POLL: Will We See A $100+ Down Day (Move) In Gold In August?

BigRick · August 10, 2011 11:25PM

Yes or No. (Even if only intraday from day high to day low).

TooSnappy · August 10, 2011 11:32PM

ofcourse it will, I just bought a new piece

derryb · August 10, 2011 11:42PM

expect a drop from 2000 to 1900.

mrearlygold · August 11, 2011 12:33AM

Somebody had to break the tie

2ndCharter · August 11, 2011 12:43AM

I didn't vote because there was no option for "I don't care" - I bought my PM's for the long haul and the trend is definitely up. I don't obsess over day-to-day moves.

Konahead · August 11, 2011 12:55AM

Expect bigger swings

57loaded · August 11, 2011 1:45AM

no, i hope not. but maybe.

you gotta think some profit taking and moving that to buying some stocks.

look more at % moves rather than $ moves as we move higher/lower.

i did not vote because i really feel "maybe"

derryb · August 11, 2011 2:16AM

Not as long as leaders think like this:

"Carney estimates that unemployment benefits could create up to one million jobs."

goingbroke · August 11, 2011 2:31AM

Am I saying to short gold, no way in hell. Am I saying to dump all your gold, not a chance. I’m saying that something here doesn’t feel right, markets don’t work this way, they like to hurt the most people the most often, and right now the most people are panic long gold, and have been for quite some time.

On the very shortest time frame, I would be looking for a close below the previous day’s low to exit short term long positions. On an intermediate term time frame I’d still be long until we took out the 20 day low per my donchian channel algorithm. On a long term basis, watch the 200 day moving average as always, it will signal when and if a bear market in gold takes place, that’s at least 6 months away.

I would not be buying gold here on any time frame, and I’m not calling for it all to end, but today was the first time I had that feeling, we might be getting close.

derryb · August 11, 2011 2:35AM

<< <i>I would not be buying gold here on any time frame, and I’m not calling for it all to end, but today was the first time I had that feeling, we might be getting close. >>

Set a drop in price that you would sell at and stick with it. If market continues up, raise your sell price accordingly.

BigRick · August 11, 2011 4:12AM

Just fyi: for those that voted no, today's hi/lo range on the December Future is 81.30 (1,736.30/1,817.60) as of 1:05p CST.

gsa1fan · August 11, 2011 4:32AM

kitco says 1731 low 1787 high FYI

BigRick · August 11, 2011 4:48AM

Kitco is quoting the December Comex futures?

cladking · August 11, 2011 11:37AM

I think it could go either way. Ironically I tied the vote at 26 with a "No" vote.

The market will come to realize QE III is coming.

PinkFloyd · August 11, 2011 1:45PM

Doubtful of -$100 in a day, but over a few days, sure.

jmski52 · August 11, 2011 8:39PM

Possible, but I don't think probable.

pmcollectour · August 11, 2011 9:21PM

"Gold has been rising against all national currencies, and that's significant," James Turk, founder of bullion dealer Goldmoney, said.

"When there are problems with a national currency... people begin to worry about the value of their money, whether they're going to lose purchasing power because of inflation or other problems. As a consequence, they look for safe havens."

He was speaking as a true gold bug -- not in the dark days after Lehman Brothers' demise in 2008, nor in the depths of last year's euro zone debt crisis, nor after Standard & Poor's recent downgrade of the United States' top-notch credit rating.

Turk's view came in a BusinessWeek interview he gave in 2005, well in advance of the current financial crisis.

"My long-standing forecast, made in a Barron's interview in October 2003, is that $8,000 per ounce will be reached sometime between 2013-2015," he told Reuters this week.

"I've stayed with that forecast over the years and see no reason to change it."

The world's current financial woes are only going to get worse if current policies continue, he believes, meaning the rally in gold prices is unlikely to stop here.

"Politicians and central bankers are making decisions that debase national currencies, and the resulting bad monetary policies they are following are causing the gold price to rise," he said.

