Your Window to Buy Gold Below $1,700 Is Closing http://www.zerohedge.com/news/guest-post-your-window-buy-gold-below-1700-closing Pretty compelling case
This is my interpretation of the graph. Gold peaked last September at $1900. That is already 51 weeks ago. Going on the graph that the - 19.2 is closest to the - 22.6 drop and recovery times should be similar around 68 weeks at the most then there should be only17 weeks left to get back to 1900. Roughly in 4 months time. I think it will get there a bit quicker than that. Then it should keep going up steadily for a while before the next drop - according to the graph. As the graph is on a log scale then 3000 should not be too far away, it would be interesting to have carried on the graph into the future.
My interpretation is that we've long run out of time to make a new bottom. That's assuming history repeats. In all those corrections gold took less than half the correction time to make a bottom. Even the longest correction (08, 09) took 78 weeks to break the old high. Half that period is 36 weeks and we have now been waiting 51 weeks. Therefore, based on the assumptions, we're way past the bottom. I'm sure a similar case could be made for silver.
I'm no techopanzie but even i can see that those waiting for silver (or gold) to drop back again below current levels before buying are either 1) deluded or 2) they don't have any money with which to buy any and are just trying to make themselves feel better about it
If you live in Australia perhaps the best reason to buy some gold would be for the possibility of the currency falling if the resources boom is really stalling and the hedge funds start selling off the Australian dollar.
It all looks very convincing but what happens if there is another financial meltdown - worse than the last one? Something that has never before happened in history? Will gold go up or down with all other commodities dropping? More likely that silver being more of a commodity would drop rather than gold. Looks like gold for preserving wealth!
Agree, and that's a point that an email from the daily reckoning made that struck home for me. Their conviction, based on the same premiss that the AUD will lose its strength, leads them to favour gold, purchase of foreign assets (e.g Irish R/E), and shares in Australian export companies. While it is still strong, get your AUD into assets that will appreciate as it weakens is the notion. I am looking now for a few ASX listed companies that export goods or services and have been making a good profit even against the headwind of the strong AUD. One I am already in - Codan Ltd (CDA) - exports metal detectors globally and has won govt export achievement awards, record profits, and that's with AUD strong. But that's just mine; there are heaps of Australian companies successfully exporting goods or services against the tide of the strong aud: CSL, COH, CPU, IRE, QBE are a few 'A' quality biggies that come to mind Gold already dropped 19%, been correcting for a year, much business and personal deleveraging already done since global meltdown #1, Central Banks buying, next one should have a currency crisis component - who knows, gold might not do too badly next time? Or might correct from a higher level. No crisis the same.
Me too! Still stuck on a pay limit of $1000. Couldn't buy an ounce so decided to wait for the paperwork to come through. So, you going to buy some gold or see if there is another correction?
I know what you mean. Mine took over 7 weeks to get going and meanwhile I had to sit on the side lines watching price action. However, it is all relative. A couple of weeks ago, some people thought silver at AUD$27 was pricey-(no it wasn't) :/ I heard a David Morgan interview last week where his opinion was that silver would go to US$32 before a pull back to US$30. Then it would spring board higher after that. The train may not have left the station after all..
Probably do some buying on monday and then wait a little bit to see what will happen. I've seen this time and time again when there is a move, you read the angst riddled posts here from brethren stackers who are wondering whether to buy or wait and I sit back all cool and say, "Just buy on the dips", "It's happened before" blah blah blah blah bla "Iknow shit" etc, but when you actually have some money of your own to spend - you quietly wonder if this time it's different. After all, at some stage we have to pass the point of no return. But then again, I'm bemoaning an $80 increase in the price of gold/oz, $80 won't seem like much if it doubles in price.
Hey shiney, Open that wallet of yours and show us some of those old Pound Notes, just for the benefit of us younger players. Ya tight arse!!
If you don't put your money into PMs then what DO you put it into? US Treasury bonds? Derivatives? That would be a bad move. If you can get out of PMs and find yourself then in a position to buy decent farmland with a residence that would be a good idea otherwise you might as well sit tight for the ride,
It's not going in the direction I want it to go, back to AUD1600 would be a good start and then I'd buy a bit and then wait a bit. I want this to happen: [imgz=http://forums.silverstackers.com/uploads/753_gold_30_day_o_aud.png][/imgz] I'm hoping the USD/AUD exchange rate goes up in light of the RBA meeting this arv. My good mate (he doesn't know that yet) Franklin Saunders is expecting gold to continue it's run before taking a tea break over USD1700.
