So this guy says it's heading higher based on the technicals. I agree. Of course, he won't make a prediction, but i will, having nothing to lose by doing so.
I've been looking at the long and short term technicals for au, and we've seen a very nice consolidation now. I think we'll see a nice leg up, maybe not to $2500, but at least to $2,000, before year end.
For better or worse, I listen to what Lindsey Williams says:
XAU to $3000, then backing new world currency with it.
But that before the S stops HTF it will reach $7000
XAG to between $75 - $100 but hasn't commented as much about silver
OIL to $150 - $200 then they will open up Prudoe Bay and Bakken fields in US
Massive Inflation
His source wouldn't discuss the FEMA camps when asked
War with Iran and all over Middle East to be blamed for Economic Collapse
....and lots more.
Crier said "I think we'll see a nice leg up, maybe not to $2500, but at least to $2,000, before year end." I would like to point out that they said that last year!
That said the value of gold will increase. Changes are not smooth or even rhythmic. Bear in mind that the price in the year 2000 was $263.80 per Troy oz, today it is $1,614.70 !
You are right Crier gold only has one way to go, up. I sure hope so, I dumped nearly all my mutual funds a couple of years ago after I took a kicking post 2008 and bought mostly gold and silver.
glad to see this is not just a prepers forum but that there are also traders around here too. I got into trading in early 2009. Did some research and among other things I read about Elliot Waves. I liked the idea a lot so I signed up with elliott waves international for their free membership. right after I signed up they forecasted that the decline in stocks will stop and the stock market will start getting up again into what was supposed to be a correction of a bigger decline. They were right on the spot and convinced me to sign up for their payed services and put some real money into trading. For a few month I was doing quite well and I was feeling like I won the lottery so I put more money in. by the end of 2009 they said that the correction is over and the decline should resume. I followed them for 2 years and they stayed bearish for all that time and they still are.
I'm not blaming them for my trading results, my fault is entirely mine. I've learned my lessons and now I'm still trying to stay in the game. And I still like the idea of waves, it's an extremely interesting theory.
To get back on the subject I thought I would share with you what I understand is their perspective on gold. They say that gold moved in sync with stocks for quite long time. So since they are bearish on stock so are they on gold. They are predicting a big deflationary environment for the next years with basically every asset losing value except for US dollar. The reason for the dollar rise would be that when recession hits back again everybody will 1. get out of stocks and get into dollars 2. people will need to pay debt so since most of the world debt is in US$ the demand will increase 3. lots of debt and capital (US$ again) will disappear due to defaults and deflation hence a lower supply. With increased demand and lower supply the value of $ will increase. After the bottom is reached hyperinflation will kick in and here is where the gold will come into play. Sounds like common sense to me but nobody can predict the future 100% accurate so we can only wait and see.
All the best
All the best
Soros has sold all his banking stock and bought Gold:
http://www.silverbearcafe.com/private/08.12/somethingbig.html
Can't blame him for that...
Soros still has bank stocks, just not American bank stocks.
I went to an investment seminar recently, this included a video from Harry Dent....
They waved the deflationary flag, bearish on precious metals, bullish on US real estate lines!
Can't say I agree with them, I would prefer to put my trust in precious metals than any countries fiat currency.
Lindsey Williams has a pretty damn good record and he is of the opposite views to Harry Dent.
Haha...it was the brokers etc that threw themselves out of windows last time so I feel a bit reluctant to put much faith in their opinions at a time when the financial world is crumbling!
Lots of conflicting information here, but the bottom line is scrap gold is getting scarce. Why?
BDI sinks to 709 now ... soon to break into 600 range?
A note says APPLE is laying off due to slow sales also ..
http://www.bloomberg.com/quote/BDIY:IND
One wonders if the false stocks surge has any meaning ??
More likely the surge in AG/AU is what is important .....
http://www.kitco.com/charts/popup/au24hr3day.html
Gold up almost $20 today. Not bad
I think I may just take the next couple months off.....
