Post: #1

Price is around 1290s. Went as low as 1277 yesterday. Good dip to buy and play the bounce? Not so much the actual metal but derivative products such as GLD.

Post: #2

Bishes love gold. Just ask this guy.

http://m.bbc.co.uk/news/magazine-21994873

Post: #3

Unless you are a very nimble daytrader I would avoid it all together

Post: #4

From a purely technical standpoint it looks horrible and will probably go lower. Im personally waiting for DOW to crash. The slight downward hiccup was on Bernacke saying they MIGHT taper QED.

Ill buy gold after DOW is having a real crash.

Post: #5

(06-21-2013 05:43 PM)gsinplaya Wrote:  Unless you are a very nimble daytrader I would avoid it all together

I'm thinking position trade. Hold time: 2+ years.

Post: #6

(06-21-2013 07:07 PM)_DC_ Wrote:  From a purely technical standpoint it looks horrible and will probably go lower. Im personally waiting for DOW to crash. The slight downward hiccup was on Bernacke saying they MIGHT taper QED.

Ill buy gold after DOW is having a real crash.

This current dip from the all time high is much bigger than the dip gold took during the '08 crash. However, from a purely short-term technical standpoint, it is on a downward trend.

Post: #7

(06-21-2013 07:15 PM)Leo Wrote:  

(06-21-2013 05:43 PM)gsinplaya Wrote:  Unless you are a very nimble daytrader I would avoid it all together

I'm thinking position trade. Hold time: 2+ years.

I'd rather buy whats in an uptrend and showing relative strength if you want to position trade something over that time period. A stock like GOOG is the first that comes to mind for me.

I don't see any technical reason to buy GLD here for an investment.

Post: #8

(06-21-2013 07:24 PM)gsinplaya Wrote:  

(06-21-2013 07:15 PM)Leo Wrote:  

(06-21-2013 05:43 PM)gsinplaya Wrote:  Unless you are a very nimble daytrader I would avoid it all together

I'm thinking position trade. Hold time: 2+ years.

I'd rather buy whats in an uptrend and showing relative strength if you want to position trade something over that time period. A stock like GOOG is the first that comes to mind for me.

I don't see any technical reason to buy GLD here for an investment.

You really don't think gold is on a long term uptrend and this is just a correction?

Post: #9

(06-21-2013 07:07 PM)_DC_ Wrote:  From a purely technical standpoint it looks horrible and will probably go lower. Im personally waiting for DOW to crash. The slight downward hiccup was on Bernacke saying they MIGHT taper QED.

Ill buy gold after DOW is having a real crash.

It's funny. Improving economic conditions are what have the fed looking toward reductions in the rate of purchase in QE which is a positive thing long term for the market. Aswell any changes in the conditions would likely see them maintain or increase the same volume of asset purchase.

They are basically saying they will do whats necessary to support the economy if it doesnt continue to gather steam.

I'm actually convinced the last few days move down has more to do with the Chinese Credit Crunch but I think it is overall a very healthy correction for the long term bull market.

I don't expect a crash...and at some point this year expect the bull run to continue much higher.

Post: #10

Leo, its this simple: the spot price is a concensus of every person who holds gold to its price. Back when it was at 1800 every article that came out and every Joe blow with some cash to burn was buying, especially after the 2008 crash.

IMO were just seeing a big correction, as all that positive sentiment has fallen out, as evidenced by the strong trends. First all positive, now all negative. You wanna but gold when everybody is pissed and its the "worst investment possible"

Post: #11

Quote:You wanna but gold when everybody is pissed and its the "worst investment possible"

Exactly. I'm going "against the grain" so to speak although there's always the other side of the trade so everybody will never be on the same side. Might even average in if it goes lower.

Post: #12

(06-21-2013 07:30 PM)Leo Wrote:  

(06-21-2013 07:24 PM)gsinplaya Wrote:  

(06-21-2013 07:15 PM)Leo Wrote:  

(06-21-2013 05:43 PM)gsinplaya Wrote:  Unless you are a very nimble daytrader I would avoid it all together

I'm thinking position trade. Hold time: 2+ years.

I'd rather buy whats in an uptrend and showing relative strength if you want to position trade something over that time period. A stock like GOOG is the first that comes to mind for me.

I don't see any technical reason to buy GLD here for an investment.

You really don't think gold is on a long term uptrend and this is just a correction?

GLD intermediate trend broke at $161 - then macro at $148.50. There is no telling how low it will go

Post: #13

Although gold will have it's day, in the interim the dollar is still king.

Should the US or world enter a recession, you can expect a flight to safety and gold to get hammered. Coming out of a recession, however, gold will probably outperform as inflation picks up.

