Has Gold topped for the Year?

Question

May 17, $1224.10....will that be the top by January 1, 2011?My vote: YES. (Reason:Cramer advising people to look at GLD, yesterday).

Vermeer · Answer

May 17, $1224.10....will that be the top by January 1, 2011?My vote: YES. (Reason:Cramer advising people to look at GLD, yesterday).

Vermeer · Answer

Another vote lifted from news sources...NO...James Turk

$1800 - $2000 gold this year - and $30 silver - James Turk

With a prediction of a $1,800 to $2,000 gold price this year, and $8,000 by 2015, James Turk sticks to his earlier forecasts in presentation at London conference.

reaffirming his prediction made at the end of last year that gold could reach $8,000 an ounce by 2015, based on past patterns of surges in the gold price. What may be even more encouraging for the general investor is that his forecast also suggests that the Dow Jones Index would rise to similar levels as the world finally pulls out of recession, with the gold price matching the Dow index number. When asked at the end of his talk where he felt the gold price would be at the end of the current year, he reckoned around $1,800 to $2,000 - and also predicted that the more volatile silver price would achieve a level of $30 this year.

Turk bases his forecasts very much on past performance - but even as the prediction may seem extreme, to some, the sting in the tail is that he does not see these levels in the gold price, or Dow, as suggesting real increases in wealth. Rather, such an increase would serve only as wealth preservation as the purchasing power of most currencies is devalued in a hyper-inflationary environment due to the huge volumes of fiat money being pumped into the market by governments in an attempt to stave off global recession. He affirmed that he felt it was folly for governments to think they could spend their way out of trouble.

claycourtlesson · Answer

Forget GLD, that&#x27;s a sucker bet cause it&#x27;s an ETF.  Loudmouth touts like that icehole Cramer will promote it cause they&#x27;re on the side of the big boys (read--market makers), regardless of the gibberish they spew about helping the little retail guy.&#xD;&#xA;If you want gold, then buy the bullion---same thing with all the PMs.&#xD;&#xA;For my money, no, gold has not topped.  I say 1300 by EOY &#x27;10.&#xD;&#xA;Cheers

claycourtlesson · Answer

Jim Cramer knows a lot about the stock market and how it works, so I refuse to call him a farking idiot.

But he's a farking icehole------a farking loudmouth, narcisistic icehole that no one need listen to.

PERIOD!!!!!!!!!!!!!!

Vermeer · Answer

Sprott has a gold ETF that will deliver bars if requested. But why not simply buy futures?

In any case, when I heard Cramer talk up GLD briefly after the German announcement of stopping naked short selling, I thought it might be a top sign.

mrmyass · Answer

(Reason:Cramer advising people to look at GLD, yesterday).

Thanks Fucking Funny Bro....

I dont know too much about wall street but probably a lot more than your average 20 year old. But I do know one thing for sure
Fading Cramer = Easy Money

claycourtlesson · Answer

Agreed, mrmyass.&#xD;&#xA;Cramer is nothing but a loudmouthed tout.  His farking antics remind me of the charlatans on Sat/Sun early AM TV when American football season is going on.  Pay no attention to that man behind the curtain.&#xD;&#xA;"It&#x27;s a tall tale, told my an idiot, full of sound and fury, signifying nothing."  Or something like that.....comes from Shakespeare&#x27;s Hamlet.

Vermeer · Answer

Adding another "expert" Madhedgefundtrader: $2300 long term...maybe I should NOT include that since I want EOY forecasts...

My own long term gold forecast has been the old inflation adjusted high of $2,300 (click here for the call athttps://www.madhedgefundtrader.com/January_4__2010.html). But higher altitudes beckon. If you want to take gold up to its historic peak in world GDP last seen in 1980, that would see gold at $5,300.

Vermeer · Answer

By the way CC, that line is from Macbeth, not Hamlet

Life's but a walking shadow, a poor player
    That struts and frets his hour upon the stage
    And then is heard no more: it is a tale
    Told by an idiot, full of sound and fury,
    Signifying nothing.

claycourtlesson · Answer

Yeah, that&#x27;s right, Macbeth.&#xD;&#xA;Damn. my old English teacher would farking whup my sorry ass for that one.&#xD;&#xA;Doh................!!!!!!!!!!!!!!!!!!!!!!!!!!!

claycourtlesson · Answer

Yeah, tomorrow and tomorrow and tomorrow creeps in this petty pace from day to day....that's how it starts, right?

Damn, I am glad I'm not around my old teacher now. Just gotten more stupid by the years.

