Gold just hit AU$1600

Sideways from today is up 10%+ on the year. Not bad action in a world of 2% interest rates. Not exactly sideways really, after a move like this I don't think there is a real sideways, back to new years levels it's a drop, staying here it's a gain and the only other option is up.

Frankly I'd happily settle for sideways from here though, as long as I knew it was happening.
 
phrenzy said:
Sideways from today is up 10%+ on the year.
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Up 20% if you picked the bottom a few months back. Same with silver.
That's a big jump by almost anyone's measure I think.
 
[youtube]http://www.youtube.com/watch?v=bOH_mioL3TU[/youtube]


silver-price-performance-EUR.png

Source: http://goldprice.org/NewCharts/gold/images/silver-price-performance-EUR.png?0.3796035673173483

gold-price-performance-EUR.png

Source: http://goldprice.org/NewCharts/gold/images/gold-price-performance-EUR.png?0.28119636836777756
 
$18.40 and $1306. How quickly we all doubted but here were, no 18 with a bullet.
 
SilverDJ said:
No1joey said:
$1628!!!!!
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It only has to go up $1635 or so and I can sell at a profit from the $1600 I just bought at, including brokerage.
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Sadly the money they give you will be in Australian dollars which is losing purchasing power around the globe.

OK if you make purchases quickly in Australia.

However buying from overseas is not going to be worthwhile.

And eventually prices of imported items are going to go up as well.

Is that how it works?
 
Jislizard said:
SilverDJ said:
No1joey said:
$1628!!!!!
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It only has to go up $1635 or so and I can sell at a profit from the $1600 I just bought at, including brokerage.
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Sadly the money they give you will be in Australian dollars which is losing purchasing power around the globe.
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I bought in AUD and I will sell AUD, and therefore make a profit, that's all that matters.
It is irrelevant to the discussion at hand what the aussie dollar is worth against other currencies.
 
SilverDJ said:
Jislizard said:
SilverDJ said:
It only has to go up $1635 or so and I can sell at a profit from the $1600 I just bought at, including brokerage.
Click to expand...
Sadly the money they give you will be in Australian dollars which is losing purchasing power around the globe.
Click to expand...

I bought in AUD and I will sell AUD, and therefore make a profit, that's all that matters.
It is irrelevant to the discussion at hand what the aussie dollar is worth against other currencies.
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What are you going to do with that AUD though? Hast its buying power dropped?
 
SilverPete said:
What are you going to do with that AUD though? Hast its buying power dropped?
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Why does it matter?
I'm trying to make profit, that's it.
They are totally different discussions.
Should I not try and make a profit at any given time because my currency is getting (slowly, and not hugely) lower relative to others?
I can remember when the aussie dollar was 50 cents US, not that long ago in the scheme of things, I was just fine, the world didn't end, it didn't really change anything in my life.
 
No1joey said:
Are you talking about 1oz? $35 profit?
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No, sorry, that was a bit confusing, I bought at $1600, not $1600 worth. A lot more than 1oz.
And because it's pool, the buy/sell spread is only 0.09% and brokerage 1%. Doesn't have to go up much to cash in a profit instantly.
If I sold at $1635 as I mentioned I wouldn't make any profit, that is my baseline to cover the trading coss both ways. Anything above that I make a profit.
 
SilverDJ said:
No1joey said:
Are you talking about 1oz? $35 profit?
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No, sorry, that was a bit confusing, I bought at $1600, not $1600 worth. A lot more than 1oz.
And because it's pool, the buy/sell spread is only 0.09% and brokerage 1%. Doesn't have to go up much to cash in a profit instantly.
If I sold at $1635 as I mentioned I wouldn't make any profit, that is my baseline to cover the trading coss both ways. Anything above that I make a profit.
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Ah I got you. I'm still considering cashing out. It's a tough decision, not like I can consult a financial advisor. All they know is fiat. If I had of consulted one before I bought they would of told me to steer clear of gold in October/November last year. Everyday there was an article on in the media with a bank or an analyst saying low oil spells the end for gold, that gold would be at $1000 by years end, or less. I bought right in the middle of all the negative sentiment and it paid off, that 'be greedy when others are fearful' line is the golden rule it really is. I made the decision to buy on my own and now I have to decide when to sell, it's actually a harder decision than buying was. I know if most people here had the profit I could take in under 12 weeks they wouldn't hesitate, but with the dollar falling and global QE just getting warmed up... man it's tough. Everyday I consider making that trip to the vault.
 
No1joey said:
I bought right in the middle of all the negative sentiment and it paid off, that 'be greedy when others are fearful' line is the golden rule it really is. I made the decision to buy on my own and now I have to decide when to sell, it's actually a harder decision than buying was.
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If you bought right at the very bottom recently then I'd cash out at least half.
 
SilverDJ said:
No1joey said:
I bought right in the middle of all the negative sentiment and it paid off, that 'be greedy when others are fearful' line is the golden rule it really is. I made the decision to buy on my own and now I have to decide when to sell, it's actually a harder decision than buying was.
Click to expand...

If you bought right at the very bottom recently then I'd cash out at least half.
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All good but some may wish to hold their buys for 12months before selling.
 
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