Broke Through 1764...Now What Happens

[Oakair]

Broke 1764...Now at 1767...

Lets see if that number meant anything

[Rodebaugh]

It breaks through 1800.....then 1850....1900...and so on......until a swift shakedown takes place.

This is PANIC buying......at its best. Gold dosen't bubble........but it can be overbought.

[argent_pur]

It breaks through 1800.....then 1850....1900...and so on......until a swift shakedown takes place.

This is PANIC buying......at its best. Gold dosen't bubble........but it can be overbought.

And panic buying won't last...which is why I'm seriously considering selling in the morning (provided the price continues up or flatlines) and buying back in when the price goes back down. I know the overall trend is up, but I'm feelin' lucky Any thoughts?

[theo]

Its 12:38 AM EDT. Someone is buying huge amounts of gold on the asian exchanges. There is speculation on ZH that the Fed will make an emergency announcement early tomorrow. Maybe the word is out about QE3.

[aristobolus]

It breaks through 1800.....then 1850....1900...and so on......until a swift shakedown takes place.

This is PANIC buying......at its best. Gold dosen't bubble........but it can be overbought.

And panic buying won't last...which is why I'm seriously considering selling in the morning (provided the price continues up or flatlines) and buying back in when the price goes back down. I know the overall trend is up, but I'm feelin' lucky Any thoughts?

Consider selling half of what you intended to sell; moderation is usually the best course. However, I do think we have a potential short term bubble in gold. Its meteoric rise resembles silver a few months ago, and we all know what happens to such showers in the sky...

If I am wrong, then we may indeed be experiencing Barakalypse Now.

[Oakair]

Im thinking of shorting after it hits 1800

I have found DZZ

Any thoughts?

[theo]

Im thinking of shorting after it hits 1800

I have found DZZ

Any thoughts?

It depends on whether or not Bernenke announces QE3 in the near future. Its true. This could be paniced, mindless buying or certain people could have advance notice of QE3.

[theo]

. . already back down to 1760

[argent_pur]

When silver hit $48 and had been going up basically a dollar a day, I said to myself that it couldn't continue. I'm getting that same feeling now...

[68Camaro]

Guys - prices that go up steeply go down eventually. Question you need to ask is for what reason do you care? If you're in it for the long haul then you care about the long-term trend, and the long-term trend for PM is up. If you think you are going to try to take advantage of the intermediate volatility, then your risk increases 10-fold, and you'd best get comfortable with your beliefs and assumptions. I expect gold to fall back at some point - so does Sinclair - he warns of the volatility. He predicts >2000 gold as a near-term objective, but he warns that it will swing wildly during that period.

I was just noticing the kitco chart scale. It's amazing. It now stretches from 1660 to 1800! And we've now had a 40 dollar trading spread within 2 hours!!!

It's at this point that I stop trying to advise people on anything short-term. It WILL go down. It will also go back up. No one can easily or confidently predict exactly when or how much.

[neilgin1]

Im thinking of shorting after it hits 1800

I have found DZZ

Any thoughts?

dont.

[beauanderos]

www.runtogold.com/2011/08/being-prepare ... muVg2bfdxm

linked page contains youtube interview with James Turk questioning Jim Sinclair at the GATA conference in London this last weekend, in which Sinclair mentions his reasoning regarding $1764

[Lemon Thrower]

Sinclair says its going to accelerate its upward pace once it closes above 1764. jsminset.com

[68Camaro]

http://www.runtogold.com/2011/08/being-prepared-for-unexpected/?awt_l=4lECB&awt_m=Io4kmuVg2bfdxm

linked page contains youtube interview with James Turk questioning Jim Sinclair at the GATA conference in London this last weekend, in which Sinclair mentions his reasoning regarding $1764

Thanks for the informative link!

[68Camaro]

Sinclair says its going to accelerate its upward pace once it closes above 1764. jsminset.com

With caution... He doesn't say it won't be volatile in the process...

[shinnosuke]

What would you be if you were attached to another object by an inclined plane wrapped helically around an axis?

Yup, you would be screwed.

You know what I like about that video? It's not an infomercial for gold. It was just a calm, measured assessment of how badly we're screwed. This scenario has all been on the drawing board since 1913 at Jekyll Island. And somebody has to pay.