The game might be up for precious metals.
Google:
Gold drops three straight months for first time since 2001.
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The game might be up for precious metals.
Google:
Gold drops three straight months for first time since 2001.
Gold recovered to rest at $1645 or so. In this survey on INO.com (biased audience perhaps) 62% thought that gold was the best investment right now. That's a lot higher than the general population I'd think, but still surprising.
http://www.ino.com/blog/2012/05/poll...st-investment/
My silver bar has dropped 16% in value since I bought it - but then I did buy near a speculative recent peak - I have every faith it'll do better than hold its value longer term, and it causes me no worry whatsoever.
EZ,
What did you used to post about the gold/oil ratio, because here it comes for oil, it's on the slippery slope before the election?
Oil down, gold down, right?
US crude oil reserves at a 7 month high and consumption down 1.7% on a year ago.
Demand for gasoline is down 5%.
So oil is down to over $100 a barrel Skol? But yes, the two are linked in a way. I've seen a few comments about the Obama administration wanting to hold everything together until the election, but who knows what'll happen after that. With the last GFC gold dropped a bit and then recovered strongly.
That INO survey didn't separate out bullion holdings (gold/ silver), or gold mining shares. I think that's part of the reason it got to 62%.
A range of views on the outlook for gold in 2012.
Yet another day where PM shares got smashed .....doesn't make sense when you look at the 5yr Gold price the moving average is in a strong uptrend PM producer are making a mint....but their market value is decreasing as though they are losing money(which some are)but many others will trade at P/E of 1-3 madness of the mob selling...
Marginal cost to produce a barrel of oil is reportedly now up to $92USD.
Good chance we could see Gold drop into the $1500's by northern fall but I reckon will close up for the year.
I will be buying on dips into the $1500's.
If it happens it could be the last chance to get on the bus at a decent dollar cost average entry point for later arrivals before gold continues to ratchet up until the day the IMS is well and truly fixed.
Alas, I'm with those who exited silver near its peak a year ago with no plans on re entry. It would have to come in well under $20 for me to dive back in.
Natural Gas is approaching a bottom.
NG could be like gold in 99 or oil in early 09 in the next 12-18 months.
US $GDP produced for every barrel of oil and every BTU expended has FALLEN circa 25% in the last 10 and 8 years respectively.
That's as scary a figure as the fast declining amount of $GDP produced for every new dollar of debt issued.
I agree Nat gas has to be near the bottom or soon they be paying users to take it ...
Gold has solid support It's called Fiat money ,with a new socialist French govt won't be overly keen to preach a balanced budget to other nations and will no doubt go on a spending spree , as socialist governments tend to do...China also isn't far away from pumping billion's though Reserve Requirement Ratio adjustment with the chinese banks and also pumping the bank with funds to loan out by buying their bills,,,,the USA job reports show all is not well Obama will likely start Q.E-3 soon .....overall the mass populations want Inflation over deflation and governments want to be in power....
I disagree on SILVER,,, like gold at 1500 I believe SILVER has major support in the high 20's fact's also back up if gold goes up Silver will follow add in the Geo fact that the earth only holds round 7-8 times more Silver in the ground than Gold the current ratio of 54 is well out of balance
They got another thrashing last night, HUI down 1.5 %, S&P500 level-pegging.
Just watching CNBC and a gold analyst who has a target on gold of $2500-$4000, Jueig Keiner was being questioned by a panel of presenters on gold.
Pathetic wasn't even the word for it, probably a good description was 'cringe', the guy was lost for words and said that something 'might' happen before the end of the year that could propel gold to $1900-$2100.
To think that people pay for this advice.
Heres one for you Skol.
Recent words from Charlie Munger, Warren Buffet and the other board member of Bekhire Hathaway.
Taking the shine off gold
'The two continued their recent attack on gold as an investment. As Buffett reminded us, "When we took over Berkshire, gold was at $US20, and Berkshire was at $US15. Gold is now at $US1600 and Berkshire is $US120,000". Enough said.'
This is a big post but worth reading, follows up on the HUI and other indexes. Need to keep an eye on these. Also mentions Munger.
http://www.acting-man.com/?p=16717
The HUI fell another 3.9% overnight, gold bearish in all time windows. If I was a TA person like P, I might have spotted this horrible trend in ABX (Barrick Gold) a bit earlier.