Still time to buy gold imo. - Page 176 - Economics -- Two Plus Two Poker Forums

Hello friend. there is going to be many corrections along the way. You don't really think this thread is about daily trading do you?? So why would u say that silly thing?? Gold wil fall as well as rise. Doesn't this happen with all other markets? If it falls to $1500, and stays for a while, then u can brag that u were right.

This is just a silly post.

08-24-2011 , 10:22 AM

#4378

fanmail

Carpal \'Tunnel

Join Date: Jun 2005 Posts: 32,698

It's quiet because gold is getting hammered today. If it were making new highs, everyone would be in here bragging about it. Not a lot of neutrality is all I'm saying. I said the recent rally was unsustainable and got utter disregard for my comments.

08-24-2011 , 11:02 AM

#4379

GuvnorJimmy

banned

Join Date: Jun 2009 Posts: 641

Quote:

Originally Posted by fanmail

During this recent rally I said that I thought gold would correct. Where it drop to I don't know. It is going much higher long-term though.

Instead of saying 'gold will fall' then bragging about when it momentarily does, where do you think gold will be in a couple of years from now?

Last edited by GuvnorJimmy; 08-24-2011 at 11:08 AM.

08-24-2011 , 11:06 AM

#4380

fanmail

Carpal \'Tunnel

Join Date: Jun 2005 Posts: 32,698

Quote:

Originally Posted by GuvnorJimmy

During this recent rally I said that I thought gold would correct. Where it drop too I don't know. It is going much higher long-term though.

Instead of saying 'gold will fall' then bragging about when it momentarily does, where do you think gold will be in a couple of years from now?

Too far away to tell. I think it wil fill gaps on the downside, and then stabilize, and probably start going back up slowly. I'm guessing it will be higher in 5 years, but nobody knows really.

08-24-2011 , 11:10 AM

#4381

nineinchal

banned

Join Date: Jan 2006 Posts: 5,616

Quote:

Originally Posted by fanmail

I didn't get in it for the rally, I use it to hedge a bunch of other crap that is denominated in Obama bucks, formerly known as dollars...

08-24-2011 , 11:11 AM

#4382

GuvnorJimmy

banned

Join Date: Jun 2009 Posts: 641

Quote:

Originally Posted by fanmail

Too far away to tell. I think it wil fill gaps on the downside, and then stabilize, and probably start going back up slowly. I'm guessing it will be higher in 5 years, but nobody knows really.

Some people today are kinda hoping for QE3 as they believe that will maintain stability and this makes them have more faith in stocks, hence the drop in gold. The real fundamentals of the economy hasn't changed though. This sell off is just speculation. When they realise that nothing has changed and that the US is just digging a bigger whole for itself, people will pile back into gold and we will hit an all time high. Mark my words.

08-24-2011 , 12:07 PM

#4383

Fermion5

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 8,381

finally a gold pullback, if i had my FTP money I would go buy some

08-24-2011 , 12:18 PM

#4384

Pot Odds RAC

Pooh-Bah

Join Date: Nov 2007 Posts: 4,390

Quote:

Originally Posted by GuvnorJimmy

I don't think it is speculation. Seems more like some Profit Taking. I mean the price is still nearly $1,800 for God's sake.

$1,800 for a stinking ounce of Gold!

08-24-2011 , 12:28 PM

#4385

GuvnorJimmy

banned

Join Date: Jun 2009 Posts: 641

Quote:

Originally Posted by Pot Odds RAC

I don't think it is speculation. Seems more like some Profit Taking. I mean the price is still nearly $1,800 for God's sake.

$1,800 for a stinking ounce of Gold!

Sure there is some profit taking, but I really think a lot of this has to do with QE3.

Anyway, wait till a couple of years then see the price of an ounce.

08-24-2011 , 12:29 PM

#4386

entertainme

The Poker Mom

Join Date: May 2006 Posts: 8,444

Quote:

Originally Posted by wiper

what i'm saying is, all these people who have bought their first oz at 1500, 1600+ if gold DID plummet down to i dunno, 1050.

From your lips to God's ears.

08-24-2011 , 12:57 PM

#4387

ErikTheDread

Carpal \'Tunnel

Join Date: Nov 2006 Posts: 9,124

It's almost as if people have never seen a correction in a bull market.

