Get out of Gold now, price will plummet to $1450/oz: Dennis Gartman

[Revolution9]

or more easily put... Gold has been money for 4000 years and that didn't change in the last 40.

More practically put gold has been a very useful metal since a long frakkin' time. It is incorruptible, ductile and can be beaten to a sheet 20 atoms thick, is the best natural conductive metal, in monoatomic form it has very special properties and is used for jewelry because symbolically it is of the Sun.

Rev9

 

[xFiFtyOnE]

According to what I've been reading, YumYum is somewhat correct. Expect a TEMPORARY drop in PM prices. Key word being temporary. The prices are going to drop before blasting off into space. If you can hold on to your PM's I'd suggest doing so.

 

[Bossobass]

YUM!,

Good to see you, my friend.

Thanks for the wake up call. I just bought a pile of silver. If it drops a bit more, I couldn't care less, but I really don't see the $ going much higher than it is right now (the cause of the drop in PMs against the $).

Of course, everyone with a brain knows that the USD hasn't increased in value at all. It's only increased against the basket of other worthless paper.

Every estimate of the drop in value of the $ vs its value in 1913, measured against the value in USD of 1 Oz of silver in 1913 tells me silver is worth $65 today against the USD. That can only continue in silvers favor, "market volatility" notwithstanding.

We'll see.

Bosso

 

[YumYum]

YUM!,

Good to see you, my friend.

Thanks for the wake up call. I just bought a pile of silver. If it drops a bit more, I couldn't care less, but I really don't see the $ going much higher than it is right now (the cause of the drop in PMs against the $).

Of course, everyone with a brain knows that the USD hasn't increased in value at all. It's only increased against the basket of other worthless paper.

Every estimate of the drop in value of the $ vs its value in 1913, measured against the value in USD of 1 Oz of silver in 1913 tells me silver is worth $65 today against the USD. That can only continue in silvers favor, "market volatility" notwithstanding.

We'll see.

Bosso

Hello Bosso!

I think it is pretty much agreed by all of us that gold and silver is one way to protect our wealth. But, since none of us have been through an economic collapse before, we can only speculate what will happen when all Hell breaks lose. So, the only thing we have to go by is history, and the fact that our government made hoarding gold illegal in the 1930's, it can/will happen again. Also, MF Global was a reputable company, and if we can't trust them, who can we trust? After the holidays are over, Celente is predicting economic Martial Law in the first quarter of next year. That could mean making gold hoarding illegal; wage and price controls, even regulating how much cash we can take out of the bank on a daily basis. Silver makes the most sense, since it is still legal tender. By the way, I have always wanted to ask you (since you play bass) who your favorite bass player is? I now play bass and I love Paul McCartney for his melodic tones, and Bootsy Collins of Parliament for his funk.

 

[fj45lvr]

haha.....yumyum the guy who has a track record of being wrong. You should try to predict global warming...

 

[-C-]

It will be next to impossible to have a stronger dollar, stable equities and lower commodities for 12 months straight.

Jordan, tell me you don't buy that.

Do you think dollar index can hit 90 without major problems for ES? I'm inclined to say no

You could see the euro totally swap places with the dollar before its all over with, point for point. Massive transfer of wealth there, some would suggest it is impossible, but look how fast the Euro overtook the dollar....it could swing right back.

 

[QE Is Theft]

There was a time when we had a strong dollar and high equity prices.

Regarding forecasts, I anticipate the dollar to continue gaining strength for some time.

It wouldn't surprise me if we retest the highs from 2010 and even late 2008.

 

[cubical]

Hello Bosso!

I think it is pretty much agreed by all of us that gold and silver is one way to protect our wealth. But, since none of us have been through an economic collapse before, we can only speculate what will happen when all Hell breaks lose. So, the only thing we have to go by is history, and the fact that our government made hoarding gold illegal in the 1930's, it can/will happen again. Also, MF Global was a reputable company, and if we can't trust them, who can we trust? After the holidays are over, Celente is predicting economic Martial Law in the first quarter of next year. That could mean making gold hoarding illegal; wage and price controls, even regulating how much cash we can take out of the bank on a daily basis. Silver makes the most sense, since it is still legal tender. By the way, I have always wanted to ask you (since you play bass) who your favorite bass player is? I now play bass and I love Paul McCartney for his melodic tones, and Bootsy Collins of Parliament for his funk.

