SunnySideUp

I had an offbeat offer today on the telephone ...... an offer of a part share in a full oil tanker sitting off the coast - talk about risky!

john banks

Gold is running away from me rapidly, although I still have half my previous holding. I've been tempted to sell the other half too as I don't think this will last, it seems ridiculously overbought now. It can't possibly keep going at this rate, and when the rate slows I think it might collapse.

GlesgaKiss

The coast of Somalia?

GlesgaKiss

I think you're probably right, it can't keep going like this for much longer.

GlesgaKiss

First time I've seen this happen. Incident Communication Website - Active - London Stock Exchange

Care to shed any light alloy?

alloy

This is the 3rd or so instance of the LSE being inadequate in the past 2 months, although this is by far the longest down time, markets started in auction at 13.30 and will be back to normal conditions by 14.00. We can still trade through Chi-X and Turquoise but both of them together only account for approx 11% of the average daily volume, although today probably will be much higher! All this on top of thanks giving in the states makes for a very frustrating day because there's news out there to trade on and slim volumes to work with!

GlesgaKiss

Thanks for that. Surprised you even have the time to post. Must be choas there now at the 'open'?

alloy

No not too manic had three and a half hours to take orders readyt o be entered on the open!! Flurry once the LSE was back up again but calmed down again now because the yanks are off and volumes are pretty anemic

GlesgaKiss

Wonder if the Footsie will close down 3%?

alloy

No don't think quite that bad, there's a fair bit of technical support down here, but then with issues like Dubai seem to have and the exposure our banks have to the middle east could be another leg down, always volatile when liquidty is poor and not helped by the 3 hours or so of LSE down time, maybe down here there is a good level of value in certain stocks that you can enter into with tight stops as we are finding support above where i'm calling the FTSE a sell and until that's confirmed i think we still have to expect an up tick

alloy

Dubai press conference call has been postponed after the phone lines were overwhelmed.....reminds me of about 14 months ago

hodgy0_2

tell someone to put the cable back in

GlesgaKiss

ADVFN showing the footsie down 3% now.

Dingdongler

No,no,no!

Please look at the bigger picture, you guys should know better.
Today ' Dubai inc' said it can't pay its debts and needs more time. This is just the beginning, wait until the 'new' european countries default on their debts, perhaps even UK and USA. This is bullish for gold.
$1300 is on our doorstep, then $1500 in sight. The borrowers must default or inflate.

There is no forseeable downside for gold. I keep saying this, you guys seem to be ignoring it.

GlesgaKiss

I understand your points dingdongler, but there must be some let up(in my opinion) in the form of a substantial short-term correction, don't you think?

Dingdongler

I'm sure you are right Alan. I suppose we have very different approaches to investing, you are making money/trades on short term movements, mine is a longer (though not long) term investment.

Even if the price corrects, it will be a small decrease, and imho temporary. That would make a difference to you, not to me, as I'm holding physical.

Anyway sorry about my ranting, as you may have noticed I'm rather fond of gold!

alloy

How's that working out for you today?

I think in terms of the economy there will be a double dip leading into the start of the new year, but yesterday price action looked a little over done IMO

Dingdongler

Its working out fine. As I said there might be small corrections, but makes no difference as I hold physical. Nothing goes up or down in a straight line as you well know.

I hope it drops some more, it would be a buying opportunity for me. Don't forget this is not my job, I don't need a 'profit' on a daily basis.
From when I bought, I have made excellent gains. I wish I had bought more.

We are ony just entering phase 2 of the gold bull run, there is a long way to go. It is not out of the question to approach $2000/oz

There is still some time to buy for those that have missed out so far.

GlesgaKiss

That's fair enough. The amount of money I stand to lose with large fluctuations in price obviously means I need to be careful. If I'd been long on gold last night, for e.g, my stop loss would have been hit and I'd be looking at an irritating loss this morning.

I do share your views on the long term outlook for gold. It makes sense, but I'm no expert.

GlesgaKiss

So did you trade RBS this morning? I noticed it was up 7% or so at one point.

alloy

Banks are a little too punchy for me at the moment, rather look at other areas with a little more stability, although couple of ex only guys were lumping into BARC and RBS in the auction this morning and are showing a healthy print!

ricardo

I sold my gold early this morning, part-way through the correction. It was all purchased about a year ago, so way up on the original price.

However, looking back on it now the correction looks minor, only dropping to near last week's price. I'd have been better just staying in.

One person did use the BullionVault referral that I posted earlier in the thread, but they haven't traded so far. If they'd done so back when they registered and then sold yesterday they'd have been about 10% up.

GlesgaKiss

You've done really well then. It's better to have the gain in cash I suppose, although you'll always want that little bit more. Who doesn't?

alloy

I think $1500 is a realistic view for gold into the new year, the leg forward gold has seen seems to be a speculative bubble based on USD being weak with the $index getting to 15mth lows. Still seems uncertain as to the pull back being a buying opportunity or the inital stage of a more aggressive sell off having said that looks to be decent support at 1130 and that has held, perhaps the near term dollar position and how the US markets react should maybe give investors a bit more guidance.

marky1

I'm gona go out on a limb here, think we will see gold off 30% in the next few months.
My reason - I'm reading about it everywhere, it's a topic on scoobynet and my mother sold her gold to someone with a stand in a supermarket last week. Everyone is getting involved in it, in my experience when it's headline news everyday it's time to do the opposite. And yes my money is where my mouth is, was short 20 Dec futures earlier in the week, stopped out, looking for re-entry....

alloy

fair comment marky, to quote Mr Buffet "be fearful when people are greedy and be greedy when people are fearful"

Dingdongler

No, you've got the wrong part of the bull market. Everybody is not talking about it. If you collected 10 stories about gold on the web, 8 would still be all reasons NOT to buy gold.
The media in general is still anti gold on the whole.
The adverts you see on the TV are mainly for companies who want to BUY your gold not SELL it to you.

The top maybe when the media starts saying gold is the only place to invest. But even that won't be the top, that will be the 'frothy' part of the bull run, the last final push up before the correction.

Out of all the people on bbs (just as an example) how many have actually bought gold, especially physical as an investment.? Virtually none.

By your own example, your mother SOLD her gold, she didn't buy it.

Dingdongler

Sorry, you may have missed the boat

U.S. Mint halts gold coins sales - ContraCostaTimes.com

marky1

Correct, and someone with a stall in a supermarket bought it. The point I am making is that EVERYONE is getting stuck in.
Listen I might be wrong, we will see but I've been trading futures everyday for 10 years and I am trying to short it - if I'm wrong I lose money, simple as that - just my view.

marky1

Correct, but they don't care what price it is, they're just offering you 30% below spot and making a cut. I'm sure they hedge it off and don't hold it.