delusions of grandeur Posted August 8, 2011 Share Posted August 8, 2011 (edited) A liitle off-topic, but I was wondering what you guys thought about gold right now... Back when the market first started going south, I bailed on my mutual funds just before the rebound , but made it back by putting a good bit into into a gold stock at under 90 ($900/ounce), and leaving the rest in cash.. Cha Ching, sitting at about an 80% return right now. However, gold doesn't always seem to have a true opposite correlation to the market... Some of the time, it will go up as a safer option in an unstable market, but some of the time it will take a hit right along with the market... Just curious if anyone knows how gold will be affected by all of this (including things like sell-offs we saw there recently)... Edited August 8, 2011 by delusions of granduer Quote Link to comment Share on other sites More sharing options...
Brentastic Posted August 8, 2011 Share Posted August 8, 2011 (edited) A liitle off-topic, but I was wondering what you guys thought about gold right now... Back when the market first started going south, I bailed on my mutual funds just before the rebound , but made it back by putting a good bit into into a gold stock at under 90 ($900/ounce), and leaving the rest in cash.. Cha Ching, sitting at about an 80% return right now. However, gold doesn't always seem to have a true opposite correlation to the market... Some of the time, it will go up as a safer option in an unstable market, but some of the time it will take a hit right along with the market... Just curious if anyone knows how gold will be affected by all of this (including things like sell-offs we saw there recently)... For every 100oz of gold production there is only like 6oz of platinum. Gold is absolutely not worth as much as platinum. I say gold is in a bubble but with the debt making the dollar worth less than air, gold could keep rallying for a while. At some point there will be a great short play in gold. Something like short at 2400 and cover at 800. But it might not get that high, so buying now hoping to cash in on a pro-longed bull market in gold is not a smart play. E2A: Forgot to mention in the first paragraph that gold is basically the same price as platinum right now. http://www.kitco.com/market/ Edited August 8, 2011 by Brentastic Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 8, 2011 Share Posted August 8, 2011 Obama speaks and the market drops another 150 points... Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted August 8, 2011 Share Posted August 8, 2011 I wonder if the S&P staff was able to sell their stocks on Friday ahead of their big announcement? Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted August 8, 2011 Share Posted August 8, 2011 Obama speaks and the market drops another 150 points... I can't even imagine what a default would have looked like. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 8, 2011 Share Posted August 8, 2011 I can't even imagine what a default would have looked like. Yeah, good thing the Democrats backed off and compromised. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted August 8, 2011 Share Posted August 8, 2011 I can't even imagine what a default would have looked like. Probably would have rallied 400 points. Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted August 8, 2011 Share Posted August 8, 2011 Yeah, good thing the Democrats backed off and compromised. Yeah, good thing Boehner got 98% of what he wanted. Too bad S&P thinks the deal sucked. Quote Link to comment Share on other sites More sharing options...
Avernus Posted August 8, 2011 Share Posted August 8, 2011 President Obama says that Warren Buffett would still give us a Quadruple A rating, so you know... we got THAT going for us. He also chastized the Republicans for using the debt ceiling deadline as a bargaining chip. That must be why S&P downgraded us, because even though an agreement was reached, they didn't like the way that the Republicans negotiated that agreement. Yep. what has Buffett done lately other than lose money on his investments? Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 8, 2011 Share Posted August 8, 2011 Yeah, good thing Boehner got 98% of what he wanted. Too bad S&P thinks the deal sucked. All they had to do was make a deal to reform what is driving the economy to the brink... social security, medicare/medicaid and defense. But, no, they couldn't do that. And, Joe, my first comment was in jest... You people need to lighten the fu(k up around here. Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted August 8, 2011 Share Posted August 8, 2011 All they had to do was make a deal to reform what is driving the economy to the brink... social security, medicare/medicaid and defense and raise revenue. But, no, they couldn't do that. And, Joe, my first comment was in jest... You people need to lighten the fu(k up around here. Fixed. ...and I didn't realize I was flying off the handle with my comment...jeez...talk about lightening up. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted August 8, 2011 Share Posted August 8, 2011 Good thing we are keeping those tax cuts in place. The bush tax cuts need to end on TOP of increased cuts to spending if any progress is to be made. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted August 8, 2011 Share Posted August 8, 2011 It's going to get worse folks. You better not root for QE3 because that will just delay the inevitable. Ouch - http://www.bloomberg.com/markets/stocks/world-indexes/ Quote Link to comment Share on other sites More sharing options...