While it is true the government can do anything, the circumstances now and back in the 30s are much different. The biggest being the fact that the dollar was tied to gold in the 30s. He needed to do it to devalue. It is much easier to devalue these days.

 

[archangel689]

http://www.commodityonline.com/news/get-out-of-gold-now-price-will-plummet-to-$1450oz-dennis-gartman-44362-3-1.html

Gold is a hedge against government. Until government fixes the economic problems, gold will continue to rise. End of story. buy the dips.

 

[AmericasLastHope]

Zerohedge: Gold Takes Out 200DMA...The Other Way

"Gold again proves it is not the safe haven many had hoped for, breaking the 200-day moving average, the first time since 2009 and signaling that prices may drop to US$1400/ounce." So begins a post by a "market strategist" from Roubini Global Economics as of less than a week ago. Well, since as the chart below shows gold just took out the 200-DMA, this time in the opposite direction upside, having proven the recent drop was nothing but a buying opportunity as was suggested by the non-Ph.D. community, we assume that using the author's logic, gold has proven that it is in fact a safe haven, and that since it is not going to $1400 it can only go to infinity.... Or is that us taking liberties with our lack of an economics Ph.D. a little too far?

Gold just took out the 200DMA (green dotted line).

http://www.zerohedge.com/news/gold-takes-out-200dmathe-other-way

 

[Steven Douglas]

I keep looking at the title of this thread and shaking my head.

Can you imagine telling someone in the year 2000, when gold was at $282/oz, that there would come a day, eleven short years from now, where there would be real fears on the parts of some that gold might "plummet to $1450/oz"?

 

[RickyJ]

We will see soon. I kind of doubt it though. And 1450 is not really a crash, just a dip, nothing to be concerned about for the long run in this Gold bull market.

 

[Kluge]

I keep looking at the title of this thread and shaking my head.

Can you imagine telling someone in the year 2000, when gold was at $282/oz, that there would come a day, eleven short years from now, where there would be real fears on the parts of some that gold might "plummet to $1450/oz"?

That was way back before gold was priced out of most industrial use, though. Imagine showing evidence to a manufacturer 10 years ago that gold would skyrocket to $1600/oz, or another that copper would go from <$1/lb to ~$4/lb, and I bet they'd both be scrambling to find a more reasonably-priced metal... like aluminum!

 

[Steven Douglas]

That was way back before gold was priced out of most industrial use, though. Imagine showing evidence to a manufacturer 10 years ago that gold would skyrocket to $1600/oz, or another that copper would go from <$1/lb to ~$4/lb, and I bet they'd both be scrambling to find a more reasonably-priced metal... like aluminum!

No, I would bet my life that the scramble would have been a much needed run on physical, with hoarding and acceleration of prices the likes of which the world has never seen before - including the absolute destruction of all paper derivatives. Then we would have seen some similar maneuvering to other metals.

Why the industrial users of silver don't do this now will always be a puzzle to me. Unless, like me, they really are taking in as much as they can, on the hope that the artificial devaluation games continue just a bit longer.

 

[pmbug]

Next leg of the Elliott Wave starting?

 

[QE Is Theft]

Next leg of the Elliott Wave starting?

I'm not a believer in Elliot Wave theory.

I have a better, more simple, trend-based system.

To find a good entry/exit, I primarily watch 3 things:

1)5emaX10sma on daily timeframe -- when I see this cross, it's a heads up that the current uptrend/downtrend might be shifting directions.

2)8emaX21ema on daily time with heikin ashi candles -- when this crosses, it's almost a sure bet in the mid-term, that the trend has come to an end.

3)6X10X12 sma on monthly timeframe -- to confirm a long term trend change...this crossover combo almost never fails.

 

[pmbug]

FYI, I was referring to this:

http://www.jsmineset.com/2011/11/14...d-symposium-14-15-november-2011-by-alf-field/

 

[Steven Douglas]

FYI, I was referring to this:

http://www.jsmineset.com/2011/11/14...d-symposium-14-15-november-2011-by-alf-field/

Highly recommended read, BTW. +rep