Hey, what happened to gold?

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Hey Andy, gold is down. What happened? It will be near its lows again soon. It might be a good buying op. Not! Andy, equities is the place to be. Wake up and smell the Java beans.

-- jb smith (joebobsmith@yahoo.com), November 01, 1999

Answers

1907, 1929-32, 1935-7, 1953-4, 1967-8, 1973-1982, 1987, 1990, 1994.

If these years mean nothing to you then you will relive them.

By all means, buy equities. It gives the smarter folks someone to sell to.

-- ..- (dit@dot.dash), November 01, 1999.


Go for it Joe Bob... IBM is cheap now... What are you waiting for??? Christmas??? (snicker)

snoozin'...

The Dog

-- Dog (Desert Dog@-sand.com), November 01, 1999.


Aye Carumba, Gold is down $11.00 so far today.

-- hamster (hamster@mycage.com), November 01, 1999.

Some of you truly kill me with your commentary on the "swings" of the precious metals markets! Welcome to one of the most volatile markets in the world!For those with true foresight, use this opportunity to accumulate MORE of this rare commodity....the next few months will continue to be volatile, but when the Fat Lady finally sings, it will be much too late to be a "player" in this game. Keep chasing after those equities that are valued on "pure" speculation(internet,ex:)....as the above post noted, we need some "sucker" to help us unload.......;)

Keepon

-- Keepon (vacillating@hourly.edu), November 01, 1999.


Ditdot and Dog, last time I checked, we were living in 1999. Not 1907, 1929-1932, 1937-1939,1953-1954,1967-1968,1973-1982, or 1994. You armageddon types are always looking for disaster behind every tree and bush. I have said it befaor and I will say it again. Its not going to happen that way, at least not for a few years. I'm getting tired of seeing the same old people writting the same old articles. Do you realize that these gloom and doom financial articles have been around for the majority of this decade? The only thing that changes is the date. Don't you get it? Wake up. The negative articles that everyone seems to quote are old news.

-- jb smith (joebobsmith@yahoo.com), November 01, 1999.


Gold had one spike a few weeks back. Other than that it has been in the dump for a long time. Now it's headed back that way.

-- (AndyHawk@weAreMorons.com), November 01, 1999.

So, Joe Bob, you bought that IBM yet??? It's a "bargain"...

Put your money where your mouth is...

FWIW, I am still in the stock market AND I am in precious metals... Never, NEVER, put all your eggs in one basket. Ask any financial advisor...

Ditto on the most volatile (sp?) market has been, and will continue to be the metals market.

But that is MO... Do whatever you like, just don't PUSH your ideals on me. I have some of my own, thank you.

Let's talk again in six months... if possible, and see who makes out...

growlin' at the narrow mind,

The Dog

-- Dog (Desert Dog@-sand.com), November 01, 1999.


Why do you fools have to heap crap at Andy's door? May I remind you ,if you had listened to him a few weeks back you could have made a tidy profit. The advice of anyone on this forum is worth exactly what you paid for it. Back to your holes, trolls.

-- Gia (laureltree7@hotmail.com), November 01, 1999.

There was a good thread a week or two ago about gold testing support and what did it mean? I wasn't able to find it but if anyone could post a link it would help. It would also be helpful if you had a daily chart of Dec. Gold futures to look at, but I'm afraid I can't help there either.

From a chartists perspective: On the Dec 99 Gold there is support at the $290-300 level that has been being "tested" for the last week or so. Two key levels to watch right now are: 1) the daily low of $287.60 (support), set on on 10/27 and 2) the daily high of $303.00 (resistance) set on 10/28.

For someone who is long-term bullish, you should wait to see if support holds (around $287.00) and then buy on a break above $303.00 as prices re-entered the trading range currently forming on the daily chart between the $295 and the $330 per ounce levels. If the price breaks above $303.00, there is a good chance it will at least attempt to test the upper level of the range at $330 within a few weeks.

If prices dropped below the short-term low of $287.60 set last week you might want to wait and see what happens, because the next support below that level would be at $265-$270 (previous resistance from June- Sept. 1999) and beyond that, way down at the $255 an ounce level that was being tested repeatedly from July through September of this year. For a long-term gold bull, these would be good prices to add to your position.

