gold getting killed!!!!!!!!!!!

[verdo]

Re: gold getting killed!!!!!!!!!!!

To be honest, we as gold investors have really been the most pampered group of market observers over the last decade. I mean, when the asset goes up for 12 years in a row, its easy to become complacent to the fact that this is not the norm, and in most normal cases, you have to suffer quite a few jagged moves. I mean, the NASDAQ bull run had a tonne of significant corrections on its way up. In the last gold bull run, there was a period where gold corrected close to 50%. But because we're so use to gold going up, seeing it go down a healthy 5 - 6% is treated like Armageddon . Personally, I couldn't be more happier. I mean yeah, im down for today, but when I look at history, and what is normal for a bull market, we've really had it easy. I've been waiting for an opportunity like this to increase my position for a while. I had some USD stored up because I expected gold to correct, but not this soon, and not for these reasons. Still though, I can hardly see this as anything but a buying opportunity

[santafe2]

Re: gold getting killed!!!!!!!!!!!

The NYT, Goldman Sachs, and the rest of the usual suspects. Now that gold is again officially "cheap" and in "bear territory" we can be sure that all of the investors who have been saying gold is "too expensive" since the price hit $1,000 will now feel vindicated for not buying at $1,700. One can always count on human nature.

If oil prices were rising we'd be concerned. They are not, so we aren't.

I like both gold and silver here. It's a good time to begin buying again. For me, metals are not an investment, they're a hedge against the unthinkable. I like them at 3-5% of investments.

[globaleconomicollaps]

Re: gold getting killed!!!!!!!!!!!

you guys following this? It is a total wipe out.
down 27.8% now. back to nov 2010 levels.

Is it safe to call this a "disorderly market crash"?

[cobben]

Re: gold getting killed!!!!!!!!!!!

you guys following this? It is a total wipe out.
down 27.8% now. back to nov 2010 levels.

Is it safe to call this a "disorderly market crash"?

No, completely orderly.
I've had a potential target for gold in SEK at about 275:-/g. for a year or so, in case it did crash, and it's gotten down to 285 so far today.
There are about 4 old tops and bottoms around that level (2009 - 2010), and a few other reasons - such as that I was stupid and bought some stuff at those previous tops, and old crime scenes tend to be revisited, etc.
Am I making any money out of this? No, but haven't lost any either, which I would have by now if I was still trading options.

However, I would not like to see it go down much below that 275 level . . . that to me would indicate something really wicked this way comes.

gold charting in SEK can be done here.
Note the lateral support points in SEK look rather different than in USD or EUR.
Too bad the higher 327 support did not hold.

here is a snapshot:

gold_5_year_g_b_sek.png

[GRG55]

Re: gold getting killed!!!!!!!!!!!

Looks like we are into the capitulation phase on this round. Should scare the hell out of a lot of weak hands and allow Squid & Co to profitably cover shorts and go long again...

[jpatter666]

Re: gold getting killed!!!!!!!!!!!

Looks like we are into the capitulation phase on this round. Should scare the hell out of a lot of weak hands and allow Squid & Co to profitably cover shorts and go long again...

I'm watching myself and hoping for a Finster/Bart/Raz "table-pounding" buy signal.

EJ doesn't really do the short-term moves so not looking for anything there.

[jk]

Re: gold getting killed!!!!!!!!!!!

back to nov 2010 levels.

i'm trying to recall how pleased i was when gold went over 1400 back then.

[GRG55]

Re: gold getting killed!!!!!!!!!!!

I'm watching myself and hoping for a Finster/Bart/Raz "table-pounding" buy signal.

EJ doesn't really do the short-term moves so not looking for anything there.

I got the impression from this thread that Finster expects stocks to outperform gold for a few years...
http://www.itulip.com/forums/showthr...-The-Long-View

Maybe the way to resolve that dichotomy is to buy gold stocks instead of stocks of gold...

[thriftyandboringinohio]

Re: gold getting killed!!!!!!!!!!!

Looks like we might close below $1400 / oz today.

[Raz]

Re: gold getting killed!!!!!!!!!!!