Vermeer · Answer

heheh...yup.. great soliloquy Macbeth:To-morrow, and to-morrow, and to-morrow,Creeps in this petty pace from day to day,To the last syllable of recorded time;And all our yesterdays have lighted foolsThe way to dusty death. Out, out, brief candle!Life&#x27;s but a walking shadow, a poor player,That struts and frets his hour upon the stage,And then is heard no more. It is a taleTold by an idiot, full of sound and fury,Signifying nothing.

claycourtlesson · Answer

Vermeer, man, you sure as hell know your English literature.

Vermeer · Answer

I wish I knew the history/ future of the markets as well as I know Shakespeare...but, alas, I do not

. Good seeing you re emerge CC...Wall was not quite right without your normal purgative of gloom...

Hope you have enjoyed a pleasant spring in our fair commonwealth.

claycourtlesson · Answer

Only reason to be positive about the economy right now is that most are negative.

But it has no fundamental underpinnings. There's too much debt. Look how farking stupid the US energy policy is!!!!!!!!!!!

The latest bear market rally was just that......short, vicious, and full or mularkey.

I'd much prefer to be positive, but how can you be?

claycourtlesson · Answer

What&#x27;ll be funny is that if there is some sort of oversold "rally" in the stock market, touts on TV, etc...will start bragging about how they got "so and so" at some cheap price.&#xD;&#xA;Hahahahahahaha&#xD;&#xA;And that cheap price will be overrun by the next sell-off when WWIII somewhere breaks out, and/or rampant inflation/taxation overrun the gains.&#xD;&#xA;The US economy....hahahahaha&#xD;&#xA;Social security....hahahahahaha&#xD;&#xA;What a pack of lies.

Vermeer · Answer

$1245   6/8/10 (intraday  $1252.10, new record)1042 euro (new record)

lifemisspent · Answer

All those buy gold ads you see on TV are the kiss of death for the gold market.

Vermeer · Answer

Possibly...but you mainly see offers to buy gold, not sell it...although recently I have noted an uptick in the latter.

The price action of late has been people moving out of euros into gold.

I do not think the Russkies and Germans (or, for that matter, the Indian and other central banks) watch the same ads as we do LOL...

Vermeer · Answer

Gold, bitches!!!Gold rallied to a record high above $1,260 an ounce on Friday as momentum triggered by buying of the metal as a haven from sovereign and financial risk pushed prices through technical resistance.Spot gold hit a high of $1,260.20 an ounce and was bid at $1,258.55 an ounce at 1532 GMT, against $1,243.40 late on Thursday. U.S. gold futures for August delivery also hit a record $1,262.00, and were later up $11.70 at $1,260.40.

wallstreetcappers · Answer

It is risk on trading..people chasing highs on commodities.Cheap cash loves to create bubbles..

Vermeer · Answer

Yup...and they are being forced into such bubbles by getting nothing on other instruments.

People are getting nothing for saving except the penalty of watching inflation (grossly understated by official government stats) erode cash. Being driven into other avenues....

And if you end up giving up worrying about the soundness of euros, as millions of Germans and Austrians have, you buy gold.

Throw in the (relatively)new presence of ETFs, and enhanced demand from Asia..even the notoriously inept central bankers are buying the stuff... you get gold, bitches!

Vermeer · Answer

https://money.cnn.com/2010/06/17/news/economy/gold_reserves/index.htm?

claycourtlesson · Answer

[Quote: Originally Posted by claycourtlesson] &#xD;&#xA;Forget GLD, that&#x27;s a sucker bet cause it&#x27;s an ETF.  Loudmouth touts like that icehole Cramer will promote it cause they&#x27;re on the side of the big boys (read--market makers), regardless of the gibberish they spew about helping the little retail guy.&#xD;&#xA;If you want gold, then buy the bullion---same thing with all the PMs.&#xD;&#xA;For my money, no, gold has not topped.  I say 1300 by EOY &#x27;10.&#xD;&#xA;Cheers&#xD;&#xA;[/Quote]&#xD;&#xA;Vermmer, going to add 300 to this prediction and say 1600 by EOY &#x27;10.  Not nearly enough little guy action on the sucker bet ETFs for big money boys to fcku them all over, "yet."&#xD;&#xA;This 1600 will also come before end of summer, and could come within next 1-2 months.&#xD;&#xA;After it hits, there will be a tremendous sell-off in EVERYTHING due to (I believe) a nuclear strike on Jerusalem, as the dow will plummet (4800 by EOY &#x27;10) like there is no tomorrow.&#xD;&#xA;Cheers

STEELDRC · Answer

no

Has Gold topped for the Year?

$1800 - $2000 gold this year - and $30 silver - James Turk

$1800 - $2000 gold this year - and $30 silver - James Turk

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