Gold up $54 and nobody gives a chit? I think this maybe the long awaited breakout. I for one was enormously gratified. The fact that it happened despite the USFed deferring QE again is striking.
I think we are headed to a new high, but we are not going to get there quickly, because the Chinese continue to play their game of buying on dips and gradually moving up their idea of what is an acceptable new high.
Anyway....
Gold has become so expensive that the average person can't even afford a few ounces. Even someone that is in the top 10% of income and makes $100,000 plus per year might have a difficult time buying more than a few ounces per year. A guy making $60,000 per year will probably never be able to accumulate a meaningful position. Gold, The Currency of Kings, is only being accumulated by the wealthy and by central banks.
Silver, however, anyone in the USA, Canada, Europe, Japan or anywhere else with a 1st world middle class income can purchase. That is what will drive it higher on a percentage basis. When 50 million middle class people start buying 5-10 ounces a month. Prices will go sky high. This is why I think it is better to buy silver coins than it is to buy 100 ounce bars. If silver explodes in price to $200, who buys a 100 ounce silver bar for $20,000? Only the very wealthy. I think in this case you will see a huge premium for 1 ounce coins. If silver is $200, you might see one ounce coins selling for $240-250 each. The premium you collect at that point will pay for your purchase today at $31.
Also, the fact that gold and silver seem to have broken out and no one seems to care is very bullish. Gold and silver investors have become so beaten down in the last 18 months, that this is like the 1st stage of a bull market where no one cares. I don't think people will get too excited until gold and silver break above their all time highs.
BTW, this interview is worth listening to. Catherine Austin Fitts says $2,500 gold means war. http://dont-tread-on.me/?p=22247
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Deep in the night you will look into the ever looming dark and despair, and think...
"Damn it, I should have listened to Crier.... that bastard is brilliantly gifted with "supernatural common sense."
A very interesting piece from King World News for the gold bugs out there.
Marc Faber wrote:
My worry about gold, and I hold a lot of gold, is the governments will one day take it away.
...
Mr. Bernanke doesn’t own a single ounce of gold, and Mr. Paul Ryan doesn’t own a single ounce of gold. So what will they do one day? They take it away from a minority that owns it.
...
If the price really starts to go ballistic, they’ll take it away. So the best as a gold owner that you can hope for is that it goes up, but not too much.
...
And you can’t hide because the US government will knock on the door of the stupid Europeans ... and these bureaucrats in Brussels, they also don’t own any gold.
...
Then they’ll knock on the door of the Swiss. The Swiss, they have no backbone. ... Then the Americans will come to Asia. That’s where I think the Asians will not open the books. But who knows?”
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Deep in the night you will look into the ever looming dark and despair, and think...
"Damn it, I should have listened to Crier.... that bastard is brilliantly gifted with "supernatural common sense."
So today gold surpassed the $1700 per oz mark. Today the European Central Bank (ECB) said it would start buying up bonds of European countries that are struggling economically. They would only do this if those countries signed on to the ECB's bailout plan. In other words they will increase printing an ever increasing amount of paper money if more countries will basically give up their sovereign rights. This does not solve the problem it just puts off the inevitable meanwhile making a very few very rich. The economies of both the US and the Euro zone have spiraled out of control. At this point it is hard to see a way out of this increasingly desperate situation.
As a side note there is no doubt that the two are linked. However the price of gold began to rise last week for no apparent reason well before this announcement. Some people made a lot of money. Could it be the same group involved in the ECB?
Confiscation wont work. I bought silver but traded it and used it for colloidal. Move along. Gave the gold away as Christmas presents to the poor.
This little tune will be stuck in my head all day as I ponder the future of gold:
Might even wear my good luck puffy shirt today.
http://www.youtube.com/watch?v=5akEgsZSfhg&feature=youtube_gdata_player
_________________
Deep in the night you will look into the ever looming dark and despair, and think...
"Damn it, I should have listened to Crier.... that bastard is brilliantly gifted with "supernatural common sense."