Gold gang check in

[SBR_John]

If I was a trader I would sell here at $1352. This Russia news will have a very short shelf life. Gold was a little soft before the news with profit taking helping bring it down to $1320 last week from $1340.

[James D]

The Russia news of course is very good but I still see us staying above 1330 even if it levels off.

[SBR_John]

If I was a trader I would sell here at $1352. This Russia news will have a very short shelf life. Gold was a little soft before the news with profit taking helping bring it down to $1320 last week from $1340.

Great call! We are now at $1366.

We got our rally caps on.

[James D]

Global indicators positive so it's hit 5 1/2 month high. Between stockists, the Ukraine mess & Chinese default fears gold may have a very significant rally in the near future.

[SBR_John]

Global indicators positive so it's hit 5 1/2 month high. Between stockists, the Ukraine mess & Chinese default fears gold may have a very significant rally in the near future.

Hope so. I wonder if the Republicans making major gains in the fall will hurt? Kind of semi tempted to sell a little in here. But my plan was to hold for at least 5 years and so far its only been 6 months.

[James D]

Hope so. I wonder if the Republicans making major gains in the fall will hurt? Kind of semi tempted to sell a little in here. But my plan was to hold for at least 5 years and so far its only been 6 months.

I may sound like I am banging the same drum because I have been continually optimistic on gold in this thread and elsewhere even when we were discussing gold at 1220 just a few months ago. I see more current news bolstering my opinion then weakening it.
I don't think the republicans even with the projected gains, I believe it's +6 in senate, will be able to do anything but force a standstill for next two years. Also the projections have republicans taking 51-49 lead. Since the two independents caucus with the dems. With 51-49 projected it's hardly a guarantee the senate changes hands, I would not sell before the election or anytime soon after. The fact is the reverse could very well happen with the dems losing far less then projected. One thing we have learned of late is Obama knows how to get the vote.

With Chinese default issues and the Ukraine problems both affecting markets in those regions gold has more upside then down in near future. We also will 100% have a boycott of Russia soon because he is not giving up the Ukraine and that's gonna bang the markets and bolster gold. The question is not if we will have restrictions on Russia due to the Ukraine the only question is how tough the sanctions and restrictions will end up being.

[SBR_John]

Good post and I agree. But the just the perception that the US is going to show fiscal restraint could stunt prices for a while.

If I didn't own gold I wouldn't be in any hurry to buy in. The catalyst for a big move up is out in time a ways. It's up from a low of $1189 just a couple of months ago. A nice move up exaggerated by a short squeeze. If we can be at this level by the end of the year I'll be pretty happy.

[James D]

Currently 1372 and I think we will be +1372 years end. I agree about the US and our future fiscal mindset and If that really happens its a win for guys like you and I anyway. However china/Ukraine issue /India do affect the gold market as well and there indicators seem to work for gold going up.

The fact is gold has dramatically raised the bottom in last few months so we should be happy about that.

[Albert Pujols]

Just buy it and get out of paper and be happy when the world goes to shit and you still have something to show for it.

[James D]

Up to 1379 now. Ukraine causing expected push up. Don't see any possible resolution in Ukraine that could hurt gold. Russia isn't leaving and sanctions will be forthcoming.

http://www.newsledge.com/gold-silver-prices-push-higher-today-ukraine-focus-5503

[brooks85]

damn already been 6 months

gold at 1216 and going to go even lower along with silver. Going to buy some.