What’s your next entry point for gold?
If it bounces off $1,335 again I’ll probably pick some up. I’m a little concerned with the strength of the USD right now that we may face some more short term pressure. If gold falls below $1,335 (with conviction) I wouldn’t be surprised if it goes to $1,200.
More so than the current price of gold, I’ll be watching the dollar. When that backs off I’ll feel better about purchasing some more of the shiney stuff.
Should I be kicking myself that I diidnt buy this past dip? Feels like there’s some more downside to go for a while…
This feels like short covering. Wouldn’t be surprised to see it down 2% tomorrow. At some point we’ll build a base and it’ll start marching back up, but I’m clueless as to when that’ll be.
I’ve been buying (more) SLW over the last couple months. I’m pretty happy having a basis around $20 in that stock.
What you think about AG?
I used to own AG. Made some good money trading around the position. For a long time it traded in a very predictable trading range. Buy at $14 and sell at $22, rinse, repeat. I also liked them because their management was well respected.
But, they’ve have a few quarters where they’ve been plague by mechanical problems at their mines. Not sure why they can’t get their crap together. I bailed on them about six months ago.
Gold seems to be holding up pretty well. seems to have digested the ‘tapering this year’ fear. what’s driving it up - stronger physical demand? what do you think, are you buying?
Yo STL, no offense intended, but are you brown? A few brown guys that I once worked with were gold bugs only talking about their portfolio of gold and the historical cost they got it at.
brown people who buy gold are idiots. I hope they lose everything.
How dare you, sir. I’m a corn fed midwestern white boy. I do love the browns though, because they love the gold. They’re the major buyers of physical.
TF - I like where gold’s at, and I doubt we’ll test new lows. Sentiment is still low, so we have the contrarian angle working for us. We’ve had record short covering over the last few weeks, but the shorts are still at historic highs so there’s more to squeeze. As you said, it seems tapering has been digested. Inflation expectations can only go up.
The two things that still worry me are the dollar and interest rates. The dollar has come down but I’m completely unsure of where it’ll go next. If it rallies gold will take a short term hit and that could provide the next buying opportunity. Interest rates, on the other hand, are going to be a longer-term issue. It’s my best guest that the 10 year is range bound and we’re at the upper end of the range at the moment, but if it continues to trend higher gold will have a tougher road ahead.
I’d still go with silver here.
So did you buy? My old brown coworker would laugh at you as he once bought gold at $300. He would keep reminding me about his gold entry point anytime we talked capital markets. I joked with another brah at work that on his tombstone will read, “He bought gold at $300.”
looks like gold will be searching for new support. how low do it go?
$850
Paging Turd. Get some fiat ready. The time is near.