Any idea on what Gold's going to do in the next two months?
Posted July 4th, 2009 by Ira Freeman
I'm torn. It's summer and the sell in May and go away rule of thumb is echoing in my mind. However, these are interesting times. I have some money to invest but I have a payment coming up in about 45 days that I have to make. I'd like to think Gold is going to bounce up from here, but keep hearing the deflation argument. Then I see this huge reverse head and shoulders pattern and think something has got to give. Since you guys are a lot smarter than me (some of you anyways) I thought I'd like to hear what you think. Any gold bugs or gold bears out there?
Happy indentured servitude day to all!
You Judge A Tree By Its Fruit NOT its Flower!
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Right now seems like a great
Right now seems like a great opportunity, especially with word that the U.S. and the UK will default on their debts at summers end. Fall and winter should be grand.
I wish I had saved more so I
I wish I had saved more so I didn't have to make this decision. I wish I hadn't run for public office and blown 8 grand, only to lose by 26 votes. I wish I had my country back so this wouldn't be important. No matter what though, the money I have invested in metals will probably save me.
You Judge A Tree By It's Fruit, NOT its Flower
Long term going higher
But in the short term, the chart looks pretty bearish to me.
The deflation argument says that the price of everything is inflated by the phony bubble of credit -- including gold. As that credit / debt is destroyed, the prices of everything will fall -- including gold.
The most leveraged markets - housing and stocks, have already collapsed as the debt supporting them collapsed. They're creeping back up now, but we're likely in for another sharp drop. Sell in May & go away looks to be in force for the stock market. Looks very bearish. As prices fall, people are forced to sell anything & everything liquid in order to meet margin calls / debt payments. This will definitely affect gold.
There is more to the deflation argument than that, but that is the basic gist of it. More info in this video.
Do you have any best guesses
Do you have any best guesses as what the low will be in gold this time? 850? 800? All the way down to 700 again? Curious...
You Judge A Tree By It's Fruit, NOT its Flower
If I was basing my guess on history...
summer months are typicly not good for Gold-especially August. It might be a good time to buy though, because you are buying on lows.
It's probably going to go up
It's probably going to go up or down. And it has some potential to move horizontal.
I believe Marc Faber thinks it's going to move horizontal for the most part.
I believe it's going to drop a little bit in the short term. But I'd still buy if you could. Gold is a long term investment and there's no telling when an upward correction will happen.
The new is the Daily Paul.
That's why I'm antsy. I
That's why I'm antsy. I don't want to be out if we have another explosive move up. But I don't want to be down when my payment is due. Decisions, decisions.
You Judge A Tree By It's Fruit, NOT its Flower
Just to let you know, I was
Just to let you know, I was kidding with the first couple of sentences.
Have you thought about silver? Don't buy palladium or platinum. That is just my suggestion.
Marc Faber's horizontal movement will be for the next ~40 days. I do think the gold boom is coming soon (maybe later this year/early next). Once it breaks $1000 and stays there, I think it's going to $1100 and more shortly after. This is all speculation of course. I am not a broker of any kind.
The new is the Daily Paul.
I can take the ribbing. I
I can take the ribbing. I laughed when I read your first comments. I LOVE silver and have invested in it over the years, since the mid '90's. I still think Silver is going to go lower that's why I'm looking at gold. Again, this one is a short term trade, so maybe I ought to wait a while. Will know more next week I guess
You Judge A Tree By It's Fruit, NOT its Flower