"Gold has broken $1034, and we expect it to go up substantially over the next several years"

[Dr.No]

I believe gold has just seen a genuine breakout and that it will be trading above $1300 by some time in the spring of 2010.

Final target perhaps somewhere between $5000 and $20000 per ounce (could be higher depending on the level of madness of Bernanke and the Federal Government).

I increased my gold holdings this week based on the breakout last week.

Dr. No

http://www.normannfinancial.com/mark...0Analysis.html

"Gold appears to have broken out of its 19 month long base with a weekly close at $1048. Gold has expected support between $1033.90 and $978. A weekly close below $970, while not expected, would indicate a failed breakout. We expect gold to move much higher over the coming months and years, and are adding to our long gold position at the market open next week."

[jtabeb]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

NO, (JUST KIDDING)

But seriously, I'm gonna call >$1500 by may of next year.

[sn1p3r]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

I think it will hit $1100 BEFORE correcting but this is just PURE speculation...that and the POMO only has about $3 billion left.

Then a market correction will include a slight gold sell off but not much.

NOTE: if i'm right it will be 99% luck

[Dr.No]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

I think it will hit $1100 BEFORE correcting but this is just PURE speculation...that and the POMO only has about $3 billion left.

Then a market correction will include a slight gold sell off but not much.

NOTE: if i'm right it will be 99% luck

We shall see; if there is a correction to near $1000, we will add even more futures contracts. We do, of course, also have physical gold in a secure underground island location.

[goadam1]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

As with many Itulip polls, go with the one with the least picks.

[xela]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

We shall see; if there is a correction to near $1000, we will add even more futures contracts. We do, of course, also have physical gold in a secure underground island location.

If you don't mind sharing, how much leverage are you using?

[goadam1]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Here's how we did at the march low.

http://www.itulip.com/forums/showthread.php?t=8626

53% said sell everything into the rally.

45% said no more than 20% (me).

Lukester, Nero and someone else voted new bull market.

[jpatter666]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Here's how we did at the march low.

http://www.itulip.com/forums/showthread.php?t=8626

53% said sell everything into the rally.

45% said no more than 20% (me).

Lukester, Nero and someone else voted new bull market.

Well it certainly did better than just about *any* of us predicted. Wherever Lukester and/or Nero is, I hope he's enjoying his gains. Jtabeb and Fred may crow about 4X gains on gold in eight years, but possibly Lukester made 10X (or more) in six months.

Not too bad -- and a reminder to us not to get caught wearing permabear blinders.

[kartius919]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Lukester also called for gold 600 when at 800 post 680 low, oil to the moon with deflation, inflation, DOW 30k, silver to the moon, dollar to the moon!!! (or 120 i don't remember), etc. When you make enough predictions, you're bound to be right some of the time.


Also when you look at the Dow in terms of gold or oil, it has barely moved. 10x would require leverage. Very few stocks went 10x over the current rally. What we have been seeing is a dollar devaluation which many us foresaw but came much earlier than expected. This is not a new bull market in real terms.

[kartius919]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Also he was an arrogant, abrasive prick!

[Mega]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Luke was Ok, wish he was around.

I see Gold $1200 by Xmas, Having been almost $1300 then falling back.................$1500 by Spring................not sure how far up it will go. Max Keiser thinks $3300......Schiff $5,000

Mike

[jpatter666]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Also he was an arrogant, abrasive prick!

Shrug. As was suggested many times here, ignore is just a click away. I've found several people on this site to be abusive, abrasive or downright annoying. I found it telling that Lukester was the one who got banned.

And banned it was -- I confirmed that.

Lukester, Nero, several others who tried to push an opposing agenda and were pilloried for it are IMO a loss to the site. When it becomes nothing but a group of people barking (or baaahhing) from the same agenda, I'll stop posting and just look for EJ's commentary.

I find it disturbing that I haven't seen postings from Finster and Bart in some time (I do believe bart is on a much deserved break)

[Dr.No]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

If you don't mind sharing, how much leverage are you using?

It varies significantly, but most of our gold position was entered into at far lower prices. We hold a core position at all times. We only added a modest amount on the breakout last week.

If, for example, gold hits a short term top between 1070 and 1100 and declines for a few weeks toward 1000, we will add an amount equal to what we added on last week's break somewhere a bit above 1000. Then, if gold resumes its upward climb and breaks the hypothetical top between 1070 and 1100, we will add another portion. We will, at that point, be leveraged approximately 200%, but with an average cost well below 1000, and our exit point (which does not apply to our core position for which there is no exit point) for the trading position will likely be moved up to around 1040 from its current location a bit below 1000. If that stop then gets hit, we would remain with only our core position and would have no leverage. We would then look to start accumulating a trading position again, likely adding the first part if gold again came close to 1000.

[skyson]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Luke was Ok, wish he was around.

I see Gold $1200 by Xmas, Having been almost $1300 then falling back.................$1500 by Spring................not sure how far up it will go. Max Keiser thinks $3300......Schiff $5,000

Mike

and the ever elusive "Another" and his "friends(1 + 2)" think that gold will go to $10,000, $100,000, and infinity, literally, because gold will stop trading in public market...

[leegs]

Re: "Gold has broken $1034, and we expect it to go up substantially over the next several years"

Luke was Ok, wish he was around.

Have you met Meechpod?