Bye Bye Gold Nonsense

[J. J.]

I imagine JJ updating this thread and hoping for reply goes something like this: http://www.youtube.com/watch?v=8UhONY3-1os

Background music included.

Who said it was hoping for a reply?

As I said earlier, I think Memphis was right, but at the wrong time.  We're about to enter the bubble.  This thread might provide a good record of it.

psychosis?

Are you making a self diagnosis?

[J. J.]

Gold @ 1825.20, down 10.90.  Still in correction range.
   

[J. J.]

J. P. Morgan has predicted gold above 2,500.  http://www.goldinmind.com/gold-updates-news/gold-price-forecasts/banks/2011-08-09-jp-morgan-goldman-sachs-gold-price-forecast.html

I'm hearing a lot of that, but I'd expect that, if it reached that level, it will not stay there.

[J. J.]

Gold @ 1825.40, down -1.20.  Still in correction range. 

[J. J.]

Gold @ 1884.20, up 58.20.  Still below the recent record high, but at more than 99% of it.

[J. J.]

Gold @ 1900.30, up 16.10.  It is at a record high. 

The correction is technically over, though the potential exists for it sliding back below 1898.

Now the bubble should start forming. 

[King]

I didn't want it to have to come to this, but...

SPDR S&P 500 [NYSE:SPY] 116.33 -1.47 (1.25%)
ManpowerGroup Common Stock [NYSE:MAN] 36.00 -1.52 (4.05%)

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[J. J.]

Feel free to post it on the Dow thread. 

Gold as of now, is bobbing around the upper correction mark.

[J. J.]

Gold @ 1874.60, -26.70.  Off its record high.

[J. J.]

Gold @ 1817.30, down 56.10.  It is well back in that prior correction range, but well above its July high.  It is not behaving like a bubble bursting as of yet.

[J. J.]

Gold @ 1869.60, up 52.30.

Gold is running in a range between just over its pre correction high to about 5% below its pre correction high.

[I spent the winter writing songs about getting better]

Did you know WTI Crude Oil is now trading at $88.54 a barrel? This is down $0.11 and 0.12% for the day. Brent Crude is trading at $114.55 a barrel, which is down $1.25 and 1.08% for the day.

[J. J.]

Did you know WTI Crude Oil is now trading at $88.54 a barrel? This is down $0.11 and 0.12% for the day. Brent Crude is trading at $114.55 a barrel, which is down $1.25 and 1.08% for the day.

Right now, it isn't a major issue.  Gold is because of the flight to safety aspect, or the possibility of an "oil bubble."

Gold serves as a barometer of confidence, and might be an indication of economic sentiment. 

Believe me, I'm not a gold bug.

I actually though Memphis might have been right, but at the wrong time.  Now I'm not too sure.

[Filuwaúrdjan]

When the revolution comes, the... hmm... fourth... group of people up against the wall will be the people who run cash-for-gold scams.

[Link]

When the revolution comes, the... hmm... fourth... group of people up against the wall will be the people who run cash-for-gold scams.

That may be true but the third group of people up against the wall will be annoying people on forums who mindlessly post replies to themselves filled with pointless numbers and vacuous statements.

[J. J.]

When the revolution comes, the... hmm... fourth... group of people up against the wall will be the people who run cash-for-gold scams.

The won't have to.  The will see the value of their gold drop 10%-30% in a week.

While gold is going up (actually ]was going up), I don't expect it to stay up.

Memphis was wrong about the timing and Opebo was dead wrong, but I think we're heading into a bubble.  I just don't know how big it will get and when it will collapse.  The answers to those two question may give us an idea about the second dip, or the end thereof.

[J. J.]

Gold @ 1859.60, down 11.00.  The price has become fairly stable in the last week.

[The Mikado]

Is this thread an in-joke that I just don't get?

[True Federalist (진정한 연방 주의자)]

Is this thread an in-joke that I just don't get?

It's a running gag that long ago stopped running, but keeps gagging.

[J. J.]

Gold @ 1815.40, down 44.20. 

Gold has hit a plateau.  In July and August, it had a run up, peaked at 1898, and then corrected down 8-9%.  It came off the bottom, actually closed one day over 1900, but has been staying with 5% of its pre-correction high.

It definitely was not a bubble bursting.

The only thing I can see is maybe a long correction period where it will be 1-5% off its high.

[Yelnoc]

Gold @ 1815.40, down 44.20. 

Gold has hit a plateau.  In July and August, it had a run up, peaked at 1898, and then corrected down 8-9%.  It came off the bottom, actually closed one day over 1900, but has been staying with 5% of its pre-correction high.

It definitely was not a bubble bursting.

The only thing I can see is maybe a long correction period where it will be 1-5% off its high.

Is it just me, or is 1815.4 still really high?  Seems like gold was in the 1600's not that long ago.

[J. J.]

Gold @ 1815.40, down 44.20. 

Gold has hit a plateau.  In July and August, it had a run up, peaked at 1898, and then corrected down 8-9%.  It came off the bottom, actually closed one day over 1900, but has been staying with 5% of its pre-correction high.

It definitely was not a bubble bursting.

The only thing I can see is maybe a long correction period where it will be 1-5% off its high.

Is it just me, or is 1815.4 still really high?  Seems like gold was in the 1600's not that long ago.

It is up around 37% from the start of the year:



He is the major gold bubbly chart, from 1979:



Gold peaked in January of 1980, so it went up a lot more, but even by the end of 1979, gold was up 127%.  Here is the 1980 chart:



To equate the percentages, we're in late May of 1979.  Normally, when the bubble bursts, gold prices drops off dramatically.  Gold, at its 2011 peak, was up about 38%, and has declined about 5%.  That is not nuch of a bubble,

[J. J.]

Gold @ 1835.20, up 19.80 (appropriately). 

This illustrates what I was saying in my last post.  Gold is below it's pre-correction high, by about 3.3%.  It's 6% higher that the correction low.  In terms of a percentage, it is running with about a 5% range.  It isn't falling rapidly, what you would expect in collapsing bubble.  It's off the correction floor.  It tested the upper edge of the pre-correction high, passing it by under a 0.5%.  It isn't trending up or trending down.  Yet, it is around 35%-40% above its yearly low.

[Yelnoc]

So you're saying Gold is plateauing and in the future a median around this range will be used as the "average?"  Because that's the gist I'm getting from your posts.

[J. J.]

So you're saying Gold is plateauing and in the future a median around this range will be used as the "average?"  Because that's the gist I'm getting from your posts.

I have not worked out the median, but there has been a range of 5% around the "pre correction high" (PrCH) of about 1898.  Gold goes down to the 1810's, about 4.9 pf the PrCH, then recovers.  So far, that's what it did today as well.

Gold corrected down about 8%-9%, then recovered, actually moving above the PrCH briefly, and for the last two weeks has been staying in that range that is never below 1803.

If this was a bubble, we could expect a decrease off the PrCH, by maybe 30% in a day.  If we in a bubble, it should soar above PrCH, on its way to a 5-%-100% increase.  Gold is doing neither, so far.