Gold’s near future

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  • Mon, Apr 06, 2009 - 10:17pm

    #191
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    Re: Gold’s near future

ErikTownsend wrote:

I use an acquisition strategy based on technical support levels. Basically, I expect that gold is extremely likely to continue to drift down in price to the technical support level of $850, so I have no plans to buy any more until we reach that level or close to it. I have a standing limit order to buy some more at that price, because it marks a "possible low", meaning that several credible analysts are saying that solid technical support can be expected at that level.

…I would then set up a limit order to acquire some more gold just above that support level. …


Mr. Fri wrote:

Erik, how do you put in a limit order to buy gold?  Who do you buy from?  (Or are you only talking about gold stocks and not physical gold?)

I’m also wondering if it’s going to be hard to buy at lower prices since there will be a flood of calls to the dealers.  Has anyone had trouble placing an order in the past when there’s a drop in the spot price? (Also, if anyone has purchased from Kitco in the past please let me know if you would recommend them or not.)

Mr. Fri,
Addressing just part of your question, I’ve been keeping an eye on spot gold for a while and monitoring AJPM.com(http://www.ajpm.com/htbin/gold.cgi). Their system is that you lock in the price at the time you call because they give you a confirmation # at that point in time. After that, it doesn’t matter whether the price goes up or down, you are committed to the price that was quoted at the time you got your confirmation number.

I don’t know how any other dealer handles it but I imagine it would have to be something similar.

  • Mon, Apr 06, 2009 - 10:19pm

    #192
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    Re: Gold’s near future

Sam,

What you describe is how it’s usually done.  However, Erik says he has a limit order to purchase the gold when it reached a pre-determined price.  That’s common in stocks and option purchases but he made it sound like he could buy his gold that way too.

 

  • Mon, Apr 06, 2009 - 10:25pm

    #193
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    Re: Gold’s near future

Sorry guys, I should have been clearer… I am not aware of any way to buy physical bullion using a standing limit order. What I meant to say is that I speculate on gold price using paper gold (both the GLD ETF and GC futures), and those mechanisms obviously permit limit orders like any other stock or futures transaction.

There are numerous downsides to paper gold, and it’s not the ideal answer if your goal is long-term wealth protection. The paper ownership mechanisms are much more flexible when used for shorter-term speculation, however.

On the other question… The Financial Sense newshour is one source that contains credible PM perspective every week.

Erik

 

  • Mon, Apr 06, 2009 - 10:36pm

    #194
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    Re: Gold’s near future

[quote=Mr. Fri]

Sam,

What you describe is how it’s usually done.  However, Erik says he has a limit order to purchase the gold when it reached a pre-determined price.  That’s common in stocks and option purchases but he made it sound like he could buy his gold that way too.

 

[/quote]

Sorry, Larry. Guess I misunderstood your earlier post. Embarassed

  • Tue, Apr 07, 2009 - 03:56pm

    #195
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    Re: Gold’s near future

No problem Sam. ( I’m not going to argue with a guy that has a gun. Laughing)

  • Tue, Apr 07, 2009 - 06:26pm

    #196
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    Re: Gold’s near future

[quote=Mr. Fri]

No problem Sam. ( I’m not going to argue with a guy that has a gun. Laughing)

[/quote]

You don’t have to worry Larry – I can’t even get to it!  Foot in mouth

  • Wed, Apr 08, 2009 - 02:18pm

    #197
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    Re: Gold’s near future

Not about gold, but one of my alternative financial websites notes this about silver:

"My
commodity guy, JB Slear over at http://www.fortwealth.com just called. He says
every day now, for the past five trading days someone has taken
delivery of 2-million ounces of silver a day. Watching this one, and
watching silver prices." 

 

  • Wed, Apr 08, 2009 - 03:07pm

    #198
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    Re: Gold’s near future

 

Does anyone understand what’s happening with CEF this morning?  GLD and SLV are fairly flat, but CEF gapped down hard.  I am at a loss to explain this, though I’m no seasoned PM trader.

  • Wed, Apr 08, 2009 - 03:21pm

    #199
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    Re: Gold’s near future

cloudfire

Too much gobblygook for me to comprehend, but perhaps shareholders are not happy w this: http://finance.yahoo.com/news/Central-Fund-of-Canada-iw-14879752.html

  • Wed, Apr 08, 2009 - 03:45pm

    #200
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    Re: Gold’s near future

[quote=Denny Johnson]

cloudfire

Too much gobblygook for me to comprehend, but perhaps shareholders are not happy w this: http://finance.yahoo.com/news/Central-Fund-of-Canada-iw-14879752.html

[/quote]

Hmm . . . that could be the culprit . . . the announcement was at 9:12 EDT  I’m wondering if any of our market wizards can shed any light on the ramifications of this announcement and the possible short-term impact on CEF share price?

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