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 Replies: 13 / Views: 2,465 |
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Pillar of the Community
United States
586 Posts |
short-squeeze in other words.
Target: $1,050/oz within three months.
Remember the head fake of gold price early this year? The $300 run up from 1050 to 1350 failed to break the 1400 long term headline resistance. Technically another $300 drop will be in play according to equilibrium theory; which put the gold price target at 1050-300=750 long term.
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Valued Member
United States
231 Posts |
Gold broke a multi-year downtrend the first part of this year. It has pulled back almost exactly the 61.7% Fibonacci retracement from that move. I would be more inclined to be long here until it breaks the last low it experienced at the end of 2015. then your projection would come into play. Dangerous short here. Not so enthusiastic long here, though.
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Pillar of the Community
 United States
586 Posts |
It appears that gold has topped; a dead-cat bounce fizzled so soon.
Watch out below, US$1,050 is NEXT.
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Pillar of the Community
United States
586 Posts |
With all the other metals going up; gold is unable to advance.
If gold isn't in a dead-cat bounce, I don't know what is.
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Pillar of the Community
United States
3843 Posts |
Awfully bouncy cat as of late .....
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Pillar of the Community
Australia
7096 Posts |
It's like Yup said, This is an uptrend but it won't be pretty  |
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Bedrock of the Community
United States
36678 Posts |
I will continue to buy and hold physical. Each pull back is a buying opportunity for me.
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Pillar of the Community
United States
3843 Posts |
Silver back at $16.60. Lots of volatility -- Is this due to fluctuations in the USD?
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Pillar of the Community
United States
1609 Posts |
Someone needs to take this cat off of a few medications.
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Valued Member
United States
231 Posts |
I think $1050 gold is off the table for the forseeable future. Very possibly headed back to recent highs in the 1300's
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Pillar of the Community
United States
3343 Posts |
It is very possible that you don't have a clue. NONE of us here has a clue.
Gold is a piggy bank. Unless you know for certain what the Fed's next interest rate move will be, treat gold like a savings account. Every so often liquidate some of it to pay bills or put in a real bank. Leave the trading to the handful of dealers who buy at melt minus 10% and sell at melt plus 10% every day of the week. If you're in that business you need to be well capitalized to make a living at it.
My dad never got to do anything with his gold bullion before he died. My mom got to pay $16,000 in bills after I liquidated it. We didn't get anything for his guns, which were of comparable value if you paid retail for them. We just wanted them out of the house, along with the 200 lb box of old ammo and the blasting caps.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
02/11/2017 5:31 pm
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Valued Member
United States
231 Posts |
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Pillar of the Community
United States
4333 Posts |
I don't get the part about putting (your gold) in a 'real bank'.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
3343 Posts |
@fistfulladirt I pay my health insurance premium with a check drawn on a real bank. Bullion has to be liquidated through a PM dealer before it can pay any bills. It has nothing to do with investing. It's a reserve fund. Sort of like a piggy bank or cookie jar, but more substantial.
I realized this when I liquidated my dad's estate. No one cared what he paid for those proof eagles accumulated slowly over 20 years. They were of little numismatic value, just bullion. But they paid a lot of bills.
In contrast his modern proof sets were almost worthless.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
02/12/2017 11:09 am
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Replies: 13 / Views: 2,465 |
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Posted 12/30/2016 11:51 am
