New indicator is pointing to a major crash in gold prices

[glenn1]

PSA for the gold bugs out there. Get out now while you can, so later you can say "I love it when a plan comes together."

link

 

[techs]

Yes, a link from a site advertising "Financial Infotainment" is certainly postworthy.
:shocked:

 

[Engineer]

Originally posted by: techs
Yes, a link from a site advertising "Financial Infotainment" is certainly postworthy.
:shocked:

I don't know about the site, but CNBC analysis showed that gold broke a major trendline to the downside yesterday. Usually, once a trendline is broken in a major way (either up or down), it usually runs for a while...FWIW.

 

[BansheeX]

The dollar is still in a fundamental bear market and is experiencing a bear market rally as oil finally pulls back with demand. Historically, gold always goes down or sideways in the summer anyhow. I see this as an excellent buying opportunity, you always want to buy on the dips like this if you know what's going to happen long-term. McCain and Obama are virtually the same in spending, the Iraq war is still going on, government reductionists like Paul were drummed out, there is talk of giving fannie and freddie potentially 500 billion to keep them solvent, many more bank failures and write-offs to come, oil will keep running into supply constraints as drilling and nuclear are 10 years off even if the government unblocks them. Gold is going to $2000 by 2010.

 

[LegendKiller]

Originally posted by: BansheeX
The dollar is still in a fundamental bear market and is experiencing a bear market rally as oil finally pulls back with demand. Historically, gold always goes down or sideways in the summer anyhow. I see this as an excellent buying opportunity, you always want to buy on the dips like this if you know what's going to happen long-term. McCain and Obama are virtually the same in spending, the Iraq war is still going on, government reductionists like Paul were drummed out, there is talk of giving fannie and freddie potentially 500 billion to keep them solvent, many more bank failures and write-offs to come, oil will keep running into supply constraints as drilling and nuclear are 10 years off even if the government unblocks them. Gold is going to $2000 by 2010.

Willing to put $1,000 on it? You make all sorts of stupid prognostications but no actual meat.

I bet gold will still be under 1k by 2010.

Link to 500BN for the GSEs.

 

[SSSnail]

Oh, don't worry, gold is not the only bubble that's crashing. Take a look at all other commodities; damn the bastards for cashing in quick.

Now, we need another bubble.

 

[EagleKeeper]

Originally posted by: SSSnail
Oh, don't worry, gold is not the only bubble that's crashing. Take a look at all other commodities; damn the bastards for cashing in quick.

Now, we need another bubble.

The more I get calls from commodity brokers/traders that I have never heard of, the more I figure that need a sucker to help a whale out.

I may be a minnow, but I am not a sucker.

 

[soccerballtux]

Originally posted by: SSSnail
Oh, don't worry, gold is not the only bubble that's crashing. Take a look at all other commodities; damn the bastards for cashing in quick.

Now, we need another bubble.

+1 for the Onion reference.

 

[techs]

Yesterday gold went up $10.10 an ounce. A 1.12 percent gain!
Funny I thought a crash meant the price went down.

 

[LegendKiller]

Originally posted by: techs
Yesterday gold went up $10.10 an ounce. A 1.12 percent gain!
Funny I thought a crash meant the price went down.

It's still down more than 10% from peak and is down right now.

 

[Pliablemoose]

Definitely down at the moment, the bugs are predicting it'll go back up in Sept...

And I'm losing my ass at the moment

 

[PokerGuy]

I pulled out of the metals and mining for a while, I can see different scenarios where there is tremendous upside or downside, and I don't have the stomach for that kind of volatility.

 

[BansheeX]

Originally posted by: Pliablemoose
Definitely down at the moment, the bugs are predicting it'll go back up in Sept...

And I'm losing my ass at the moment

That's because you're only confident enough to buy when it's going up instead of times like this when it's going down. Don't try to guess the bottoms, add to your position on dips during a long-term bull market. Whatever you do, don't panic sell after making a mistake like that, that's the only way you lose money, because even if you buy high, the bull market assures it will go higher and save you. This is practically an insurance policy right now, we have not been promised this much socialism since the new deal, and our debt, dependencies, and future obligations are staggering.

It's pretty violent out there right now, but gold's upwards moves are explosive when they happen. Look at a chart of last fall/winter. And we're still up YTD even now.

 

[Pliablemoose]

I'm hanging tight, I can see why gold bugs get their reps