Last chance to buy Gold under US$1,000

[#1]

Update: Spot Gold DOWN 1.01% to $987.79...

[Goldbull]

Gold steadies above at $995

[ws]

The Roff was very excited about gold last night on summit (to be expected!) and he was stating the next stop for gold was $1140 then $1400? Also said that HAR had a 63% upside and the dog 52% from here?!

[#4]

Today should be the day to determine if we going up or pull back to 960

[#5]

The problem is every time the states open they sell like crazy and pull us back

[SkarlakenKoos]

The Roff is dof... ...I agree with Simon - I also don't trade what I don't understand. Gold is pretty much useless these days as all its uses in industry can be replicated (and improved upon!) by chemistry. As far as I know, jewelry is the only thing that it can be used for (and that is only because it is rare). Aluminum is an interesting case in point. Although aluminum is one of the most commonly occurring elements on earth, it was initially found to be exceedingly difficult to extract from its various ores. This made the little available pure aluminum which had been discovered (or refined at great expense) more valuable than gold. Bars of aluminum were exhibited alongside the French crown jewels, and Napoleon III was said to have reserved a set of aluminum dinner plates for his most honored guests.

[#7]

Fair point Skarlakenkoos, but that also goes to show that Gold has always been the standard against which everything else's value is measured....

[#8]

One hell of a battle is being fought at $990 and Rocky seems to be standing up every time against the army of wall street boys with their gianni versace shorts. Yes folks its a prize fight and whose got the legs to carry this through?

[jack12]

I suppose it depends who has the deepest pockets

[KVW]

Is the trend that fear=rush into gold? So a correction will cause another upward trend in GOLD?

[richardw]

Question about this "don't trade what I don't understand" thing: What about "trade the price"? Don't invest in what you don't understand, I get...but trade-the-price means you don't need to. Or what?

[#12]

IMO, The rallies that goldmines saw this past week were driven by sentiment alone. If I plot goldprice vs HAR on 5 year, there is no significant resemblance at all. And plot goldprice vs GFI u get almost a perfect inverse. So for short term goldmine trading ignore the price and trade the sentiment!

[SimonPB]

yes, but no .. sure trade the price means nothing else matters .. but it is the selection of what you trade .. there things I don't understand get booted .. logic is I need to feel comfortable with what I am trading .. meaningless in terms of trade the price, but critical in having to trust my system ..

[#14]

In the long-term, yes, very little correlation. In the very short-term, however, the JSE gold index seems to track the $ gold price quite closely, for reasons that may not be entirely rational...

[SimonPB]

it is simple .. if you like gold, then trade gold .. not a gold mine .. only trade the gold miner if that's what you like ..

[#16]

I've got no qualms there. On spread trading I've got my little lazy derivative system into anything from coffee to currencies, the only criteria is that the chart should not look too volatile. I believe the big idea of a trend following system is to have your system running concurrently on as many unrelated indexes as possible, to always ensure that you catch a trend somewhere. Problem is that coffee (to take an example) as any commodity is indirectly affected by, say the SP500 movement. Currencies as well. Gold/silver seem to be one of the more semi-independent counters.

[#17]

What instrument do u reccomend to trade gold?

[SimonPB]

gld ..

[#19]

You can buy the dollar-priced gold index on CME (Chicago Mercantile exchange) directly on GT247.

[#20]

Tnx Simon ,never seen gld before