GOLD!!! UP or Down?? The top of gold mania??

[Larson]

Quote from syswizard:

Price action in gold today is quite a "tell".....
Lots of "nervous nellie" longs in the market.

Gold right now looks like the same "sure bet" that US real estate was in 2006.

A rally in US equity markets will knock it down for sure....question is "how far down ?".

Actually the opposite is probably true, according to Jim Sinclair, "what's good for gold will be good for stocks as well"
There is still too much anti-gold sentiment for this to be a top. Once the top-callers capitulate, then it might be time.

 

[Hydroblunt]

Quote from tortoise:

Very likely we'll see 700 real once a credible U.S. deficit reduction scheme is in place -- a stringent austerity plan that does not hamper the economy, send unemployment rocketing, provoke general social unrest -- as well as eurozone harmony, consensus on sovereign debt rescue, etc.

So you mean to say:

700 when pigs fly.

Is that a correct summary?

 

[peilthetraveler]

No, we will hit $700 again one day....


Of course that will be the day when the government has to knock 10 zeros off our currency like they did in zimbabwe....

 

[SWScapital]

Gold is never going down again. Up in perpituity. Thats right, never coming down again, ever.

 

[syswizard]

Quote from SWScapital:

Gold is never going down again. Up in perpituity. Thats right, never coming down again, ever.

First-up: a reversion to the mean
Secondly: sideways action

Too many gold advertisements out there for this to be a "buy".

 

[Larson]

Quote from SWScapital:

Gold is never going down again. Up in perpituity. Thats right, never coming down again, ever.

Very good point. But the question is when and from what level.

Let us revisit this thread a year from now, and see how your comments stack up against those who say gold is going higher from here.

 

[murray t turtle]

Quote from peilthetraveler:

Its 1:30am eastern time....Gold is at $1,915.60.

Nothing like losing money in your sleep, aye?

I swear...you people that short gold are like the same guys that put their hand over an open fire and seeing how long you can hold it there before you get burned. Gold is on fire and as long as bernanke and Obama are pouring gasoline on that fire, its a really bad idea to go short just because it "feels" like a top.

================
Good points Peil Trend Traveler[9-6-2011];
gold almost uptrended to 1929 area:.

Nice uptrend;
LUV airlines does fly pigs, certain limitations do apply.

 

[jsp326]

Quote from syswizard:

First-up: a reversion to the mean
Secondly: sideways action

Too many gold advertisements out there for this to be a "buy".

Nope, big misconception. Despite some "We buy gold" stores popping up, there is very little interest or investment in gold by the little retail investors...yet. It's absolutely nothing like tech stocks or house flipping--or simply moving every 3 years and making a nice profit, like people did from the late 90s to about 2007.

Not even close to a blow-off top. Don't believe the lamestream media hype about the "gold bubble." They've been saying that for the last 5 years but totally missed the tech/housing bubbles. That should tell you something.

 

[HATEtheRisk]

Gold will hit 1800 USD next week.

Then it will go down again.

 

[bone]

Why not spread trade Gold versus Silver Comex Futures ? The CME is going to give you a 60 percent SPAN margin credit, and the spread will model and behave better than the flat price futures. Once you understand the dynamic behind the strategy, most scalpers find that they are much more consistent with the spreads.

It's off-topic, but the LME three month forwards are ridiculously good spread vehicles for that matter.

CMX
METALS
CX-GC - COMEX 100 GOLD FUTURES
Delta
1
A
All dates
---
60%
CX-SI - COMEX 5000 SILVER FUTURES
1
B
All dates