Gold only up $20???? pitiful

dont · Sep 15, 2008

Go back and see what gold did in 1987, do me a favour this thing is for mugs who believe in the end of the world.

MKTrader · Sep 17, 2008

I've been long on gold (added more yesterday) and I'm anything but livid today!

Quote from stock777:

If I was long gold I'd be livid

btud · Sep 17, 2008

Same here

Added to my long position two days ago.

5 hours in wonderland. Up from 780 to 760.

Now what triggered this.

daddyeaux · Sep 17, 2008

short gold-long _________ trade has to get reversed too.

garbo · Sep 17, 2008

George W. Bush needs to hold a press conference and restore some confidence in the markets. This is getting out of hand.

daddyeaux · Sep 17, 2008

Bush talking to the nation is like Capt. Smith of the Titanic warning passengers about wet carpets

MKTrader · Sep 17, 2008

Gold bugs (and everyone else who bought gold recently) had their prayers answered today. It didn't move when you thought it should, but markets rarely have the big moves at such "obvious" points.

Quote from stock777:

If gold cant move up on this carnage, its heading for the 600's

This is what gold bugs pray for. So I'd be concerned.

Trader KGB · Sep 17, 2008

Quote from MKTrader:

It didn't move when you thought it should

Actually, didn't the spike begin when the Treasury/Fed/AIG printing press news hit the wires?

What was peculiar is how long it took EUR, GBP, AUD, etc to join the stampede out of the dollar going on in gold & silver. From 10am- 12:30pm gold and EUR/USD were running in complete opposite directions. It sure built a fire under fiber as it flew 250 pips in 90 minutes once it finally got going.

cunparis · Sep 17, 2008

Quote from MKTrader:

Gold bugs (and everyone else who bought gold recently) had their prayers answered today. It didn't move when you thought it should, but markets rarely have the big moves at such "obvious" points.

It's been a long wait but patience paid off!

Now my question is can I add to my long position? Will price pullback? Believe it or not this is my first gold trade and I'm not sure what to do.

stock777 · Sep 17, 2008

Alert!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I have now developed an interesting theory that :

1) they were shorting gold futures

2) buying hard gold, even at a small premium, but cheap because of the futures pricing.

3) They cover in a hurry when they are all in on the hard stuff. Net cost is lower than if they just bought futures.

4) now they dont have to worry about system failure.

whaddya think? This is very plausible, wish I figured it out sooner.