General Discussions

**witnesstheday** · 05:46 AM

I've been watching the gold prices again recently. I gave up on them after watching them for months during late spring and early summer... they were rising too high and I didn't have any money to invest. They appear to be a bit more sober in their acceleration, in fact decelerating noticeably at regular intervals...

http://www.taxfreegold.co.uk/goldpriceslive.html

I tend to watch the sterling price, since that's what I'll pay in.

Does anyone think it will fall below 500 in 2009? Or even below 550? I mean since the global economic catastrophies are only getting worse for the foreseeable future, there's a lot of reason to suppose the price of gold will push on past 600 and stay super-high for a long long time. But I still would be happy to wait for potential falls before thinking about buying any... even if it's set to cross 600, there's no reason to rule out the possibility that it'll go below 550 again in the short-term.

I wish I hadn't taken down my stocks-and-shares site... I could have wasted lots of valuable database and programming time sitting and researching commodity investing some more.

**witnesstheday** · 12-24-2008, 01:26 PM

All it's done since I posted that is rise, so far to £576 (it was hovering around 569 to 570 when I posted the first post).

**witnesstheday** · 12-27-2008, 06:49 AM

£595 an ounce and climbing... when I first decided gold was worth buying it was hanging around £400, climbing towards it from inside the 300 zone...

If only I had the money. I told a lot of property-millionaires to invest in gold back then. They'd have nearly doubled their money... silly fools decided they knew more than me. Even now I show them the rise and all they can do is go off and talk nostalgically about the property deals that they were doing a year ago, reliving the good times in their tiny little minds.

Still... if it ducks back below 570 I really must try and buy at least an ounce or two - so should anybody, if you're interested in self-preservation that is.

**witnesstheday** · 12-29-2008, 06:06 AM

my giddy aunt, it's £601.

**jv17** · 12-30-2008, 07:32 PM

hmm that is somehow interesting..

**witnesstheday** · 12-31-2008, 02:48 PM

It went up to 610 and now it's down to 600. I'm trying to keep a record at this time, and ideally drawn in other helpful observations

The pound could collapse completely, for all we know, and I believe that there is a lot of security in gold, until it crosses what at the moment I believe is 750 to 800 pounds. I think anyone buying gold up to 750 or 800 in the next 12 months is safe, but I am watching it to see if I need to revise my analysis. Gold is ideal for saving money, you have to forget about the profit. But of course in volatile times there's also a lot of profit in gold. Since I started watching originally and keeping tabs, it went from the 300s to now 600 an ounce. I'm not sure where the top of the bell curve is. Some could easily theorize, credibly, that we are at it or past it already.

**witnesstheday** · 01-05-2009, 10:41 AM

It's almost back down to the christmas eve level - hovering in the mid 580s... currently at 587 but it went as low as 584 today.

The scary thing is that by the end of this year it could easily be at 700! that's one hell of an investment. Even more so if you got in at a low 400 quid an ounce many months ago.

It's strange that it's dropping right now - during massive military crises (such as the serious problems in palestine right now) gold has a tendency to jump UP not down... I suppose it's been dropping because President Obama is about to exist (as President) and that is somehow reassuring a lot of people that there will be no escalation of the oil crisis by gungho nutters - the Israel incident is presumably being seen as one last savage attempt to make a few quick gains and kill a bunch of people Israel would love to see dead - after that, they are essentially impotent, for under Obama, the USA may not act as a military protector of Israel since, after all, the USA's population does not gain from that, only a small minority of right-wing blood-farmers. Did I say blood-farmers? I meant businessmen.

**Feydakin** · 01-05-2009, 11:17 AM

For some historical gold charts check out http://www.kitco.com

Gold has lost it's primary connection with the 'real' value of the economy over the last and a half when laws were changed here in the states lowering the capital required to buy in to gold futures.. They started being added to mutual funds and retirement accounts without regard to actual value and forced the price to climb based on speculation..

And please, try to keep your political commentary in the politics section..

