on charted performance, charts have very littly use to me in determining future performance. Charts are history and nothing more. The only way to learn from the history is to know the "why." To me, technical analysis from charts is like finding an image of a volkswagon beetle among the evening stars or a portrait of Madonna in a piece of toast. You tend to see what you're looking for.

My favorite chartist - Gary Dorsch

OPA · August 23, 2011 3:59AM

<< 

<< gold is overbought, temporarily. too much gain too quick. small correction (less than 10%) is in order and should be considered healthy and a buying opportunity. >>

Well put and I agree. >>

If that's the case, we have another 6.5% correction to go .. down about 3.5% so far today or could this be the beginning of the long anticipated "bursting of the bubble?"

57loaded · August 23, 2011 4:37AM

think tsunami, the more the tide goes out, the higher the next wave will be.

pmcollectour · August 23, 2011 4:46AM

I love a good, healthy, bull run pullback.

lightcycler · August 23, 2011 5:27AM

Markets that go parabolic always correct with ferocity. Just don't know when that parabolic market will correct. Looks like now. If anyone thinks a bubble is popping? Not a chance in my mind. This market will correct and I beleive it will be the last opportunity to buy sub $2000 for many years to come.

CaptHenway · August 23, 2011 5:28AM

<< I fully expect a $100 correction somewhere along the line, and I don't care. I bought long ago, and am holding. I am way ahead of the game. >>

What I said.......

Bayard1908 · August 23, 2011 5:33AM

<< The butchered CPI that is used today would project gold to around $2300-$2400. But if we utlize the 1980 CPI model and bring it forward, it would project gold to $7500.
That's an interesting number since it also is about the same point where it backs the money supply. If considering backing sovereign debt, that number is over $10,000 now
but also used to be in the mid-$7,000's before more debt was tacked on this year.

roadrunner >>

7500/850 = 8.82. I cannot think of anything where prices are 8.82 times higher than in 1980.

piecesofme · August 23, 2011 8:30AM

Unless I can tie events to specific points on charted performance, charts have very littly use to me in determining future performance. Charts are history and nothing more. The only way to learn from the history is to know the "why." To me, technical analysis from charts is like finding an image of a volkswagon beetle among the evening stars or a portrait of Madonna in a piece of toast. You tend to see what you're looking for

Finally, FINALLY...someone else gets it!

Baley · August 23, 2011 9:11AM

Charts do not matter anymore ... There's nothing that can slow it down now. . The cat is out of the bag.
Just keep buying the highs. They're going to fall eventually anyway.

Wait, are you talking about housing prices in 2006? MSFT or QCOM stock in 1999? Automobile stocks in the 1940's? Railroad stocks in the 1870's? or Tulip bulbs in the 1630's?

Spooly · August 23, 2011 10:07AM

<< Markets that go parabolic always correct with ferocity. Just don't know when that parabolic market will correct. Looks like now. If anyone thinks a bubble is popping? Not a chance in my mind. This market will correct and I believe it will be the last opportunity to buy sub $2000 for many years to come. >>

Leham · August 23, 2011 11:53AM

Charts do not matter anymore ... There's nothing that can slow it down now. . The cat is out of the bag.
Just keep buying the highs. They're going to fall eventually anyway.

Wait, are you talking about housing prices in 2006? MSFT or QCOM stock in 1999? Automobile stocks in the 1940's? Railroad stocks in the 1870's? or Tulip bulbs in the 1630's?

Very Well said

OPA · August 23, 2011 11:38PM

<< Markets that go parabolic always correct with ferocity. Just don't know when that parabolic market will correct. Looks like now. If anyone thinks a bubble is popping? Not a chance in my mind. This market will correct and I beleive it will be the last opportunity to buy sub $2000 for many years to come. >>

Mmm...down another -$100+ today....kitco site crashing ...current selling price $1774? At this rate, we'll have lots of time to buy gold below $2000 in the future

CaptHenway · August 23, 2011 11:39PM

Kitco is swamped. Don't forget the India desk:
.
http://india.thebulliondesk.com/

jmski52 · August 24, 2011 12:49AM

Capt'n, where's that roller coaster pic?

Yee - Haaa!

MoneyLA · August 24, 2011 12:59AM

<< 

<< Charts do not matter anymore. >>

Unless I can tie events to specific points on charted performance, charts have very littly use to me in determining future performance. Charts are history and nothing more. The only way to learn from the history is to know the "why." To me, technical analysis from charts is like finding an image of a volkswagon beetle among the evening stars or a portrait of Madonna in a piece of toast. You tend to see what you're looking for.

My favorite chartist - Gary Dorsch >>

With charts, past is prologue. Either you believe in it or you don't.

I believe in it.

OPA · August 24, 2011 3:32AM

<< Will Golds run to $2000 suffer the same fate as Silvers run to $50 >>

Depending at what charts you look at...Gold has dropped 35% of it's gains since June, but less than 10% since it's all time high. Silver took a much steeper decline in both categories, but on the other hand, Gold may decline further before rebounding

pmcollectour · August 24, 2011 4:03AM

<< Charts do not matter anymore ... There's nothing that can slow it down now. . The cat is out of the bag.
Just keep buying the highs. They're going to fall eventually anyway.

Wait, are you talking about housing prices in 2006? MSFT or QCOM stock in 1999? Automobile stocks in the 1940's? Railroad stocks in the 1870's? or Tulip bulbs in the 1630's? >>

What did a devaluing dollar and crumbling euro have to do with housing prices, MSFT, automobile stocks, railroad stocks, or tulips ?

Why is China encouraging its citizens to buy gold and silver ?

The borrower always becomes slave to the lender.

BTW, I've heard you're the guy who said gold was going much lower back in the pre-1k gold days ? Is that true ?

mrearlygold · August 24, 2011 4:07AM

Be nice to the people on the way up, cause you're going to meet the same people on the way down.
Ralph Kramden

OPA · August 24, 2011 5:19AM

<< I'd be surprised if gold gets past $2025-$2062 which is 40% beyond the 200 day moving average. That's the current record "overboughtness" for gold over the past 10 yrs. >>

Good call RR. Charts do matter don't they?

Baley · August 24, 2011 5:32AM

I'm always skeptical of asymtotal price increases because I view them as potentially unstable, and of round numbers at new highs because of the mass psychology of selling targets

Yes, I'm one of the guys that was skeptical of the high round number of $1000/oz.

I'm twice as skeptical at $2000 (althought very happy with the increase in value of my gold)

piecesofme · August 24, 2011 9:04AM

For anyone keeping track, apx. 13% has been lost from the high.
We're a 1/3 of the way to what Silver did in just the last 2 days

Tiggs2012 · August 24, 2011 1:14PM

<< For anyone keeping track, apx. 13% has been lost from the high.
We're a 1/3 of the way to what Silver did in just the last 2 days >>

So what you're saying is we need to close our eyes for 4 more days?

Baley · June 25, 2013 6:30AM

Will Golds run to $2000 suffer the same fate as Silvers run to $50?

Looks like it did

OPA · June 25, 2013 7:25AM

And where are all the perma bulls with their outrageous gold or silver price predictions?

Will Golds run to $2000 suffer the same fate as Silvers run to $50?

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