Price of Gold Looking Weak

[gugaplex]

Why isn't gold flying?

Because the USD is already near a bottom. Things don't fall (or rise) forever. The USD has been in a bear market for more than 5 years (and for good reason)! However, tech stocks were also in a bear market for 3 years after 2000 (for really good reasons) and they bottomed at the darkest of times.

Expect the same for the USD, and sell gold for heaven's sake. I remember when I bought gold mining stocks when gold was in the $200's (after 9/11). There was no interest in gold at those low levels. Now it's nearly at $700 and there are commercials on TV to buy gold. This is a no-brainer if you ask me...

I plan to short NEM again at around $43 if the opportunity arises.

Good luck out there everyone, these markets are churning and I like it! Resembles the summer of 2006, but much more volatile. The bull market for equities will likely continue on much higher if we can get past this "credit crunch".

 

[TheBramble]

We don't know the Dollar is near a bottom. It may be, but we don't have confirmation yet.

We do know Gold is still up on its Major Cycle and has been down on the Intermediate since May this year.

The Dollar is still falling and Gold is still rising, but each with decreasing momentum.

Stocks have been Bullish far longer than they should have all other market conditions considered. The current liquidity crunch is just an additonal factor to add to the (strength of the) brew and is not the cause of the imminent slide.

 

[Atilla]

We don't know the Dollar is near a bottom. It may be, but we don't have confirmation yet.

We do know Gold is still up on its Major Cycle and has been down on the Intermediate since May this year.

The Dollar is still falling and Gold is still rising, but each with decreasing momentum.

Stocks have been Bullish far longer than they should have all other market conditions considered. The current liquidity crunch is just an additonal factor to add to the (strength of the) brew and is not the cause of the imminent slide.

Here is an interesting link posted by Steve from the DOW thread...

China threatens to nuke the dollar!

Not sure about dollar bottoming out.

 

[chump]

think about Nash and then think about why it makes no sense for the Chinese to 'nuke' the dollar.

 

[Atilla]

think about Nash and then think about why it makes no sense for the Chinese to 'nuke' the dollar.

I agree Chump, and that was my reply on the DOW blogg.

However, I do think this is economic warfare and have always said America is taunting the rest of the global trade to back it or lose it's assets.

Sooner or later bluff will be called when a person either has a strong hand or has nothing further left to lose.

I'd guess with the Dollar the rest of the world seems to be going that way. I would call the bluff. Then I would use the dollar to buy from the US. People will still be trading with the US one way or another being a power house engine of the World a little while longer.

The Fed by not raising rates and continuing to fund tax breaks have cut off their noses to spite their faces with the collosal twin budget defecits.

Things can only get much worse imo.

 

[TheBramble]

Things can only get much worse imo.

Guess it's time to buy again then.....

 

[c6ackp]

Guess it's time to buy again then.....

gold just turned on my model - long dec futures @ 680 with a tight stop

doesn't mean it's gonna move in a hurry tho...

c6

 

[Hoggums]

My previous thread started when gold was over $700/oz, then it plummeted to the low/mid $500's per ounce. I recently covered my short in NEM for a small gain because I wanted to short SDS (at $57.25) instead. Also, when I started the last thread over a year ago, the S&P500 has gained over 15% since, while all the European investors were extremely bullish on gold and bearish on stocks (especially U.S. equities). Go figure...

Are you willing to admit defeat yet?

 

[fibonelli]

China regulator approves Shanghai Futures Exchange to trade gold futures
http://www.forbes.com/markets/feeds/afx/2007/09/11/afx4103650.html

 

[TWI]

There is still no good argumet for the dollar to go anywhere but into the sh*t can and gold will continue on its erratic course to 850$. Two good things to be sure about for the past 18 months and into the future is that dollar rallies are a sell and precious dips are a buy. Anybody wants to contradict that I will be happy to take your money but I would like to hear your reasoning as I cannot imagine how any other scenario can be constructed.

 

[The Baptist]

Long run up..

