forexer

Will gold reach $1300??? If so why do you think it will?

-> I'm waiting for a pullback now before i get realy to buysome gold (about 2 OZ ) at the low (i hope ) of the pullback maybe around $1100, maybe lower - trying to bargain a little. Because i have to pay a 7% tax in Singapore if i want physical gold bullion which i can purchase from UOB, local bank, i also will be charged commission - prob quite alot because 2 OZ is very little - thats all i can afford. Want to put my rest of my money in the local stock market via ETF index fund.

SOOOOO, when do you think gold can hit $1300 and maybe $1500. It will but when? And the reasons for it doing so? Will you also expect a pullback maybe due to profit taking of shorts filling in. If you agree on the pullback please share with us how significant would the pullback be, till what price approx.


Thanks and happy investing in gold Bloody hell all you gold bugs are lucky people hanging on to gold


Forexer

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mattman

Hi forexer,

Be careful about trying to pick tops and bottoms. Trying to pick them are low probability set ups.

Have you considered silver? You may be able to get a better commission by being able to buy in higher quantity. Does Singapore have the 7% tax on silver bullion?

Simit Patel

hey forexer,

my long-term price target on gold is $1750; i will re-evaluate if it gets to that level. the range i am trading is $1050 to $1750. i will keep an eye on support/resistance levels that emerge within this range and trade accordingly.

i am curious about this 7% tax you speak of in singapore. that is just for gold? i fear as more and more people jump on the gold bandwagon governemnts will institute a special tax on gold, so that the value of their paper currency is preserved.

well forexer i see that you got yourself some informedgold -- no tax on that my friend!

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Tekmnd

Personally, I do not think gold will go to $1300 any time soon. I think the recent rise is topped out.

Just my opinion

Cheers
Tek

-o0(GoldTrader)0o-

Damien: On another note, Gold has been reaching new all-time highs, although not inflation adjusted. You said Gold may reach $2,000 an ounce over the next decade. Can you explain what variables will push Gold to $2,000?

Quote:

Originally Posted by yinmonkey Wonder what Jim Rogers thinks silver will go up to. A hundred bucks would be nice.

Jim: First, I hope you will keep Mr. Roubini’s statement where he said Gold going to $2,000 an ounce by 2019 is “utter nonsense.” I think you’re going to get a chance to call him before 2019 to ask him what he thinks of Gold at $2,000 and why he thought it was “utter nonsense.”

Regarding variables, it’s very clear there is huge suspicion about paper money around the world. This suspicion is gathering steam. Governments are printing huge amounts of money. This has always led to higher prices. Maybe I am wrong and it’s different this time. But I doubt it.

Additionally, no new large gold mines have been opened in decades. Some of those mines are over 100-years old. They are all depleting. On the other hand, central banks have huge Gold reserves above ground - and they are less interested in selling than in the past.

Quote:

Originally Posted by Simit Patel a special tax on gold, so that the value of their paper currency is preserved.

If you adjust Gold for inflation and go back to it’s former all-time high in 1980, Gold should be over $2,000 an ounce right now if you want to say it’s reaching new inflation adjusted all-time highs. That does not mean Gold has to get back to a true all-time high. Nothing has to. However, I suspect that given all the money printing in the world, we will see much higher prices for hard assets. Despite Gold’s potential, I think I will make more money in other commodities such as silver, cotton, or coffee - all of which are terribly depressed.

See: Investment Postcards: Jim Rogers on gold

Ruben..

Hi my friend.

It looks like your plan is great, I wish you luck.
I agree with your idea of a pullback coming, but I think it could go down a little just a little more than you said, maybe to 1070? And maybe could touch the trendline ? who knows.. but this is what I think:

I think that if Gold makes a pullback, it could go down to 1070, because that level was the last ressistance broken, which now its a support, which at the same time is the 50% of the big white candle that broke the ressistance level on 1st of november. I had notice that when price in Gold breaks a ressistance with a big white candle, the 50% of that candle acts as support very well.

look in this chart the blue line at 1027.63, first acts as a ressistance level in mid september, then the price broke that level and make a new high but after touching the 1070 level (black line) it falls to the blue line again (which confirms the importance of that level at 1027). Now this pattern seems to happen again, price broke the black line (at 1070) which at the same time is the 50% of the big white candle that broke that level:



And if we look with less zoom, we could see that (in my opinion) the price could fall down to touch the trendline and at that level (1070):




Again this is just my opinion, I could be very very wrong.
Good luck my friend!

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Jason Rogers

My personal opinion...yes.

I've been watching this (long term) chart



DailyFX released their gold forecast and they're calling for a retrace back to $985 over the coming weeks. I think that's a little ambitious

forexer

I actually don't care where i get filled because this is a long term hedge against inflation. This isn't a trade. Tis is a buy and hold forever kinda thing. So, trying to get a bargain is a win win here. Who cares if gold goes down another 10% on me. Sience i'm not leverage , i'm always safe.


Silver bullion, almost anything is subjected to 7% tax. **** the government And they're declaring Singapore's out of the recession - they showed a chart in the paper this morning (V shaped bottom ). We'll see

Forexer

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forexer

Thats quite reasonable. The range gold has been trading in - is widening silver is the same. This shows the more deviation of the sentiment of the gold traders as wells as the influx of volume a few years back. Do you think there can be a bubble in gold? DR. Doom said there will be and Jim says NO. What's your take?
That 7% is a goods service tax. Since gold bullion is under goods, it's subjected to this GST. And, yes, i agree with you that governments may just resort to taxing the purchase of gold if their stupid fiat paper money is threatened. That wuld be stupid!
I could not resist gold, eve informedgo9ld at current prices! Love em Thanks for creating this informed gold


forexer

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forexer

Wow wow. I personally think the pullback is going to be much greater. And gold is n an expanding wedge, sorta of a worry for me idk why but it just seems unsolid for me. However, i told you the pullback is likely to be wave 4. Wave 4 might be a diagonal or just some normal correction, we'll see. I can actually buy sme gold now, just in case, buy some during the pullback, buy some at what it think might be the end of the pullback and buy some on the rally again. But i just need more cash. !!!!!!!!!

When i think of having just 2 small 1oz gold coins, i feel like a poor guy. Damn. Better get my dad to buy gold too!


Forexer

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Learn to manipulate your own mind.