Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

GOLD will it pull back?

Reply
jack12
Super Contributor
As far as precious metals are concerned, both gold and silver are overbought and they are likely to correct over the following weeks. So, we'd suggest that you wait before adding to your positions in bullion and mining stocks. Once the near-term pullback is complete, we anticipate MASSIVE rallies in gold, silver and the producing stocks and we believe that the advance will last until April/May 2010.
0 Kudos
11 REPLIES 11
Wizard
Super Contributor
As it happens every year... when the gold miners reach bottom in September and run to April...
0 Kudos
SimonPB
Valued Contributor
and a real MASSIVE rally takes gold to what level ?? inflation adjusted +$3000 at least ?? or a so-so MASSIVE rally to just poking its head above $1000 ??
0 Kudos
jack12
Super Contributor
Gold flat, ETF holdings rise 1.2 pct TOKYO (May 25) Gold was flat on Monday after touching a two-month high above $960 the previous session as the dollar's decline encouraged buying of bullion as a hedge. FUNDAMENTALS Gold was at $956.70 per ounce at 0011 GMT, up 0.1 percent from New York's notional close of $955.85. The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust GLD, said its holdings rose to 1,118.76 tonnes as of May 22, up 13.14 tonnes or 1.2 percent from the previous business day. AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) said on Saturday it had suspended operations at its Savuka mine after a series of "underground tremors" on Friday left a pump attendant dead.
0 Kudos
eddy66
Super Contributor
Hey Jack the ripper! Have a good trading day!
0 Kudos
jack12
Super Contributor
Tanks man!! are you well? You got your shorts on??
0 Kudos
eddy66
Super Contributor
yip! my shorts look quite egotistical ;)
0 Kudos
jack12
Super Contributor
Yip feeling a bit eggatesticle, had some snow yesterday, picked up a bit of a lambogreeni nose with a red haze. So yawelnofine we will see what the day brings
0 Kudos
kwagga
Super Contributor
Plagiarism is a punishable offence. Why don't you tell the formies where you got that bit of info ? It should have read: "As far as precious metals are concerned, both gold and silver are overbought and they are likely to correct over the following weeks. So, we'd suggest that you wait before adding to your positions in bullion and mining stocks. Once the near-term pullback is complete, we anticipate MASSIVE rallies in gold, silver and the producing stocks and we believe that the advance will last until April/May 2010." http://www.321gold.com/ - Trend Reversal?, Puru Saxena, 25 May 2009. Anyway, no matter what you read, every gold bug, and even the some non believers in the magical powers of the golden relic will tell you that something is up, except Simon off course. Also read - http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5373570/Gold-bugs-at-last-have-the... Then off course there is Roffey. http://www.summit.co.za/video/roffeyreview.html with a prediction that Harmony could go to R300 - R400. The messenger of good news has done it again.
0 Kudos
Running_bull
Frequent Contributor
Well if the pull back was assured, everyone would be short. $$ is still weak. Id be careful shorting Gold from here, even if it is overbought/peaking/losing momentum. Dont trade the price on this one just yet...
0 Kudos
Not applicable
Yep, I sense a bubble in the making here. EFT demand always played a back seat to jewelry, industry and central bank holdings in the past. now it is by far the biggest contributor, and we all know how fickle investors are
0 Kudos
SimonPB
Valued Contributor
if you're not trading the price - what are you trading ??
0 Kudos