Gold Hits $1,800 An Ounce as DIJA Freefall Resumes

[AgeOfEnlightenmentSCP]

Wow...

hosted.ap.org/dynamic/stories/U/US_GOLD_RECORD?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-08-10-13-28-52

The price of gold surpassed $1,800 an ounce Wednesday for the first time as investors pulled their money out of stocks and snapped up precious metals contracts.

Gold is fast becoming a favorite port in a storm of uncertainty. Investors are clinging to what they see as a hedge against volatile stock and currency markets.

I started buying gold at $700 something an ounce, and I stopped buying at $1,100.

I am thinking about some profit taking. I may sell a chunk tomorrow.

[❤ mollymouser ❤]

That seems like a good move, Paul. This gold bubble is bound to burst eventually.

[djAdvocate]

bought my first lot at $500, stopped buying at $1,200- and have no plans to sell. ;]

[❤ mollymouser ❤]

I've read some articles opining it could climb as high as $2500.... but who knows. For those of you holding gold, I'd say watch things and try to stay ahead of the trend.

[AgeOfEnlightenmentSCP]

Aug 10, 2011 14:53:39 GMT -5 ❤ mollymouser ❤ said:

That seems like a good move, Paul. This gold bubble is bound to burst eventually.

I just remember when the "smart money" left Wall Street for real estate and what happened to that. Gold might not have been run up by a government lending bubble, but it's definitely being run up by government policy. That means at any time, either intentionally or unintentionally-- they can pop this bubble.

What if we get an overhaul of the tax system and real cuts in the budget from the super duper pooper scooper committee?

That could happen in six months.

At any rate- I could sell a chunk, get every dime I have in gold back, and still keep a good bit of gold. Buy back when the price goes down again, perhaps?

[djAdvocate]

Aug 10, 2011 15:01:05 GMT -5 ❤ mollymouser ❤ said:

I've read some articles opining it could climb as high as $2500.... but who knows. For those of you holding gold, I'd say watch things and try to stay ahead of the trend.

i have a person whom i trust in this market and he thinks we are nowhere near to the top. he has made mistakes, so this is not advice that i am passing along. it is merely another opinion.

[AgeOfEnlightenmentSCP]

Aug 10, 2011 15:01:05 GMT -5 ❤ mollymouser ❤ said:

I've read some articles opining it could climb as high as $2500.... but who knows. For those of you holding gold, I'd say watch things and try to stay ahead of the trend.

I'm not sure I'd take that bet. But then I stopped buying because I wanted nothing to do with the $1,500 an ounce bet. Looks like I should have kept right on buying...

[❤ mollymouser ❤]

Well, if you sell now, you know exactly what your profit will be. That's probably the move I'd make.

[AgeOfEnlightenmentSCP]

I still like real estate as my primary business / investment. Think about it, would my grandparents ever have believed that the house they bought in the 1960's for $24,000 on a 7 year mortgage would sell in the $350,000 range in 2005, or even still the $250,000 to $290,000 range even now? Would they ever have believed that houses in their neighborhood would rent for $1,800 to $2,000? It would have been a stretch, but maybe they'd have believed that- right up until you told them that was per month. In 1970, they bought a show-room-new car for $3,300.

I've said it before, I'll say it again- I'm fine taking a bet on appreciation, but I'd really rather have cash flow. If I have big pile of valuable assets and no income and I get hungry, guess what? And do you think I'd be willing to sell well below market price in order to eat? The story is told of Esau who sold his birthright. He might have stood in the lineage of Jesus Christ, but for physical hunger he sold his birthright for a bowl of grits. Not an exact translation, but close enough to convey the idea. I don't want to ever be in that position. That's why "stockpiling" doesn't exicite me much. I'd rather be standing in a river over a pond.

[AgeOfEnlightenmentSCP]

Aug 10, 2011 15:25:42 GMT -5 ❤ mollymouser ❤ said:

Well, if you sell now, you know exactly what your profit will be. That's probably the move I'd make.

