Big dip for gold?

georgiemorris

Last week, I brought a proof gold coin, which doesnt go on the value of gold. The weight is 1/2 OZ and I bought it for 1400 pounds. I bought this coin last Friday after I got paid with a bit from my savings also.

Got a very pleasant phone call on Monday to say that the coin I purchased had gone up by 800 pounds over the weekend! Bullion gold isnt even worth it as it will go up and down with the gold price. These coins that I looked at never go down in value they only rise!

Safe to say im over the moon to have made 800 pound in 2days!

MikeJ74

DiggerUK wrote: »

My opening post for this thread was to give a heads up that the pog in the UK looked likely to tumble further.
I pointed out that a strengthening pound would make it advantageous to UK buyers of gold.
My suspicions have been borne out, and I am still recommending gold as a buy.
Today gold went down to kiss 740GBP, that's 125GBP below it's June 8th high, and 50 quid down since I started the thread.

I was always taught to buy low, maybe it is not low enough for some.
But an opportunity for some to be as rude as they ever were never seems to be passed over.

Well said.

DiggerUK

georgiemorris wrote: »

Last week.............Safe to say I'm over the moon to have made 800 pound in 2 days!

The connotations, that are clearly expressed in your nuanced post, allow for a modicum of diversion from goldbug chit-chat, that is both amusing and entertaining.

Thank you for your most valuable contribution.
DiggerUK

DiggerUK

Steady Eddie week for gold.
$US pog floated between 1180/1195.
GBP price followed it, as the pound stayed close to $1.59/$1.60, always around 745/755 pounds an ounce.

Still don't see a lot more drop myself, maybe to 740, but my tea leaves say no more.
Chartists and analysts all saying as low as 725.

"Gold futures fell to three-month lows below $1,160 this week as easing worries about Europe’s debt crisis sapped the metal’s safe haven allure. Those worries had helped carry the metal to a record above $1,260 in June."
http://goldpricetoday.co.uk/

If gold does go to $US 1160, and pound stays around $1.60, then 725GBP is possible.
Lets wait and see if it is my tea leaves, or the chartists and analysts who are closer.

Away for weekend, talk nicely to each other.

bendix

Oh. That's a relief Digger.

turbobob

Its been quite a volatile afternoon for gold really. In US $ terms it touched $1210 this afternoon following the release of some disappointing US jobs numbers. Following the release of the data the US Dollar Index fell and is near 4 month lows, while gold rallied. USD/GBP seems to be stalling around the $1.60 mark following a strong rally - it looks like it could well go higher.

sabretoothtigger

If gold does go to $US 1160,

It already went that low, dithered only for a day and has risen strongly ever since. Its looking like it was a very shallow dip at the moment.
The dollar euro and sterling will perform badly in time, for a while it was one or the other but if all three are bad it'll stop any falls in gold (unfortunately) I was still hoping it'd go to 900, seems the game is up.
[Imagine the potential if the Yen were to weaken? ]

I was looking at gold shares recently, not exactly cheap but it seems to me the best thing is to give the benefit of the doubt and if wrong it wont be for that long. I still have about 10% gold at the most, its more like 5% I think.
Just saw the CEY chart and it reached the 5 day moving average, didnt have the guts to buy in (more) unfortunately but fairly sure I should have. Gold is just my hedge

Topside I estimate 1225, see what happens and if it gives any further opportunity after that time

Kronkston_2

Priced in dollars gold is close to it's peak.
The op is refering to a rise in the pound no a drop in gold.

DiggerUK

The effect of pound/dollar changes on GBPpog can be seen very clearly again this week.

In four days the pound has lost four cents, with a price rise of more than ten pounds an ounce.
That is with a rise of only about five US dollars.
Too early to say if the dips for us are over, but I still believe that this is as close as we will get to low point, and that we will bounce along here for a while.
Good time for buying, those wanting to sell should hang on.

P.S.,
If none of you have read Alan Greenspan's article on gold from 1966 you will find it interesting.
"As recently as 2002, Alan Greenspan told Congressman Ron Paul that he had reread his 1966 essay titled, “Gold & Economic Freedom,” and commented that if he were writing it in 2002, he “would not change a word.”

Read full article, just over five pages.
http://goldpricetoday.co.uk/classic-gold-articles/gold-and-economic-freedom-by-alan-greenspan-1966

bendix

I love you Digger. I really do.

You celebrate when gold prices fall as it confirms your (obviously correct) belief that it's good to buy on the lows, and you celebrate when the price rises because it confirms your view that it's a risk free investment.

You've got it completely sorted, havent you?

You strike me as the happiest person in the world.