Next Level: GOLD $1,350.00

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:thumb: Dave I could not agree more! Today the girl who cut's my hair told me of her daughter who is in Law school and the worries she has for her finding a job after graduation. I remember back in the mid 70's I was finishing up college my self...there were no jobs! I had friend who had Master degree's who were working in gas stations pumping gas for minimum wage! I was lucky working in the food industry at a union wage. Things did change but it took time..... it was no over night change. I believe todays drop in gold was just one small speed bump! I do believe it will continue to go up.....just because there were only 11000. jobs lost the passed month does not lead us out of the deep hole we are in. over the last 8 years we have been like Gypsies in the palace! Until Big Money feels the water is safe.... they are going to continue to test the waters but not go in over their heads. Last week I was privy to some sales numbers of a company I service. Sales were down from last year by 22% in every dept. and some dept's more! Now I'm talking about a food store durring a holiday week. Until the working class finds some kind of confort in this ecomony and begins to spend, this mess is going to continue. PM's are going to keep on a steady climb upwards, hitting a few bumps until the working class finds its confort zone. The confort zone is JOBS!

 

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...and after we cut the firewood we walked 7 miles to school, uphill both ways in the snow...

Let's admit this is a gross exaggeration. I also graduated in 1975. There was a serious recession to be sure. But I and most of my classmates landed entry level jobs in a wide variety of industries from education to banking to pharmaceuticals, to insurance, to steel, to law, to autos, and one even landed a job on Broadway and subsequently became a producer where he still works today. The fact was, most of us were able to find jobs back then. There were just so many more companies around compared to now. Personally, I think kids coming out of college today have a much harder time than we did since so many jobs have been shipped overseas and the number of graduates is larger.

 

I beg to differ depending on where you lived you might find a job durring the mid 70's. And a job in your field was a prime find! I do agree that yes I feel as you do about the kids who graduate today having a harder time finding a job. I also agree with the fact that the U.S. no longer makes anything..... your right most jobs have been shipped over seas. Just try finding a toy for a kid this Christmas not made in China or that does not have lead in it. I would hope that we both could agree on this ...as everything is relevent to the time peroid. My parents came up in the depression..... my mom worked for 4 lawyers and made $4 @ week true the dollar was worth a dollar.My dad quit HS to take a job with the Federal Reserve Bank and later finished HS and some college at night. But again things were different as the times were different. I was lucky too as I did hold a job all the way through college...and worked for that company for 34 year retired and I am still working......in a field that I did not choose but was one that put money in my pocket and a roof over my head!....looking back I'm glad I did. Not many people these days can say they have worked for a company for over 30 years! And you can bet that the kids today will not be able to retire with income comming in from a pension fund from the company they worked for. No I did not have to cut fire wood or walk up hill 7 miles to and from school! I did however exceed my friends in income both durring college and afterwards for at least 5 years! Like I said I was lucky....I hope and wish for the same luck for the class of 2010 and all the classes to follow.

 

In retrospect, this is a damn good prediction. Good job, krispy!

What do you think for 2010?

 

Thanks Morgan1878. I'm quite impressed how far back you have read or been following the thread. I can only say that I have learned a lot from everyone in the bullion investing threads of CT and applied what I was hearing here as a consensus as well as acting on instinct from many years watching/buying bullion to what I was reading/filtering out of the media and markets this year. There's sure no science to it but I am happy that I was able to arrive somewhat sensibly within range...

As for 2010, that's a real tough one! What's happened the last week and half seems to be no threat to a bigger negative correction going forward. I did respond to Ryan's Gold Contest with a lower number of $1,143.30 and we very nearly saw that already today! I do think you'll see $1,350/oz. for gold in 2010 as this thread has been anticipating for some time, perhaps by the end of February 2010. I am cautious to predict a high for gold in 2010 because there are so many factors that could reverse the gains while still so much looming and a certain 'awareness' now fresh in people's minds and a focus on PMs by people now vested in PMs, that it may well sustain gold prices next year at $1,500 - $1,650. I am cautious to go higher at this time despite all the media hype north of $2K. I think silver will advance in 2010 also, but even slower than gold since it's had such a huge gain this year and it would be hard to suggest numbers greater than $25/oz. in 2010, for silver.

Just my two cents. And many thanks for bringing back my prior prediction. Cheers!

 

Sorry to turn this into an APMEX thread but they have officially updated their site and they are indeed $110 over spot price of AGE! I can't beleive it!

Of course it's as LOW as $99 if you buy over 20....

Just WOW....

 

Gold in Asian trading [Monday, 12/7] is currently at $1,153.70/oz.

 

Must think its going up and there current cost is over spot and will be willing to wait for it to turn back up.

 

$110.00 over spot! I haven't looked lately but I wouldn't pay $110.00 over spot for a 1 ounce gold eagle! I am surprised if anyone would! Then on top of that having to pay that 3% for charging it and the shipping AND insurance! That's just too much!

 

Dealers here are still buying at $20 over spot, selling at $100 over

 

How about junk silver (pre-1964) coins? are those selling above spot?

 

Gold in Asian trading [Monday, 12/7] is currently at $1,159.10/oz.

 

$1300-1350 in 2010 seems to be a number that's popular among a number of prognosticators.

Silver doesn't seem to be gaining on it's traditional 60'ish to 1 ratio to gold.

No reason on the horizon for silver to narrow this ratio in 2010 either.

Gotta go..getting late on the west coast..have a merry Monday!

 

WOW! overnight Gold in Asian trading at $1,140.40/oz.

 

just as fast as the market perception can drive prices straight up, it could tank an asset class in a matter of minutes. speculator demand is clearly a major factor in the current gold price rally, a decline could potentially take the gold price down quite significantly on indications such as rising interest rate, or the U. S. Dollar starts to strengthen.
If history is any indication, after gold rose sharply in 1979-1980 to $850, it was followed by a drop to near $500 in less than 2 months. I believe It is conceivable that gold could take a similar loss in a short time.

 

I agree.

Once gold starts falling, it will be hard to stop.

Just like oil last year.

 

I disagree. Oil was a completely different situation. There are enormous amounts of US dollar reserves held by foreign central banks available for gold purchases. This puts a floor under the gold price. This looks like what passes for normal in the gold bull market -- short, sharp drops to shake out the speculators and weak hands. It seems highly improbable that there is enough speculative buying in gold and silver to cause the price to permanently move to lower levels the way it did in 1980. Instead, there appear to be fairly large short positions in gold and silver that will have to be covered. Time will tell.

Edit: To put this in perspective, the gold price only moved back to where it was in mid-November. This is hardly a big deal.

 

Demand has to diminish significantly for prices to keep dropping. All of th same fundamentals are still in place....and economy wise....we're stiill in the sewer folks. Demand is not going to fall off.

Nightowl

 

I can't honestly, fundamentally understand how gold is dropping like this. How could endless printing of USD's, as well as a cheapo 'fake' recovery report on Friday bring gold and oil down this much? While the USD goes up!!! Right now USD at 75.85.

It's close to hitting 76!!! Heck, if all this printing doesn't do anything at all, then no wonder helicopter bernanke hasn't stopped the printing press...

 

I fully expected a rollercoaster ride, but it will keep on tracking upward. Nothing ever just shoots up and stays there without getting it's footing.
Upward she will go! I just don't let any sharp movement send me into a buying or selling frenzy. Steady as she goes . . .