Options
Gold, Silver, HUI getting stabbed in the eyes today.
HonoluluDude
Posts: 2,167 ✭
Let's see if we finally get the correction everyone's been calling for.
0
Comments
Keep on dropping baby.....
Things Change
My posts viewed
since 8/1/6
<< <i>I'm glad I'm not the only one cheering for metals to take a dive. Now if the coin "bubble" would just burst... >>
At work they always tell me I am the only one that they know that wants Gold to drop.....
And BTW congrats on the google crowd down another 5%+ today.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>What is "HUI"? >>
The HUI is one of the gold miner indexes. XAU is the other.
<< <i>What is "HUI"? >>
I should add, it would matter to you only if you buy mining stocks.
<< <i>So a little over a 2% drop is a major market change? I don't think so, I just don't see the stock market or anything else right now that will take money away from the "flight to safty crowd". I'm sure the central banks are trying to shake peoples desire for gold today but I don't think it will be long term with all the crap happening in the world right now.
And BTW congrats on the google crowd down another 5%+ today. >>
Looks like it will the biggest down day of 2006 so far, so it is an event. Whether it is another one day wonder, or the start of something more meaningful, will play out. Still too much happy talk, and some speculators poured in (Jim Cramer, et al), so I am hedging my bets (oh, I forgot, no betting on this board
I doubt the 3% decline is enough to make any long time horizon people buy. If gold gets back to $500 (another 10%) and silver back to $8 (another 14%) I believe a lot of buyers will step up. We'll see if there is enough buying interest from short termers before those price levels.
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
keep going baby
<< <i>Take advantage of the nice dip. >>
should I take it right now, or wait a little longer..
Also, I have a question: If I bought gold say at $535, and I sell it if it got to $685, Do I have to turn that 150 bucks in come tax time? How do you guys do it? If for some reason you dont want everyone to know, pm me please
buying coins with gold weenies around is tough.
You got that right!
Of course I agree, if gold goes down to 300oz and I can get silver at 4.50 then I'd buy .........................stop dreaming. Gas will not go to 1.29 a gallon , your monthly health care wont be 60 bucks amonth and a good steak wont sell for 2.95.
Inflation is a fact of fiat currency, the trend may correct but it only goes one way.
I doubt if many newcomers will buy as gold falls here. Who knows when the bottom of the correction will be? It could
be tomorrow at $545 or 3 months from now at $475.
roadrunner
Gold going to see $525 & Silver at $9.00?
I am not suprized (or worried), With such a big run-up, you're bound to have a big selloff at the first hint of weakness.
Seems like they finally got a stampede going and the commercials hammered them by selling "paper gold" (not backed by physical gold) just at the right time. She'll be back.
roadrunner
<< <i>Gold posted its biggest one-day decline in 13 years
I am not suprized (or worried), With such a big run-up, you're bound to have a big selloff at the first hint of weakness. >>
I think that is what bugs me the most about this day--the complacency. Biggest one day drop in a decade and not a single person seems scared, no one is rushing for the exit, only a very few angry pissed off longs, newbies are asking when to buy.
Everyone seems to think the police cars circling the block are part of the hired entertainment and not here to raid the party. Maybe when they bust down the door a few people will run for the exits, or maybe they'll have to take 'em by force [much lower prices].
Well, it will play out one way or another. Me, I am moving closer to the door, but I can still hear the band from my perch.
I think this drop doesn't concern people because of how quickly gold has risen recently. If gold dropped to $500 then there might be a lot of concern/panic.
Think it's back to recovery
local coin dealer said all his coin and paper is on hold as he's been swamped with the metals market
I want gold to drop so I can by more.....
is not expecting inflation yet and there are still powerful forces arrayed against
gold. It's very safe to predict that the gold price will not return to the level of
two years ago until things are very different than they are today. This probably
means a couple generations. Silver could go back down but it's not likely. It still
looks like the change in silver phychology is spreading, so look for even more
strenght here barring an economic downturn.
As always, more will be revealed by the market, and hopefully, I will continue to listen to the market, not my ego.
I'll repeat my standard: the average collector has no business trying to time the bullion markets. Most that attempt to do so, will fail. Would be bargain hunters tend to buy much too soon or try to be perfect and get the precise bottom instead of a settling for a good average price. Would be trend followers tend to get out at small profits or can not bring themselves to pull the trigger and get in at what seems like a very high relative price. A person asking for advice, has almost a negative chance of successfully timing the markets.
I suggest that the average collector diversify and think about the long term, average in (buy in small increments over a period of time) and average out, and ignore these short term fluctuations. Virtually, no one gets out at the top, that's why its a top (few sellers, lots of buyers). It is a romantic view to think that I will be one of those lucky few that gets out at the top. The same goes for everyone else thinking they will be smart enough [or lucky enough] to sell at the top or buy at the bottom.
the_northern_trading_company
ace@airadv.net
<< <i>Jeezoman I wish I had another shot at the 1990s. I was a kid, but when I think of all the paper route money I blew on baseball cards and toys when I could've been buying cheap gold it kills me! >>
No need to look back. The price hasn't moved much [yet]. Gold has approximately doubled from the very bottom and that was many years back. I continue to believe that the best percentage gains will be made after gold goes over its old all time highs of $800+.
However, at this moment, I see gold as extended and in a precarious position because of the rampant bullishness and complacency (MarketVane shows over 90% of gold traders bullish--this is a reading at or near an intermediate top). This is a high risk entry point. I strongly suggest that any novices buying today, average in with small purchases over the course of a year or more. It will be much easier emotionally. There will be less chance of being scared out on a dip, or wanting to cash out at a 20% profit, because the person will not be attached to one price point.
<< <i>I strongly suggest that any novices buying today, average in with small purchases over the course of a year or more. It will be much easier emotionally. There will be less chance of being scared out on a dip, or wanting to cash out at a 20% profit, because the person will not be attached to one price point. >>
Seems like sound advice. Duely noted.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Jeezoman I wish I had another shot at the 1990s. I was a kid, but when I think of all the paper route money I blew on baseball cards and toys when I could've been buying cheap gold it kills me! >>
I hear that, and am in the same boat buying sports cards that are worth a ton now
PM markets seem more and more volatile nowadays.
Futures Metal Price Fri Feb 10 11:37:08 2006 EDT
Metal Name Last Change High Low
Gold 552 2.5 561.9 552
Silver 9.36 0.3 9.715 9.28
Platinum 1084 10.9 1084 1058
Palladium 287 17.45 306 286
Neo...