Now a lot higher than original Level questioned $ 700 in original thread.

Further $ weakness and Gold strength play the long game up..

 

[Hoggums]

Now a lot higher than original Level questioned $ 700 in original thread.

Further $ weakness and Gold strength play the long game up..

Yes but it's been a strong run up and I think we could see either a pullback or some sideways action for a little while. I don't think now is the time to get in. Wait for a dip..

 

[peto]

Yes but it's been a strong run up and I think we could see either a pullback or some sideways action for a little while. I don't think now is the time to get in. Wait for a dip..

http://www.gold-eagle.com/dmr1.php
All the quotes on Gold Eagle's Daily Metals Report say we go down from here. That means buy, more often than not! I'm holding my longs.

 

[Atilla]

http://www.gold-eagle.com/dmr1.php
All the quotes on Gold Eagle's Daily Metals Report say we go down from here. That means buy, more often than not! I'm holding my longs.

I'm in the gold will go down camp in the short run.

Does anybody know what the rise is for?

1. Is it all about the dollar falling?
2. More rate cuts in US market?

There is always the Euro... :cheesy:

Isn't this the master plan anyhow?

 

[Hook Shot]

Fwiw

As most know we are in 3rd drive up off aug washout so ........new highs should see $800 (Dec Gold).......IMO
Failure to make new highs.......... and we can consider bearish positions dictated by COT reports etc ....perhaps :cheesy:

 

[Hook Shot]

All in just over a week

As most know we are in 3rd drive up off aug washout so ........new highs should see $800 (Dec Gold).......IMO
Failure to make new highs.......... and we can consider bearish positions dictated by COT reports etc ....perhaps :cheesy:

Even bigger bottle of champers even though I don't still hold any gold futs...

Has anyone seen gugaplex ? I hope he's okay Gold Bears I don't know..... he'll be right one day though..

 

[Hook Shot]

T2W Gold

Why isn't gold flying?

Because the USD is already near a bottom. Things don't fall (or rise) forever. The USD has been in a bear market for more than 5 years (and for good reason)! However, tech stocks were also in a bear market for 3 years after 2000 (for really good reasons) and they bottomed at the darkest of times.

Expect the same for the USD, and sell gold for heaven's sake. I remember when I bought gold mining stocks when gold was in the $200's (after 9/11). There was no interest in gold at those low levels. Now it's nearly at $700 and there are commercials on TV to buy gold. This is a no-brainer if you ask me...

I plan to short NEM again at around $43 if the opportunity arises.

Good luck out there everyone, these markets are churning and I like it! Resembles the summer of 2006, but much more volatile. The bull market for equities will likely continue on much higher if we can get past this "credit crunch".

Maybe he's just early like Buffett on tech stox in 1999 ?

 

[2468steve]

As most know we are in 3rd drive up off aug washout so ........new highs should see $800 (Dec Gold).......IMO
Failure to make new highs.......... and we can consider bearish positions dictated by COT reports etc ....perhaps :cheesy:

SPOT GOLD
I don't wont to get carried away,but I've just had a close look at the gold chart and it has targets of $830......................then $910 !! Amazing,and this move today wasn't $$ related or tied to stocks...something big and nasty is brewing if gold is to be believed...

 

[The Baptist]

SPOT GOLD
I don't wont to get carried away,but I've just had a close look at the gold chart and it has targets of $830......................then $910 !! Amazing,and this move today wasn't $$ related or tied to stocks...something big and nasty is brewing if gold is to be believed...

Guga gone to ground trying to shore up the dollar, me thinks.The big set up through most of this year and thread was an upside BO as suspected given size of pattern, there could be plenty move to still come....

...Its a long term buy & hold since then, quiet far moved already though for late entrants to get in with too big a scale tho'.

 

[de123]

i think that aussie elections will start to bring AUD and gold down...BUT some analist which were analizing previous australian elections vs corelation AUD vs USD , said...that aussy might win in either way,..it was each time, so it might this time as well, election starts 24 nov...i would be carefull going short or long...