Epic decline in Gold comming

Question

Just cant leave before give you this one its close

mikey22222 · Answer

Just cant leave before give you this one its close

cd329 · Answer

why exactly are you leaving?

PALLADIUM · Answer

Before you go all in take a look at this:
Peter Bernstein in his classic book, The Power of Gold, wrote, "In 1959, the amount invested in gold was about one-fifth of the market value of all US common stocks. In 1980, the $1.6 trillion invested in gold exceeded the market value of $1.4 trillion in US stocks." Wow! The fact that gold went from 20% to more than 100% of market value of financial assets is a very interesting precedent, reached when gold reached the pinnacle of its previous high of $850 per ounce!

In fact, it's all even MORE unbalanced today, as they go on, "The sum total of gold investment lags far behind the value of stock and bond markets today. Indeed, a 2005 study from Tocqueville Asset Management noted that, if taken altogether, 'the market cap of all above-ground gold - including central bank reserves - [now] equals about 1.4% of global financial assets."

Once gold held for investment was worth more than the U.S. stock market, and now total gold in less than 1.4% of financial assets? Wow! The inescapable conclusion is that there is a lot of room for gold to go higher and higher and higher, just like history predicts it will!

djVox · Answer

I agree.  It just had a false breakout of its long term upper trend line that started back in 99.  A drop beneath thursday&#x27;s low of $915.80 will confirm the down trend with a initial taget of 800.  Long term taget is 600 which is a 38.2% fib retracement.

mikey22222 · Answer

Buy symbol DZZ 27.30 NYSE ..double short Gold

mikey22222 · Answer

Gold may have a little pop up her dont worry about it

PALLADIUM · Answer

Shorting Gold as the printers run day and night.  Is this just a trade or do you really feel a collapse is in the making?

jaxwhitey · Answer

Little bit worried about my GLD Aug $88 puts, really second guessing myself for not cashing out with what would have been a 50% gain earlier today, back to about even at the close.

Hopefully this will just be a brief and small uptick off of the lower level resistence.

jaxwhitey · Answer

Mikey, how epic do you think this decline will be?Are we looking at $600 gold in one year?  Which means that it will be  giving up all of this years gains?

mikey22222 · Answer

This decline in gold will make everyone who bought gold in the last 2 years a loser

mikey22222 · Answer

I want to give you some kind of a guide on this. Please look at a 2 year chart of XOM. Of course oil has be up for all of this period except the last couple of weeks. You will notice that all of the oil believers who bought XOM from April 2007 on are now losers. That is the way the game is played. Gold is the same thing. Everyone is long gold and will be locked into it and burried. The market is a game of bubbles. Remember the internet, remember housing, well the current one is a bubble in Gold and Oil and the EURO. They over the next 2 years will get their ass handed to them.

jaxwhitey · Answer

Excellent call again mikey

mikey22222 · Answer

My objective on Gold is the low 700&#x27;s

jaxwhitey · Answer

I was out of GLD for all of 2 hours, sold my AUG 88 puts (maybe prematurely) and bought some SEPT 80 puts.Lets do it again

jaxwhitey · Answer

The dollar is strong again today, especially against the Yen, but the goldies are fighting tooth and nail to keep themselves above the 200dma.

jaxwhitey · Answer

Little bit worried that the dollar rallied today and we still couldn't break below the 200 dma, in fact gold stayed positive most of the day.

Lets see how far the asian/euro markets push gold back up tonight and we will try again tomorrow I guess

mikey22222 · Answer

I am revising my short term target on Gold to 750 to 760

jaxwhitey · Answer

Just sold my SEPT 80 puts, not comfortable holding over the weekend and through the Asian/Euro Sunday night trading. Russia beating their chest and the trading in GLD today has been less than stellar, slowly ticking up since 8am. Sure gold was already beaten down 20 points by then, but still not something that makes me warm and fuzzy going into the weekend.

claycourtlesson · Answer

All you need is for the mid east to get dicey, and then fools will pile on the gold bandwagon.

jaxwhitey · Answer

OOPS, I guess I shouldn&#x27;t have done that.Bottom falls out of gold today, the second the ticker hit $850.50 it was all downhill for the last hour.I panicked and bought some October $75 puts just so I could have a small piece of this.

mikey22222 · Answer

The old flight to the safety of the dollar ploy. That has got to piss off the Gold Bugs

mikey22222 · Answer

Regarding my post of 7/29  Buy DZZ @ 27.30 I will take profits at 35.50

jaxwhitey · Answer

Down below $800 oz in Asian trading already.

It was over $835 oz last night

Of course I sold my puts just after the open this morning (worst possible time) since I needed some cash for something else, fvck me and my timing on selling these GLD puts.

jaxwhitey · Answer

And there it goes under $790 oz for the first time in a while.

Probably not going to get much support with India and South Korea closed today for trading.

Wow I left A LOT of money on the table in these three trades.

jaxwhitey · Answer

Are you still sticking with this estimate mikey?

Epic decline in Gold comming

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