Next Level: GOLD $1,350.00

Next level...

I spoke with an (Asian) Indian lady, a motel owner, who said they still follow the dowry tradition, a way to support the bride to be and the prospective husband with a tidy sum--a long, long tradition. But if the guy proves to be a louse or does not come through with the kind of cojones that produces el nino, the girl may head for the exit with her family gold.

 

Log in or Sign up to hide this ad.

So much for George Soros' warning that gold is "the ultimate bubble".

Webster defines "bubble" in the following ways:

Definition of BUBBLE

1
: a small globule typically hollow and light: as a : a small body of gas within a liquid b : a thin film of liquid inflated with air or gas c : a globule in a transparent solid d : something (as a plastic or inflatable structure) that is hemispherical or semicylindrical

2
a : something that lacks firmness, solidity, or reality b : a delusive scheme

3
: a sound like that of bubbling

4
: magnetic bubble

5
: a state of booming economic activity (as in a stock market) that often ends in a sudden collapse

6
: the condition of being at risk of exclusion or replacement (as from a tournament) —usually used in the phrase on the bubble <teams still on the bubble for the play-offs>

Frankly, I don't see any defintion that works in the current pricing of PMs.

 

As the world economy continues to look bleak with nothing showing improvement, Gold may continue to climb. I think we might see some profit taking in the next day or two with another jump next week ? But I am a guy who bought all he could at $1100 and sold a lot of it at $700. Now I am very cautious. lol

 

Too bad about your losing money on gold, Gary. Caution and time are on the side of the educated investor. Never overextend or buy into fads. I bought a bunch of proof gold at over $2000 an ounce. I don't know when I will be able to get out at near break-even. I bought proof platinum at around $2000, too. I should be able to break even at least on that one. I bought the gold mining stock, Guinness Exploration. We are still awaiting the lab results for the summer drilling program. There are many investors who are waiting positive news on that stock. Moral there is don't invest in speculative penny stocks.

 

George Soros says gold is a bubble, MSM keep saying the same thing...same message....

No one is looking out for us, the regular folks. I didn't make my buying decisions because of MSM, I made it because of web forums like this and continuous researching of non-mainstream articles....

None of the MSM websites have gold on the main page. Let them keep shunning gold.....

 

Once MSM starts talking about gold on a regular basis, then the masses will try to jump in and push prices higher. If that happens, then that would be the gold version of the dot com run-up.

 

Right, so for the last couple of years. We could generally say that gold has been going up due to dollar weakness and some demand. So there is a loose coupling of gold to US dollar/demand.

If the MSM gives up and starts talking about gold, and you start to see an EXPONENTIAL growth in gold prices, not linear, then you can add some kind of "bubble" into the equation.

But at the end of the day, the US Dollar needs to gain strength.

Maybe I'm not that smart, but if gold bears want gold to drop like a rock, wouldn't that mean the US Dollar would have to have a significant increase in strength? I'm talking USD index at 85-90.....

Now, how is that going to happen with the dimwits we have in Washington?

 

I would think so since the dollar has an inverse relatonship with gold. If the USD index went to 85-90 then gold will go down but the question would remain is how much would gold go down? Gold may not go down that much if the USD has a short term rally to 85-90 if the long term negative fundamentals remain the same. Just a guess on my part.

 

I don't think it would drop like a rock if it went to 85-90. Probably pull gold down to say $1150 - $1200 range?

Now if USD spiked to 120 and stayed there for awhile, and miraculously the economy and jobs picks up, that will be the fall of gold...

We would basically need to have the year 2000-2001 stats in order for gold to go back to $300'ish.....

 

The problem with any financial bubble is that when one is on or near the top, it appears solid , supportive, and a good financial decision. It is only when free falling down the other side, does one see how rash he/she was. Balance your investment strategies, don't be afraid to take profits, it is better to miss 10% than lose 30%. Stay rational. If you check the price of PM before you say good morning to the family, you are close to a problem.IMO.

Jim

 

Uh oh......

 

What if I'm selling (taking profit) but still checking PMs before that 'good morning'... I'm usually checking the PoG (for the first time after waking up) while the water is boiling for morning tea.

 

I have the APMEX app on my iphone. When I wake up, before my eyes can barely open and my body can barely move, I pick up the phone
laying next to me, which is also my alarm clock, and I press the APMEX icon and see what the prices are....

Today I didn't do that until I saw your post and just couldn't believe what I saw....

Aren't the people on the other side of the globe going to have a rude awakening as well now? It's going to be reciprocal!!!

They are not going to believe what happened today!

 

Speaking of which...

CURRENTLY: In Asia-Pac markets for Wednesday, 10/06/2010

GOLD: $1,343.60
​

Silver: $22.91

Platinum: $1707
​

Palladium: $586
​

​

 

Sounds like you are all ready to go with APMEX by your side.

 

oh yes. me and APMEX are tight.... plus they gave me popcorn last Xmas.. =)

 

Me and APMEX are very distant. The last time that I ordered anything from APMEX was in August 2008.

 

Maybe gold will close above $1350 today. Gold has already touched $1350. The gold high so far is $1352.10.

 

Very well might, finally, do so.

CURRENTLY: In UK/EU markets for Wednesday, 10/06/2010

GOLD: $1,346.30
​

Silver: $22.92

Platinum: $1705
​

Palladium: $594​

​

 

CURRENTLY: In UK/EU markets for Wednesday, 10/06/2010

GOLD: $1,345.40
​

Silver: $22.88

Platinum: $1702
​

Palladium: $594

US market reopens in approx. forty minutes...
​

​