Gold Bottom?

[johnlw]

The past few weeks have seen a brutal correction in gold.

Any thoughts on whether or not we have seen the bottom and it starts to climb again?

 

[d]

since you asked ... my sense is that gold has been way too popular in recent months and the run-up was largely the result of the hype ... when the recent "correction" has the effect of cooling that hype (and turning the panic late buyers into panic late sellers) ... then we'll have a better idea as to a reasonable price for this and other commodities.

 

[wabmester]

To figure out if we're close to a bottom, just take a look at the fundamentals. Oh, wait. Gold doesn't have any fundamentals. Nevermind.

 

[saluki9]

To figure out if we're close to a bottom, just take a look at the fundamentals. Oh, wait. Gold doesn't have any fundamentals. Nevermind.

 

[justin]

To figure out if we're close to a bottom, just take a look at the fundamentals. Oh, wait. Gold doesn't have any fundamentals. Nevermind.

That's not true! You take it back. You can make really pretty ornamental jewelry out of gold!

 

[maddythebeagle]

let's ask an expert

 

[saluki9]

let's ask an expert

"I pitty da fool who don't think we put in a trading floor at $570 and ounce!"

Well folks, there you go. I think that answers the questions.

 

[cute fuzzy bunny]

I think if you've been buying gold the last few months to get "in on the action", right about now you know what if feels like to be a bottom...

 

[astromeria]

Every time I see "Gold Bottom" on the FIRE and Money topic list, I hear the Spinal Tap song "Big Bottom"--gee, thanks for the earworm

 

[mathjak107]

i think we are far more likely to test 700 again than 450.00....im not even sure what gold reacts to anymore but none the less theres alot more eyes watching it and following it than ever before......

 

[d]

if you've been buying gold the last few months to get "in on the action", right about now you know what if feels like to be a bottom...

1) to be a bottom or
2) to be at a bottom or
3) to be at what one desperately is hoping to be a bottom?

 

[cute fuzzy bunny]

#1.

$350 is next.

 

[d]

#1.

as i thought. 

 

[wabmester]

A gold bottom would be a good thing, right?

 

[starboardtack]

Any thoughts on whether or not we have seen the bottom and it starts to climb again?

I might suggest a review of the term "fiat currency", the dropping of M3 coverage, and overheated printing presses.  Aside from the trite monikers of "easy Al" and "helicopter Ben" and debt, debt and more debt, just to pay the interest on the debt.  Could it be that the "rapid rise" in prices for oil and commodities, a healthy portion of which certainly is due to increased global competition for finite resources, might share the curious coincidence of being denominated in ever weaker U.S. dollars?  Remember when the "experts" predicted a return to $40 bbl oil?    Speculators get trounced routinely when following the herd, both on the buy and sell sides.  Hold on to your knickers, hopefully with a couple of doubloons sewn inside.  We are have entered into interesting times. 

 

[johnlw]

Starboardtack,

I couldn't agree more.  Here's a few web sites you might be interested in, if you don't already frequent them:

http://www.jsmineset.com

http://www.financialsense.com

 

[cute fuzzy bunny]

A gold bottom would be a good thing, right?

Yeah, but in this case, YOU'RE wearing those. Not so pretty a picture.