Calling $1250 gold/oz by 18/05/13

G-Log said:
I don't mean to sound too weird here but last week I had a dream of weighting a bag of carrots on a scale. I was baffled why I would dream something like that. Then the other night 10th I had the dream again and this time noted the reading on the scale was 1.200. So I thought about it and realized the carrots symbolized gold (as in Karats). I panicked at the realization. But all we can do now is hold and ride this through.
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I think that's an apples for bananas comparison though isn't it?

Was there anything in your dream that might have had 'Randwick 2pm' on it?

If so please do PM me... ;)
 
VRS said:
Institutions 'flee bullion'

REUTERS:

* ETF outflows, Cyprus gold sales spook market

* Japanese bond investors selling also behind sinking prices

* Bullion takes silver, commodities lower

By Clara Denina and Barani Krishnan

LONDON/NEW YORK, April 12 (Reuters) - Gold sank almost 5 percent into bear territory on Friday as institutional investors fled bullion in favor of other safe-haven assets amid concerns about central bank sales and souring sentiment.

The breadth of the sell-off will underline some expectations that gold's meteoric rally may be coming to an end after 12 years of gains.

The relentless selling sent gold below $1,500 an ounce for the first time since July 2011, and put the market on track for its worst weekly performance since December 2011.

Bullion has soared by more than five times due to its status as a safe-haven investment in troubled times and fears of inflation while the Federal Reserve has embarked on its aggressive stimulus program.

On Friday, an unexpected contraction in U.S. retail sales, which hurt stocks and supported the dollar on Friday, added to pressures building in the course of the week from several factors, including a draft plan for Cyprus to sell bullion and outflows from exchange-traded gold funds.

"The scale of the decline has been absolutely breathtaking. We tried to rally and that just didn't get anywhere ... there hasn't been any downside support, it's like a knife through butter," Societe Generale analyst Robin Bhar said.

The pace of the sell-off appeared tied to volatility in the price of Japanese government bonds, which has forced certain holders to sell other assets to meet the risk modeling of their investment portfolios.

"The economic sensitive commodities - energy, industrial metals - have been signaling weakness for the past two months, and you could see that many investors are now reassessing global growth prospects," said Jeffrey Sherman, a commodities portfolio manager at DoubleLine Capital LP in Los Angeles.

Gold hit a low of $1,484.30, down 4.85 percent and was heading for a 6-percent decline this week, in its biggest weekly drop since December 2011. It was down some 23 percent below the record peak hit in September 2011 at $1,920.30. Bonds rallied on Friday.

U.S. gold futures also hit their lowest since July 2011, with gold for June delivery falling to as low as $1,481.3 an ounce at 3:50 p.m. EDT (1950 GMT). It settled at $1,501.40, down 4.1 percent.

Other precious metals also sold off, with silver the biggest loser, sliding 5.36 percent to $26.12 per ounce. The commodities complex came under pressure as Brent crude oil hit an eight-month low.

A European Commission assessment of what Cyprus needs to do as part of its European Union/International Monetary Fund bailout earlier this week showed it was set to sell gold reserves to raise around 400 million euros ($525 million).

While Cyprus' gold sale in itself is small, heavily indebted euro zone nations such as Italy and Portugal could also find themselves under increasing pressure to put their bullion reserves to work.

"If Cyprus can break the gold market, then (there are) many reasons to be worried, with Slovenia, Hungary, Portugal, Spain and Italy in line," said Milko Markov, an investment analyst at S.K. Hart Management.

Spot gold was down nearly 4 percent on the day and off almost 5 percent on the week - its worst week since Dec. 2011. It was down some 22 percent below the record peak hit in September 2011 at $1,920.30.

Outflows from exchange-traded gold funds led by SPDR Gold Trust - the world's largest bullion-backed ETF - added to the weakness in gold seen from the beginning of the week.

The sell-off shares in the GLD, which brought the ETF to a session low of $144.34, had the effect of "slaying the most ardent golden bull," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co Inc. (Additional reporting by Herbert Lash in New York; Editing by Phil Berlowitz, Veronica Brown, Jane Baird and Gunna Dickson)

END
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sorry I don't believe any of above reasons - it was me! - I bought 1oz yesterday and that was the straw that broke the camels back :D

I reckon one of the reasons is because they have a template on how to steal the $$ from everyday citizens in Cyprus and nothing was really said, everyone accepted it, they can now go forth and put it to the test again when needed to slightly larger countries (Ireland, Portugal etc) and hence the world is saved so, gold is now taken a pounding.
 