I'm watching myself and hoping for a Finster/Bart/Raz "table-pounding" buy signal.

EJ doesn't really do the short-term moves so not looking for anything there.

Nine posts since Friday's close (April 12th) can be found, beginning here: http://www.itulip.com/forums/showthr...55592#poststop

A tremendous amount of technical damage has been done so even if gold bottoms today it will take a lot of time before it can begin to trend upward.

Controlled or not, this is a crash.

[thriftyandboringinohio]

Re: gold getting killed!!!!!!!!!!!

Nine posts since Friday's close (April 12th) can be found, beginning here: http://www.itulip.com/forums/showthr...55592#poststop

A tremendous amount of technical damage has been done so even if gold bottoms today it will take a lot of time before it can begin to trend upward.

Controlled or not, this is a crash.

Raz, your opinions in this area are well informed and most welcome.
I'm keeping my physical and looking ahead for opportunities to buy GLD once we find a bottom.

I'm doing OK keeping a stiff upper lip and whistling past the graveyard, when Raz jumps out from behind a bush shouting "Crash!"

Most unnerving.

Back on topic, I don't see much technical support between $1400 and $1300.

[Raz]

Re: gold getting killed!!!!!!!!!!!

Raz, your opinions in this area are well informed and most welcome.
I'm keeping my physical and looking ahead for opportunities to buy GLD once we find a bottom.

I'm doing OK keeping a stiff upper lip and whistling past the graveyard, when Raz jumps out from behind a bush shouting "Crash!"

Most unnerving.

Back on topic, I don't see much technical support between $1400 and $1300.

I have ALL of my physical and my GTU. Sadly, I'm only about 50% hedged with short positions in Comex Futures, so I'm taking a thrashing as those shorts still leave me with 21% of my liquid assets in gold.

Once we can see clear evidence of a bottom - NOT a spike low - these metals will be tremendous bargains for the monetary disaster that's certain to come.
But it will take a lot of patience to reap those rewards. That's what the damage from a crash means to me.

[cobben]

Re: gold getting killed!!!!!!!!!!!

I just had an epiphany -

The Central Bank of Japan begins a massive intervention, buying in the gold market!

They decided they had to, or how else are they to convince the Japanese that they can create inflation if gold is cratering?

[verdo]

Re: gold getting killed!!!!!!!!!!!

Okay this just might be the event that I've been waiting on. I made a post on this not too long ago outlining a possible 2008-style correction in the gold market. I didn't expect to see it this soon, but based on what I was seeing, i made the decision to open a US bank account and store up on some USD. For me, the levels we are at now are a screaming buy, and its time for me to dump USD (which i consider trash honestly). But even better than gold in my eyes right now is silver. I know EJ isn't really interested in silver anymore but for me, buying silver under $25 is a no-brainer. It may even go to 21 sometime this week who knows, but don't get scared.This, like all corrections in a bull market is perfectly normal and I'm a buyer of both gold and silver at these levels. U.S. stocks today are down more than I've seen them down in some time, which to me is a signal that this "recovery" might be coming to an end, and the new recession that EJ thinks could happen in late 2013/early 2014 may become even more likely.

[ProdigyofZen]

Re: gold getting killed!!!!!!!!!!!

Okay this just might be the event that I've been waiting on. I made a post on this not too long ago outlining a possible 2008-style correction in the gold market. I didn't expect to see it this soon, but based on what I was seeing, i made the decision to open a US bank account and store up on some USD. For me, the levels we are at now are a screaming buy, and its time for me to dump USD (which i consider trash honestly). But even better than gold in my eyes right now is silver. I know EJ isn't really interested in silver anymore but for me, buying silver under $25 is a no-brainer. It may even go to 21 sometime this week who knows, but don't get scared.This, like all corrections in a bull market is perfectly normal and I'm a buyer of both gold and silver at these levels. U.S. stocks today are down more than I've seen them down in some time, which to me is a signal that this "recovery" might be coming to an end, and the new recession that EJ thinks could happen in late 2013/early 2014 may become even more likely.

Soon it will be time to buy gold again. I am waiting for the "trade sideways" phase for a few weeks or months before I will buy back in with more physical.