Lets be real about this. Gold should be blasting higher on news of the Ruble and other issues. The mainstream media has done such a great job of scaring the #$%$ out of people that nobody thinks gold will go anywhere. We have created money out of thin air for 6 years now and reflated but gold is stuck in a 2 year downtrend. Not what I was thinking but it is true. Hard to fathom but true.
Jim Rogers says that gold will be a buy sometime next year. It sure looks like he is going to be correct.
I know you can't speak too much about end of year selling,etc but the miners have continued to look very sick. The ruble crisis should have sparked some interest in gold but didn't. The north Korean incident hasn't brought any buyers either.... Eventually things will turn but I am getting sick of waiting...
I am going to be very patient. I really don't think we will see 1100's again but who the heck knows. At some point there is going to be more main coverage and interest in the miners. We are sill in the very early stages. My overall portfolio is heavily weighted with miners (which has been a big mistake) but I am very optimistic over the next 3 years that there will be a very large change in everything (sentiment, gold, and mining shares).
I am fairly confident that with Japan being downgraded there is a new floor on gold. This is serious stuff. Also, look to see how "bail ins" have now been adopted in the G-20. Public pensions are screwed in the next 10 years if you ask me.
completely disagree with you. yesterday was the very begining. It reminds me, eerily similar, to the downturn in gold/silver. It was a sharp reversal that was followed by a precipitous and steady drop for a couple of months. This 3 month downturn, which has been very steep, will be recovered by spring. Time will tell but the world economy is in the toilet and financial destruction is what the central banks are doing.
you are correct, I didn't put up any evidence. The evidence I see is the backwardation (leasing rates) going through the roof. Usually indicative of gold shortage but not always. And the large turnaround is something to behold. There has NEVER been a day like this in history. Gold and silver have staged HUGE turnarounds. This isn't because there are a few people buying. It is large scale buying. Probably due to Japans downgrade.
I think the Moody's downgrade is huge and also there may be something to the backwardation story. I think the 1100s are history. This is the largest turnaround ever according to some. This seems to be more than just short covering. It is about time!!!
are you guys watching this??? I have never seen gold do this before. Something is up. we are at $1216
I think the next bull run just started this morning. We are at $1211 gold. That is freaking $71 higher than last nights lows. UNBELIEVABLE. Gold stocks are about to take off.
Gold and silver made huge and I mean huge turnarounds. Gold was down to 1140 overnight and now it is at 1203. That 60 buck turnaround is gigantic and means things are turning here. SS may disagree here but next year will bring much higher gold and silver prices.
This is a very dramatic turn around. Gold dropped hard on the failed swiss referendum but I was shocked to see it up this morning. and up strong. It is up $30. This is over $50 turnaround. Huge. I am blown away. I thought we would be down $50. This bodes well.
This is a very good trend. There seems to be something up. I don't think that there will be anything big out of the swiss vote but there has been some strange happenings. One that I really can't stop thinking about is this proposal by Deutsche Bank
"However, the idea of gold purchases has merit because of the possible sellers. Much gold is held in private households, especially in countries like Germany. In some cases these are unwanted remnants of crisis-driven investments five years ago. A program that targeted these holdings would liberate dormant liquidity, some of which might even flow into consumption."
It is really such I strange statement I can't make out why they would even suggest it.??? The only thing that comes to mind is that they need physical gold. It is the only thing that makes sense. "dormant liquidity, that MAY flow into consumption???" #$%$??
I think that if you can get past the short term pain, and its anyones guess how long this will last this stock should rebound nicely. I think this spring is going to be good. Just one of those gut feelings not based on any real knowledge.
okay, this is really weird. Now gold is up a couple of bucks after being down almost $20. Seriously, buy now. I have never seen price action like this and I have been watchhing this market for a very long time. There is something going on.
They just follow the trend. It makes you seem smart because it is, duh, the trend. So when the trend changes you don't look so smart but most of the time you look pretty good.
Here is your chance to buy. Always scary to buy when something is down. I am actually stunned how quickly gold popped back. It was down over $18 and now down only $9 or so. There is something happening in the gold markets. You can see it in volume in the miners and the price action of gold over the last couple of weeks. If you have the guys it might be a good time to buy.