Current Gold Levels ?

[Red Herring]

I just want gold to move all the way down to $600. Silver would be nice at about $8. At those prices, I'll buy a nice pile of it and the bulls can run wild from then on.

Sorry Pharaoh, your this wish will not come true....I know you know it...It can get down to as low as 1200+, right Sergeant?

 

[Pharaoh]

I have an absolute, 100% certain prediction for gold.

The price will either go down, go up, or level off.


Never say never about my $600 wish. Not too long ago, $1300 was "unthinkable" (first as "$1300 is too high to be possible" and more recently as "$1300 is too low to be possible") It was in the $600 range less than 7 years ago. The gold market is heavily manipulated. There are many banks and other firms that are massively overleveraged on gold shorts would do ANYTHING to drive prices that low so they could get out of all those contracts at a healthy profit instead of at a crippling loss.

 

[Red Herring]

I have an absolute, 100% certain prediction for gold.

The price will either go down, go up, or level off.


Never say never about my $600 wish. Not too long ago, $1300 was "unthinkable" (first as "$1300 is too high to be possible" and more recently as "$1300 is too low to be possible") It was in the $600 range less than 7 years ago. The gold market is heavily manipulated. There are many banks and other firms that are massively overleveraged on gold shorts would do ANYTHING to drive prices that low so they could get out of all those contracts at a healthy profit instead of at a crippling loss.

Please clear a bit more about: 'overleveraged on gold shorts'. I hope this means they (banks and other firms) bought gold with a huge loan and now wants the price to move up! Correct me where I am wrong please!

 

[itkraze]

I am also not understanding this gold market and the bank manipulation is huge. It was well down below 1350 and it matter of 2 hours it hit the 1400 level. How can a small trader survive this manipulation.

 

[Pharaoh]

Please clear a bit more about: 'overleveraged on gold shorts'. I hope this means they (banks and other firms) bought gold with a huge loan and now wants the price to move up! Correct me where I am wrong please!

More the opposite. JP Morgan and a number of other financial institutions sold paper gold certificates for more gold than they have. People bought the paper and could decide to collect the gold. The solution - go to the main world gold exchanges and sell even more non-existent gold to drive prices down. Then, when prices are low enough, buy either real gold or paper certificates to cover the prior sales and come out with a profit.

My personal method of surviving the manipulation is simple. I don't trade gold or silver. I collect it. When I've got some spare cash and the price seems to be stable (or, better yet, has dipped), I purchase physical metals.

My mattress bank account contains gold, silver, USD, and some other currencies. If paper money collapses or suffers hyperinflation, I have metals. If we slide into a depression, I have cash from more than one country.

 

[RahmanSL]

That's pretty accurate of how the Big Boys manipulate and make serious money from the market, Oh Wise & Ancient One.

"...My mattress bank account contains gold, silver, USD, and some other currencies...."

....hmmmm....looks like we have a doomsday prepper here.
My preparation for super-super hyperinflation is to stock up on fishing lines, hooks, and vegetable seeds so that I can plant & fish for food. For protein like chicken & animal meat, if I cannot hunt for them, I will just steal them from my neighbors
....and if I have the urge to own some precious metal & exotic currencies, I now know who have plenty of that

 

[Pharaoh]

Pyramids - one man's overdone tomb is another man's ultimate prep.

Have you built your bunker yet?

Steal chickens from the neighbors? Sounds risky, since they might retaliate. On the other hand, you could just eat the neighbors.

 

[Red Herring]

Very much clear now. Thanks for explaining Pharaoh....

 

[brendyfx]

Looks like this thread turned to discussion on other topics.

 

[Red Herring]

lol...anyway, I love fish and vegetables very much...