Big dip for gold?

MikeJ74

That was a big dip just then, will it go even lower? That is the question.

I am ready to order but big order or small?

Will we see silver spot price bellow £11 oz? If it does dip bellow 11 I will pull the trigger big time.

MikeJ74

Loopgames wrote: »

the shock horror of some IFAs when I tell them about this.

Not only do they not know about PMs but they cant make any profit from you so they hate precious metals.

purch

From a purely technical POV, a further small drop would build a firmer base for a stronger upmove.

DiggerUK

Loopgames wrote: »

........I may be able to turn my £10k into £100k or nothing...hehe..bit of a gamble but it's just enough for me to learn about investment as I know diddly squat to the shock horror of some IFAs when I tell them about this.

You can only shock human beings.

Main reason for gold don't forget, is to preserve what you have, not make a profit. Current situation for profit making in gold is unusual. And as this dip shows, fraught with danger if speculating.

I'd say go with big brand ETF's and gold funds instead of Mickey Mouse BV.
Ask on the Buzz Lightyear thread for good places for funds, they will happily advise.

DiggerUK

MikeJ74 wrote: »

That was a big dip just then, will it go even lower? That is the question..........

Took me by surprise too, but as I don't have readies to hand, has p1ssed me off big time. I would have played if I had funds, not the whole hand, but 30%+.

When I last checked price of gold (pog) was 765GBP/1185US, now it's 745GBP/1160US, with the pound kissing $1.56.
With pog close to a 100 quid down over 50 days, then buyers should log in daily.

Happy hunting.

MikeJ74

DiggerUK wrote: »

Took me by surprise too, but as I don't have readies to hand, has p1ssed me off big time. I would have played if I had funds, not the whole hand, but 30%+.

When I last checked price of gold (pog) was 765GBP/1185US, now it's 745GBP/1160US, with the pound kissing $1.56.
With pog close to a 100 quid down over 50 days, then buyers should log in daily.

Happy hunting.

Don`t worry, I don`t think you have missed the boat.
I think you are right, will stay down until late August. This will be the summer low this year. Could be the last big dip?

hallmark

Watched some late-night economics program the other day. Don't know what it was, it was a US guy discussing various investment things with a US girl, but obviously aimed at people who knew a bit as it wasn't dumbed down like every UK financial discussion I ever see on TV.

Anyway, when discussing gold the guy said quite matter of factly that for the last fair while (& the foreseeable future as far as he was aware.....) every time the price of gold dips China are simply stepping in & buying. His view is that this puts a strong bottom on the price & all we're likely to see is occasional dips at best anytime soon. He said it's been a constantly repeated pattern: China buy, the price firms, they sit back, then as soon as the price drops a bit, they step back in & buy etc etc.

Haven't done any meaningful research to see how true it is but it sounded plausible to me. If I was China (!) I'd want to be turning some of those owed dollars into something more substantive..

MikeJ74

China are also encouraging their citizens to buy Silver bullion.

There is a big wealth transfer from West to East.

Why dosnt the UK government encourage us Brits to buy Silver bullion before its too late?

youtube.com/watch?v=AxSm4bycPJk

bendix

Can't you guys work out that it is NOT gold prices that are falling, but the £ that is strengthening?

SilverStandard

bendix wrote: »

Can't you guys work out that it is NOT gold prices that are falling, but the £ that is strengthening?

That is one way to look at it.

But in the last several years Gold has tripled and silver doubled. The pound hasnt halved in such a short space of time.

This bull market has a long way to go, and its not just because of devaluation of fiat currencies.