where is gold going?

1907Quarter · December 4, 2009 3:27AM

figured I throw it out and get the experts in here! good jobs report and gold has dropped $35 this morning. temporary abberation?

tbarreca · December 4, 2009 3:31AM

There was a great article in Yahoo! Finance earlier this week, the gist of which was that if the Chinese actually increase their gold reserves as much as they have recently announced, that will drive gold prices, given current extant reserves and production levels, to over $2500 within the next 2 to 3 years. By itself! I found that quite interesting.

doh · December 4, 2009 3:33AM

Wouldn't it be great if they made a special forum for talking about PMs? Oh wait...

moonshine · December 4, 2009 3:33AM

heh, I didn't want to be the 1st to say that -----

Type2 · December 4, 2009 3:36AM

I think Gold Coins are going up.

rjsriv · December 4, 2009 3:39AM

IMHO--This "better" jobs data report is so much bull that caused this to drive the price of gold down-- if you look at it, anyone who thinks we are on a way to recovery is insane.. during this time of year there is temporary hiring for the holiday season.. lets see where jobs are in Februrary... That will be a better bellweather that this report.. SIMPLE ECONOMICS 101-- you can't spend more than you take in unless you are the federal government-- It will be real interesting if Ron Pauls Bill to audit the federal reserve passes.. t
he Government is the biggest crook of all and can "cook the books" AND GET AWAY WITH IT!!!NOW I WILL GET OFF MY SOAPBOX

saintguru · December 4, 2009 3:44AM

It's going higher. But nothing goes straight up and today's drop is a well-needed correction, triggered by a good unemplyment report and strong dollar. Don't expect much from this correction. Maybe as low as $1070, at worst!

There are NO big sellers of gold (I'm talking tonnage) besides what the IMF has. That's been cut in half or more.

Longacre · December 4, 2009 4:07AM

It's a bloodbath on the street today.

moonshine · December 4, 2009 4:21AM

ditto long

291fifth · December 4, 2009 4:24AM

Is the shoeshine boy recommending gold?

CEOGBOSE · December 4, 2009 4:24AM

It's going south today big time last check down -$52.70 oz

fc · December 4, 2009 4:25AM

<< Is the shoeshine boy recommending gold? >>

it is coming up more and more in conversation. what is even more
disturbing is the trend of mentioning guns and ammo.

all the while the economy slowly improves and life goes on.

dcarr · December 4, 2009 4:38AM

Gold is going to Asia.

ttown · December 4, 2009 4:46AM

J6P isn't buying gold. All blow and no go doesn't mean there's a rush to metals by the average person on the street. As I've said many times the last 7 or 8 years is nothing has change and no solutions for this mess are being put into place. We're far worse off today when the tinfoil crowd was laugh at in 2002. Sometimes I just wonder how people seeing the facts can call someone being tinfoil, it's the other way around and I'm glad I'm not in that crowd.

USD up +1.01 give me a break seems the FED always messes with the market on job data releases. This won't hold but I expect there's 100 dollar swing both ways as we approach higher numbers. It's a win for me either way it goes down and I add to my classic gold collection but somehow I don't think that's going to happen but I'd be sweet.

pheh · December 4, 2009 4:54AM

Every U.S. citizen owes $40k to the national debt. Either the dollar or the economy must collapse. My bet is on the dollar.

An insignificant change in unemployment numbers today did nothing but clear out some speculators and I suspect more level headed overseas buyers will see this as a welcome opportunity to drive the price back up again.

Just my 2c on this misplaced thread.

jmski52 · December 4, 2009 6:07AM

I would be wary of the FASB's capitulation and loss of integrity.

jhdfla · December 4, 2009 6:09AM

<< It's going higher. But nothing goes straight up and today's drop is a well-needed correction, triggered by a good unemplyment report and strong dollar. Don't expect much from this correction. Maybe as low as $1070, at worst!

There are NO big sellers of gold (I'm talking tonnage) besides what the IMF has. That's been cut in half or more. >>

Over the long term probably higher but nothing goes parabolic like gold has without some sort of major correction along the way. If I had to predict, I'd say the 900.'s are very possible.

Weiss · December 4, 2009 6:13AM

<< It's going higher. But nothing goes straight up and today's drop is a well-needed correction, triggered by a good unemplyment report and strong dollar. Don't expect much from this correction. Maybe as low as $1070, at worst! >>

Joflax · December 4, 2009 6:14AM

<< Gold is going to Asia. >>

China and India to be exact , would not be surprised to see the 200 tonnes from the IMF being snapped up after this pullback

Weiss · December 4, 2009 6:15AM

Gold has gone back to what it was about 2 weeks ago. That's not much of a correction. Or rather, it was a meteoric rise in the last few days.

If it falls below $1k soon, let's talk. Right now it's just on sale.

pheh · December 4, 2009 6:16AM

<< Over the long term probably higher but nothing goes parabolic like gold has without some sort of major correction along the way. If I had to predict, I'd say the 900.'s are very possible. >>

900s isn't a correction its a full on switch to bear.

ricko · December 4, 2009 6:17AM

We will soon see $1500/0z gold. Cheers, RickO

where is gold going?

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