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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #4,301
  • Apr 6, 2011 1:25pm Apr 6, 2011 1:25pm
Quoting USD-Bear
agreed, but I only take the shorts if you don't mind
By all means,

When you zoom out on the silver chart it looks pretty insane, yet it looked pretty insane at the end of last year as well and it has since moved higher. At what point do the people with the most money look at the chart and say "this is insane" I wont try and guess, but i hope i will be able to take advantage of the correction or capitulation or what ever, which will occur eventually.

If i was an investor i would not buy gold here, i do not feel there is "true demand" for gold, unlike food, oil and iron, etc. But this is just my opinion, I know there are longer term traders reading and im not trying to say they are wrong, its just my thoughts.
  • #4,302
  • Apr 6, 2011 1:26pm Apr 6, 2011 1:26pm
Quoting USD-Bear
Auw..., that hurted
I'm an investor and contrarian and a short term speculator.
As an investor I say gold has no real value apart from those few ounces put in wedding rings and some circuits.
The world is in a terrible shape right now while the USD is an almost worthless currency so where to invest in right now.
My answer is commodities (been doing so for the last 2 years and prob. coming 10 years) but certainly not gold but something having real value like agriculturals, copper, zinc etc...
I've read the thread and I find that most participants...

thanks for the chart and sorry i did not define in my post that i was refering to silver not gold
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
  • #4,303
  • Edited 2:01pm Apr 6, 2011 1:31pm | Edited 2:01pm
Quoting six gun
If fiat currencies have no value what will replace them?
Hopefully we will not move to the barter system, so what to do?
You need something that is rare or else we are back to the fiat system in another form. Gold has for thousands of years held this place. Never done the survey but my guess is 99% of cat owners would recognise gold as something valuable. Something with highly concentrated value.
True, solution is not simple and I haven't the faintest idea where this all will end, but USD being the world's reserve currency does not mean much anymore.
Eventually a solution will come as inflation will as rising commodity prices will, my argument is you can't eat gold, you can't build houses with gold it's price is artificially and psychological defined....
Don't be a hero. Don't have an ego. Always question yourself
  • #4,304
  • Apr 6, 2011 1:35pm Apr 6, 2011 1:35pm
but in every society you need a means of barter or exchange so unless you reach a Mad Max situation why not use the medium that has been favoured for thousands of years? not everyone grows corn

beeb
  • #4,305
  • Apr 6, 2011 1:41pm Apr 6, 2011 1:41pm
Quoting highlander2
By all means,

When you zoom out on the silver chart it looks pretty insane, yet it looked pretty insane at the end of last year as well and it has since moved higher. At what point do the people with the most money look at the chart and say "this is insane" I wont try and guess, but i hope i will be able to take advantage of the correction or capitulation or what ever, which will occur eventually.

If i was an investor i would not buy gold here, i do not feel there is "true demand" for gold, unlike food, oil and iron, etc. But this is just...
Agreed and it could well be more insane this year or next year, but apart from day-trading I fail to see the sence of trading long in it.
Find something with real-world shortages like agriculturals and buy it at bottom prices and be the first instead of risking to be the last I would say.....
Don't be a hero. Don't have an ego. Always question yourself
  • #4,306
  • Apr 6, 2011 1:42pm Apr 6, 2011 1:42pm
Fiat currencies are not totally worthless, they have a few billion people working to support the adminstrations that run them.

Fiat money is a belief in the system and productivity behind a currency and the ability of its people to honour its commitments.

Quite nice having a 100 million people on the payroll, as well as corporates taxes, sales taxes, housing taxes, federal taxes and so on. That is a lot of sweat equity.

So yes, a lot of adminstrations are in dire trouble and still dumb with over spending but saying fiat is totally toilet paper is not really there yet until you get run away hyper inflation, gold is there for that, the last resort.There are billions of wage slaves propping them up.
  • #4,307
  • Apr 6, 2011 2:48pm Apr 6, 2011 2:48pm
Quoting USD-Bear
I fail to see the sence of trading long in it.
Im not sure I agree with that, it has been going up and there have been good opportunities for placing trades. I am a pure chartist so i will really trading anything that is moving and is liquid. Generally only looking for a few days movement.
  • #4,308
  • Apr 6, 2011 3:01pm Apr 6, 2011 3:01pm
neckline breached up...
just wonder how much pull back to buy again...
good trading to all..
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  • #4,309
  • Apr 6, 2011 4:43pm Apr 6, 2011 4:43pm
To bail or not to bail, that is the question?

