Gold OH MY!

notwilight · October 26, 2007 4:55AM

Strong Friday close. Next week I'll be watching closely and have to go back and find my prediction earlier this month of $800 by the end of Oct. Those of you who aren't long term holders should be figuring out when you're going to sell. Some wait for the top and then an x percent retracement. I prefer to pick a target or date and sell when realized. Remember, almost nobody ever picks the exact top except by luck so don't set that expectation for yourself. This unselfish advice brought to you while I'm still holding. --jerry

ricko · October 26, 2007 6:00AM

Jerry... good advice.. there is no science to predict the top... 'We pays our money and takes our chances.' I do not see the 'magic button' yet that will turn the market... I see several that could, but they are quite a ways off. Of course, there are the unknowns - and we do not know what, or when, they may appear. Lots of fun though... I think I will hold for $1K. Cheers, RickO

tincup · October 26, 2007 6:56AM

<< Strong Friday close. Next week I'll be watching closely and have to go back and find my prediction earlier this month of $800 by the end of Oct. Those of you who aren't long term holders should be figuring out when you're going to sell. Some wait for the top and then an x percent retracement. I prefer to pick a target or date and sell when realized. Remember, almost nobody ever picks the exact top except by luck so don't set that expectation for yourself. This unselfish advice brought to you while I'm still holding. --jerry >>

This method usually works well.... but the only problem of course is if a true breakout is occurring. Can miss out on some good gains. But.... it is always good to get the sure thing.

LALASD4 · October 26, 2007 7:10AM

Gold is going up because of the weak dollar. Maybe I will go get some Pesos from the oil rich country of Mexico.

fastrudy · October 26, 2007 7:19AM

I just sold one ounce to a lucky guy. I paid $690 for it and sold it at $750. Didn't get the high, but NOBODY LOSES MONEY TAKING A PROFIT! Could have done better? Sure. Am i crying? Nah!

FLBuffaloHunter · October 26, 2007 7:34AM

Very early stages of a bull market in metals and energy. These swings back and forth are very common in the early stages. What we are looking at for the longer term is precious metals prices responding to a weakening dollar. The Fed plans to continue lowering intrest rates short term adding fuel by creating easy money at the cost of inflation. At some point they will need to raise them back up in order to support a war and social programs while the dollar will continue to decline. Once we hit double digit intrest rates, that may be a sign the top is near. What gold and platinum (as well as oil) will be once that happens is anyones guess some finanicial experts say $2,000 - $3,000 gold and $5,000 - $6,000 platinum is a very likely figure.

KUCH · October 26, 2007 7:45AM

Ok, I'm a newbie bullish on gold. Where should I go to purchase gold.

Cladiator · October 26, 2007 7:55AM

<< Ok, I'm a newbie bullish on gold. Where should I go to purchase gold. >>

Depends on what kind of gold and what quantities.

Coinlearner · October 26, 2007 7:56AM

"Where to purchase gold?"....A local coin dealer, APMEX, ebay, mint, Buy&sell forum, etc. Take time to learn/research before any purchase or any "place".

Animalkeeper · October 26, 2007 8:04AM

I bought a few pounds (12 oz. not 16) back when it was in the $250-$300 range. Sold one when it got above $400. Took a nice profit but looking back I kind of regret it. Probably sell another one if it gets to $800. I'll probably regret that too!

What I really wish is that that I had also loaded up on platinum at $300/oz....

bidask · October 26, 2007 8:10AM

<< Ok, I'm a newbie bullish on gold. Where should I go to purchase gold. >>

Buy the GLD for liquidity and low commissions...it tracks the gold metal price.

FLBuffaloHunter · October 26, 2007 8:21AM

Physical holdings of bullion can be bought at a small premium at most coin shops and bullion dealers. You can also go with paper ETF's that trade like stocks. Another option for small quantity short term holdings, you can also buy burnished 'W' eagles from the Mint since what you will pay is close to what a bullion dealer would charge at this point and you are getting a limited issue collectable coin instead of just bullion. If you have these graded by PCGS and get a couple 70's it would offset the premium you paid to the Mint and grading fees. Depending on how good you are at pre-screening, might even lower your cost. The Mint sold 5,000 1 oz burnished 'W' AGE's last week which is almost equal to the total amount they had sold in the months since April when they were issuued so it seems many are going this route. It also seems likely if gold continues it's upscale trend next week, they will soon be pulled once again for repricing since they are already within $50 of spot price.

oldwestgold · October 26, 2007 8:45AM

<< Ok, I'm a newbie bullish on gold. Where should I go to purchase gold. >>

If you want to actually hold the physical gold, I'd stick with 24K gold, coins, buffalos are the best choice. Most gold dealers( probably some in your area) will be 4-5% over spot. Less for large quanities. Never pay more than the standard 5% markup regardless if it's slabbed, graded 70, raw or what. Dealers will never pay more for "graded bullion coins". I've found some gold dealers in my area will buy back at 1-2% over spot for the gold buffalos. Spot for other types. To me they are the best bullion you can own. Sometimes you can find gold for melt on ebay, but don't forget to factor in shipping. The mint is typically way over priced for their gold offerings, however, as buffalohunter said there are times when the spot price moves up so quickly that the mints prices are within the "window" of opportunity. But you'll have to act fast as the mint will pull the items and reprice them. One more thing, never sell your gold for "back of spot". If a dealer offers less than spot, find another dealer.

