Next Level: GOLD $1,350.00

CURRENTLY: Just after the US market opening for Tuesday 7/6/2010...

GOLD: $1,201.30
Silver: $17.77

Platinum: $1525
Palladium: $439​

 

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Bye Bye $1200 Gold (for now)..................

Gold down $16.50 to $1192.40 as of 10:08 U.S. Eastern Standard Time.

 

Yep! Fools Gold's nightmare is recurrent it seems... rising to the psychological pricing thresholds only to fall back again. Good thing he dumped some while he could. And elaine's prediction and sell price is that much farther off as well. One day she'll be vindicated, maybe.

CURRENTLY:

GOLD: $1,192.40
Silver: $17.69

Platinum: $1514
Palladium: $439​

 

Dow is up +142 as well as the sp500 and nasdaq at 10:46am. Dollar index at around 84.09 today as well.

I think people are selling out cause they need the profits they made now to spend. Realize that if you bought gold within the last year(s) your sitting on a nice profit holding it as of now($300-400 per oz profit) and selling could add some nice spending money if you had enough to turn around and sell now. Times are tough 2k10, 3rd quarter. Real talk.

 

I'd have to guess that the dip are folks are who getting out while they can. The reason it probably hasn't gone that low yet are folks like me who haven't abandoned ship.

Yes I did sell some gold at the PEAK!!! So it felt really good but I am holding onto more than I sold so I'm stuck for the ride.... I am the captain and I will go down with the ship!!

 

At this point I'm wondering if we'll see gold under $1100 before we see it at $1350.

 

Id estimate no....we may see basement 1100's but id say not below just cause it always takes a hit, silver too, then it goes up to touch a new peak and maintain a higher bottom. I recall when it shot up to near 1250 the 1st time(Dec. 09) then it dropped way down, i about sold my stock, then it decided to go back up and maintain around tip 1100s or 1200(in May).

BTW Dow jones +9, -4 nasdaq, +0.94 SP500

 

Below $1100? I think that's a tough sell, no pun intended. LOL.... I don't think we'll even go below $1150....when we do dip below $1200, it seems to go around $1180'ish range and then some crazy leader or natural disaster sends gold right back up!

 

Nothing is impossible in these volatile commodities and times but I too would be surprised to see below $1,100 this year and perhaps never again in most of our lives.

CURRENTLY:

GOLD: $1,192.30
Silver: $17.81

Platinum: $1511
Palladium: $439​

 

Gold took a beating today. If gold does fall below $1100, then it will not stay under $1100 for very long IMO.

BTW Who poured water over the DOW's "rally" today? I thought that it was up triple digits earlier today. The DOW is up only 9 points at last check. I guess that fears of a Double Dip Recession can do that to the DOW.

 

You know when I started investing in metals, gold was hovering $1000 - $1015.....

At one point it hit $990'ish and people were talking $900. I've never bought metals and I thought maybe now is a good time. I didn't do it because I haven't done enough research. By the time I was comfortable in making my first purchase, gold had hit $1015...and I started buying at that point....

 

CURRENTLY:

GOLD: $1,193.80
Silver: $17.84

Platinum: $1521
Palladium: $442​

 

Rather odd to see silver go up and gold going down during the mid-day markets.Very seldom do they go in opposite directions.Might be an indication that silver may be a better play into the furture.

 

Yeah I noticed this too. Silver is usually the first metal to cut and run when there's a problem. And the slowest to move up when gold moves up.... it is interesting....

 

Or maybe that the gold-silver ratio is going to start to narrow instead of widen. Just a wild guess on my part.

 

Yeah, well, i'd rather have it widen the other way by having silver go up in price!! Then for gold to come down!!

 

Wow, did anyone get the latest APMEX newsletter? Looks like they just got a new CEO...

 

Interesting. Maybe the web site will get a face lift soon too.

 

The silver to gold ratio throughout the 1800's was 15-1.With Gold at $1200.00 and silver at $18.00 the ratio is now 66-1.

 

Thanks for that. I knew what the gold-silver ratio was currently (thinks to Kitco.com) but I did not know what it was historically. Thanks again for that information. I did not know the historical ratio until you posted that.