Am I crazy for thinking gold may go down next week?

[BoatingAccident]

With the crisis in Greece, and other EU countries, adding to the temp rise in gold due to the market 'glitch'..do you think gold might drop back down next week?

I think the dow may stabilize, and if things get worse in the EU...there will be a flight to safety in the US dollar. This could drop the price of gold, imo.

[oldmansmith]

Nobody knows, BA, and as Sparky correctly reminds us this is usually a bearish time of the year for Gold. If you are trading paper then trade away, but I wouldn't sell any real gold now for any reason. I think we take out the high this week, but we'll see. What ELSE are you going to put your money in? Euros? FRN's? Real Estate? Chia pets?

[Gknowmx]

I don't think it will go down much, but I wish that it would so I can pick up more. My question is how long can oil stay belong 80? Volatile times ahead.

[ximmy]

Nobody knows, BA, and as Sparky correctly reminds us this is usually a bearish time of the year for Gold. If you are trading paper then trade away, but I wouldn't sell any real gold now for any reason. I think we take out the high this week, but we'll see. What ELSE are you going to put your money in? Euros? FRN's? Real Estate? Chia pets?





exactly.. even it it drops a little, it has no place to go but up.. until the new world order monetary system is in place

[gunDriller]

With the crisis in Greece, and other EU countries, adding to the temp rise in gold due to the market 'glitch'..do you think gold might drop back down next week?

I think the dow may stabilize, and if things get worse in the EU...there will be a flight to safety in the US dollar. This could drop the price of gold, imo.


i don't think it's crazy, because historically, gold rarely has a straight sustained rise. it's up $20, down $10, etc.

just looking at the year charts at Kitco
http://www.kitco.com/charts/historicalgold.html
http://www.kitco.com/charts/historicalsilver.html

but in the past, JPMorgan etc. have been manipulating the market.

also, in the past, big stock market declines almost always correlate to a gold decline and a silver decline. that pattern was clearly not working this week. while the stock market was tanking, not only was gold climbing but silver joined the party.

so, based on historical patterns, i think it's realistic think that gold will back off a little next week.

but, i think the gold market is "changing patterns", along the lines of "past results are not a guarantee of future performance".

i think the prices for the weekend - gold for $1210, silver for $18.40 - are both good deals.

[BoatingAccident]

Nobody knows, BA, and as Sparky correctly reminds us this is usually a bearish time of the year for Gold. If you are trading paper then trade away, but I wouldn't sell any real gold now for any reason. I think we take out the high this week, but we'll see. What ELSE are you going to put your money in? Euros? FRN's? Real Estate? Chia pets?



I've never tried to forcast gold, but I just have this hunch, it's going back down a bit.

I'll admit, I sold a couple of oz yesterday. First time, I've sold gold. I kinda hated to do it, but needed the extra money for a project (relating to prepping). The frn's went to me being better prepared for the future, they weren't wasted.

Trust me, aside from a retirement fund, all funds go into metals, emergency cash, and prepping.

[1970 Silver Art]

I do not think that you are crazy in thinking that gold might possibly go down next week. It is certainly possible that it could go down next week. Nobody really knows what will happen to gold (and silver) next week.

My gut feeling is telling me that gold (and silver) will go up next week but I do not have anything to back up my gut feeling on spot gold and silver prices.

[BoatingAccident]

Artbar, I've applauded every response in this thread, except yours.

I smited you to say thanks, because I know you like smites. You are the only man I smite on this board.

[1970 Silver Art]

Artbar, I've applauded every response in this thread, except yours.

I smited you to say thanks, because I know you like smites. You are the only man I smite on this board.


+1 karma for smiting me BA. ;D Thank you for smiting me and helping me achieve my smite goals. ;D

My gut feeling still tells me that gold (and silver) will go up for next week. I will go out on a limb and say that spot gold will break its all time high and finish at between $1235-$1240 by the close of business Friday (May 14, 2010). Of course I do not have anything to back up this gut feeling prediction.

