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Gold is almost 800 - sank 30 dollars in a few minutes!

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CrownA
Super Contributor
Bail out of gold now - get in dirt cheap tomorrow...
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17 REPLIES 17
Not applicable
The Dow opened up, then gold fell, but now the Dow has turned negative. Gold might bounce back up, plus the Rand could weaken. In my opinion, hold your gold.
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_nova
Super Contributor
ZAR is getting pasted...broke the 10.50 mark in the last 5 min
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KVW
Super Contributor
Hold your gold,when the DOW drops people run to gold, even though the gold price has dropped the R/$ is leveraging it......I just bought a whole lot of gold.
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Wizard
Super Contributor
Gold is behaving like a common stock. No heaven buying. It was crunch time today...either up or down massively and it chose the latter
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Not applicable
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Sheeps
New Contributor
How does one get into gold? (forgive me I am a novice)When will be the right time to get into gold?
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Vano
Regular Contributor
Most of the pro - gold forumites recommend GLD (Newgold exchange traded fund. Buy it the same way as any share. Luck.
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john_1
Super Contributor
Did you guys make money on your gold over night?
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CrownA
Super Contributor
Nah - can't short it at the moment. The put warrants are meaningless. Just waiting for the rand to come back, and GLD will be back around 7000. Then I am piling in.
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Not applicable
No - no profits overnight - must be a conspiracy. Just give me a few minutes more of this rand weakness, and then I'll take profits on my GLDSBA at 60 (I bought them on Tuesday at 20).
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niemand
Contributor
Now my question is, why isn't GLD shooting the lights out? What is everyone using as a safe-haven now? Cash? Has gold lost the safe-haven status?
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john_1
Super Contributor
yes..when they went off the gold standard back in 19footsack
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Not applicable
Ssshhh! Don't say that too loudly! I agree that it is a stupid thing to use as a safe-haven asset - what would one do with gold in a real crisis, can't eat it and it's too soft to make a good spear. Having said that, I'm making a killing buying in the dips and selling in the bubbles, and if people stop believing in it as a safe-haven, then my strategy will fail. So please keep quiet - you're gonna lose me money...
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Shard
Super Contributor
What you think will happen when the US market opens today, another dip? We'll probably see the same sell-off towards close today, alot of ppl aren't going to risk open postitions over the weekend.
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barry_1
Super Contributor
Daily market now for past couple of days,absolutely flat,cannot run on its own in morning,confidence lost,waiting ,for pre-market American futures for direction....Any way looking at the indicators ,i feel that both gold and oil are likely to go no lower and will put in a run early next week,which is likely to be sustained as OPEC will definitely cut production....OMO
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SimonPB
Valued Contributor
john, yip. that exact thoguht struck me while pondering the delights of welkom on tuesday evening. Gold is worthless and has no real value exactly because the world abondoned the gold standard. Cowrie shells no longer have any value since the world stopped using them as a standard - why should gold be any different? An looking at the gold price 1972 to date fully supports the worthless relic idea.
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Shard
Super Contributor
Its diamonds now, that buys female attention, thats got to be worth something
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