Quote:
Originally Posted by RummyBoy
There was a big fall last week. Some say the bull run in Gold is over but a lot of economists disagree and suppose that this is just a long over due correction in the gold price. So where should the average person consider buying into gold?
Closing price on Friday was USD $1478/oz
What price does it need to fall to before you would consider it good value and worth buying?
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hello.
the answer depends on if your an investor or a gambler.
if you are investing, you dont care about todays price. you are going to cash out in 30 years. todays price is irrelevent on a 30 year time curve. so you just dollar cost average your purchases over time.
but since you are worried about price, you might be a gambler. what you should do is buy up some books on technical analysis, chart reading, so you can pick price points to buy & sell for a quick buck.
& if you really are a gambler, you should looking to go short, not long, on gold to make the quick money. gamblers should never be stuck just making money on things that go up. making money on the downside is a lot faster.
but timing short positions is tricky so its not for beginners, & is unnatural for most people, who are hopelessly enslaved to a mindset of being long on things. it has to do with having a positive outlook on life & betting on things to lose is not congruent to a positive life outlook. people prefer to profit on success not failure.