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 Replies: 15 / Views: 1,083 |
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Pillar of the Community
United States
931 Posts |
Gold is down $10. The Dow is down $513. Today is the first day all year that 6,000,000,000 shares were traded all selling. I think the paper metals players are nervous and trying to raise cash to get back into stocks at the bottom. I have long felt that the reversal from Dow $7000 was made possible by the banks investing in the stock market with all of the free billions that QE1 and QE2 made available bumping the market. They were supposed to use it to loan to business to build the economy. Now they are taking profits with no regard for the little guys that they are crushing. I have long felt that the economy in no way deserved the levels that were generated in the stock market. That is why about a month ago I posted that I felt that the market was long overdue for a correction and wow do we have a correction. I still think gold is headed to $2000 and up. I still think that silver is headed to $80 and beyond. The Fed has been buying Treasuries the last few days pumping interest rates lower and artificially stimulating the dollar while messing with China at the same time. China may not put up with this for long and their vengeance will be destructive. Edited by junior e
08/04/2011 7:30 pm
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Pillar of the Community
United States
3670 Posts |
We have seen gold pull back often lately say 10 or 15, only to get it back an then some not long after, so that does not concern me as much as that Dow down 360, which has lost EVERYTHING it had made this year up to this point.... Now the 3 buck pullback on silver has me scratchin the head  a bit as well.... Black Thursday as I had to go back an change the 340 to 360, lol.... Edited by Silverhawk74
08/04/2011 3:11 pm
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Pillar of the Community
United States
830 Posts |
Quote:
Now the 3 buck pullback on silver has me scratching the head a bit as well.... Word on the street is margin calls, flight to safety, and rumors of a rising of PM margin requirements. Apparently the USD is still considered the safe place to be. Wow what a roller coaster day, technically we put in a upside reversal day which is pretty bearish for the short term. IMHO get positioned to get a buying opportunity. I'm kind of mad at Dennis Gartman, he crashed GLD at noon with his scaredy cat comments. He recommends gold in his $400/month letter and then goes on TV and screams sell it.  Edited by GoThunder
08/04/2011 4:11 pm
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Pillar of the Community
United States
5832 Posts |
Made my profit from selling SLV. 18+% Gain instead of the 25%.
Hoping that it will go down more tomorrow, so that I can buy it back below $37. PM is just like the market.
Holding physical metal is not as liquid as one would like to think, but I can buy more now with prices going further down, looking at around $37+ tomorrow.
Also picking up regular Blue Chips stocks, but not buying all at one shot, doing it incrementally.
Market going side ways for a while as I see it now till end of September or beginning of October. As I had posted in another precious metal section here 2 days ago that will see 2008 bargain stock prices.
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Pillar of the Community
United States
3670 Posts |
I think even Pm's will fall some, when a market has this bad of a record day....
Also, I think many are wanting to turn silver into gold now, or at least the knee jerk of the moment reaction for now....
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Pillar of the Community
United States
830 Posts |
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Made my profit from selling SLV. 18+% Gain instead of the 25%. Yeah I took profits too, sold about $45K worth of paper PM's and locked in about $4000 of short term profit. Now I'm looking hoping for a better reentry point. Still have 800 shares of SDS and puts on SLV for more down side protection and I actually bought puts on SDS right at the end of the day, lol...yes I now have a hedge on a hedge after this crazy day.  |
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Pillar of the Community
 United States
931 Posts |
Way to go Thunder. That's some physical gain! I just heard on Kudlow that the turnaround in gold today was Hedge funds unlevering their positions. Good riddance. We don't need any crooks riding the true money to the top. Ron Paul was on CNBC this morning doing us a lot more good than that turncoat Gartman. Tomorrow is a new day and should be interesting. I lost my nerve and cancelled the ounce that I bought at the top. I'd rather pick two up at fifteen than one at nineteen. I am picking up 16 pounds of gold this weekend anyway. My new Golden Retreiver comes home Sunday. He's sure to bea gold-sniffin' dog and he can help me with my gold panning out at the creek. My friend that panned out the sample bucket with me called and wants to go halves on a two inch dredge after he saw that color in the pan. Gold is still the future and we will get it turned back around towards $2000 by December. Hawks silver is going to hitch a ride to the top with us. I don't mind if we pull back enough. To give you a. New. Entry point. thunder! Onward and upward. Tally Ho!
Edited by junior e
08/04/2011 7:31 pm
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Pillar of the Community
United States
4008 Posts |
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Today is the first day all year that 6,000,000,000 shares were traded all selling. No market can exist when it is composed of ALL buyers or ALL sellers. There HAS to be a mix of both for a market to even exist. On huge down days like this one, the sellers outnumber the buyers by a considerable amount... but there are still some buyers in there. Since the stock market is an auction, fewer buyers than sellers creates a lot of downward pressure on prices. The very same kind of thing can occur on the upside when there are many buyers and few sellers. The prices of the shares that are available will get bid up. |
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Pillar of the Community
United States
830 Posts |
I just bought back 140 shares of GLD out of the 200 that I sold yesterday  , still waiting for a better price on SLV. Edited by GoThunder
08/05/2011 12:15 pm
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Pillar of the Community
United States
1064 Posts |
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No market can exist when it is composed of ALL buyers or ALL sellers If I sell, doesn't someone HAVE to be buying? How does that work? |
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Pillar of the Community
United States
5832 Posts |
Me too with SLV.
Put in limit order for $36.75 just a little while ago.
200 shares of GLD.
Too much for my budget.
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Pillar of the Community
United States
830 Posts |
May the force be with you Mac!
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Pillar of the Community
United States
4008 Posts |
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If I sell, doesn't someone HAVE to be buying? How does that work? That's the whole point, Jack. In order for anyone to sell, someone else HAS to buy and vice versa. |
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Pillar of the Community
United States
5832 Posts |
That goes for all of us Thunder!
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New Member
United States
16 Posts |
Looks like gold is having a pullback.
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Pillar of the Community
United States
931 Posts |
They said that gold gained 1% this week. At 1% per week we should be looking at $2300 gold by this time next summer. Me likey!
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Replies: 15 / Views: 1,083 |
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Posted 08/04/2011 4:07 pm
