Gold At $1000? Or $2000?
Although I’m still on vacation, I had to pop in and check on what the markets are doing. Stepping away from the markets is a great way to change your perspective and hopefully see any traps I might be stumbling into.
Gold has finally started getting active again, probably because of all this Iran attack talk. I’m guessing we’ll see Gold at $1000/oz by the end of the year and possibly $2000/oz next year.
I’m curious to know if my readers think Gold could hit $2000/oz next year or if it will collapse back down to $500/oz.
Tags: Gold
July 1st, 2008 at 11:42 am
Interesting that you ask that… I was looking at Gold myself, and ran some simulations. It seemed gold was going up. The 1,000 barrier for the most part is broken, maybe 1,100, but there were many times when 1,200 was reached. Though beyond that it does not seem possible. Though never say never, no?
July 1st, 2008 at 12:09 pm
My target is $5000/oz within the next few years.
July 3rd, 2008 at 1:15 pm
Tom,
Are you serious or have you been drinking while on vacation?
Is this a wild ass guess, a typo, or do you have some NN or AI that points your way to 5K?
Cordially,
-Digital Dude-
PS - Just sold my gold position this morning for a +7% gain after holding for about two weeks. Will now wait for a day or two and see which way she blows before getting back in. My feeling is consolidation here around 925ish then a leg leg up. My guess is 1050 to 1100ish. Beyond that is too far out and I don’t predict. 8^)
July 5th, 2008 at 12:19 pm
http://www.cnbc.com/id/25406894
July 5th, 2008 at 12:21 pm
Marc Faber is a smart guy and his analysis is usually worth listening to
July 6th, 2008 at 6:56 am
@ DD: its a wild guess on my part but I’m “banking” on a collapse of the financial system.
@ Slasa: Peter Schiff is worth listening too as well, including my buddy the MarketDoctor.com.
July 6th, 2008 at 12:59 pm
hi tom
i was wondering about gold myself
From the looks of it with commodities sky rocketing into 30% bubbles recently.
Gold should have done the same .Why hasn’t it?
With it being a thinly traded commodity it should be whipsawing $50.00 plus a day like the forex market by now.
There is something strange going on with this market.It;s as if wall street can rig it any way they want.Oil should have never gone over $100.00.The dollar should have never dropped this far.
I’M GETTING THE FEELING EVERYTHING IS RIGGED
P.S.IF WE COULD BE INVITED TO THE CFR,BILDENBURG,AND NOW BOHEMIAN GROVE MEETINGS WE WOULD KNOW A LITTLE MORE ABOUT WHICH WAY THINGS ARE GOING TO BE MANIPULATED.(though since we are not of the elites, on the last one we have to pretend we are with the gay cabana boys that sevice the guests.Don;t forget the vasoline)” IN THIS CRUEL WORLD IT SEEMS THE LITTLE GUY ALWAYS GETS SHAFTED ONE WAY OR THE OTHER”
July 6th, 2008 at 1:34 pm
dc: Its not about things being rigged. It’s about group think and the concept of non-correlations. Essentially commodities and oil are going up because the investment community think it is an uncorrelated investment. Thus they can earn money while other things go to heck in a hand basket.
Why has Gold not been increasing? I think because it is too much a known entity and hence not interesting.
Regarding the dollar. Hey tell the American government to STOP SPENDING and RUNNING BUDGET Deficits. I will bet you then things will improve. Let’s be real about this, the American government is spending spending spending spending… Additionally people don’t want to put all of their eggs into a single currency anymore. They want to diversify and hence will in the future use a basket of currencies. This means that there is a surplus of USD’s and until that surplus is soaked up the dollar will remain weak.
But why do you care? Come on its great for your economy and I am rather bullish on the American economy.
Does the little guy always get shafted? I am not so sure about that. You only see the winners. Do you know how many loosers are among the elite? Quite a bit actually, its just that you don’t see them. Read Taleb’s books and this is called a winner bias.
What is the next trend so that you can ride it? Who knows, who cares… Stick to what you know and what you understand…
July 11th, 2008 at 3:49 am
The state is bailing out Freddie and Fannie,
http://www.nytimes.com/2008/07/11/business/11fannie.html?partner=rssuserland&emc=rss&pagewanted=all
July 11th, 2008 at 4:56 pm
Sherry: and the USD will resume its downward trend. What a mess our economy! What do expect from a bunch of whiners.
July 14th, 2008 at 6:01 am
dc: I don’t think the Gold market is rigged at all, I think the general market participants were trying to discredit Gold because it was so “old school.” I believe that the small guy/gal would do very well in saving in gold and silver.
CG: how can you be Bullish on the US economy if we’re bailing out Fannie and Freddie? What’s the next shoe to drop?