My prediction on gold turn out to be true its down 200$ in 3 days

itsnotme90

Minister (2k+ posts)
This is the thread i posted on 18 february 2013 & it was around 1600 that time & now its drop from 1580 to 1386 in 3 days till now 12 GMT. Admin plz dont merge these two threads as they are two different things.

http://www.siasat.pk/forum/showthre...ou-see-Gold-prices-Heading-in-2013-Up-or-Down

http://www.cnbc.com/id/100640665

Gartman on Gold: We’ve Never Ever Seen Anything Like It


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Published: Monday, 15 Apr 2013 | 1:04 AM ET
By: Ansuya Harjani , Matt Clinch

Article Continues Below


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Gartman: Major Sell Off in Oil & Gold

A look at what's driving down the prices of crude and the precious metal recently, with Dennis Gartman, The Gartman Letter.


Gold prices broke below $1,400 on Monday, as investors dumped shares of gold miners on worries over their profitability as the yellow metal hit its lowest level since March 2011.
"We've traded gold for nearly four decades and we've never… ever… ever… seen anything like what we've witnessed in the past two trading sessions," Dennis Gartman, the editor of The Gartman Letter said in a note on Monday.
"We fear that when N.Y. opens hours from now, and when the public sees the damage done to their accounts, there will be one more violent sum of selling that hopefully shall clear the decks. However, we cannot be certain that that is true and the 'true believers' in gold are clearly under duress."
Gold mining shares around the world were battered, with shares of Australian-listed Kingsgate Consolidated, a gold producer and exploration company, and miner Beadell Resources plunging 15 percent, while Newcrest Mining, which operates gold and copper mines, tumbled more than 8 percent.
(Read More: Has China's Economy Hit a 'Dead End'?)
Gold producers in China and the U.K. also fell sharply. Shanghai-listed Zhongjin Gold fell 6.5 percent, while Zhaojin Mining tumbled more than 9 percent in Hong Kong. In the U.K., Randgold Resources fell 7.2 percent, while Lonmin and Kazakmys were both down over 6 percent.
Analysts at Citigroup also sounded a bearish tone on Monday, pointing out in a note that the firm now had a "sell" rating on all U.K. silver and gold miners, except one.


"As you get closer to the cash cost production for gold, which is around $1,200 an ounce, people get nervous," Jonathan Barratt, founder of Barratt's Bulletin told CNBC.

But Barratt added that he believes this is a "significant overreaction" and offers a good entry point for investors. "For the amount of money that's going into the system, you have to take a longer term view that stimulus will support gold prices," he said.
Gold miners have struggled to find favor with investors over the past year, due to their declining profitability in the face of rapidly escalating operational costs and poor performance of the precious metal.
 
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Zaidi Qasim

Prime Minister (20k+ posts)


This is a clear indication of Gold manipulation. This time it was Goldman sachs .....There are really some very real scammer out there ... watch out ....
 

Raaz

(50k+ posts) بابائے فورم
It is just a bubble....

After two more years the bubble will burst and its price will go down sharply...
 

PkRevolution

Chief Minister (5k+ posts)
What happened to your predictions of gloom and doom almost two years ago when you were constantly starting threads " Sell dollars buy gold "???????

That time Gold price raised upto 1800- 1900 Dollars. People, who were aware of it made good money.
 

muslim01

Siasat.pk - Blogger
Its not a bubble.

Three days back Cyprus stated that it is planning to sell its $6bn gold reserves in order to avoid bankruptcy. Since then the prices have crashed.

More European countries are believed to be selling their gold reserves in the near future.

Wait till gold prices goes below 1300 by the end of this year and then buy it before the end of 2014.

Gold is at extreme Sell signal by all major research firms!
 

Ek_Aam_Admi

Voter (50+ posts)
I think its primarily due to a panic. Gold is and has been the safe haven of investors during bad economic times. With the European economy in crisis and the US economy under the bubble of quantitative easy, another global economic crisis is bound to happen which would lead increases in the prices of Gold. I would wait for the current price drop to hit their bottom and then start buying it.
 

aqeel813

Minister (2k+ posts)
I think its primarily due to a panic. Gold is and has been the safe haven of investors during bad economic times. With the European economy in crisis and the US economy under the bubble of quantitative easy, another global economic crisis is bound to happen which would lead increases in the prices of Gold. I would wait for the current price drop to hit their bottom and then start buying it.

یار مجھے بھی بتانا - میں بھی کوئی ایک آدھ گرام خرید لوں گا (bigsmile)(bigsmile)
 

Zaidi Qasim

Prime Minister (20k+ posts)
یار مجھے بھی بتانا - میں بھی کوئی ایک آدھ گرام خرید لوں گا (bigsmile)(bigsmile)



نہيں بھائ ، ايک آدھ گرام سے کام نہيں چلے گا ، اگر خريدنا ہی ہے تو ڈيڑھ گرام تو خريدو جناب ۔

:lol: :lol: :lol:
 

the.paki

Senator (1k+ posts)
so @itsnotme90 : what do u suggest for a common middle class men. should we buy gold ?what are your predictions for next few months ?
 

A.Ali.T

Minister (2k+ posts)
Its not a bubble.

Three days back Cyprus stated that it is planning to sell its $6bn gold reserves in order to avoid bankruptcy. Since then the prices have crashed.

More European countries are believed to be selling their gold reserves in the near future.

Wait till gold prices goes below 1300 by the end of this year and then buy it before the end of 2014.

Gold is at extreme Sell signal by all major research firms!

My thoughts exactly, except let it find a bottom, then consolidate, after that slowly build your position. No need to rush. Right now Gold is in bearish territory, just wait and watch.
 

AsifAmeer

Siasat.pk - Blogger
I remember your call. I didnt have a firm conviction on direction of Gold for 2013 because fundamentals had a different story than the technicals. From a chartist's point of view, Gold's Bull run ended in Decemeber of 2011. And then it formed a decent support at $1550.. Every time it has hit $1550, I have bought it. The way I viewed it is that the long term uptrend will continue as there is no good economic news or hopes of it. The money printing will continue, so Gold may flow side ways. But I never expected a total meltdown of prices like this.


Folks, this is what happens when you try to mix fundamentals with Technicals. I just was hesistating to trust the charts. I mean how could Gold go down in a downtrend... This truly is a remarkable learning lesson for me, to say the least.

Next support is somewhere b/w $1327 & $1275..
 

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