Gold rockets 5% to $820 and rising

LongTermLurker

east_coast_diki wrote: »

if its down and gowing down even moore is it not the right time to by then????? i was under the impression thats how the rich get richer, waite for a recession then buy buy buy, and waite for it to go back up up up, or have i got it wrong ???

No, the time it buy is when it's down and about to go back up, not when it's going down irrecoverably.

buy buy buy if it goes up
by by by if it doesn't!

Hell's teeth, 98% is as bad as I've ever heard - hope you didn't have a lot in there meester

jon3001

meester wrote: »

I bought Leveraged Platinum ETC.

It is down 98%

Is that because of the Platinum market? Or because the spreads on the ETC increased because of the troubles of AIG (who have something to do with underwriting these securities)?

cheerfulcat

meester wrote: »

I bought Leveraged Platinum ETC.

Why? ETF Securities says -

ETFS Short and Leveraged Commodity Securities are only suitable for sophisticated investors who understand shorting and leveraged techniques and investment strategies.

Not meaning to be rude, but does that describe you?

martinman3

wombat42 wrote: »

Gold rockets 5% to $820 and rising

Sorry to nit pick but assuming you are in the UK surely the price in £ is the one to watch.
Or do you have USD accounts ?

wombat42_2

martinman3 wrote: »

Sorry to nit pick but assuming you are in the UK surely the price in £ is the one to watch.
Or do you have USD accounts ?

Maybe but I actually have Blackrock Gold and General not gold as such. But i do keep an eye on exchange rates and the dollar weakened by over 1% today which is good.

wombat42_2

nicko33 wrote: »

Why not just create one thread and call it "Newsflash! Gold price fluctuates"

It had been on a downward trend for the last 6 months so it is noteworthy. It ended up up 11% on the day which is the biggest single day rise since 1999.

meester

cheerfulcat wrote: »

Why? ETF Securities says -

Not meaning to be rude, but does that describe you?

The leveraged ETCs are geared 2:1 (and hence a 50% fall in the price of platinum means they loss 100% of their value) and basically they are intended as a short-term play, since the effect of the gearing means that if the underlying commodity falls and then rises back to the same price they will not go back to the same amount.

Unfortunately the price never rose since I bought them.

I only had £1k in anyway.

Andreg

wombat42 wrote: »

Maybe but I actually have Blackrock Gold and General not gold as such. But i do keep an eye on exchange rates and the dollar weakened by over 1% today which is good.

If you are long gold which is quoted in dollars, the dollar weakening will reduce the £ value of your gold. In what way is that good???

Gold has got to be the ultimate speculative investment. It's hardly useful for anything, 96% of the gold ever mined sits idle, it pays no interest or dividend, and your only hope of a profit is for a greater fool to buy the stuff off you.

wombat42_2

Andreg wrote: »

If you are long gold which is quoted in dollars, the dollar weakening will reduce the £ value of your gold. In what way is that good???

Gold has got to be the ultimate speculative investment. It's hardly useful for anything, 96% of the gold ever mined sits idle, it pays no interest or dividend, and your only hope of a profit is for a greater fool to buy the stuff off you.

A huge amount is used in Jewelry , also used in dentistry etc etc

Andreg

wombat42 wrote: »

A huge amount is used in Jewelry , also used in dentistry etc etc

"Huge" isnt the word I would use!

I assume since you ignored the comment about the dollar weakening that you got that one wrong.

One other comment about 'investing' in gold - its immoral. Read the bible or the koran.