Chartists Gold

$1250 is a major support level, but I don't think it will go that low. $1250-1300 is my range for buying. It should be at least at $1450 by the end of the year imo.

It went up to nearly 1350, now back down again, you'd think with the dollar weakness and civil unrest around the world that people would be buying gold not selling it.

1312

PierreLaRogue
Date Joined: 31 Aug 07 Add contact | Send message When: 27 Jan 11 19:19 It went up to nearly 1350, now back down again, you'd think with the dollar weakness and civil unrest around the world that people would be buying gold not selling it.

pierre- please read my post under the "worth a read" thread and you will realise why  your post is a false premise.

Nothing you have EVER posted on this forum is "worth a read"

End of.

yes i can see now i was totally wrong, thanks MrBen.

Pierre, you don't seem to understand. Mr Bean went to sleep right after he posted that and heard those little voices in his head telling him to go long gold again......it's just that he didn't bother posting it.

And let's be clear about that, his "gold under $1,000" call was CONDITIONAL on some alchemist in Australia discovering how to turn lead into gold.

TA is total BS

Price of gold all depends what happens to the dollar.  Very difficult to predict the short term, but you can't go wrong long term. 

Along with the Pound and the Yen the dollar will be worthless within the next ten years.

he's not wrong laddio

Will they do QE3? An analyst on CNBC the other night reckoned that they would not. He suggested that the dollar would weaken till ca half way through the year, then strengthen when they announced that there would not be a QE3.
I'm thinking of getting my dollars for my US trip in ca April.

Will they do QE3, or not? That is the question.

US Govt debt : US$13.8 trn
Municipal Govt debt: US$2.85 trn
GSE liability: US$400 billion and counting
Us Banking system liabilities: US$24 trn and counting
Social Security unfunded:  US$14.7 trn (a lot of which is due in the next 5-10yrs)
Medicare liability unfunded : US$77.4  trn
Prescription Drug liability unfunded : US$19.5 trn


US GDP : US$14.6trn


QUESTION: How is an economy worth about US$15trn going to fund liabilities of about US$152trn ???


ANSWER: They'll print it.

China Gold Demand Skyrockets
BEIJING—Gold is making headway in China as rising inflation and currency appreciation risks make the metal a more attractive alternative for investors, placing the country in a position to challenge India as the world's top gold consumer.
Chinese gold demand nearly tripled in the last 10 years to around 600 metric tons, a senior World Gold Council official said Thursday.
Speaking at a news conference in conjunction with the release of the 2010 Gold Demand Trends Report, the council's managing director for the Far East, Albert Cheng, said China was the "strongest market for investment demand" in gold last year.
Chinese demand for gold bars and coins rose 70% on-year to reach 180 tons, valued at about $7 billion, he said.
In the Demand Trends Report released earlier, the council said Chinese consumer gold demand rose 27% annually to 579.5 tons in 2010. Demand for the greater China region—which also includes Hong Kong and Taiwan—was up 29% at 607.1 tons. India, the world's top gold consumer, saw a 66% rise in demand to 963.1 tons. Chinese demand for gold jewelry reached a record 400 tons in 2010, a council report said.

China produced a record 340.9 tons of gold in 2010, up 8.6% annually, the China Gold Association said last month.

The World Gold Council said that after reaching a 10-year high in 2010, global gold demand is set to remain strong in 2011 though growth will likely slow from last year's pace. Mr. Cheng also said that in less than 10 years, China's gold demand could double.
"The surging investment demand we see in China is also a reflection of... the ongoing internationalization of the Chinese yuan," he added.
The growth in China's demand for gold investment could be 40%-50% in 2011, with a corresponding rise for gold jewelry of 8%-10%, said Wang Lixin, the council's China managing director, at a press briefing Thursday.
Investment demand for gold surged in the fourth quarter of 2010, rising 84%, Mr. Wang said, attributing the surge to concerns about inflation.

http://online.wsj.com/article/SB10001424052748704657704576149650272085270.html?mod=WSJ_Commodities_LEFTTopNews

Federal Reserve officials have grown more confident that a self-sustaining economic recovery is taking root in the U.S., but they want to see more evidence before they seriously consider how and when to pull back the enormous amounts of stimulus they pumped into the financial system.

So when officials gather for their next policy meeting March 15, they are likely to decide to continue a $600 billion Treasury securities purchasing program. They are also likely to maintain a commitment to keep short-term interest rates near zero for an "extended period."

Barring a surprising turn in the economy or inflation, it seems increasingly likely that the securities purchase program, known by some as quantitative easing, is likely to end in June as scheduled. .....

http://online.wsj.com/article/SB10001424052748704504404576184681020981382.html?mod=ITP_pageone_4
...

Gold spiking today, up 20 dollars or more in just a few minutes, trying to find out what caused that? $1453 atm.

For idiot mel.

Pierre, I think you meant to say Benny


Mrben    Joined: 25 Oct 03
Replies: 2828 25 Jan 11 03:09
Im with you there johhnie re gold.Im thinking the same as whippet, first stop around 1250, the lower and lower
  I have a long range bet based on gold going under 1000 in the last 3 mths of 2011 and the first 3 mths of 2012.

under £1000 an oz ???

Yeah, haven't you heard, Benny has been warning us for a long time now. So if you are holding gold, especially physical, sell sell sell while you still can.

Gold has reached its fundamental value,it now starts its next move up in reaction to the latest crisis,just exactly when the blow-off happens is open to speculation.