I bought a book called 'Gold Bubble' a couple of years ago that picked the top, and says the bottom will be $600.
The chart shows that from 2001 to 2009 gold staged a late summer rally averaging 20%, gold stocks averaged about 10%
The book also says:
"Moreover, based on its long-term average, gold is way beyond fair value. Instead of $1,900 an ounce, reasonable gold prices should be closer to $500 to $700 an ounce. Supported by Fibonacci time relationships and seasonality patterns, the likelihood that a peak in gold has already formed or rapidly approaching is almost certain."
Well whoever wrote it Skol is wrong. The value of gold is what someone is willing to pay for it & at the moment that's $1326 & at all time highs in ruppee!
Well whoever wrote it Skol is wrong. The value of gold is what someone is willing to pay for it & at the moment that's $1326 & at all time highs in ruppee!
The reason gold is so high is very simple - herd behaviour. Sheeple.
That gold is at an all time high in rupees, Albanian Leks or anything else is neither here nor there.
Skol, I really wonder at times if you have any idea.
So far on a % basis this mania has exactly matched the 1980 gold mania, and I mean EXACTLY.
If it continues, gold will stage a few brief but feeble rallies down to $1,000 where it will meander for a while then descend to $600.
I debated the peak oilers, told them oil would collapse which it did, and sold silver at US$50, in fact I got more than US$50 for one chunk of silver because it had the serial #888, Asians loved it. lol
But #888 wasn't very lucky because just after I sold it silver crashed.
If history's any guide, the next rally in precious metals is probably 20 years away, but don't let me discourage you Daytr, I'm always trying to predict the future, quite often I'm right.
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Gold is poised to extend declines as the U.S. Federal Reserve withdraws stimulus and economic data improve, according to Goldman Sachs Group Inc., which says that there’s a risk that bullion may drop below $1,000 an ounce. Futures retreated in New York.
The price of gold is going to go up..............................isn't it?
Yes sold my RMS position decided to take the 10% loss and move the funds to cash see how this week plays out am buying more PGI (mostly Buying back the ones that I sold a few for a profit) ....I do this as I'm a ShareTrader ...I see gold closed the week 1328oz US - 1436oz AUD>>>>hardly end of the world for gold producers >>
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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Originally Posted by Daytr
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