$2400 Gold

herkyderky

herkyderky

Well-Known Member
It just keeps creeping closer with gold hitting a new high of $2365 a few hours ago.

At this rate it will be at $2400 by next week, whats everyone's thoughts on the outlook if it gets there. Is this just a reaction to the coronavirus disruptions?
 
I would say it's more of a reaction to the recent yield curve inversion. With the Aussie dollar falling against the US recently and a growing demand for both physical and paper gold, I believe the outlook is very bullish. I still want to see a breakout over $1600usd before I get excited, but it looks very promising in my view.
 
The arse seems to have have fallen out of the AUD.

Are the markets factoring in lower demand for Aust iron ore and coal from China....or an RBA "Coronavirus" interest rate cut come Tuesday?

BTW: a new AUD Gold record high of AUD2368.06 as I type.
 
madaw1 said:
Don't wait,just buy-it looks expensive,but can be even more expensive in the future...
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Exactly. Just bite the bullet and do it. If you have some gold already, justify a purchase as part of a larger dollar cost average play, especially if the price continues to go up (which it certainly looks short term). Besides, any gold is better than no gold ;)
 
madaw1 said:
Who knows?- Maybe even another Rhodium news on the way?....
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Gold will never be Rhodium. The supply is too big and there's too much gold in private hands. Once the price doubles, a lot of people will be selling their jewellery. Speculators can't corner such a large market.
 
sgbuyer said:
Gold will never be Rhodium. The supply is too big and there's too much gold in private hands. Once the price doubles, a lot of people will be selling their jewellery. Speculators can't corner such a large market.
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That's true-there was only comparison to Rhodium in terms of recently increase gold price...
 
Chinese market opening on Monday. Have been loading up gold this past week. I think Western markets have underestimated the Wuhan virus. But I maybe wrong as I was with the Iran situation. If it's really an accidentally leaked bio-weapon, then we're all screwed.
 
sgbuyer said:
Gold will never be Rhodium. The supply is too big and there's too much gold in private hands. Once the price doubles, a lot of people will be selling their jewellery. Speculators can't corner such a large market.
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Whereas silver on the other hand ...

I am bullish on gold, but uber bullish on silver. Real supply can get gobbled up with a small demand shift . People from any other time in the earths history will look at disbelief at how utterly cheap silver is comparitively (to everything).

Gold does seem expensive especially for a long term accumulator seeing the price go up 250% over the last decade or so, but agree with other posters just bite the bullet as we will just need to rationalise the higher prices and acknowledge the future price direction will likely be up from here.

I see $10000 bitcoin and i think gold can now break through . BTC paved the way for crazy high alt money investments, ironically i think it will all flow to gold when the house of cards comes down and all the way inbetween.
 
I stop watching the game for a little bit, and geeze look at the POG-AUD!
If it gets back to US$1800, and I see no reason why it won't, and higher, then that's AU$2700
And silver as usual is just, meh.

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if its in reaction to an event then likely not the most sensible time to buy, once that reaction disappears so does the FOMO.
Gold is a good investment but be careful of FOMO,
 
Jason1 said:
if its in reaction to an event then likely not the most sensible time to buy, once that reaction disappears so does the FOMO.
Gold is a good investment but be careful of FOMO,
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Also, a lot of the rise in AUD is due to the drop in the AUD. Could easily go back up and the POG in AUD falls again through absolutely no action that's effecting the POG elsewhere.
Toss a coin really.
But yeah, I'm not buying any more at present, happy with my allocation.
 
Corona Virus has influenced gold price and price maybe dropp after sorting the virus. On the other hand, Aud value dropping and that shooting up the gold price. I feel price will be up until July and will drop near us election.
To be honest, I hope price drop as I love buying gold and silver
 
Considering the Australian dependency on an economically strong China (currently fast disappearing), the AUD is headed down and will give us $2400 sooner rather than later. I thought we'd see AUD at 60c, but I think 50c is entirely possible.

My exit plan was predicated upon an initial sale of 50% of my tiny hoard at $2400, and 50% again at $3000, however considering the State of the World, I may revise those marker points.
 
Faraz said:
Corona Virus has influenced gold price and price maybe dropp after sorting the virus. On the other hand, Aud value dropping and that shooting up the gold price. I feel price will be up until July and will drop near us election.
To be honest, I hope price drop as I love buying gold and silver
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I hope too,but I'm afraid that AUD will go down sooner than later and gold will rise even more....
 
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