The DON'T buy gold thread

cloud_dog

sabretoothtigger wrote: »

What about if it retouched 2008 lows. November levels for example, that seems feasible especially if we get a false dawn from all these government measures and markets make some recovery

It is not inconceivable that gold may drop back to USD700(ish). My trigger point to re-assess and possible start buying back in is USD850(ish), although there should be fairly strong support around the USD900 area.

I do appreciate and enjoy posts which offer the opportunity to discuss both pro’s and con’s of gold, its current situation and theorising the future, rather than the “I don’t like gold, I don’t invest in it” blinkered type of approach.

cloud_dog

sabretoothtigger

Just watching some old TA from tuesday on GLD it does mention head and shoulders but he says it has failed at that point and that it needs to approach 910 to be a less risky buy.
Prospects apparently but thats from a nasdaq stock trader


Inverted head and shoulders pattern


http://vimeo.com/3568523


Looking at the price now it is at 910 as discussed and he just gave some TA in the last hour but I missed it, I'll update if I see anything more


'dont chase the story stocks'


Update: momentum situation failed to appear, lower low, consolidating at the 50 day average







Gold For Bread - Zimbabwe

http://www.youtube.com/watch?v=7ubJp6rmUYM

Going price for gold is apparently 0.1 grams for a loaf of bread..