With a decline of 3% today, gold is on the verge of testing its 200-day moving average for the first time since early January. With the exception of a one-day spike on the day the Fed said it would buy US Treasuries (3/18), gold has pretty much traded down in a straight line. Even though most observers said the Fed's action would lead to inflation down the road, the price of gold is now lower today than it was before the announcement.
Barbarians at the eights.
Posted by: VennData | April 06, 2009 at 08:03 PM
That was the worst analysis I have ever read on Gold. Good job......your the winner
Posted by: Sean | April 07, 2009 at 09:00 AM
This must explain why I cannot buy 1 oz or smaller coins or bars for less than 1K.
Posted by: Jerry | April 07, 2009 at 09:24 AM
Coin dealers are making akilling ,1oz gold coins going for 1200 to 1800 usd...by August holders are going to be upset
Posted by: dj | April 07, 2009 at 11:07 AM
if youre buying 1oz coins for mor ethan 950 youre a poor shopper
Posted by: bon | April 08, 2009 at 10:27 AM
If your employer offered to pay you in Weimar German Marks, Zimbabwe currency, or U.S. Confederate Dollars.....would you accept the offer? What if the employer offered to pay you in Weimar German Gold, or Zimbabwe Gold or U.S. Confederate Gold...would you accept? I once had a discussion with an MA in Economics Graduate who informed me that paper currency was "Money" because the Government declared it to be, and I told him that my neighbor's Great Dane left deposits on my lawn that resembled "Cigars"...if the Government declared them to be cigars, would he smoke one?
Posted by: D.G. REID | April 08, 2009 at 11:10 AM
Gold has proven itself time and again, to be a hedge against inflation. A small proportion therefore must be held in gold for long term, without bothering the short-term movement. Those holding gold could pass present difficult time with ease then those, who had no exposure to gold.
Ripon Malhotra
FCA.,LL.B
[email protected]
Posted by: Ripon Malhotra | April 10, 2009 at 01:42 AM
Another guy looking into his crystal ball.
Posted by: Ed | April 10, 2009 at 07:25 AM
Gotta love those novice chart readers and crystal ball experts. Economic conditions will not allow Gold to retreat very far because the greedy manipulators like that easy money that playing gold gives them, in particular, the bankers.
Posted by: Bill Brown | April 10, 2009 at 03:32 PM
I just checked COMEX reports today and saw the following: 150,000 tons of gold in existence = 4B oz. The iShares GLD index portfolio has a capitalization = 2B oz. Does anyone really believe they're holding the real gold to back it? COMEX has contacts for 34M oz of gold in play but only 8.5M in "registered" and "eligable" (whatever the heck that means) in bullion in the warehouses. Can you say Ponzie scheme?
Moral of the story... own the real stuff - if you can find some to buy.
Posted by: Dean Malone | April 12, 2009 at 04:11 PM
Mr Malone, what's the iShares index portfolio you are referring to? iShares COMEX Gold Trust (IAU) currently holds around 67 tonnes and SPDR Gold Trust (GLD) holds 1,127 tonnes. Both of which are a lot less than the 150,000 tonnes in existence...?
Posted by: Gavin | April 13, 2009 at 12:02 AM
Well, it sure sounds like those of us who cashed out our 401Ks and took the 50% hit to do it and bought gold to keep the socialist administration from getting their hands on it and "redistributing our wealth" to the crack dealers and illegal immigrants are in for a big kick in the gut, doesn't it, if we listen to this fool!!! Well, I for one am not too worried. Gold WILL go back up -- it can't NOT go back up -- because our dollar is well on the way to being totally worthless as we are overtaken by the communist regime. So, I am still smiling over buying my gold when it was upward of $900 an oz and I am still hanging on to it. Fools like this can prattle nonsense all they want to, but I'd rather loose it my way than big brothers way.....and I really don't believe I am going to loose!!! ha ha ha.......laughing as I empty my bank account too.......so I can invest every cent I have got in gold!!!!
Posted by: thunderbyrd | April 13, 2009 at 06:16 PM