Remember, there is a ton of liquidity sitting in banks, but until it gets circulated through the general economy there will be no inflation (and no increase of gold price). Money velocity is the statistic to watch, and right now, money velocity is at all time lows. That's what is killing gold price right now.

http://research.stlouisfed.org/fred2/categories/32242

Post: #14

(06-21-2013 07:44 PM)gsinplaya Wrote:  

(06-21-2013 07:30 PM)Leo Wrote:  

(06-21-2013 07:24 PM)gsinplaya Wrote:  

(06-21-2013 07:15 PM)Leo Wrote:  

(06-21-2013 05:43 PM)gsinplaya Wrote:  Unless you are a very nimble daytrader I would avoid it all together

I'm thinking position trade. Hold time: 2+ years.

I'd rather buy whats in an uptrend and showing relative strength if you want to position trade something over that time period. A stock like GOOG is the first that comes to mind for me.

I don't see any technical reason to buy GLD here for an investment.

You really don't think gold is on a long term uptrend and this is just a correction?

GLD intermediate trend broke at $161 - then macro at $148.50. There is no telling how low it will go

It's times like this that separate the men from the boys - really though, does anyone ever know how low/high a price goes? I'm even tempted to avg in. And tbh, I'm just putting in a little play money.

Post: #15

(06-21-2013 07:58 PM)Leo Wrote:  

(06-21-2013 07:44 PM)gsinplaya Wrote:  

(06-21-2013 07:30 PM)Leo Wrote:  

(06-21-2013 07:24 PM)gsinplaya Wrote:  

(06-21-2013 07:15 PM)Leo Wrote:  I'm thinking position trade. Hold time: 2+ years.

I'd rather buy whats in an uptrend and showing relative strength if you want to position trade something over that time period. A stock like GOOG is the first that comes to mind for me.

I don't see any technical reason to buy GLD here for an investment.

You really don't think gold is on a long term uptrend and this is just a correction?

GLD intermediate trend broke at $161 - then macro at $148.50. There is no telling how low it will go

It's times like this that separate the men from the boys - really though, does anyone ever know how low/high a price goes? I'm even tempted to avg in. And tbh, I'm just putting in a little play money.

Sounds like gambling to me ...but yeah i get it. All good.

If i wanted to hold something for 2+ years with a bit of play money I'd be buying up LEAPS in the banks e.g. BAC $15 2015 Jan Calls.

You can sit back and watch that option go up 100%+ over your timeframe IMO

Post: #16

(06-21-2013 08:31 PM)gsinplaya Wrote:  

(06-21-2013 07:58 PM)Leo Wrote:  

(06-21-2013 07:44 PM)gsinplaya Wrote:  

(06-21-2013 07:30 PM)Leo Wrote:  

(06-21-2013 07:24 PM)gsinplaya Wrote:  I'd rather buy whats in an uptrend and showing relative strength if you want to position trade something over that time period. A stock like GOOG is the first that comes to mind for me.

I don't see any technical reason to buy GLD here for an investment.

You really don't think gold is on a long term uptrend and this is just a correction?

GLD intermediate trend broke at $161 - then macro at $148.50. There is no telling how low it will go

It's times like this that separate the men from the boys - really though, does anyone ever know how low/high a price goes? I'm even tempted to avg in. And tbh, I'm just putting in a little play money.

Sounds like gambling to me ...but yeah i get it. All good.

If i wanted to hold something for 2+ years with a bit of play money I'd be buying up LEAPS in the banks e.g. BAC $15 2015 Jan Calls.

You can sit back and watch that option go up 100%+ over your timeframe IMO

Thanks for the tip. I'll look into them. The way I see it, I'm just planting some seeds but w/out the care & maintenance.

Post: #17

Not yet. I want to see some evidence that the downtrend has ended.

Of all the gurus I read, this guy has been the best:

http://www.moneybytrading.com

Post: #18

(06-21-2013 07:36 PM)gsinplaya Wrote:  I'm actually convinced the last few days move down has more to do with the Chinese Credit Crunch but I think it is overall a very healthy correction for the long term bull market.

I don't expect a crash...and at some point this year expect the bull run to continue much higher.

I agree with you, I would just like to see the market moving down substantially more so I could get in, right now everything still looks expensive, but who knows, if the bull does continue to run, and most likely will, I'll be kicking myself for not getting in now.

Post: #19

(06-22-2013 12:39 AM)Teutatis Wrote:  

(06-21-2013 07:36 PM)gsinplaya Wrote:  I'm actually convinced the last few days move down has more to do with the Chinese Credit Crunch but I think it is overall a very healthy correction for the long term bull market.

I don't expect a crash...and at some point this year expect the bull run to continue much higher.

I agree with you, I would just like to see the market moving down substantially more so I could get in, right now everything still looks expensive, but who knows, if the bull does continue to run, and most likely will, I'll be kicking myself for not getting in now.

I'm neutral here and will wait for confirmed strength to start buying again. Patience pays.

There will be plenty of time to get long, after the market finds its footing. You don’t want to be the first one to buy, or the last one to sell.