If you were long-term bearish on gold, or wanted to protect profits that you already had from being long, a break below the $287.60 low would trigger either a short entry or, if long, taking profits (use a sell stop). If you went short at $287.60, you could use the support levels in the areas of $270 and $255 per ounce as price targets to take profits.

Looking at a monthly continuous contract chart of gold, here's where the next significant long-term support and resistance levels are:

If there is a significant breakdown below the $255 an ounce level, the next significant support is located at $194.20 per ounce. It was set back in November and December of 1978, where the market pulled back briefly before continuing it's uptrend at the time.

As an example of how this works, several months later, in April 1979 as Gold continued to climb, the market briefly corrected back to $252.80 before continuing up again, indicating support at that level. The low recently set in August of this year was $253.80, only $1.00 away from support that was established over 20 years ago!

On the long side, if gold staged a rally that succeeded in breaking through the recent resistance at the $330-$340 level. Above that, the next level of resistance would be around $400-$420 which held from 1990-1996, and then beyond that the next support is at $500-$520 set in 1982-83 and again in 1987. Therefore, these would be logical points to either take profits if you were long, or at least be prepared for some choppiness at those levels if you decide to stay in the market.

Hope some of this helps a little if you're trying to make a buying or selling decision in gold.

Also, I left out any mention of gold market fundamentals out on purpose. To be honest, right now, based on the fundamentals, I'm neutral - both sides of the argument seem pretty compelling (that's why I try to let the market tell me what it's doing). There are many posters here who are much better versed in the workings of the precious metals markets than I. I've really enjoyed reading both sides of the gold debate on this forum, and have learned a lot. I look forward to more of the discussion.

-- Clyde (clydeblalock@hotmail.com), November 01, 1999.


Looks like New York succeeded in pushing it down again, so far, today. Time to buy another Maple Leaf or some more CEF or e-gold, whatever.

This whole desperate attempt to keep gold down is like a fat lady struggling to get into a girdle -- stuff will pop out, somewhere.

-- A (A@AisA.com), November 01, 1999.



Gia,

Did you buy gold? If so, did you sell when it was at 328.00? I thought you doomers bought gold to use as legal tender when the shit hits the fan. What's all this talk about profit? And you blame the pollies for staying in the market to make a buck.

-- (AndyHawk@weAreMorons.com), November 01, 1999.


Don't forget silver. According to my metals asset allocation model, while gold is a buy, and I just bought some more, I bought twice as much (in US$) in silver.

-- A (A@AisA.com), November 01, 1999.

And don't forget colloidal silver! If it doesn't make you rich, you can suck on it until the pain goes away.

-- (silverbells@Xmas.tree), November 01, 1999.

Hello Dog. You referred to me as being narrow minded. This is the first time that allegation has been made toward me. I have read almost all of these articles. I have swayed back and forth on the issues as most have. I am an independent thinker. I am not a doomer or a polly. I want all of the facts. I will not be buying IBM anytime soon. I agree that precious metals are an important part of ones portfolio. However, this is not and has not been the espoused point being pushed on this forum. These articles that I refered to earlier, and I will say it again are nothing new. Now when we see something new, I may jump on the band wagon. The time for that is not yet.

-- jb smith (joebobsmith@yahoo.com), November 01, 1999.

jb smith,

The past is part of the present. It is the precursor and the seed of what is. Things don't really change, just the surface paint. History does tell us something about ourselves and our behavior which also doesn't change much over the years. With distance things become clearer.

Alot of cleaver people who have power to alter the superficial details of the present know about history and are always trying to find ways around the 'repeat performance'. I'm afraid that alot of folks who try to do a one for one overlay of past to present tend to a simple projection and so those projects tend to fail.

The rot it still there my friend. Where it breaks? Well, people who are terribly confident in thier own predictions of the future find that failure awaits them as well.

Why are you such as scorner of those who are concerned about the rotten core of this 'prosperity'? Maybe you are concerned that you did nbot make any money off of thier advise? Maybe you are one of those whose 'better' projections will also fail?

-- ..- (dit@dot.dash), November 03, 1999.



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