08-24-2011 , 01:33 PM

#4388

fanmail

Carpal \'Tunnel

Join Date: Jun 2005 Posts: 32,698

Quote:

Originally Posted by ErikTheDread

It's almost as if people have never seen a correction in a bull market.

$150 downswings in less than 2 days aren't that common afaik.

08-24-2011 , 02:37 PM

#4389

BurningSquirrel

Pooh-Bah

Join Date: Jun 2008 Posts: 3,785

Gold is still a small market (despite everybody hyping it) with very large positions held by the big players.

Explaining both huge ups and downswings.

08-24-2011 , 02:37 PM

#4390

TomVeil

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 19,374

Quote:

Originally Posted by wiper

there should be a rule where if you have less than $2 to your name, that should be mentioned if you decide to write an economic article.

I got paid $2 to write it! It's a bubble!

08-24-2011 , 03:14 PM

#4391

RiverPlay

adept

Join Date: Mar 2007 Posts: 1,191

Quote:

Originally Posted by BornToPun

What does it mean to have an "oversupply" of something? I agree that you can have an overproduction of a good if the marginal utility of each new good produced is less than the cost of producing it, but I don't see how you can ever have a simple "oversupply."

you are right, overproduction is what I meant

08-24-2011 , 03:21 PM

#4392

ErikTheDread

Carpal \'Tunnel

Join Date: Nov 2006 Posts: 9,124

Quote:

Originally Posted by fanmail

$150 downswings in less than 2 days aren't that common afaik.

Are you saying that short-timescale corrections of less than 10% don't happen during bull markets? Or that you think the peak has already happened? Or something else?

08-24-2011 , 03:24 PM

#4393

TomVeil

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 19,374

Quote:

Originally Posted by fanmail

$150 downswings in less than 2 days aren't that common afaik.

Neither is the humongous runup that preceded it. Thus, the correction.

08-24-2011 , 03:49 PM

#4394

HarmonicaMan

journeyman

Join Date: Aug 2005 Posts: 206

Quote:

Originally Posted by GuvnorJimmy

Yes sir, u are right. With the bernanke to speak friday, we are just seeing a waiting period and profit-taking. And we had just hit a fresh high after all

08-24-2011 , 04:24 PM

#4395

NameOnTheCake

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 19,597

I'm confused. I keep reading that people are anticipating QE3...why isn't that bullish for gold?

08-24-2011 , 04:39 PM

#4396

LirvA

banned

Join Date: Sep 2007 Posts: 43,574

Quote:

Originally Posted by TomVeil

My (probably terrible) article that I just recently wrote about gold. Flame away:

A+ squirrel

08-24-2011 , 04:58 PM

#4397

TomVeil

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 19,374

Quote:

Originally Posted by NameOnTheCake

I'm confused. I keep reading that people are anticipating QE3...why isn't that bullish for gold?

I'm sort of confused by this as well, but I think that the answer is that it will be "better" for the stock market because of the companies getting free monies?

08-24-2011 , 05:32 PM

#4398

tolbiny

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Join Date: Mar 2004 Posts: 10,448

Quote:

Originally Posted by NameOnTheCake

I'm confused. I keep reading that people are anticipating QE3...why isn't that bullish for gold?

It is bullish for gold, but what was REALLY bullish for gold was the massive uncertainty with Euro debt and bank CDS spreads the past few weeks. This runup had a lot to do with the potential for a 2008 like meltdown. With something like QE3 out there the chances of a near term financial meltdown drop significantly and so gold pulls back. It will eventually get back to those levels but the situation went from potentially excellent to merely good to very good for gold and for stocks went from terrible to good in the near term. So stocks are seen as a better short term bet.

08-24-2011 , 05:46 PM

#4399

LirvA

banned

Join Date: Sep 2007 Posts: 43,574

the anticipation, or QE3 itself bullish for gold?

Gold won't go to 3-5k an ounce if QE3 happens???

08-24-2011 , 05:51 PM

#4400

blankoblanco

Carpal \'Tunnel

Join Date: Dec 2006 Posts: 8,395

damn, shouldve waited for this correction to buy. just part of me was scared of the small chance it would surge up and never fall back below 1800 and then i'd never have mustered up the cojones to buy

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