Phew. Gold is drifting up

wombat42_2

Hopefully the bottom has been reached. Currently at $864 - hopefully the start of an upward trend.
http://www.kitco.com/charts/livegold.html

Aegis

I did wonder where all the gold fanatics had disappeared to

One guy in particular would be looking at a lot of angry people right now if they'd followed his advice. Over 20% drop in the short term is more than enough to cause a lot of people to bottle out and sell everything, which would obviously realise their losses.

Hopefully no-one bought in on bad advice and had to sell when they realised that the drops were unacceptably high.

wombat42_2

Most commentators are long term bullish on Gold - the chances of a good long term return are quite high. But you only have to look at the past graphs for gold in the last few years to know how volatile it is, for example it tanked badly at the start of 2006, then traded sideways for the rest of 2006 but more than made up for it in 2007.

Aegis

wombat42 wrote: »

Most commentators are long term bullish on Gold - the chances of a good long term return are quite high. But you only have to look at the past graphs for gold in the last few years to know how volatile it is, for example it tanked badly at the start of 2006, then traded sideways for the rest of 2006 but more than made up for up for it in 2007.

That's the top end of the risk scale for you.

I've personally got nothing against gold, and have some of my portfolio allocated to it. However, I'm always worried to see people recommending ANY single-asset investment to others as the next sure thing or the only viable strategy, and I think that the recent drops nicely emphasise why it's not a good idea for everyone!

cloud_dog

wombat42 wrote: »

Hopefully the bottom has been reached. Currently at $864 - hopefully the start of an upward trend.
http://www.kitco.com/charts/livegold.html

Oh bless. Until the trend is broken we are still in an up trend but nothing goes up in a straight line. I would image Gold might be flat, or drop further before it finishes its correction and (hopefully) continues its uptrend.

The summer months dont tend to be particularly positive for Gold.

cloud_dog

p.s. happy with my gold/silver and still holding

wombat42_2

Aegis wrote: »

That's the top end of the risk scale for you.

I've personally got nothing against gold, and have some of my portfolio allocated to it. However, I'm always worried to see people recommending ANY single-asset investment to others as the next sure thing or the only viable strategy, and I think that the recent drops nicely emphasise why it's not a good idea for everyone!

I think that many people have but a big slug into gold which is fine as long as they understand that while the long term prospects are likely to be good (but not certain), it is subject to serious volatility so it is definately not a suitable short term invetsment.

purch

Currently at $864 - hopefully the start of an upward trend

The upward trend in Gold and other precious metals started a few years ago.....:rolleyes:

wombat42_2

purch wrote: »

The upward trend in Gold and other precious metals started a few years ago.....:rolleyes:

Jesus. You always manage to find an angle to troll about. :mad::mad::mad:

I am of course referring to a new minicycle upward trend as opposed to a supercycle upwards trend.

wombat42_2

Now $870 :j:j:j:j

Now where's that champagne ?

purch

Shouldn't you amend the title of this thread to;

'Gold is now surging !!!!!!'

Ian_W

purch wrote: »

Shouldn't you amend the title of this thread to;

'Gold is now surging !!!!!!'

Impossible! :rolleyes:

You can't "surge" on a minicycle - you can only surge on a supercycle!

Get my "drift"?