**witnesstheday** · 01-11-2009, 01:06 PM

Gaw Blimey. I should coco. Stone me.

It's currently at 563! So a pretty heavy decline since 610 - nearly 10%

I called a friend I'd been advising to buy and, when it was 610, advised against it, saying I thought it now possible it would fall.

I suppose it's good news - by the time I see fit to buy any, hopefully the price could dip all the way back down to 500...

so we're on Jan 11th and the price of gold is 10% less than it was on new year's eve - getting close to 10% drop over about 10 days - a percent a day... quit a big plunge, I'd say

**witnesstheday** · 01-18-2009, 12:04 PM

currently hanging in the low 570s
I say that looks pretty bearish - I think it can slide close to 500. Whether or not it really booms again after that in "this era" I have no idea, but I do believe it'll stlll slide before it does anything like boom or even just settle down.

That's my 2 grammes.

**witnesstheday** · 01-20-2009, 04:54 PM

It's surged upwards again, now past the 610 mark.

I guess I was wrong. It's rising madly. I suspect it's going to go REALLY mad now.

**irving** · 01-20-2009, 08:10 PM

Is it possible that gold finally reach its limits? Perhaps there is a shortage for gold, the same way as there is for oil and diamonds.. After all this valuable materials were not unlimited.

**witnesstheday** · 01-21-2009, 04:01 AM

One does wonder does one not, Irving. I strongly suspect that its "real peak" is already here, that if it does surge like mad it'll only last a few months and burst all the way back to the 600s. But allegedly it is quite normal, under the circs, for it to go way too far - maybe 50% too far!

Meanwhile another item I've been telling people to invest in is starting to mature (once too many people realise its a good investment, it starts to become less worth buying as the stocks climb in a nice big burst)...

http://news.bbc.co.uk/1/hi/business/7841547.stm

yep... it's our founding father (us, the techies), I think therefore I am probably not on a social network.

**witnesstheday** · 01-21-2009, 11:32 PM

Quote:

Perhaps there is a shortage for gold, the same way as there is for oil and diamonds.. After all this valuable materials were not unlimited.

Bytheway I should have said, the reason gold prices are soaring is to do with the falling dollar and the weak global economy. Gold is a last resort investment zone for rich goons with billions at times when their other assets are devaluing daily. Every terrorist attack, every military raid, every attempt at a U.N. sanction - leads but to a higher gold price.

What intelligent investors (and maybe this is the only area me and steve have in common, seeing as he's a specialist in precious metals and gems) know is that the price of gold will definitely end up rising to 150 or even up to 200% of the value it then settles down at.

Of course generally gold has only ever, on a larger scale, increased in value over time, historically. It rises such that if you put your money in gold then you won't lose your savings to the normal fluctuations and devaluations of currency. Gold manages to stay a little ahead over time - your money doesn't lose value. If you want to leave 100 million pounds to your children, you may well choose to put a few million of it into gold bullion, and quite a lot in government bonds.

My analysis of late has been to determine whether gold has already passed that true peak. If so, no sane investor would be buying into it any more. They'd have bought their stock in the early 400s and be sitting back, waiting for the inevitable correction to come this year, or next year, but to come.

Looks like my money is fully invested in eyeballs (human eyeballs, yes - online traffic - my money is all now in fluid traffic form - passing round and round... so I won't be buying gold myself. I think the best investment during any time, above all in a crash, has got to be profitable business processes - invest in profitable business processes and you'll be way ahead when the economic rainclouds clear).

**witnesstheday** · 01-23-2009, 05:26 AM

The FTSE is under 4000 right now - this is a major barrier - obviously the western markets have done nothing but crash crash crash for months now, but finally it seems the FTSE has reached another watermark, another plimsole line, another wee mark on the wall saying "go below this line and you will seem poor even to zimbabweans".

2009 is a BAAAD year for greedy people who like to make money from money, who like to exploit and abuse. A really bad year. I'm surprised they didn't spend the last month trying to take all their anger out, maybe by virulent bombing. Oh wait... they did.