Gold dropping

archer wrote: best advice? don't take investing advice from posters on a message board

I dabble in the market and get ALL my ideas from posters over at Silicon Investor. Over the years I have learned which posters to pay attention to. Works for me.

Yeah, I agree Neptune. I read everything and use my own filter too, just ignore the peanut gallery on here. I wasn't asking anyone's advice, just interested in discussing the sharp price movement.

Use Yahoo finance with caution though, I've seen several errors and outdated info on their site when researching financial info.

I wish I would have listened to Beck about 5 years ago.....

I wish I would have listened to Ed McMahon 5 years ago. I would have enough magazine subscriptions to last a lifetime.

Well you can take advice or not- but I can tell you that the consensus out there is that next year is not looking to be a very good year for many economies.

China's economic advisors yesterday said this..."

China will seek stable and relatively fast economic growth next year amid the "extremely grim and complicated" global outlook, according to a statement issued after the closure of an annual central economic work conference on Wednesday.

Now - while our FED is saying that things are looking rosy- I'm not so sure that I trust them for any advise either. Seems like China is as good as any place to get information. I get my information from many sources- and tend to ignore those sources who have an interest in playing "pom-pom" girl.

There's a whole heck of alot of people who say that things are going to get nasty - with several variables coming to a head next year- not just the Chinese who are using words like ""extremely grim and complicated global outlook" But when the word "grim" is used- I take notice.
http://www.globaltimes.cn/NEWS/tabid/99/ID/688443/China-eyes-stable-growth-in-2012-amid-extremely-grim-outlook.aspx
And when things get "grim"- people turn to "gold" for stability.

P.S. I invested in gold when it was $274/ounce- the recent drop dosn't bother me a bit!

LadyJazzer wrote: I wish I would have listened to Ed McMahon 5 years ago. I would have enough magazine subscriptions to last a lifetime.

Oly if you were lucky enough to be that 10,000,000 to 1 winner. I knew the Beck commment would get you to jump in...what you can't say is that he was wrong about gold. You were probably cheering on Anthony Wiener when he tried to go after Beck for "scaring" people into buying gold. (Wiener's first and less reported fail)

Joe wrote: Yeah, I agree Neptune. I read everything and use my own filter too, just ignore the peanut gallery on here. I wasn't asking anyone's advice, just interested in discussing the sharp price movement.

Use Yahoo finance with caution though, I've seen several errors and outdated info on their site when researching financial info.

OK, I don't follow GLD but looking at the chart my inclination would be to sell if my position were still in the green and double down if my position is under water. That is why I don't listen to myself anymore.
:Whistle

I do not use Yahoo finance.

Nice looking chart- yes.

Gold has had an incredible run- thanks to the FED printing money like there's no tomorrow. Gold never increases in value by the way- it's price is a reflection of a dollar that is declining in value. Do you all think the dollar is done losing value?

A pull-back in Gold was due at some point- but when hyper-inflation hits- and it's coming.....

Watch out- because gold will be on the rise again!

You may be right Bear, inflation is coming because the FED wants it and the debtor nations need it. Actually inflation is already here, it just hasn't been made official yet by the Gubmint.

I think I read somewhere it costs $600-800 to mine it, but that may be irrelevant when there is a limited supply to mine and high demand.

Anyway, I thought the chart was interesting, the near term uptrend has been broken for now.

So seeing gold prices drop is perplexing but what is more perplexing to me is that platinum has been consistently worth less than gold for the last three months or more. Is now a good time to buy up platinum on the prospect that platinum will eventually be worth more than gold again? I have to wonder how much the price of gold is influenced by over demand.