Quote:
Originally Posted by *******
I don't know how much lower the shake out will take us in the metals market but I don't think Gold will go much lower. Of course it certainly could get more bloody but I see the absolute downside around $1,100. Check the price next year, it won't be around these levels  I wonder if you will even get your hands on a substantial amount of it in the future.
Yes I did predict this last month in a thread about the price of gold. And of course my timing is almost dead on. I will let one of you 9/11 official story conspiracy kooks spend your time digging up the actual post.
I started trading metals 10 years ago and have witnessed all the manipulation of the price many times and have traded with it to make money. I don't have much of my money in metals right now because I sold into the strength a few months ago. I have some put options now but am not going to reveal that info. Being long in this market is the dumbest thing a person could do unless of course you are investing in companies that profit from war and disease.
Will there be more shake outs in the future? I do not know this but I do know that the price is going to go through the roof and gold in the $1,600 range will look cheap. YOU ARE WELCOME 
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You were not alone.... I wasn't sure on the timing, but like the dot com's, stockmarket, oil, housing market, etc... all of them have been fueled and values inflated by PURE HYPE over the last 10+ years, it is so obvious that precious metals (gold in particular) will be following the same course.
The fact of the matter is the people buying gold now, driving up the price are pure idiots doing it because a friend bought 4 weeks ago and it already went up $100 an ounce, so if their friend is making money then they need to get in on the easy money making action too. The problem with these type of people, who buy at the peak is that they shit their pants when the price starts dropping so most of them will unload as they can not afford to "ride it out". That is the savings, money they need to put the kids through college, etc. The other problem is the people who know what they are doing and bought several years ago see the bubble is bursting and know now is the time to sell to make the most money.... the snowball starts and turns into an avalanche. This pattern repeats itself in history so many times.
You don't need to be a wall street guru or finance major, it comes down to history and common sense. You will see some people come on here and make spectacular cases why gold will always go up, throwing around big words and posturing themselves as a guru of investing/trading... but it doesn't need to be over complicated. Sometimes you can't see the forest through the trees and you over think/complicate things when it comes down to simple common sense and looking at history and how people are reacting (to the hype.)
Quote:
Originally Posted by camperjohn64
Wait, wasn't this the same gold that was selling for $1800 only last week?
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Almost $1900 a couple weeks ago, now down to $1680.