[BoatingAccident]

My gut feeling still tells me that gold (and silver) will go up for next week. I will go out on a limb and say that spot gold will break its all time high and finish at between $1235-$1240 by the close of business Friday (May 14, 2010). Of course I do not have anything to back up this gut feeling prediction.


Cheers Josey. My gut feeling is the opposite. I think, gold's going to drop to the $1150 range midweek. I think, with Germany bailing out Greece, that situation is going to calm down...and if it doesn't, the euro will drop further and there will be a flight to the dollar. Drop gold, $ wise.

It's interesting, I'm actually having gut feelings on gold. I think this is the first time for me! ;D However, with silver, I never know what to expect...the DOG always surprises me. :)

Either way, holding physical, I sleep easy at night.

[Occamsrazor]

We will see 1080 gold some time in the summer, which I`m hoping for...

[1970 Silver Art]

My gut feeling still tells me that gold (and silver) will go up for next week. I will go out on a limb and say that spot gold will break its all time high and finish at between $1235-$1240 by the close of business Friday (May 14, 2010). Of course I do not have anything to back up this gut feeling prediction.


Cheers Josey. My gut feeling is the opposite. I think, gold's going to drop to the $1150 range midweek. I think, with Germany bailing out Greece, that situation is going to calm down...and if it doesn't, the euro will drop further and there will be a flight to the dollar. Drop gold, $ wise.

It's interesting, I'm actually having gut feelings on gold. I think this is the first time for me! ;D However, with silver, I never know what to expect...the DOG always surprises me. :)

Either way, holding physical, I sleep easy at night.


Yep. Holding phyiscal is a win-win situation as far as I am concerned. The only "fat-fingering" that will happen with my physical gold and silver is when I feel the urge to fondle it. ;D

[Trinity]

I say yes you are crazy. But in a good way. Gold and Silver are in the sweet spot now. Physical demand will keep both strong next week. IMVHO

[BoatingAccident]

I say yes you are crazy. But in a good way. Gold and Silver are in the sweet spot now. Physical demand will keep both strong next week. IMVHO


I think you are probably right. I still just have that 'feeling'....I shouldn't trust it. ;D Thanks for your input.

[Occamsrazor]

Yesterday I did the unforgivable and sold 1oz. I`m poor after paying for bombing Iraqi kids.
If you absolutely need cash, sell some now. There will be a buying opportunity down the road in a few months. Gold may climb up a few$ but the chances of it going way down from this point are much bigger.

[BoatingAccident]

Yesterday I did the unforgivable and sold 1oz. I`m poor after paying for bombing Iraqi kids.
If you absolutely need cash, sell some now. There will be a buying opportunity down the road in a few months. Gold may climb up a few$ but the chances of it going way down from this point are much bigger.


Hey Occam, you are not alone! I sold 2 oz yesterday. I think you are right, I'd like to be able to buy back at a cheaper price later.

I needed some cash, and didn't want to go into debt, so I sold. My work hours keep getting cut, I'm down to 20 hours a week right now. It's 'supposed' to pick up, but we'll see.

[Book]

Hey Occam, you are not alone! I sold 2 oz yesterday. I think you are right, I'd like to be able to buy back at a cheaper price later.

I needed some cash, and didn't want to go into debt, so I sold. My work hours keep getting cut, I'm down to 20 hours a week right now. It's 'supposed' to pick up, but we'll see.



:oo-->




Well, I've often asked myself...what I'd change, if I won the lottery. The only thing, I'd change, is quitting my job...and I enjoy my job.

So, I think it's the rich that often delude themselves. Chasing wealth, it's never enough. Being content, with life, has it's rewards.

[Occamsrazor]

Yesterday I did the unforgivable and sold 1oz. I`m poor after paying for bombing Iraqi kids.
If you absolutely need cash, sell some now. There will be a buying opportunity down the road in a few months. Gold may climb up a few$ but the chances of it going way down from this point are much bigger.


Hey Occam, you are not alone! I sold 2 oz yesterday. I think you are right, I'd like to be able to buy back at a cheaper price later.

I needed some cash, and didn't want to go into debt, so I sold. My work hours keep getting cut, I'm down to 20 hours a week right now. It's 'supposed' to pick up, but we'll see.


