Next Level: GOLD $1,350.00

I like 1220 better than 1200; and, I've always heard if your LEFT hand itches, means you'll come into some unexpected money.

 

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Hand was itchy cause of handling some chinese currency......

Still looks like its trying to maintain its bottom at 1200, if you look at the chart slopes it always goes up and down before maintaining a new bottom/minimum level. Was like that last year getting into the 1100s and peaking out at 1200 before the year was over. It was jumping up towards 1200 then itd drop drop drop, be back at 1090 etc then back over 1100 and back on its way up towards 1200. Possibly just a repeat of last year for the last quarters of 2010 into 2011, just working its way on up to 1300.

UPDATE: 1216 lunge, lets hope it holds out and doesnt drop back down like yesterday.


http://quotes.ino.com/chart/index.html?s=NYBOT_DX&t=&a=&w=&v=d3

looks like stimulus package has about had it, running out of boost check that chart out, steep 1 month decline. Seems to be expected with all the money they are printing to balance out deficits.........

 

I don't mind this kind of performance, as long as it's 2 steps forward 1 step back, then we'd be looking at a continuous rise with gold. The floor is always being tested, right now it's somewhere around $1200, maybe more like $1180-90'ish range....

Anyways, I just read a quick article from Goldman Sachs who predicts that gold futures will be $1355 by 2011.....and silver at $22.50....

 

Yeah slow and steady rise in gold is the best instead of a huge spike up followed by a large plunge down. I have to agree that $1200 is the current "battle" that gold is fighting but it will eventually win that battle and move on to the next battle line and that next battle line is $1300 IMO.

 

Goldman Sachs has been playing the gold market rather strongly, mainly through GLD and shorts often on it. I would not consider them as an unbiased player. If they could push gold price up with predictions, they would short in a moment. Remember, to them gold is just a commodity.

 

Yea but messing with PM's negatively to Gold-sacks would be like shooting the hen laying the golden eggs in the head with a bullet.

With players like that they could manipulate the market and profit from the situation just from their own abilities and movement. Sell high, drive the price down, buy low, rinse and repeat. Although as we seen the back-forth isnt too much but a 10-20 point decrease when it does go down, except for the day when it busted -35-40(recently?), but then quickly regained.

Dont forget what happened in the 20s when newb stock traders got owned by the big boys from manipulation.

There are no rules, just statistics.

 

Looks very profitable for the big players,buying and selling on the dips that is if you have at least 100 ounces or more to play with.In the past few months it seems very predictable.Goes up to over $1225.00 then down to below $1200.This seems to happen weekly.Wish I had a $100,000 trading account.

 

I'm not sure if we talked about this here, but I'm seeing articles about tracking gold BULLION buyers starting in 2012? Somehow this was inserted as part of the healthcare bill? Somehow healthcare and gold were related?

Anyone have any insights on this? I read that any gold purchases over $600 had to be reported to the FEDS. Even buying half-ounces at this point would probably get your reported.

 

Yeah I think that the argument for the $600 1099 reporting (effective Jan. 1, 2012) was that it was supposed to help pay for part of the healthcare reform. I do not know how that will help pay for it but I am venturing a guess that since 1099's will be handed out for anything that is $600 and over, then I guess that would mean that more taxpayers will step up and pay the taxes on any profit that made on a particular asset since there will be a paper trail. Honestly do not know. I think that this particular part of the healthcare bill was sneaked in because they knew that they could sneak it in. After all, most of the Congress people probably did not read the whole healthcare bill.

 

This is just insane, we are being punished and forced to go down with the sinking ship (USD) just because our own gov't can't help themselves. I don't mind some of the monitoring policies to make this country safer but you are going too far when people can't buy silver and gold without being monitored.

Makes me wonder if China monitors their citizens gold buying activities.....

 

Yeah what IMO this 1099 reporting requirement does is take away the privacy aspect of gold and silver. I am sure that China monitors their citizens gold and silver buying activities.

 

Yeah and my issue is that it will most definitely discourage many people from possibly investing in PM's, so again, forcing more people just to be stuck with USD. I wonder if there will be a massive sell off before 2012, people abandoning ship before Uncle Sam tries to start monitoring them...maybe looking at other avenues to invest in like foreign currencies...

This would have to drop the prices of PM's.....

 

It depends on where gold is in, for example, the second half of 2011. If gold makes a parabolic move that makes, for example, a 1/4 oz gold coin worth $600 or more, then I think that there is a possibility that people could sell gold coins that are 1/4 oz or larger before the 2012 reporting requirement starts but keep the 1/10 oz (or smaller) gold coins and bars. They would probably sell those gold coins and bars at places where there is no paper trail when they sell (i.e. at a coin show). They might just buy silver instead. It is hard to predict what will happen. We will see what has as we approach this 1099 reporting requirement.

 

Don't be shocked if silver will get added to the list if they find that people are moving their money to silver.

A couple weeks ago when I tried to sell my gold coin at a jewelry shop, the guy tried to swindle me on the price of gold AND he mentioned he had to report my sale to the cops. He got a little aggressive when I kinda made a gesture about how much he wanted to pay for my gold. In any event, I walked out.

I think he knew he was low balling me and when he got aggressive he was hoping I would just give in so he could resell the gold for much higher. He gave me some BS story too about how he had to hold the gold for 2 weeks it was state law....

 

Yeah good point. Jewelry shops and especially pawn shops tend to low ball a person on what it really worth. I think that most of the pawn shops in my city usually pay 50%-60% of spot to people who come in with gold coins (i.e. 1-oz GAE). Pawn shops are places to avoid if a person wants to sell their gold coins.

 

50-60% of spot? this is ridiculous! I thought the whole point of having a gold coin instead of gold jewelry or something alike is that you can sell it for exactly one ounce gold worth of paper currency.

 

Well it depends on who you sell it to. What he was saying was that basically local shops will most likely rip you off.....I ended up selling my gold back to APMEX and they were more than willing to pay me $20 OVER SPOT....

 

yeah, I just read this about that 2010 1099 form regarding the $600 coin trading: http://www.numismaticnews.net/article/600_sale_Tax_form/.

Now I wonder if the "effective Jan 1, 2010" thing also covers your transactions in 2011, because a tax report is typically done for your previous year's activities. And does that mean this year 2010 is the last year that we can do the collection without being monitored... ummm, by this bill?

 

Good question. Does the 2012 deadline start with the previous year like how most taxes work or is 2012 the fresh start...hmm....I wonder if they are going to try to GET YOU on this and get people in 2011....

Thus, 2010 would be the year to bail....

 

That's very comforting. But that means you will have to pay for the shipping and insurance, right? And also does APMEX issue you a tax form, like the bank usually gives you a 1099-INT form? dang... suddenly I got a bit paranoid over this. First is the 30% tax on collectibles and now this 2012 new tax form...