What price will gold hit first $850 or $900?

GFourDriver · August 7, 2008 3:08AM

Gold has been trending down but has been moving slowly the past couple of days. Where do you think it is headed in the short run?

FishyOne · August 7, 2008 3:13AM

Below $850 this month according to Nostradogbert.

jmski52 · August 7, 2008 3:15AM

I think that the dollar will make it to zero before gold does.

percyb · August 7, 2008 3:31AM

I think it's near 850 today, no?

GFourDriver · August 7, 2008 3:32AM

It's at $878.10 right now.

ksammut · August 7, 2008 4:07AM

The EU will have to lower their interest rates before to long to help their economy. Dollar will get stronger and gold will fall.

ttown · August 7, 2008 4:10AM

<< The EU will have to lower their interest rates before to long to help their economy. Dollar will get stronger and gold will fall. >>

Just because the Euro falls doesn't mean the Dollar will rise compared to the price of gold. You may see a time when all fiat currencies fall compared to gold in the not to distant future. The CB's have spread the sub prime world wide.

BECOKA · August 7, 2008 4:14AM

Tough call, I just hope it does not go up much before the UHR is released from the Mint in January.

ksammut · August 7, 2008 4:49AM

<< 

<< The EU will have to lower their interest rates before to long to help their economy. Dollar will get stronger and gold will fall. >>

Just because the Euro falls doesn't mean the Dollar will rise compared to the price of gold. You may see a time when all fiat currencies fall compared to gold in the not to distant future. The CB's have spread the sub prime world wide. >>

True but in the short term I believe gold will fall, if the dollar continues to rise, and will go under the $850 mark.

Placid · August 7, 2008 1:52PM

$850 probably.

MrBear · August 7, 2008 2:04PM

I finally gave up and dumped a bunch of gold today, so it should be $1000 by the end of the month.

I'm actually a little miffed one of the coins I had was a .99999 Maple Leaf, which the dealer sold at an extra premium over spot. They sort of implied (or maybe out-and-out said, I don't recall) that even though it cost more up front, you'd get it back in the end, since they'd pay more for it. Well, they paid more than for the K-rand, but not quite as much as the 2006 proof buffalo. :-p

And when I mentioned the UHR Saint coming out in January, the guy had no idea what I was talking about. It's always good to deal with professionals who know less than you.

57loaded · August 7, 2008 2:10PM

<< 

<< The EU will have to lower their interest rates before to long to help their economy. Dollar will get stronger and gold will fall. >>

Just because the Euro falls doesn't mean the Dollar will rise compared to the price of gold. You may see a time when all fiat currencies fall compared to gold in the not to distant future. The CB's have spread the sub prime world wide. >>

right now it's a USD index vs Gold the euro being a majority of the index. inflation may take the driver's seat, soon...or something stirring in the middle east.

jmski52 · August 7, 2008 10:58PM

They way gold is dropping today ($857 now), it is getting very close to your $850 number.

Gold is a mirror for what's happening in the economy. They're printing alot of dollars, and with the bailouts - they will be creating alot more.

If gold is falling like this, under these conditions - is deflation taking hold due to the wealth destruction of falling real estate and bank losses or will inflation kick in with a vengeance before long?

bluelobster · August 7, 2008 11:25PM

Contraction, deflation and wealth detstruction have been the driving forces behind all of the recent commodity complex price decline. Many just focus on inflation and the fed here, because they follow an investment dogma, while ignoring wealth/dollar destruction, that let's face it ....no matter how hawkish the fed has talked about inflation they are currently more worried about deflation. This will change at some point, but the uptrend is in commodities is broken for now. I will be looking to get long natural resources again, but I'll wait for the market to signal it, not before.

RedTiger · August 7, 2008 11:40PM

My read on gold has been the same for the last couple of months. Gold is following oil. Historically, there is a 80% to 90% correlation, depending on the time frame looked at. Chart support and resistance levels are not to be trusted when when gold is trading in this manner, better to look at support/resistance on oil and trade off that for gold.

I'm not sure why anyone cares whether gold moves $50 up or down, other than entertainment and boredom. Only short term traders can make money on these $50 movements, and I hope they aren't reading coin forums for information. Because if they are, their half-life might be a year or less (half will be out of the game in a year).

As I always say, it is more informative to hear what folks are doing in terms of buying or selling than any predictions. I bought a half eagle yesterday, close to melt value (which is now lower).

ziggy29 · August 7, 2008 11:41PM

Don't sweat the short-term stuff unless you're actively buying the dips and selling into the rallies.

jdillane · August 8, 2008 12:08AM

I'll go out on a limb and predict $850. Just think if it gets to $750, what a buying opportunity that will be!

GFourDriver · August 8, 2008 3:02AM

If gold breaks the $850 mark it may continue to fall all the way to $800 in a hurry.... loss of support.

PrivateCoinCollector · August 8, 2008 3:06AM

$850 because it has to go past that to get to $800.

Manorcourtman · August 11, 2008 2:47AM

<< $850 because it has to go past that to get to $800.

>>

$822 and falling fast. I guess $800 is next.

charley · August 11, 2008 3:29AM

I am going to step out on a limb here and predict something I know nothing about. Gold will meet your target amount first, on 08/11/08. Respectfully, John Curlis

What price will gold hit first $850 or $900?

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