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Contributor

Gold Market

Noxie,

If you are out there do you have a view on the gold market?

TIA

Buford

 

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4 Replies
Veteran Advisor

Re: Gold Market

Hi Strandburg,

 

Looks like some decent support at 1280-1305.

 

As you know, I was playing the long side of gold for most of the decade but fortunately got out before the 2008 smackdown. Unfortunately never got back on it in a big way. So my insight is clearly less than perfect.

 

But I'm able to imagine a completed 5 wave pattern and thinking I may be a bit patient at this point. That is mostly personal- nothing worse than missing a move then getting frustrated and stepping back in too quick.

 

Except when it turns out to have been right.

 

Best, h

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Re: Gold Market

PS. How are the crops?

 

C IN was pretty good- corn not as good as last two years (which were ridiculous) but above the 5 yr average.

 

Beans near best ever, woulda been with one more rain.

 

 

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Contributor

Re: Gold Market

Hi H!

this is about the area where i exited on the way up in december gold.  of course have been kicking myself until today.  i got a little excited today and stepped back in. (i am a small timer)  i didn't care for the close today so was searching for somebody to hold my hand.  i am concerned if the boyz in london smell blood.

most selloffs have been followed by strong closes so today's action was unsettling to me.

beans here were less than last yr.  48 vs. 39.  corn will end up less also but still good.  sure not complaining.  i have some of the poorest land in the area (it was my only slim chance to farm).  the beans looked better than they turned out to be.  the good news is we will be here again next yr!

 

i remember your advice to somebody a few yrs ago when gold dropped about 30 or 40 bucks in one day (back around 550)...he was concerned about his long position and you said to him "sit tight and be right!"  turned out to be good advice.

buford

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Veteran Advisor

Re: Gold Market

Lol, wish I had that degree of conviction about anything at the present.

 

I probably won't be very committed to the long side of gold in the future although I acknowledge that I could be very wrong. Exception is the dubloons collected over time and stored away with the passports in case we need to make a dash for the border some day.

 

Very well could be talking my position but in 2000 gold was the most underloved investment in the world. Today I think that distinction goes to cash in US dollars. I lean to the Prechterite view of debt deflation and a dollar short squeeze although will be the first to admit that it will be fought tooth and nail and even if a person is right it may just wear you out- and gold will continue in an uptrend as long as they are trying to save asset prices with dollar devaluation.. And it isn't a lot of fun sitting around waiting for Armageddon so I try not to think about it too much.

 

Best, h

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