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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 01/02/2008 : 18:12:54
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"Unrest in Pakistan, a faltering dollar and surging oil futures sent the price of gold soaring to a record high on Wednesday, beating its previous highest level set 28 years ago.
The precious metal rose to 859.20 US dollars an ounce,
smashing its peak of 850 US dollars reached on January 21, 1980.
It later slipped back to 857.75 US dollars on profit-taking."
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Should we be:
Pleased?
Thrilled?
Excited?
....Or maybe a littled worried? 
We have seen this movie before forum members,
gold goes up, everyone expects a moonshot in price, then the rocket ride comes crashing down to earth. (Remember '06, gold aimed for $780-$790 then fell down to the low $700 range?)
Unless gold can keep in the $850-$875 range for at least two months, I will just view this as panic buying pushing up the yellow metal.
If gold can stay at or above this price after February (February being the last big demand month for gold jewelry) then it will likely be a gold bull market, until then, just views this as panic buying in nervous times.
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Edited by - pencilvanian on 01/02/2008 18:16:35 |
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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 01/02/2008 : 18:18:28
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i view this just as you do -- panic buying.
do i wish i had more?? of course
am i buying more?? of course not |
My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
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fiatboy
Administrator
912 Posts |
 Posted - 01/02/2008 : 20:22:09
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| I'm waiting for the four digit barrier. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 01/03/2008 : 19:21:47
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Date-1980,
Gold's price-Over $800 oz,
Reaction by the masses-gold mania
Date 2008,
Gold price-Over $800 oz,
Reaction by the masses-ho hum, one for the record books.
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Let the masses ignore gold and silver for now. Why let the cat out of the bag that gold and silver could go higher before we have a chance to buy some more at todays prices? |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 01/03/2008 : 19:31:13
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| IMO, we should be worried, preparing for the worst, and hoping and praying for the best. |
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Think positive. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 01/04/2008 : 07:39:34
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| Typically in a head-fake gold move, the gold miners stock prices lag behind. They somehow seem to know that the up-move in gold won't last long enough for them to profit from. The gold miners moved strongly up with this move. This is a good sign that this move is more than a head-fake market burp. |
Edited by - horgad on 01/04/2008 13:59:30 |
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fiatboy
Administrator
912 Posts |
Posted - 01/04/2008 : 13:49:04
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quote:
Typically in a head-fake gold move, the gold miners stock prices lag behind. They somehow seem to know that the up-move in gold won't last long enough for them to profit from. The gold miners moved strongly up with this move. This is a good sign that this move is more than a head-fake market burb.
You nailed it. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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