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Will this be the week that gold can eclipse $1300 for the 1st time in 6 months?

Geckster109Geckster109 Posts: 231 ✭✭✭
in Precious Metals

For the past few months, gold has acted like a race car's engine. Running up till it hits the rev limiter of just under 1300, then falling back down to the low 12's......then up to near 1300 and again falling back. Will the yellow stuff finally break through that stubborn rev limiter this week, and is there enough support to keep it there for awhile?

Comments

  • MilesWaitsMilesWaits Posts: 5,356 ✭✭✭✭✭

    As long as the House of Tweets keeps on impulsing we should be just fine.
    It is a fickle metal and it depends on drama.

    Now riding the swell in PM's and surf.
  • derrybderryb Posts: 36,823 ✭✭✭✭✭
    edited June 7, 2017 7:27PM

    yes, once the seriousness of the Qatar situation fully understood.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    It is certainly looking like that right now.... whether or not it will hold is the real question... IMO... over the next six months or so, if the political and world situation remains, and the expected economic boom materializes, then the dollar will rise and gold will sink. JMO... and IHBWB (I have been wrong before)... Cheers, RickO

  • derrybderryb Posts: 36,823 ✭✭✭✭✭

    the puppet masters currently want a weak dollar.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • ashelandasheland Posts: 23,189 ✭✭✭✭✭

    I'll bet it does. It's sure close right now.

    My YouTube Channel

  • BaleyBaley Posts: 22,660 ✭✭✭✭✭

    @derryb said:
    the puppet masters currently want a weak dollar.

    LoL, yeah, that makes lot more sense than simple supply and demand forces in a relatively orderly market.

    Liberty: Parent of Science & Industry

  • oldstandardoldstandard Posts: 387 ✭✭✭

    @MilesWaits said:
    As long as the House of Tweets keeps on impulsing we should be just fine.
    It is a fickle metal and it depends on drama.

    I know I wished he would stop with the quick reactions so metals would take the fall he does help the metals take bounces. I can't believe a grow man would be so envolved in child's play like tweeting let alone a president but he loves drama so I guess the shoe fits.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    I'm not impressed....we all seem to have short memories...Gold hit $1365 on July 5, 2016. The last time it was above $1300 was on November 4, 2016.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,823 ✭✭✭✭✭

    "simple supply and demand forces in a relatively orderly market."

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    Doesn't feel like a break out...


    Here's a warning parable for coin collectors...



  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    Not this week.

    theknowitalltroll;
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭

    @derryb said:
    "simple supply and demand forces in a relatively orderly market."

    How fun, that we each find the things the other says so amusing. It's good to laugh! Have a great summer

    Liberty: Parent of Science & Industry

  • Geckster109Geckster109 Posts: 231 ✭✭✭

    I just sold 1.44oz, so now $1,300+ is a lock!!!

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Well.. it is dipping again..... of course, still half a week to go.... Cheers, RickO

  • FellintoOblivionFellintoOblivion Posts: 280 ✭✭✭

    @OPA said:
    I'm not impressed....we all seem to have short memories...Gold hit $1365 on July 5, 2016. The last time it was above $1300 was on November 4, 2016.

    The first time gold hit 1300 was when it was in the process of gaining over 50% value in less then a year from August 2010-11 on it's way to almost 1900. I'm not an economist but I wouldn't be surprised if it was a couple of years before we see gold trading over 1300 for an extended period of time.

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    $1300 is TOAST! $1200 is more likely!

    theknowitalltroll;
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Not looking good for $1300 this week... probably not until November....Cheers, RickO

  • UnclePennyBagsUnclePennyBags Posts: 327 ✭✭✭

    @FellintoOblivion said:

    @OPA said:
    I'm not impressed....we all seem to have short memories...Gold hit $1365 on July 5, 2016. The last time it was above $1300 was on November 4, 2016.

    The first time gold hit 1300 was when it was in the process of gaining over 50% value in less then a year from August 2010-11 on it's way to almost 1900. I'm not an economist but I wouldn't be surprised if it was a couple of years before we see gold trading over 1300 for an extended period of time.

    My Boss owns several businesses and the only thing he really invests in is his businesses.... some time back in the early 2000's a guy owed him $5000 for some work he had done and the guy gave him 11 1 oz. gold eagles.... One day back in 2010-2011 run up he tells me that he has them in his SDB and wants me to take a look at them because he heard gold was really going up and he wanted to see what he could get for them.... I checked them out and they were genuine and in pristine shape in capsule like holders... spot at the time was almost to $1500 and I told him the coin shop would pay spot so it was at just over 16,000... He though about it overnight and he told me he was going to wait and see what it did... Told me to check back with him at $100 increases.... at $1800 he almost pulled the trigger but but hesitated and said 2,000... he was going to wait til then.

    I bugged him and bugged him when it was around 1900 and told him to be ready and he said he still wanted to hold... long story short he still has them and bugs me on a weekly basis if its back to 1,500 yet because that's his new magic #... one of these days I am going to make my 1% for brokering the deal as it has only taken me 7 years of negotiating as of now,

    Successful trades.... MichaelDixon,

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Well... it did not hit or break $1300 this week.... One can never be sure when, or if, it will start to rise..... a black swan event could send it up 3-4 hundred almost overnight.... Cheers, RickO

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @UnclePennyBags said:

    @FellintoOblivion said:

    @OPA said:
    I'm not impressed....we all seem to have short memories...Gold hit $1365 on July 5, 2016. The last time it was above $1300 was on November 4, 2016.

    The first time gold hit 1300 was when it was in the process of gaining over 50% value in less then a year from August 2010-11 on it's way to almost 1900. I'm not an economist but I wouldn't be surprised if it was a couple of years before we see gold trading over 1300 for an extended period of time.

    My Boss owns several businesses and the only thing he really invests in is his businesses.... some time back in the early 2000's a guy owed him $5000 for some work he had done and the guy gave him 11 1 oz. gold eagles.... One day back in 2010-2011 run up he tells me that he has them in his SDB and wants me to take a look at them because he heard gold was really going up and he wanted to see what he could get for them.... I checked them out and they were genuine and in pristine shape in capsule like holders... spot at the time was almost to $1500 and I told him the coin shop would pay spot so it was at just over 16,000... He though about it overnight and he told me he was going to wait and see what it did... Told me to check back with him at $100 increases.... at $1800 he almost pulled the trigger but but hesitated and said 2,000... he was going to wait til then.

    I bugged him and bugged him when it was around 1900 and told him to be ready and he said he still wanted to hold... long story short he still has them and bugs me on a weekly basis if its back to 1,500 yet because that's his new magic #... one of these days I am going to make my 1% for brokering the deal as it has only taken me 7 years of negotiating as of now,

    If he doesn't need the $$$$, he might just as well hang on to them.

    theknowitalltroll;
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