Avernus Posted August 8, 2011 Share Posted August 8, 2011 A liitle off-topic, but I was wondering what you guys thought about gold right now... Back when the market first started going south, I bailed on my mutual funds just before the rebound , but made it back by putting a good bit into into a gold stock at under 90 ($900/ounce), and leaving the rest in cash.. Cha Ching, sitting at about an 80% return right now. However, gold doesn't always seem to have a true opposite correlation to the market... Some of the time, it will go up as a safer option in an unstable market, but some of the time it will take a hit right along with the market... Just curious if anyone knows how gold will be affected by all of this (including things like sell-offs we saw there recently)... gold is viewed more as a currency as it has been in history and there is a lot of it...as is silver, but silver is used much more in manufacturing....platinum is like a baby compared to gold and silver as it was not discovered until sometime in the 1800's I believe....and gold is worth about as much as platinum right now.... gold is not in a bubble yet as it needs a few weeks at least of parabolic type gains to be in a bubble....otherwise we're just seeing business as usual as we've seen in the last decade.... I hold physical though I don't completely knock paper contracts,....and I am looking to get out myself within the next 6-12 months...or weeks?...it depends on what the movements are like....silver was a great investment 2 years ago and the bubble that was pretty obvious to spot had already burst, but I think it still stands to gain at least 40% more from the current spot price.... gold is a safe investment in the next year or two imo if you have a lot of money to plug into it as it should exceed $2,000 an oz....I think that once it hits around 2300-2500 we may start seeing a bubble, but I first got in about $800 ago and it just seems to have a healthy climb...so we'll see I guess... Quote Link to comment Share on other sites More sharing options...
tonorator Posted August 8, 2011 Share Posted August 8, 2011 hey, i missed it in obama's speech ... where did he take at least a single ounce of responsibility for this mess? any small bit? Quote Link to comment Share on other sites More sharing options...
Avernus Posted August 8, 2011 Share Posted August 8, 2011 It's going to get worse folks. You better not root for QE3 because that will just delay the inevitable. Ouch - http://www.bloomberg.com/markets/stocks/world-indexes/ QE3 or whatever it will be called is literally around the corner at this rate....imo of course....things can't continue this way under the current conditions and the only solution that anyone knows is to float the markets up for another 6-12 months.....at least quarterly earnings might look good? Quote Link to comment Share on other sites More sharing options...
Brentastic Posted August 8, 2011 Share Posted August 8, 2011 hey, i missed it in obama's speech ... where did he take at least a single ounce of responsibility for this mess? any small bit? The last person responsible for this mess is Obama or Bush for that matter. More like Bernanke, Greenspan and Volker etc... Quote Link to comment Share on other sites More sharing options...
moneymakers Posted August 8, 2011 Share Posted August 8, 2011 Barney Frank and his cronies. nuff said Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted August 8, 2011 Share Posted August 8, 2011 Good thing we are keeping those tax cuts in place. The bush tax cuts need to end on TOP of increased cuts to spending if any progress is to be made. Maybe that won't fall on deaf ears in the next election. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted August 8, 2011 Share Posted August 8, 2011 I wouldn't be surprised if we saw 1050-1100 before the end of the year some time. or day for that matter. Quote Link to comment Share on other sites More sharing options...
MojoMan Posted August 8, 2011 Share Posted August 8, 2011 I wonder if there would be a huge stock market rally if the current Members of Congress resigned. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted August 8, 2011 Share Posted August 8, 2011 The Mar 09 low for the S&P 500 was price level 666. Today the S&P 500 declined 6.66% Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 8, 2011 Share Posted August 8, 2011 (edited) number of the beast Edited August 8, 2011 by Azazello1313 Quote Link to comment Share on other sites More sharing options...
detlef Posted August 8, 2011 Share Posted August 8, 2011 QE3 or whatever it will be called is literally around the corner at this rate....imo of course....things can't continue this way under the current conditions and the only solution that anyone knows is to float the markets up for another 6-12 months.....at least quarterly earnings might look good? We're up at Dos Perros Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted August 8, 2011 Share Posted August 8, 2011 We're up at Dos Perros Is that trading at DOG on the stock exchange? Or is it ARF? Quote Link to comment Share on other sites More sharing options...
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