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 Replies: 21 / Views: 4,062 |
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Pillar of the Community
United States
851 Posts |
I would like to hear as many opinions as possible as what you think will happen to the metals market on Monday. I believe prices will go right up because of the fears of the upcoming holidays and lower than expected Black Friday sales.
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Bedrock of the Community
United States
10284 Posts |
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Pillar of the Community
United States
2589 Posts |
I imagine those buffalo proofs will cost a hefty penny if gold goes up to 1400. I've been holding on to most of my junk silver in hopes of silver hitting 25, though I doubt it will hit that until next year if that
-XoG
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Bedrock of the Community
United States
10982 Posts |
Well gold took a big hit last night but has gained back about half the losses already.
As for next week? Strictly speculation but $1200 is very close and should be here well before Christmas.
Gold is due for a "breather" or pull-back after the big run-up this month but never fear! The U.S. Gov't is still printing and giving away money like 4-year-old playing Monopoly. This is a very bullish sign for gold.
Also note that fall/winter are the "strong" seasons for gold. I expect to $1300 by spring and then $1400 by December 2010. It may go higher but I'm betting we won't go over $1500 next year.
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Valued Member
United States
245 Posts |
Golds rise isn't all about the dollar being weak as it's "advertised". Wall Street creates a buying frenzy to get the price up, so they can dump, works every time.
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Bedrock of the Community
United States
10045 Posts |
 That tracks with what guys here familiar with the industry say. Large interests, holding a lot of gold can manipulate the markets, dump and leave the little guy the bag-holder. Then again--I did not think gold would get to $1180/ounce. That's just not a price which gets me in buy mode. |
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Bedrock of the Community
United States
14454 Posts |
I don't think this has anything to do with wall street, the Chinese Government has encouraged their citizens to invest in gold (and just think how many people that is going on a buying frenzy) and also all the "easy gold" has already been mined so now they are having to dig deeper and getting less quantity so the price goes up from both accounts
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Bedrock of the Community
United States
10982 Posts |
India is looking to buy 200 tons of gold this month. European and Middle Eastern countries have been big buyers of late also.
Wall Street doesn't like the price of gold to rise. It takes dollars away from equities and the amount that any bank, or group of banks, could dump on the market would have a minimal effect (< 5%) on the price of gold that is established by world markets.
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Valued Member
United States
436 Posts |
Sooner or later there is going to be the big profit take, then the panic sell by others, and over time a return to "normal" prices. We saw it in real estate just recently, and with help from the brothers we saw it with silver in '80. P.M's will always beat inflation over the long haul, but today's gold prices, at least to me, seem way out of wack.
Just my opinion.
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Valued Member
United States
245 Posts |
Google this person "John Paulson Gold"
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Valued Member
United States
245 Posts |
Big pullback ! If it recovers, then Gold will soar.
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Pillar of the Community
United States
2335 Posts |
I wouldn't classify today's drop in price as a big pullback but I can say that I knew it would happen sometime in the next few days. Prices always drop when I send a shipment to the refiner & I sent a pretty good sized(to me anyway) shipment of scrap sterling & gold to them yesterday. Look for the price to go back up immediately after I get my settlement check.
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Bedrock of the Community
United States
10982 Posts |
Quote:
Look for the price to go back up immediately after I get my settlement check.
 Seems to work that way sometimes. Gold, like the equity markets, is due for a correction. This does not change the underlying fundamentals, which are still very bullish for gold. $1300-$1400 is less than a year away. That may well be the peak in this cycle. |
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Valued Member
United States
245 Posts |
"I wouldn't classify today's drop in price as a big pullback"
I think 6% constitutes a fairly large pullback. This is a good time to buy if you believe inthe dollar sliding further. IMO it's being shorted so some BIG investors can get in.
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Bedrock of the Community
United States
10982 Posts |
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IMO it's being shorted so some BIG investors can get in.
It's interesting that last week word from China was that they wanted to buy 1,000 tons of gold (about 30,000,000 troy ounces) but they thought $1,200 was too high a price. Friday morning the BLS reports unemployment had dropped and the USD strengthened on the news, spurring lower gold prices and some selling, bringing in an overdue correction. Now China can get their 1,000 tons for $3 billion less than it would have cost them last Wednesday. Just some observations. It doesn't really mean anything and I'm not saying this was manipulation because a correction back to $1,100 is not very surprising. We're still looking at $1,300 by spring. |
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Pillar of the Community
United States
2335 Posts |
Quote:
I think 6% constitutes a fairly large pullback. This is a good time to buy if you believe inthe dollar sliding further. IMO it's being shorted so some BIG investors can get in. I would also consider a 6% drop a good sized move. I'm pretty sure I used closing prices over a 24 hour period when I figured the drop & it wasn't anywhere near 6%. Maybe you used different numbers and/or my math was off. I do believe there will be a further slide in the dollar, the rate of money printing makes it inevitable. That would certainly imply a higher price for precious metals in the future. |
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Replies: 21 / Views: 4,062 |
Posted 11/26/2009 7:35 pm
