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Re: Gold
Got GLD?
I have had open GTC orders on GDX to buy at high 39's, but we might not see that day soon. Also had GTC buys on a few juniors, but they have pulled far away from those prices. India is a buyer, and they aren't waiting for gold to go below $1K. What's going to happen when China starts to diversify?
http://online.wsj.com/article/BT-CO-...03-712481.html
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Re: Gold
Looks like the world is slowly becoming more and more bullish towards gold. The Gold Bugs really can't complain because they've been waiting for this day their entire lives. Here's my question- Will they get caught up in the euphoria or will they cash in their profits?
I think they're going to get washed away in the bullishness.
No way, absolutely no way I'd be a buyer of gold at these levels, especially physical gold. And to those who own physical gold- I always thought I'd sell my baseball cards for a profit, but when you have something you can look at and hold, it makes it much more difficult to unload. Don't fall in love.
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Re: Gold
A lot of $1200 to $1300 calls for this leg up. Of course the "end of the world" folks still say $2000 - $5000.
I like to take profits, as you can tell, since I apparently sold way too early.
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Re: Gold
I'm sure that GDXJ is trading at a premium today due to the Cramorons piling in at the open. It's top ten holdings have been hammered the past 2 days, but the ETF is down only a few percent from it's offer at 26. With the volatility of the juniors, I don't expect too many members of Cramerica to stick with this one.
Gold is going down to near 1,000 very soon to wipe out all the folks who jumped on board thinking it was a safe bet against the dollar. Also, many believe the bottom is 1045, the price that India was a buyer. There's no such thing as a safe investment, and gold is no exception.
I am in the belief that gold is in a secular bull market. Looks like the dollar may be moving up here which should partially unwind the short dollar, long commodity play in the near term. I'd consider any move in the dollar a bear market bounce.
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Re: Gold
GDX and GLD filling the gaps today. This dollar strength should provide a good entry for anyone looking to add precious metals.
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Re: Gold
Perhaps we'll see a pullback to down near 1000, the breakout level. We saw a similar pullback in '08, and while it will take patience, it could be the ideal place to buy.
http://www.etftalk.com/images/forum/120709.gif
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Re: Gold
1000 sounds good. This might be the last chance to get on the Gold bandwagon at a reasonable price. GDX broke the 50 DMA today which is another indicator of gold about to drop. GDXJ got hammered too, but we knew that was going to happen as soon as Cramer endorsed it. It's all good, like I said, this is a buying opportunity.
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Re: Gold
Down to 1090. It's now hitting the rising trendline. May be time to dip a toe in the water, but I'd still rather see 1000.
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Re: Gold
GDXJ may not be a bad way to play gold for the final run up. Cramer gave it the kiss of approval around 27, so I'm sure most of those players are getting washed out.
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Re: Gold
Thanks. I'll check out GDXJ, although I'm thinking about just going straight to the gold futures. That UNG action left a bad taste in my mouth for commodity ETF's. Of course if I put it in my IRA I will have to use the ETFs.