What do you see gold doing over the next several weeks? Buy now, or wait?

[ILUVRP]

pick a day early in the week ( mon/tue ), buy a 1/4 oz gold coin every week to avg in , then you don't care where it goes , if gold goes up then what you have goes up , if gold goes down you buy cheaper on your new buys.

no matter what you will be happy. forget the price.

 

[Trigonx]

The timing on this thread was picturesque:

http://www.businessinsider.com/gold-is-looking-ugly-again-2012-3

Gold just took a donkey punch to the testicles

I was thinking the same about the timing of this thread as the graph of gold loaded on my screen.

 

[tremendoustie]

I'm wanting the buy an ounce of gold to diversify the ~200 ounces of silver I got. It'll be my first gold purchase, and I'm wanting to make it within the next 3-4 weeks.

Is there anything going on right now in the markets that indicate a price drop over the next several weeks? Just today (at the time of this post), gold has dropped nearly $30. Any indicators it will continue to fall, or should I just pull the trigger now?

No way to predict it. The fundamentals say buy, I'd buy right away. Just make sure you don't pay too much over spot.

*of course, I'm not a professional financial adviser.

 

[tremendoustie]

I was thinking the same about the timing of this thread as the graph of gold loaded on my screen.

Wow, that is quite a drop. Looks like a bargain to me ...

 

[youngbuck]

It's down below $1650...

 

[cbc58]

It will not go below 1650 - and it will not -for long- hang around this 1700 price point for long.... went below $1650...

The gold market is being pushed and promoted by people who own it and want it to go up. Same goes for silver. People forget how much this was 24 months ago and fear is driving buying. In many respects Buffet is right about this being a non-productive asset. When the time comes, they will make it illegal to own and assess penalties for use if you keep it. Will hyperinflation hit and will the price go up eventually?? sure... but stand back and really see what's going on with it and it has gone up too far too fast - as the market has shown. Goldbugs will disagree with me of course but that's their mindset.

Try this - go into a grocery store with a silver quarter that currently has spot value of $5.80 cents and buy $5.80 cents worth of groceries and try and give them that quarter in exchange. They'll laugh you out of the store. Many here say "I'd take it", except you don't own that store. This whole gold/silver thing is convoluted - people want the value to go up but that only means the rest of the society they have to live in and deal with daily goes down the tubes. And supposedly if it goes up that's not getting you anything except protection against inflation... so you are not earning a profit.

own some gold and silver... but it's not the panacea that many make it out to be.

 

[youngbuck]

What are some good places to buy an ounce of gold other than APMEX? I've always used APMEX in the past, but I think their markup/premium on gold is too high.

 

[WilliamC]

What are some good places to buy an ounce of gold other than APMEX? I've always used APMEX in the past, but I think their markup/premium on gold is too high.

If at all possible buy from a private individual face to face with cash.

Second best is a reputable coin store, NOT a pawn shop. For single ounces you shouldn't have to pay too much more (extra 2-3%) than what APMEX charges, but there is sales tax which hurts.

But if it's easier I don't see anything wrong with buying from APMEX either.

 

[Guzabuza]

For the first poster: http://home.earthlink.net/~intelligentbear/dj-au-ratio-lt.gif

Anything above a ratio of 1:2 YOU BUY! Strong evidence this time the ratio will fall under 1, maybe even as low as 0,5. Dow 10 000 / 0,5 = 20,000 $ / ounce gold.

For confirmation of DOW/gold ratio take annual US GDP chained in 2005 $ and divide it with annual average gold price and you will see that the ratio as DOW/gold has a loooong way to fall before hitting rock bottoms. Probably you wont find a pic of GDP/Gold ratio but i have made one for my economics graduate paper. Since i have no clue how to upload it if anyone wants that data and the chart of the ratio just say so and i will send over with email.

Btw, shadow gold price if calculated the way the Us treasury did under Bretton Woods golds fair value would be around 10,000 $. Monetary base M1 / US gold reserves.

But the shadow gold price could even be higher since i don't believe the data that the US has the same amount of gold as in 1970. They probably sold another 10 - 20 tones this last week when they raped gold.

Also btw, gold is making an head and shoulders pattern with the right shoulder at around 1600-1650. 55 week moving average is 1,5 % under current gold price. In the the last 8 years gold has touched this MA 40 times, piercing it on average by 0,88% and then right up again. Only once did it brake the 55 MA without bouncing back over it again and that was in 2008. So if you believe prices wont fall as in 2008 then 1605-1650 would be a bottom. Statistical speaking. I bought yesterday a gold bar at 1647 $. Rather miss 40 bucks on the downside then 400 $ to the upside.

 

[Guzabuza]

"The gold market is being pushed and promoted by people who own it and want it to go up. Same goes for silver. People forget how much this was 24 months ago and fear is driving buying. In many respects Buffet is right about this being a non-productive asset. When the time comes, they will make it illegal to own and assess penalties for use if you keep it. Will hyperinflation hit and will the price go up eventually?? sure... but stand back and really see what's going on with it and it has gone up too far too fast - as the market has shown. Goldbugs will disagree with me of course but that's their mindset"

To think that Warren is agaisnt gold is a bit naively. His father who himself was a successful business man and politician was a hard core gold "bug". Warren was buying silver way back in the 90's. The difference between him and his father is that Warren probably went over to the "dark side" as

Alan Greenspan -
"Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."

When did this dude ever promote gold or deficit controls under his chairman years at the FED?

Why would you want to spend silver in the grocery ? The shiny stuff is for hoarding not selling !

 

[Athan]

I would buy gold and silver if I had the cash definitely. Now is the right time. If you won't, China and India will.

 

[youngbuck]

I've an itchy trigger finger that I'm about to squeeze for gold. I think I'm going to take my chances and wait for it to drop down to within $20 of $1600.