Gold just broke $400.00 in after hour trading

fountainheadgold · November 18, 2003 10:06AM

Placid · November 18, 2003 10:07AM

Placid · November 18, 2003 10:19AM

That didn't last long.

fountainheadgold · November 18, 2003 10:22AM

thats okay, it still broke through

Nic · November 18, 2003 10:56AM

I'd guess a few bets were just won/lost!

. K

Cam40 · November 18, 2003 10:58AM

KUCH · November 18, 2003 11:00AM

wish i would have bought gold.

JxnBoy · November 18, 2003 11:35AM

November 2002, 1 oz gold = 480 Swiss Franc
November 2003, 1 oz gold = 530 Swiss Franc
Difference = +10.4%

November 2002, 1 oz gold = 320 US Dollar
November 2003, 1 oz gold = 400 US Dollar
Difference = +25.0%

It's not that gold is extremely strong (although it is doing well), it's that the US dollar is weak right now. Last year, 1 USD bought you 1.10 Euros. Now it gets you about 83 Euro cents.

MrKelso · November 18, 2003 11:38AM

dollardude · November 18, 2003 11:53AM

My congratulations, fountainheadgold. Let's see where it goes from here.

BigE · November 18, 2003 12:27PM

Thanks for the comparison JnxBoy, very enlightening----BigE

Deadhorse · November 18, 2003 12:36PM

This is sort of a mixed blessing for me.

I really expect it to go back down and up several times, there will be profit taking and the usuall resistance. After it breaks $400 four or five times then I think we will see a solid bottom in the $420 range, give or take $5 by the 3rd week in January '04.

Silver needed to break $5 on five different occasions before it settled in and closed several weeks above that figure. Now we have a new solid bottom of around $5.25.

I expect to see solid grinding rises, but slow and steady through most of '04, it is after all, a Presidential election year. By '05, I think the gloves will be off and many people will be surprised at where precious metals go. This is still the early rise of the tide and there's going to be a long bull wave in front of us.

I'm strong on silver giving a better return % wise, but I've hedged my bets with a solid portfolio of gold as well. Something along the lines of 65-35.

Either way, I'm in it long and these little blips are just the first tremors of a groundswell. We'll see.

trozau · November 18, 2003 1:34PM

It should be above $400 just before the US opens tomorrow morning then end higher when the US closes. My WAG!

roadrunner · November 18, 2003 1:39PM

The majority of the financial mainstream still says that this gold thing is a fluke. I guess we'll see. Anyone who is pro-gold is still considered a crack pot or lunatic by the vast majority.

I will bring up James Sinclair's bet of $100,000 back at the beginning of the year that gold would close above $400 sometime THIS year. As far as I know, no one took him up on it. Probably a wise move as gold may take out $400 any day. Once this bet is gone, I got a feeling he's going to start a $500/oz bet.

roadrunner

Deadhorse · November 18, 2003 2:38PM

I'd be surprised if Gold breaks $500 in '04. I'd also be surprised if it didn't tease $800 by the end of '05.

Personally, I still have alot of buying to do, I'd like to see it stay low for another year or so. That's why this is a mixed blessing for me. I have no intention of doing any profit taking for several years.

Gold just broke $400.00 in after hour trading

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