LALASD4 · October 26, 2007 9:04AM

If gold continues to increase, those Spouse coins will be in the black again soon.

ProofModerns · October 26, 2007 11:07AM

As far as dealers go, Patriot Trading Group in Phoenix is a great mail-order dealer. They deal mostly in bullion common gold and silver pieces. I think they have some of the best prices I have seen for a dealer and they are honest. You can always do better on Ebay, but then you may get scammed on Ebay.

Their website is http://AllAmericanGold.com. They have a good radio show which you can download the podcasts for. I encourage you to shop around, but I think you'll find these guys are among the cheapest. For example, I think today they were selling $20 XF/AU Raw Liberties for $880 and rolls of silver eagles for $328.

RedTiger · October 26, 2007 11:26AM

<< Strong Friday close. Next week I'll be watching closely and have to go back and find my prediction earlier this month of $800 by the end of Oct. Those of you who aren't long term holders should be figuring out when you're going to sell. Some wait for the top and then an x percent retracement. I prefer to pick a target or date and sell when realized. Remember, almost nobody ever picks the exact top except by luck so don't set that expectation for yourself. This unselfish advice brought to you while I'm still holding. --jerry >>

If you are giving advice (and you are) it would be instructive to say approximately how long you have been holding, and what form your gold is in. That way readers can see if they are in a similar boat as far as time horizon and type of asset. Exact details aren't necessary, approximate time frames, and a general description of the form of gold would be helpful. Those holding rare date certified classic gold coins are going to think differently from those generic bullion coins, and they will think differently from those trading ETFs or mining stocks, and they will think differently from those trading futures or options on futures.

57loaded · October 26, 2007 11:29AM

gold has been going up for over 7 years what's the big deal?

BN · October 26, 2007 11:36AM

<< 
Those holding rare date certified classic gold coins are going to think differently from those generic bullion coins, and they will think differently from those trading ETFs or mining stocks, and they will think differently from those trading futures or options on futures. >>

Exactly....

ProofModerns · October 26, 2007 12:54PM

The big deal is that gold is about to skyrocket and it's going to do so for the next several years.

The next "bubble" is going to be the metals bubble.

Late 90's: Stock Bubble - at cooktail (msg board flags the correct spelling) parties everyone talked about stocks and their portfolios
Mid 00's: Housing Bubble - at cooktail parties everyone talked about how many houses they owned
Late 00's: Metals Bubble - Everyone will be talking about how many ounces they have.

When you get to the point where your non-coin and non-economically-sophisticated friends are talking about metals, it's time to sell.

notwilight · October 26, 2007 3:02PM

<< If you are giving advice (and you are) it would be instructive to say approximately how long you have been holding, and what form your gold is in. That way readers can see if they are in a similar boat as far as time horizon and type of asset. Exact details aren't necessary, approximate time frames, and a general description of the form of gold would be helpful. Those holding rare date certified classic gold coins are going to think differently from those generic bullion coins, and they will think differently from those trading ETFs or mining stocks, and they will think differently from those trading futures or options on futures. >>

Tiger,
I take it from the tone of your post that you thought I was making a bearish post on gold and recommending selling. I wasn't in the least and I'm probably as bullish as you are. every time I read a post like ProofModern's just above I want to believe it and it makes it very hard to sell. My advice was to those planning to sell into this rally. My experience comes from the stock market. I'd be speaking to a fellow investor who was holding a high flying tech stock that just took a hit and he would be lamenting the downward move. I'd say, "I thought you were going to sell that last January during the New Year's rally?" and I'd always get an answer like, "I was but just never pulled the trigger." My point is that when something is going up and theads are up several times a day talking about $800 gold, $1000 gold, Gold and Metals Bubbles, etc it is easy to get caught up and never pull the trigger. That's fine if you're a long term bull with long term money invested. But some may find themselves looking around in the next correction (whether it be back to 650, 750, 850 or 1050) and be thinking, "I shoulda sold when...." So decide when you want to sell and stick with it. If it is 2025 when you retire, that's a great plan.

My personal holdings are in multiple buckets. I have a sizeable lump of bullion gold that I took in on a deal in early 07 that I have been planning to sell (and need to sell) on the next upleg and this is it. --Jerry

CaptHenway · October 26, 2007 3:44PM

<< Very early stages of a bull market in metals and energy. These swings back and forth are very common in the early stages. What we are looking at for the longer term is precious metals prices responding to a weakening dollar. The Fed plans to continue lowering intrest rates short term adding fuel by creating easy money at the cost of inflation. At some point they will need to raise them back up in order to support a war and social programs while the dollar will continue to decline. Once we hit double digit intrest rates, that may be a sign the top is near. What gold and platinum (as well as oil) will be once that happens is anyones guess some finanicial experts say $2,000 - $3,000 gold and $5,000 - $6,000 platinum is a very likely figure. >>

What he said.

BlindedByEgo · October 26, 2007 3:47PM

It's nice to be long right now.

19Lyds · October 26, 2007 4:06PM

<< Late 90's: Stock Bubble - at cooktail (msg board flags the correct spelling) parties everyone talked about stocks and their portfolios >>

Don't cha mean cocktail parties?

Type2 · October 26, 2007 4:20PM

<< It's nice to be long right now. >>

PerryHall · October 26, 2007 5:36PM

<< 

<< It's nice to be long right now. >>

>>

There are many products on the internet that will help you to achieve this goal.

Gold OH MY!

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