You should realize that if we get a ceasefire in Gaza and/or a backing down by Putin, that news will take some of the turmoil out of the gold price. We all know that turmoil is in the gold price. What we don't know is how much the turmoil is there relative to other longer term economic inflationary considerations that are factored in at this present time. The economic factors that are cooked in right now are as hard to quantify in the mix as the turmoil factors. I would expect to see gold make a downward correction on news of something getting better on the turmoil fronts, but in the bigger scheme of things, the multi-year scheme of things, I see the economic factors on the horizon holding gold up and keeping a floor on the price and eventually taking it above $1,400. I like gold long term, but I am also enjoying the fact that it is staying in this trading range because selling OTM calls and puts is so lucrative.
Ask a Dollar Bug the following question and watch him get totally confused: Why does the US Dollar buy far LESS Gold today than 5 or 10 years ago?
So you define a $4.80 down move that could evaporate by morning as "panic selling"? Do you honestly characterize a $4.80 down move as panic selling? And after a month of short term ups and downs of far greater magnitude than $4.80, and a price that is literally within $2.00 of where it was a month ago, you would dare go here tonight and call a $4.80 move a panic sell? You do such a great job of making yourself look dumb on a weekly basis, I don't know how you can actually be serious. Maybe we will get a crash at some point. I can't say anyone knows for sure where gold goes, but for you to post the same thing over and over again for months, means you will look like the typical broken clock prognosticator, and no trading genius whatsoever as you claim yourself to be.
It's been a month now since the other self-proclaimed trading genius, dollardominance, said he has a flawless pricing model that had gold getting "hammered" and "cratering" on a nightly basis, yet here we sit a month later, and where was gold trading the night of 6/22/14, it was trading at $1,310. Where is it tonight, $1,312 at the time of this posting. Gold has gone nowhere. It is stuck in a trading range, and so far that is the fact. All these nonsensical pumps and dumps are just that, pure nonsense. Gold has so many factors governing its price that are changing every single hour of every day. How can idiots like goldnogood, dollardominance or goldendong know where it is going in the short term? Eventually gold will leave the trading range, but no one knows when or in what direction. That's why trading gold is tough, and short term predictions pretty worthless, including charting.
According to the trading genius, goldnogood, we hit $1.050 in just 8 more days. Shorts should be rejoicing.
Ottohuber's 'Firm'? Ottohuber's Firm!!! Not that is pure comedy of the 1st degree. The only firm he works for is his mother's firm hand when it spanks the 40-something year-old goofus, and tells him to get a life outside of hanging out in the basement watching CNBC, collecting comic books, and posting on Yahoo 24/7. This putz doesn't work for any firm. Nobody with a real career would have time to post endless nothings on Yahoo 24/7.
For all your so called 100% proof boasts of the crash, week after week after week, OttoSteindGeist, gold still sits in the exact same place it has been for months, making the PUT writers just as profitable as the call writers if not more so. You're a fool with too much time on your hands.
The fact that you would make the bullion funds a litmus test for 100% PROOF of a BEAR market in a markets as complex as the precious metals is 100% PROOF that you are a fool. There are no litmus tests in the business you crazy nut.
Great point. I often joke with my trader colleagues that we can find a bear market inside a bull market or vice versa just by looking at a chart in a different timeframe. Gold is a great example. Are we really in a bear market now, or is the past couple years just a correction to a longer term bull? The answer to that question depends on the timeframe of your look back because both sides are true in their own timeframe. For example, those that went long in 2005 at 320 that are still holding are up way more than any short, even though the really smart traders didn't ride it down either.
Permabear, I don't know if you shorted or not as I can't see your trades. What I do know is you write some of the dumbest comments here. You embellish every tiny move in gold down, calling $3 moves 'cratering crashes' and downplay every up move saying you shorted it. That's a good way to get your account blown up by the way.
He's already down. Just rallied another $7 since he posted he shorted more. Dollardominance is the one that calls $3.10 moves in the overnight markets "cratering" and "crashes".
Usually if gold makes a decent pop (so far this one is not that big and may be short lived), Otto will change his handle. He can't disguise himself for long though because his signature writing style becomes apparent immediately as soon as he starts talking the same exact nonsense all over again.
Right now Otto is cutting and pasting one of his posts about this little pop being "another deadcat bounce in the rotten gold and sliver sector created by the Wall Street banksters to sell more worthless gold and silver call options". Something like that. He writes the same posts over and over. Probably lives in a sanitarium somewhere. You, Goldendong, are still a pumper yourself though. You should admit that much anyway.
It is hilarious to me to watch all the pumps and dumps, and through it all, week after week, gold STILL sits right around $1,300 IN A NARROW TRADING RANGE. Neither the bulls nor the bears can argue with this fact. The biggest loudmouth, OttohuberGeistGunterSteind has pounded his chest about the gold crash on a daily basis using multiple ID's. He claims to be a genius, but the facts speak for themselves. Gold is not crashing down and it is not exploding up either. Actually, Geist has missed a 30% increase over on the gold mining side, which so far in 2014 has significantly outperformed gold.
I am trying to understand what you mean by "Harvest time for a new crop of shorts". Are you saying that you are going to go short yourself as part of the group of shorts and ride it down, or that you are planning to harvest the shorts' money by buying in long and capitalizing on a run up?
I see you reduced your time frame from a month to two weeks. I am going to watch, if you are right on both this $1,050 target and the two week timeframe to achieve it, you are indeed a master trader. You could buy some short term $1.300 strike puts or outright short. I don't know how people think they are good enough to make such bold calls on price and timeframe, but that's why I stick to the big picture… $1,050 would take us squarely out the bottom of the 15 month trading range.
Gutsy call! You have picked at target price that takes us well below the current 15 month trading range and a timeframe of 30 days. We'll see if you're right, and we'll see if you stick by this claim. You have about 4-5 weeks to get that $250 price drop and be right.
This Board is full of folks that make ridiculous myopic type predictions on both sides. For example, Goldendong777 calls for huge up moves every week. Dollardomince calls $3 down moves 'cratering crashes' on almost a daily basis. His posts are just so incredibly dumb. Is anyone really impressed when a permabear or a permabull makes hyperbole? The fact is that markets go up and markets go down, and in the short term, it is hard for the smartest of minds to predict which way the market will move, especially with something like gold that has so very many factors affecting its price that are changing on a daily basis. I like gold long term for economic reasons, currency debasement over time, lackluster economic growth over time, and the resulting stagflation that I believe is inevitable. My picture is big. Today's move means nothing to me, and had gold been up $30 today, I would have enjoyed it, but it still would have meant nothing to me because that kind of gain (or loss) can be erased in one day in a market as volatile as this one. I am looking very big picture, and I have been selling calls and puts for months now while holding a net long position.