PerryHall · August 11, 2011 11:58PM

<< <i>Possible, but I don't think probable. >>

Banemorth · August 12, 2011 12:53AM

Down about $85 in two days if that counts.

lightcycler · August 12, 2011 1:22AM

That doesn't count. But I'll go on record to say it will happen. Maybe today

cjmezz · August 12, 2011 4:06AM

I voted "NO"..just a guess, but I don't think it will swing that hard either way

BigRick · August 20, 2011 4:24AM

I say yes.

GRANDAM · August 20, 2011 4:30AM

Is there a limit that gold or silver can go up or down on a given day?

GrandAm

BigRick · August 20, 2011 4:32AM

No.

CME Daily Price Limits

ricko · August 20, 2011 4:53AM

Without quoting complex algorithms or even checking my watermelon patch, I would feel safe in saying that August will not see a drop of significance ($100 or more). In fact, given the current economic outlook, I would say that $2K is possible by year end. Cheers, RickO

BigRick · August 23, 2011 2:34AM

Hi/LO spread about $61 so far today.

I think this Friday is the 1st REAL chance of making a $100+ down move (maybe $200 this Friday.

Puts are cheap right now, best load up a bit ).

Update 3:20p CST
Oct Day Gold Hi/Lo range $91.20
Dec Gold Day Hi/Lo range $91.90

RedneckHB · August 23, 2011 6:37AM

$91 from high to low today.

http://www.cmegroup.com/trading/metals/

BigRick · August 23, 2011 6:50AM

Close but no cigar.

jmski52 · August 23, 2011 7:39AM

Looking at the stock market, and at gold today - it appears that all of our problems have gone away. Maybe it's in recognition of the DC holiday period.

BigRick · August 23, 2011 5:28PM

Maybe JM but more likely the quiet before the storm awaiting Ben Friday in the short term and the euro bank liquidity sitch in the LT.

renman95 · August 23, 2011 11:21PM

<< <i>Looking at the stock market, and at gold today - it appears that all of our problems have gone away. Maybe it's in recognition of the DC holiday period. >>

"...it appears that all of our problems have gone away."
That's pretty much what I say to the TV. In the background I hear "Dad, are you talking to the TV again?"

Seeing that virtually none of our country's problems have been solved since 2008 any lull or correction is a time to reload. Opps, sorry for the violent rhetoric.

BigRick · August 24, 2011 12:20AM

Approx. $90+ down move so far today (Oct $93.70, Dec $93.00) ...

BigRick · August 24, 2011 3:23AM

Oct down $100.10

OPA · August 24, 2011 4:13AM

Congratulations to those that predicted yes.

Spooly · August 24, 2011 4:25AM

OzzyAndy · August 24, 2011 8:21AM

Ouch, there it is.

jmski52 · August 24, 2011 8:27AM

I said, "no" and I was wrong.

It won't be the last time.

lightcycler · August 24, 2011 10:00AM

<< <i>I said, "no" and I was wrong.

It won't be the last time.

>>

I thought I was wrong once.........but I was mistaken

Konahead · August 24, 2011 2:17PM

not to worry, wait until Friday it could all come back and more.

BigRick · August 24, 2011 8:59PM

Without QE3 it could go down another $200 tomorrow KH (it's already another $40 towards that).

gsa1fan · August 24, 2011 9:11PM

Yes, and it could go up $1,000. I fail to see you point or fascination.

OPA · August 24, 2011 9:46PM

$1650 here we come ....

Phaethon · August 25, 2011 12:02AM

Back to 1400 ?

Groiny · August 25, 2011 12:35AM

....if it went up every single day without exception - it would be kinda a no brainer and we all could get rich ;

there has to be declines in order for it to go up , and go up BIG !!

OPA · August 25, 2011 3:12AM

Nice reversal today...All the PM's as of 1:13EDT are marching to the same "up beat" drummer. We may not see $1650

POLL: Will We See A $100+ Down Day (Move) In Gold In August?

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