A retrace is very likely now...
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  • #4,310
  • Apr 6, 2011 5:10pm Apr 6, 2011 5:10pm
Quoting highlander2
To bail or not to bail, that is the question?

A retrace is very likely now...
hi highlander,
any reason ?
thanks
  • #4,311
  • Apr 6, 2011 5:33pm Apr 6, 2011 5:33pm
Quoting riko2705
hi highlander,
any reason ?
thanks
well we are very high and you would have to think that there is going to be some profit taking. Its just a case of- will it hit my 1000 point target before it does. I will probably leave it and see.
  • #4,312
  • Apr 6, 2011 5:37pm Apr 6, 2011 5:37pm
There is talk of the US Government shutting down, due to disagreements with GVMNT Spending... Republican and Democratic bickering costing in the end taxpayers money.

If this happens, Gold should see a significant boost.

-----------

Let's see.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,313
  • Apr 6, 2011 5:51pm Apr 6, 2011 5:51pm
Quoting highlander2
well we are very high and you would have to think that there is going to be some profit taking. Its just a case of- will it hit my 1000 point target before it does. I will probably leave it and see.
thanks
  • #4,314
  • Apr 7, 2011 12:47am Apr 7, 2011 12:47am
wed highs reached @ 39.70 area .
bias is up from 38.79 on the daily.
thurs. daily
39.95-40.13
38.79
37.45
gold daily
1466-68
1444
1419
  • #4,315
  • Apr 7, 2011 1:07am Apr 7, 2011 1:07am
Quoting XTrade
There is talk of the US Government shutting down, due to disagreements with GVMNT Spending... Republican and Democratic bickering costing in the end taxpayers money.

If this happens, Gold should see a significant boost.

-----------

Let's see.
It will be solved over the weekend, or so I read. Just the 2 teams doing some political brinkmanship.
  • #4,316
  • Apr 7, 2011 2:35am Apr 7, 2011 2:35am
I'm rethinking the opinion of a correction in silver right at $40.

USD is falling hard: AUD hit another record. Brazil is having trouble to dampen BRL. Stocks are moving up. It's inflation, economical recovery (real or fake), call it what you will. Almost everything is moving up against the dollar.

Since it's not about silver or gold alone, I don't think that a correction at a round number is mandatory. If there is a sell-off at all, it may be swallowed by the bulls. Eventually we may see a small wave in the chart and that's it.

I came to this conclusion after checking silver at $30. There was a correction BEFORE (from $29 to $25), then $30.70 was reached before it fell again to $28. Finally there was a decent retracement from $31 to $26.5 and we moved straight up until today.

Yes, silver is oversold and deserves a retracement. Nevertheless, we could see $40.60 before that...
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"The reason I was born and came into the world is to testify to the truth."
  • #4,317
  • Apr 7, 2011 3:09am Apr 7, 2011 3:09am
Quoting harvest3r
I'm rethinking the opinion of a correction in silver right at $40.

USD is falling hard: AUD hit another record. Brazil is having trouble to dampen BRL. Stocks are moving up. It's inflation, economical recovery (real or fake), call it what you will. Almost everything is moving up against the dollar.

Since it's not about silver or gold alone, I don't think that a correction at a round number is mandatory. If there is a sell-off at all, it may be swallowed by the bulls. Eventually we may see a small wave in the chart and that's it.

I came to...
I think those are great contrarian indicators, look at the CAD, AUD etc, there are so many things on steroids now because of dollar weakness. IMO the big day could be 25th April as the FED have their new Q+A session similar to what Trichet will be doing later today after interest rate decisions.

Bernake will answer questions and will probably say no more to QE3( for now), the markets will tank from there and the dollar will strengthen.

Not sure what is going on today, markets waiting for the ECB decision? Really quiet.
  • #4,318
  • Apr 7, 2011 3:26am Apr 7, 2011 3:26am
it seems nothing is stopping the devils metal (silver) its just going up every dip faces heavy buying interest

is it a bubble or is it really undervalued and were facing a real silver shortage?
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
  • #4,319
  • Apr 7, 2011 5:23am Apr 7, 2011 5:23am
My POST over the the Video Store. Curious to see what the 2011 book is going to show.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #4,320
  • Apr 7, 2011 6:23am Apr 7, 2011 6:23am
Quoting LasVahGoose
My POST over the the Video Store. Curious to see what the 2011 book is going to show.
thank you
seems it goes higher, while the world is boiling......
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