Clawhammer said:
I've held off for a year.... but $1550 was my trigger point. I was convinced it wouldn't go lower.

I WAS WRONG
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same here, didn't think it would break lower. its in to bear market territory which I don't think happened in 2008 from memory. it was a steep drop then though and recovered.

The standard for a bear market is a 20% drop from the peak. Based on that, gold's already there, said Brien Lundin, editor of Gold Newsletter. Prices settled at a record $1,888.70 an ounce on Aug. 22, 2011 so they are now down 20.5% from the record settlement.
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http://blogs.marketwatch.com/thetell/2013/04/12/gold-enters-technical-bear-market-after-friday-drop/
 
Oh how nice it would be to have a crystal ball:) Will be very interesting to see what happens come monday morning....bounce back , drop further or stagnate ?

Surely this is the result of cypruss being ordered to sell their gold and the smackdown that precedes before the elite gobble it up. AND to frigthen the public about withdrawing their bank savings and convert it to real wealth in the form of PM's.

Personally I think by end of next week we will be back to where we were before the smackdown (1550 - 1580)....anyone in agreement ?
 
Silverthorn said:
Clawhammer said:
I've held off for a year.... but $1550 was my trigger point. I was convinced it wouldn't go lower.

I WAS WRONG
Click to expand...

same here, didn't think it would break lower. its in to bear market territory which I don't think happened in 2008 from memory. it was a steep drop then though and recovered.

The standard for a bear market is a 20% drop from the peak. Based on that, gold's already there, said Brien Lundin, editor of Gold Newsletter. Prices settled at a record $1,888.70 an ounce on Aug. 22, 2011 so they are now down 20.5% from the record settlement.
Click to expand...

http://blogs.marketwatch.com/thetell/2013/04/12/gold-enters-technical-bear-market-after-friday-drop/
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Make it -25% and you've got a deal ;)
 
As long as you can sleep at night, that's gotta be al'right.

Rather than buy on 'gut' feel... I calculated out a $1550 lower bound on T.A. (which for my calcs was about an 18% drop... so that rings true with Silverthorn's link).

It's gone lower, but I did my best and can go to sleep knowing I couldn't have tried any harder...and at least I didn't miss the rebound)

...having said that, if it drops another 30% I'm going to feel like a right turkey! :rolleyes:
 
G-Log said:
I don't mean to sound too weird here but last week I had a dream of weighting a bag of carrots on a scale. I was baffled why I would dream something like that. Then the other night 10th I had the dream again and this time noted the reading on the scale was 1.200. So I thought about it and realized the carrots symbolized gold (as in Karats). I panicked at the realization. But all we can do now is hold and ride this through.
Click to expand...

If you're for real and not just taking the piss, that could turn out to be a freaky premonition. Are you tempted to sell some of your phys and buy back in at a 19% discount?
 
Gold Kiwi said:
G-Log said:
I don't mean to sound too weird here but last week I had a dream of weighting a bag of carrots on a scale. I was baffled why I would dream something like that. Then the other night 10th I had the dream again and this time noted the reading on the scale was 1.200. So I thought about it and realized the carrots symbolized gold (as in Karats). I panicked at the realization. But all we can do now is hold and ride this through.
Click to expand...

If you're for real and not just taking the piss, that could turn out to be a freaky premonition. Are you tempted to sell some of your phys and buy back in at a 19% discount?
Click to expand...

Kiwi in da house :rolleyes:
 
Gold Kiwi said:
If you're for real and not just taking the piss, that could turn out to be a freaky premonition. Are you tempted to sell some of your phys and buy back in at a 19% discount?
Click to expand...

If I sell now I lose $200/oz average so nothing to gain by selling and buy in at $1200. It's distressing for many of us at the moment because there is some weird stuff going down on the Comex.
 
Important to keep the paper physical disconnect in view I think:

[youtube]http://www.youtube.com/watch?v=iMzCPaVIBJA[/youtube]
 
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