I`m the guy who sells physical only in the case of a dire need. I already owe almost a grand to the bank after paying for bombing Afghani weddings so I had to sell and I`m happy that now gold is at its high so selling a bit now is no sin.

Last year I had to sell in April to pay taxes and I sold at a 60$ less than I paid for the ounce so that hurt like hell but this year it was ok.

[BoatingAccident]

You know Book, I question your priorities in life. If you have a point, make it. The fact that I am not a rich man does not mean my life is any less, than another man's.

Today, was a great day. Wish I could have sent some of it, your way.

[SeekYeFirst]

BA, I think from what Book posted of yours, it confirms the idea to not worry about it too much. If you need to sell gold, it is not a sin. I think it will go down. I sold some at a loss one year ago; it sucked but this past year was much better. Good luck on this week's decision:)

[BoatingAccident]

BA, I think from what Book posted of yours, it confirms the idea to not worry about it too much. If you need to sell gold, it is not a sin. I think it will go down. I sold some at a loss one year ago; it sucked but this past year was much better. Good luck on this week's decision:)


Thanks Seek,

I think the miscommunication with book, was that I traded a couple of oz, for a bit of freedom. I can now cook, off the grid, for a year or more. That sense of freedom makes the trade more than worth it for me...and, it was because of a hunch I had about gold going down. Otherwise, I would have sat on the gold, and postponed this decision.

Ideally, my goal is to be completely self sufficient. To not need money, gold, anything to be completely self-sustainable. I just got a little bit closer to that goal.

[BoatingAccident]

I`m the guy who sells physical only in the case of a dire need. I already owe almost a grand to the bank after paying for bombing Afghani weddings so I had to sell and I`m happy that now gold is at its high so selling a bit now is no sin.

Last year I had to sell in April to pay taxes and I sold at a 60$ less than I paid for the ounce so that hurt like hell but this year it was ok.


I think my take on gold, is much like yours. I'd rather hold more gold, than paper....and sell that gold 'trade' the gold occasionally based upon need, than to hold excess paper.

Gold can be re-purchased, when we find ourselves with extra paper in our hands.

[1970 Silver Art]

BA,

It is no sin to sell gold (silver) if you need the money. Sometimes you have to do what have to do to get where you want to go and if that means taking a step back in order to take two steps forward, then so be it. I look at it like this: At least you had the gold to sell. You have more options than the person who does not have any gold (or silver) or cash.

BA, this is not aimed at you but this is my approach that I take and it is this: Even though I think that the $ will completely collapse, I still save some cash in order to not have to sell any PMs.

BTW In the past, I have sold some silver art bars that I really did not want but all I did was to use the proceeds to buy and collect the silver art bars that were on my "wish list" to truly keep and collect.

[Trinity]

BA, this is not aimed at you but this is my approach that I take and it is this: Even though I think that the $ will completely collapse, I still save some cash in order to not have to sell any PMs.

I keep a cash stash also. Same reasons.

[1970 Silver Art]

BA, this is not aimed at you but this is my approach that I take and it is this: Even though I think that the $ will completely collapse, I still save some cash in order to not have to sell any PMs.

I keep a cash stash also. Same reasons.


My cash stash is small at this point but each time that I get my paycheck, I put a little bit of it just to have just in case. I am building my cash stash slowly. That approach works for me and at the same time I can pay my other bills and continue to buy a silver art bar or two when I have any FRNs left over. Buying silver art bars is a hobby for me. I am not a serious PM stacker.

[BoatingAccident]

BA, this is not aimed at you but this is my approach that I take and it is this: Even though I think that the $ will completely collapse, I still save some cash in order to not have to sell any PMs.



That's a good point. I may be too heavy in metals, I only keep about a month's worth of expenses in physical cash. Gold and silver are just prettier.. ;D I can't help trading extra cash in for them.

The downside, I've learned, is that if I need to make a sizable purchase, I need to sell metal.

Thanks for all the advise in this thread everyone.

[Blink]

The more currency printed by these central banking countries (all), the more the currency is debased. If gold/silver go down, it will be due to manipulation alone..... and it will be temporary......