More importantly, if I sell now I know what my loss would be: $0. Any depreciation of the remaining asset would be subtracted from money I never had to begin with. Any further appreciation would literally be an infinite return on investment.

[Driftr]

Aug 10, 2011 15:06:31 GMT -5 djAdvocate said:

Aug 10, 2011 15:01:05 GMT -5 ❤ mollymouser ❤ said:

I've read some articles opining it could climb as high as $2500.... but who knows. For those of you holding gold, I'd say watch things and try to stay ahead of the trend.

i have a person whom i trust in this market and he thinks we are nowhere near to the top. he has made mistakes, so this is not advice that i am passing along. it is merely another opinion.

I'm hearing the same thing from someone I trust. Next step in the chart he's been trying to get me to buy into is for margins to get squeezed HARD and for a 20-30% correction. After that the proposed chart has some truly increadible predictions ahead. I will be buying some more physical if I see a 20%+ correction. I was always more of a silver guy, but the storage could be an issue if I got serious (say 10% of savings-ish) about getting more into metals.

[AgeOfEnlightenmentSCP]

Aug 10, 2011 15:56:33 GMT -5 Driftr said:

Aug 10, 2011 15:06:31 GMT -5 djAdvocate said:

i have a person whom i trust in this market and he thinks we are nowhere near to the top. he has made mistakes, so this is not advice that i am passing along. it is merely another opinion.

I'm hearing the same thing from someone I trust. Next step in the chart he's been trying to get me to buy into is for margins to get squeezed HARD and for a 20-30% correction. After that the proposed chart has some truly increadible predictions ahead. I will be buying some more physical if I see a 20%+ correction. I was always more of a silver guy, but the storage could be an issue if I got serious (say 10% of savings-ish) about getting more into metals.

I wouldn't get too excited about a 20% correction. I think if I saw 30% or better, I'd start buying again.

[djAdvocate]

Aug 10, 2011 15:56:33 GMT -5 Driftr said:

Aug 10, 2011 15:06:31 GMT -5 djAdvocate said:

i have a person whom i trust in this market and he thinks we are nowhere near to the top. he has made mistakes, so this is not advice that i am passing along. it is merely another opinion.

I'm hearing the same thing from someone I trust. Next step in the chart he's been trying to get me to buy into is for margins to get squeezed HARD and for a 20-30% correction. After that the proposed chart has some truly increadible predictions ahead. I will be buying some more physical if I see a 20%+ correction. I was always more of a silver guy, but the storage could be an issue if I got serious (say 10% of savings-ish) about getting more into metals.

i think that is a very distinct possiblity/buying opportunity.

i got out of silver in Jan. i have been waiting for a pullback, and there have been several. just not one that suits my needs (i would like to get back in below where i got out!).

[AgeOfEnlightenmentSCP]

If gold starts climbing anywhere near the $2,200 - $2,500 an ounce range, I might sell it all and buy mining stocks? I don't know...

[AgeOfEnlightenmentSCP]

Aug 10, 2011 16:03:41 GMT -5 djAdvocate said:

Aug 10, 2011 15:56:33 GMT -5 Driftr said:

I'm hearing the same thing from someone I trust. Next step in the chart he's been trying to get me to buy into is for margins to get squeezed HARD and for a 20-30% correction. After that the proposed chart has some truly increadible predictions ahead. I will be buying some more physical if I see a 20%+ correction. I was always more of a silver guy, but the storage could be an issue if I got serious (say 10% of savings-ish) about getting more into metals.

i think that is a very distinct possiblity/buying opportunity.

i got out of silver in Jan. i have been waiting for a pullback, and there have been several. just not one that suits my needs (i would like to get back in below where i got out!).

I bought 100 ounces of silver at $32. I'm not unhappy with that, either, but the guy that advised me on that has been screaming sell, sell, sell for two weeks now expecting it to fall back to the low $30's or below? I don't know. This one was a pure gamble. Still is. Think I should sell?

[Don Perignon]

The love of money is the root of all evil... worship of Mammon is a breach of the very first and most important Judeo-Christian "Commandment".
Passing a camel through the eye of a needle is an impossibility.
The only gold I own is my wedding band... its scrap value is negligible, but what it represents is priceless.

