Jump to content



Photo

Gold ... All hands abandon ship !


  • Please log in to reply
40 replies to this topic

#1 ogm

ogm

    Member

  • Traders-Talk User
  • 13,780 posts

Posted 04 January 2013 - 05:34 AM

Time for cultists to leave this sinking boat. And its going to be spectacular.


I clicked on some silly poll on CNBC the other day about what gold will do in 2013 and of course almost 80% expect it to go up :) Well, I'm in the other 20% and I'm short.

Gold ETFs are the largest buyers of gold. Sounds like trouble to me ;)

Fed minutes yesterday have sealed the deal.

Posted Image

#2 fib_1618

fib_1618

    Member

  • Traders-Talk User
  • 10,144 posts

Posted 04 January 2013 - 06:02 AM

From last weekend.

Fib

Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

Technical Watch Subscriptions



 


#3 NAV

NAV

    Member

  • Traders-Talk User
  • 16,087 posts

Posted 04 January 2013 - 06:22 AM

OGM, Nice chart. I agree. Gold chart looks sick. The weekly downtrend which has been place for more than a year, looks ripe for acceleration. I think all assets will go bust in 2013 - stocks commodities and BRICs real estate. Dollar will be the place to hide.

"It's not the knowing that is difficult, but the doing"

 

https://twitter.com/Trader_NAV

 

 


#4 andiron

andiron

    Member

  • Traders-Talk User
  • 5,757 posts

Posted 04 January 2013 - 07:41 AM

OGM,

Nice chart. I agree. Gold chart looks sick. The weekly downtrend which has been place for more than a year, looks ripe for acceleration. I think all assets will go bust in 2013 - stocks commodities and BRICs real estate. Dollar will be the place to hide.


Gold is just showing growing pains..thats all..if one is short just take your pennies and run....

most countries have negative rates that have juiced up Global Assets..primarily Global Real Estate....gold's journey is perhaps half done....

It has a long way to go...up.

Edited by andiron, 04 January 2013 - 07:50 AM.


#5 ogm

ogm

    Member

  • Traders-Talk User
  • 13,780 posts

Posted 04 January 2013 - 07:56 AM

OGM,

Nice chart. I agree. Gold chart looks sick. The weekly downtrend which has been place for more than a year, looks ripe for acceleration. I think all assets will go bust in 2013 - stocks commodities and BRICs real estate. Dollar will be the place to hide.


Gold is just showing growing pains..thats all..if one is short just take your pennies and run....

most countries have negative rates that have juiced up Global Assets..primarily Global Real Estate....gold's journey is perhaps half done....

It has a long way to go...up.


You can rent real estate and collect income while its price fluctuates. Can you rent gold ? What is it that gold does that makes it so special ? No dividends, no income, no price appreciation now too. Sounds like a helluva asset to stuff into your portfolio ;)

The pains are only starting. Everyone who could've possibly joined the gold cult has done so over the past 12 year bull run. No more suckers left here.

Edited by ogm, 04 January 2013 - 07:57 AM.


#6 andiron

andiron

    Member

  • Traders-Talk User
  • 5,757 posts

Posted 04 January 2013 - 08:02 AM

Gold is "money" ...and always been since the dawn of civilisation..it will lose some of its "moneyness" in the tight monetary regimes during periods of real economic growth... just see what Abe of Japan is trying to do..."printing" w/ a vengeance..... technically we got a bounce at 1626 at the wkly bull flag lower flange...it is going to build on it....

Edited by andiron, 04 January 2013 - 08:06 AM.


#7 SemiBizz

SemiBizz

    Volume Dynamics Specialist

  • Traders-Talk User
  • 23,208 posts

Posted 04 January 2013 - 08:29 AM

Since you are so sentimental about gold Andi...

Here's a little tune for you...

Something nice to listen to as you watch gold crater under 1600....

Speck of Gold - Afterlife

Nice tune though.

There is a nice feature you can employ to repeat the songs you like in a loop, just add "repeater" to the youtube.com address...

http://www.youtubere...h?v=uKiBYQJmrn4
Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics

#8 ogm

ogm

    Member

  • Traders-Talk User
  • 13,780 posts

Posted 04 January 2013 - 08:40 AM

Gold is "money" ...and always been since the dawn of civilisation..it will lose some of its "moneyness" in the tight monetary regimes during periods of real economic growth...

just see what Abe of Japan is trying to do..."printing" w/ a vengeance.....

technically we got a bounce at 1626 at the wkly bull flag lower flange...it is going to build on it....



Gold is not money, its just some medieval cult that can be exchanged for money, just like real estate, or coal, or copper. But aside from its ability to be exchanged for money, it produces no income of its own.

Edited by ogm, 04 January 2013 - 08:43 AM.


#9 mss

mss

    I'M WATCHING

  • TT Sponsor
  • 6,182 posts

Posted 04 January 2013 - 08:42 AM

--- as you watch gold crater under 1600....


Do you have a target number "IF" it closes weekly below 1629.50 ?

Thanks,
mss
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!

#10 andiron

andiron

    Member

  • Traders-Talk User
  • 5,757 posts

Posted 04 January 2013 - 08:49 AM

you watch gold crater under 1600....


I don't think it will..but if it does I will just lap it up....Buffet style...