Gold, is it right time to buy?

Good day, traders,

im thinking about gold for some time. From its highest high gold felt more than 1600 pips down.
Looks great opportunity, especially knowing, that US crisis is not over for sure. What do you think about that from technical and fundamental side?

In one interview Warren Buffett said, that he see's gold at 3000 $ per ounce price in 3-5 years period.
Well known investment books author Robert T. Kiyosaki said, that after five years gold price will be 5000 dollars per ounce.

Kiyosaki is a joke, he is exactly that, an author which unfortunately does not imply he's also good at doing what he writes about.He only got rich because there are enough people out there willing to give him their money in exchange for self-help and motivational mumbo jumbo and with very little concrete and applicable value.

I can only imagine he started giving predictions about gold when he decided it's time to expand to other fields besides motivational books and seminars.Probably not enough fools left.

As for Buffet, he recently lost $1.2 billion on shorting put options, and he's probably been wrong before.

If you can't reach to the conclusion that gold is going to go up by yourself and your own analysis, do not gamble your money away and follow other people.

Gold is in a downtrend and has yet to give definite signs of reversal. If you really want to buy gold, I would say wait for few more days. But then thats just my worthless opinion.

It's hard not to listen to Warren Buffett since he's been so successful. But he also was betting on USD going up about 2 years ago when it started a significant downtrend. So he's been wrong before and can be wrong again. Just be careful.

Thanks for advice, i really wont take any actions, just becouse of investors opinions, i just thought, that it may be interesting for you to read.

Lets look from other hand, EU yesterday broke its downtrend channel and now has potential to go up again, at least at 1.57 level., gold is very related to this pair, here is another reason to go up

I entered into the Franklin Gold & Precious Metals Fund 96 days ago, as I just do not trust the Stock Market. I am seeing about 1% per month in appreciation, thus far. I really do not care if I "timed" the market correctly....this is just a slow and steady entry into a REAL market that will not go down...I think as time passes and history is aged..that Gold and Precious metals will become sparse and always hold their value....it seems Biblical or something. I do not think that Warren Buffett times the market either...he just believes in certain things and follows them.

But this is not the speculative part of my portfolio...like currencies are...This is because I wanted to park a small amount of money into something real and apart from Currency trading. I did this together with a collegue at work and we discuss the Franklin Fund once a week...hehe its like a reason to phone each other and ask how we are doing. I do not discuss Currencies with him.

ES

Be reasonable when making speculative claims of $5,000/ounce. Think about it. Is there a global shortage of this substance? Does it follow fundamentals regarding supply? When it hit $300/oz was there enough gold in the world for everyone to buy an ounce? Would it make sense if the gold miners in Australia and Colorado became trillionaires in 3 years? I assume if gold hits $5,000 then soybeans must reach $60 a bushel? I'm not going to bring up oil because that causes a visceral reaction in the heads of the fanatical. Does it makes sense that farmers would be driving Maseratis? Gold is a Dollar hedge so if the Dollar loses all faith/value then Gold would appreciate. Australian Dollars are about 80% tied to gold, so would Australian Dollars be worth $5 US Dollars? I suppose the question right now is; will the US Dollar gain value soon and bring commodity prices down? Jim Rogers said commodity bull market from 1999 to 2009. Jim said he's getting out in 2009. Notice he's been making a lot of appearances talking down USDollars and talking up commodities and Asia near the end of his investment.
Just put a little perspective on things. I'm all for divesting portfolios, but gold is still a currency. It's a currency and it's money. Dollars are not money despite our common misconseption. Gold has intrinsic value and is exchanged around the world as currency therefore is money. Dollars are fabric with no intrinsic value used to buy goods and services based on faith of a bank that prints them therefore they are currency. Fiat currency. If you think markets move according to crowds and psychology then gold should always be worth more than $1,000/oz. If you know there are entities that move the market and own the largest banks in the world (central banks) then you know prices mean very little as all the wealth in the world cannot be traded. Citi was the largest retail bank in the world last year. Citi was and is not owned by the people that own the world. Citi almost went bankrupt this year. The people that profited from subprime have to have an idiot to take the other side of their positions. Gold is less liquid than the mortgage market. Think about that. The US holds about $250billion in gold if we believe the tale they tell which is no longer audited for some reason. Subprime writedowns are estimated to be worth $500billion and correct me but I think that's in the US alone and let me highlight that is losses only and not the whole market. Do you guys own real estate? Nothing is bigger than central banks and the people who profit off them.
Sorry to rant.

I just looked at a gold chart. Do you know why gold bounced? Do you think it could hit $800/oz? It's making 11 day swings right now and it has not played out its daily ABC pattern. Monday is day number 11 and the top of the 4hour ABC looks like $903. If gold breaks $903 Monday it will be a breath of life for long gold but only until around $935 then we should continue down.
This is not trade advice and making these claims is mainly for fun because as traders we should trade what the market tells us to trade and not what our brains tell us to trade.
If I was really a gold trader I would be connecting ABC bottoms and trading a break short on the 1hour or 15minute chart.

I see gold hitting $1000 within the year as I don’t see the dollar strengthening.

if inflation is continuing higher then Gold can climb but this recent selloff in Crude looks like a cap for the next few months so i'm thinking gold is capped as well. we hit 935 and dropped to 870. looks like we'll consolidate now around 915.