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Gold Hits Record High
- Thread starter Alwayslit
- Start date
I started buying back in 2007 at under 700 an ounce. Silver was around 12 or so I think. I bought a lot of silver between 10 and 14 an oz. I did a post on this awhile back but deleted it when everyone thought I was crazy. LOL. Both metals are real money unlike the paper currency we carry around. Real money retains it's purchasing power over time and currency loses it's purchasing power over time from the tendency of governments to over spend. The metals are a great place to store excess capital
With the markets pulling back a bit gold is acting like a safe haven. Silver is kind of boring most of the time but when it gets going and plays catch up it's usually pretty exciting. I actually prefer it like this. slow and steady versus blasting off and coming right back down.
From what I have read there are hedge funds getting margin calls and having to liquidate their bond holdings. This is causing the yields to rise quickly. Good for gold price. Fed will probably step in to save the hedgies but who knows when. They are way over leveraged at around 50 to 1 so unless the fed does step in it will have devastating impacts on everything. The big banks like JPM lend the hedgies gazillions of dollars and allow them to trade with 50 to 1 ratios. The problem is at times like these, if the hedgies go so do the big banks that lent to them. So once again, to big to fail. Thus the fed will step in and probably pretty soon. Once they step in expect things to normalize somewhat and gold to head lower once the crisis is averted. Until that happens, 3500-4k is possible but it will be very short lived. Then a pullback to normal levels around 3k plus or minus 200.
I'm definitely not buying right now. In fact I haven't bought in a very long time. My last purchase was at 1290 an oz. I thought that was expensive. LOL.
I'm definitely not buying right now. In fact I haven't bought in a very long time. My last purchase was at 1290 an oz. I thought that was expensive. LOL.
Gold prices reach record highs as people look for safe investments
NPR's Lauren Frayer speaks with Omaha, Neb., jewelry retailer John Dineen as the price of gold spikes as people look for safe investments.
www.wgbh.org
I made 1 trade this year and that was to short gold last week. Saw that it was having a very hard time getting through 3500 so bought puts in GLD and GDX. The next day I was up 120% so I sold them. (Would have been 200% but I was up all night and slept through the open. LOL) Gold was way overbought so seemed like a good play. I never trade gold or silver so was just an opportunity based on the charts that paid off. I think we are going lower still. Maybe 3100-3150 is next support but Not going to trade options on what I think rn. It could get there tomorrow or it could go sideways for the next 2 months. For right now it's just not worth the premium unless you go way out of the money and I don't see enough downside to gold to warrant the risk. Not trading advice. Just my opinion. Lots of news could change my mind one way or the other but for now it's safer to stay on the sidelines.
RSI and MACD definitely. BB's not at all. I don't trade as much as I used to. Sometimes when I see a great opportunity I just cant help myself though. 
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I used to trade futures. Blew up 2 accounts trying that. Then switched to trading options. I'm not great at it but do ok. I find the less I trade the more patient I am and the better I do. When I was day trading options everyday I did ok but I wasn't patient enough. Longer term investing and swing trading is more my thing although right now I am about 90% cash.
For day and swing trades I follow Gareth Salloway o you tube. Does a show every morning at 9Am discussing different ideas as well as the market overall.
For options trading I follow Vincent Disenzo(Sp) on you tube. Very good options trader. Made over a million in the last year and has been at it a long time. Have learned a lot from both of them but right now not really interested in trying to play in this market.
This is a great market for day traders with all of the volatility but I just don't feel like sitting in front of the computer staring at charts all day. To much uncertainty out there right now and I sleep well with my stash of PM's and my account at mostly cash.
. I used to trade futures. Blew up 2 accounts trying that. Then switched to trading options. I'm not great at it but do ok. I find the less I trade the more patient I am and the better I do. When I was day trading options everyday I did ok but I wasn't patient enough. Longer term investing and swing trading is more my thing although right now I am about 90% cash.
For day and swing trades I follow Gareth Salloway o you tube. Does a show every morning at 9Am discussing different ideas as well as the market overall.
For options trading I follow Vincent Disenzo(Sp) on you tube. Very good options trader. Made over a million in the last year and has been at it a long time. Have learned a lot from both of them but right now not really interested in trying to play in this market.
This is a great market for day traders with all of the volatility but I just don't feel like sitting in front of the computer staring at charts all day. To much uncertainty out there right now and I sleep well with my stash of PM's and my account at mostly cash.
Gold could hit $4,000/oz by next summer even in a positive global growth scenario – JP Morgan’s Peters
The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
www.kitco.com
@Awesome1 good call on the pull back. I definitely see some consolidation over the summer months especially with the China deal that's been put in place.
Thanks, that was Garret Soloways call and I just happen to agree with him. LOL. After that little bounce he did call to go short again. I missed it.
10 year broke out and headed higher. That means inflation is still high and the bond market doesn't see that changing anytime soon.
The deal with China isn't really a deal, just a pause for 90 days until they can hammer something out.
Long term metals will go higher. Inflation is built into the system we have and mandated by congress at 2% a year. Although the real rate of inflation is probably much higher. I don't see that changing unless spending can be brought under control and debt levels reduced.
10 year broke out and headed higher. That means inflation is still high and the bond market doesn't see that changing anytime soon.
The deal with China isn't really a deal, just a pause for 90 days until they can hammer something out.
Long term metals will go higher. Inflation is built into the system we have and mandated by congress at 2% a year. Although the real rate of inflation is probably much higher. I don't see that changing unless spending can be brought under control and debt levels reduced.