[djAdvocate]

Aug 10, 2011 16:03:44 GMT -5 AgeOfEnlightenmentSCP said:

If gold starts climbing anywhere near the $2,200 - $2,500 an ounce range, I might sell it all and buy mining stocks? I don't know...

mining stocks are already a bargain. however, they also tend to follow the market. use caution.

[djAdvocate]

Aug 10, 2011 16:07:40 GMT -5 AgeOfEnlightenmentSCP said:

Aug 10, 2011 16:03:41 GMT -5 djAdvocate said:

i think that is a very distinct possiblity/buying opportunity.

i got out of silver in Jan. i have been waiting for a pullback, and there have been several. just not one that suits my needs (i would like to get back in below where i got out!).

I bought 100 ounces of silver at $32. I'm not unhappy with that, either, but the guy that advised me on that has been screaming sell, sell, sell for two weeks now expecting it to fall back to the low $30's or below? I don't know. This one was a pure gamble. Still is. Think I should sell?

probably not. it will eventually end up retesting that $50 high, but the general trend is pretty flat right now. i think it is ME that is wasting my time. i sold at $30, and i don't think it is going to make it back there. in fact, it might not make it back to $32.

[reasonfreedom]

Silver is more manipulated by the banks, there has been plenty of whistle blowers that have proved it. Rely more on gold, it is not going anywhere but up( I wouldn't sell).

[maui1]

Re: Gold-Silver Plunges-"I" Told You So !!!
« Reply #3588 Today at 9:45 »

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no......i agree that gold is at a top (or close) short term. i wouldn't be buying, and haven't for a long time.

but if i have a lot of gold (which i don't) and i bought for the long term, i would sell some now, in order to buy more when gold corrects for it's next leg up.
« Last Edit: Today at 9:46 by maui1 » Report to Mod - Link to Post - Back to Top Logged

maui1
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« Reply #3589 Today at 9:49 »

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short term review........

a few months ago......sliver separated from gold and took off to 50

a few weeks ago, gold separated from silver and took off to 1800

both are related and both will correlate, and that should tell you where one price should be in relation to the other.
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maui1
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« Reply #3590 Today at 9:53 »

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imo

fair market value for
gold is 1500
silver 35
dow 11000

like the feds fund rate, that is promised to stay at .25% for 2 years

i think the above will stay around my numbers

we ARE japan, at least for the next few years.

[djAdvocate]

Aug 11, 2011 10:24:07 GMT -5 @maui1 said:

Re: Gold-Silver Plunges-"I" Told You So !!!
« Reply #3588 Today at 9:45 »

--------------------------------------------------------------------------------
no......i agree that gold is at a top (or close) short term. i wouldn't be buying, and haven't for a long time.

but if i have a lot of gold (which i don't) and i bought for the long term, i would sell some now, in order to buy more when gold corrects for it's next leg up.
« Last Edit: Today at 9:46 by maui1 » Report to Mod - Link to Post - Back to Top Logged

maui1
Associate Contributor

member is online




Joined: Jan 2011
Gender: Male
Posts: 1,480
Karma: 95 Re: Góld-Silver Plunges-"I" Told You So !!!
« Reply #3589 Today at 9:49 »

--------------------------------------------------------------------------------
short term review........

a few months ago......sliver separated from gold and took off to 50

a few weeks ago, gold separated from silver and took off to 1800

both are related and both will correlate, and that should tell you where one price should be in relation to the other.
Report to Mod - Link to Post - Back to Top Logged

maui1
Associate Contributor
member is online
Karma: 95 Re: Góld-Silver Plunges-"I" Told You So !!!
« Reply #3590 Today at 9:53 »

--------------------------------------------------------------------------------
imo

fair market value for
gold is 1500
silver 35
dow 11000

like the feds fund rate, that is promised to stay at .25% for 2 years

i think the above will stay around my numbers

we ARE japan, at least for the next few years.

doesn't really matter if you are a long term bull. it only matters if you are late to the parade.

