Next Level: GOLD $1,350.00

CURRENTLY:

GOLD: $1,167.50
Silver: $17.71
Platinum: $1543
Palladium: $478

 

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CURRENTLY:

GOLD: $1,163.10
Silver: $17.65
Platinum: $1544
Palladium: $472

 

This is utter BS!!!

 

looks like it might be a good day to buy although I wonder if it will continue to drop some until this fall.

 

This happens periodically in gold. The "smart" money will treat it as a buying opportunity, and it probably is. But everyone should also keep in mind that through the 90's, the market "taught" people that it was wise to buy NASDAQ stocks on the dip, and for years this was highly profitable because the market always recovered an went on to new highs. However, the day came when the NASDAQ dipped, most people loaded up, and the market kept right on falling more than 60% and never recovered. So the question is -- do you feel lucky? That's why it is so difficult to make and keep large profits in the markets. The market is always training the participants to make a huge blunder by giving them small profits.

 

I'm standing on the sidelines on this one. No way am I selling at these prices so all I can do is wait and see. I've seen this dance before, but normally not this far of a dip. I can only hope that fundamentals brings the prices back up.

One thing I can say though is that the $1300 price range for gold that was predicted last month, is a lot harder to get now....

 

I think the 200 day moving average for gold is around $1144. If the price closes below that level, then we all have to take a hard look at it. Right now it still looks like a normal, if scary, pullback in a bull market. But that's just a guess and should be treated as one. If the price holds, most of the weak hand should be out of the gold market and the trip to $1300 might not take as long as you think because there will be new buyers, but few sellers.

 

These pullbacks are a party pooper for dear old elaine...

CURRENTLY:

GOLD: $1,161.10
Silver: $17.66
Platinum: $1537
Palladium: $471

 

When it dips like this, I always think of someone shaking a tree to see which weak branches fall off. (that would be comparable to people selling off their gold cause they can't hold on). They prices go back up and the strong holders get rewarded.
At least that's how I hope it turns out.

 

She might be going into hibernation for awhile.....

 

Quite a few of the "heads' on CNBC ( including some that have been fairly positive on gold before) now say they have gone short, first, as a deflationary measure, and now they say an expected reallocation to equities in the next few weeks can put more pressure on PM. Many technicals look closely at the 200 day MA, Take that out and I think 1100 area is the next resistance level ( floor or ceiling, I have absolutely no idea). IMO!

 

Not cool! What kills me is that I sold off some gold just around the peak! Hindsight now tells me I should have thrown in A LOT more damn coins!!!

 

I am on the sideline anyway, but I hope for your sake and others in the same boat are correct. I have been in stocks and commodities before, and can't count the number of times a similar phrase is used in forums. But, you really should have a plan in case it does continue down, other than just holding it hoping. When this last large decline in stocks came about, I eventually had to sell some at a loss. I am glad I did, as later I was able to buy it back even cheaper ( and not even a wash). Now, the account is profitable. If one sells a portion, If PM goes down more, that portion can be bought back to offset the loss on the rest. If prices rebound, the profit from the unsold will allow one to buy back the sold. True, you don't get terrific gains , but you don't get terrific losses either. You could also buy protection on the PM with options, but that is more complicated, IMO.

Jim

 

That's a level headed suggestion and one, like myself should continue to watch and figure out when it may be time to unload. It is unfortunate because my entire purpose of purchasing was to preserve wealth, not so much sell it for profit. If that was the case, I would have sold all my coins last month during the peak. I want to do it right, and I'd hope that the majority of the voices out there are correct in regards to PM's VS value of USD.

I don't want to offload yet and panic, but I think I have to also be fair to myself too and perhaps offload before I may eventually have huge losses....not sure yet....just need to keep an eye on it very closely.....

 

I feel much the same way. I do not buy with the expectation to profit massively but would rather take a modest return, move to cash and still be here to play another day, rather than idle by and watch modest returns seep away for indefinite periods of time. It's more fun to be in than out, but I don't want to be in loosing so much that my out status isn't due to being prudent and protecting my ability to be in when the game is on. We each have to know and act upon our exit strategies when that time is upon us. Hard stuff to know, but a must to have been prepared to act.

 

A very smart thing to do. I would never give anyone advice to SELL or to BUY, as the Gods can be unkind. I don't know the percentages, but probably only a small % of the market is held by gold hoarders or " We are doomed" people, and the movement is often provided by the newscasters and PM newsletters who will give you advice that is best for their business. Cloudsweeper's mention of the 200 day MA is important, because most often, this and statistics like it, actually influence the market a lot, even though they are suppose to be after the fact, many traders and oracles use it as a predictive tool. Many use just it for individual stocks, PM, DJI, etc., buying when it is well below the 200 day and selling when it is well above, so a crossing of it either way can often trigger a stronger reaction.

Jim

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sure it's a big drop but does that actually mean Gold is going to drop like a rock? how's the dollar looking right now? I would look at if the dollar has gained anything or if it's just a sell off...

Alex

Edit: just looked at kitco and it's -1.80 for the dollar gaining buying power and -18.70 from selling... I would look at this at a time to either hold or buy in on a dip...

another thought I had...could there be a big sell off cause ppl are afraid of deflation? you know hearing it on the news and the average non knownledgeable gold buyer thinks :SELL SELL SELL!!!: lol...


what you think?

 

That's the problem, everything that I've been using from a logic standpoint that told me to buy PM's isn't really holding true. I know that this could be nothing more than a waiting game, and sure I can wait it out, but the point is, will I see gold at $1300 any time soon? Or will it reach $1300 in 10 years? Is it worth having your cash hold up in PM's for just a couple bucks worth in gains?

What I want to see now are all the gold bugs to come out and comment on the recent drop. Tell me what's going on, what's your thoughts and why I should stick to the game plan....

 

your not in it to make a couple bucks...you said you want to preserve value so I wouldn't worry too much on if it goes up to $1300 in the next year or 10 years...what matters is you keep your buying power...as long as you keep your head about you, you should be ok...just don't panic

 

Right, not panic'ing is key right now as well as continually monitoring the prices. Lucky for me, most of my purchases have been lower than what the prices are today so I'm still safe.

For now!!!