[maui1]

what if i am 'full of bull', can i be late then, or do i have to be at a parade to be late?

[djAdvocate]

Aug 11, 2011 12:09:50 GMT -5 @maui1 said:

what if i am 'full of bull', can i be late then, or do i have to be at a parade to be late?

who am i to judge?

seriously, though, i will be adding to my position if it drops much.

[AgeOfEnlightenmentSCP]

Aug 10, 2011 16:58:31 GMT -5 Don Perignon said:

The love of money is the root of all evil... worship of Mammon is a breach of the very first and most important Judeo-Christian "Commandment".
Passing a camel through the eye of a needle is an impossibility.
The only gold I own is my wedding band... its scrap value is negligible, but what it represents is priceless.

I agree the LOVE of money is the root of all evil; but leveraging the scripture to excuse poor stewardship is risky business my friend.

You might spend some time in Matthew 25; consider what you've done with what you've been given- and let go of the selfish idea that you are content, you have all you need-- and consider others, and withhold not good from those it is due when it is within your power to do good for them.

Be a good steward. Multiply what you've been given like a good and faithful servant, and support others and further the cause.

Remember, the laws of hermeneutics so that we can both acknowledge that the parable refers to what we do with the Gospel, but when a parable can also be taken literally-- it should be. So, it's about our handling of wealth here and now, too.

[djAdvocate]

Aug 12, 2011 0:14:43 GMT -5 AgeOfEnlightenmentSCP said:

Aug 10, 2011 16:58:31 GMT -5 Don Perignon said:

The love of money is the root of all evil... worship of Mammon is a breach of the very first and most important Judeo-Christian "Commandment".
Passing a camel through the eye of a needle is an impossibility.
The only gold I own is my wedding band... its scrap value is negligible, but what it represents is priceless.

I agree the LOVE of money is the root of all evil; but leveraging the scripture to excuse poor stewardship is risky business my friend.

given the history of usury in Christianity, right up until modern times, this statement is hilarious.

[AgeOfEnlightenmentSCP]

Aug 12, 2011 11:32:43 GMT -5 djAdvocate said:

Aug 12, 2011 0:14:43 GMT -5 AgeOfEnlightenmentSCP said:

I agree the LOVE of money is the root of all evil; but leveraging the scripture to excuse poor stewardship is risky business my friend.

given the history of usury in Christianity, right up until modern times, this statement is hilarious.

I don't know what you define as "Christianity" or what you define as "usury". Hell, since it's you- I don't even know what you mean by "history".

So, let's just say that the higher the risk, the higher the interest rate. Everyone knows that.

If we were having a discussion about setting a top interest rate, what would that rate be? Would we also be able to agree that if we regulate the interest rate, we must also turn lenders loose to say, "No" to riskier borrowers?

[steff]

I thought preaching from the Bible had been established as a no no here.....

[djAdvocate]

Aug 12, 2011 13:51:42 GMT -5 AgeOfEnlightenmentSCP said:

Aug 12, 2011 11:32:43 GMT -5 djAdvocate said:

given the history of usury in Christianity, right up until modern times, this statement is hilarious.

I don't know what you define as "Christianity" or what you define as "usury". Hell, since it's you- I don't even know what you mean by "history".

that just about says all i need to hear. thanks.

[djAdvocate]

Aug 12, 2011 13:58:09 GMT -5 steff said:

I thought preaching from the Bible had been established as a no no here.....

i didn't even mention the Bible, but it may be that management considers the comment out of bounds.

care to comment, managers?

[steff]

Aug 12, 2011 14:18:11 GMT -5 djAdvocate said:

Aug 12, 2011 13:58:09 GMT -5 steff said:

I thought preaching from the Bible had been established as a no no here.....

i didn't even mention the Bible, but it may be that management considers the comment out of bounds.

care to comment, managers?

paul is the one who threw out a Bible verse (matthew something or other) and I thought moon made it pretty clear that this isn't the place to keep preaching from the Bible..... but seems paul gets a pass 90% of the time when it comes to that.....