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Anyone Buying Gold Here
- Thread starter tsptalk
- Start date
konakathy
Market Veteran
- Reaction score
- 41
I bought gold coins in 2005 @$700 and sold them all last year @$1650. Made a nice profit...paid cash for a new car, put away a 6 month emergency fund, and just paid for a 3 week adventure/vacation to South America. Gold has been berry, berry good to me.
Maybe I'll find some gold treasures along the Inca Trail.
Maybe I'll find some gold treasures along the Inca Trail.
- Reaction score
- 2,138
- Reaction score
- 2,138
ContrarianJeff
Market Tracker
- Reaction score
- 12
Re: Market Outlook
I'm crazy too. I bought some GDXJ yesterday morning, but I'm going to dump it if it makes new lows. Holding onto gold miners is not for the faint of heart.
I'm crazy too. I bought some GDXJ yesterday morning, but I'm going to dump it if it makes new lows. Holding onto gold miners is not for the faint of heart.
Re: Market Outlook
Before you sell it, check out this article about Soros:
Soros Reports Over $239mm In Gold Positions, Buys $25mm In Call Options On Juniors | Bull Market Thinking
Before you sell it, check out this article about Soros:
Soros Reports Over $239mm In Gold Positions, Buys $25mm In Call Options On Juniors | Bull Market Thinking
ContrarianJeff
Market Tracker
- Reaction score
- 12
Re: Market Outlook
Interesting. Thanks for the link. But just being honest, I've seen this type of thing from gold bugs for years. There is always a good reason why gold and miners should go up. Always. And then they just keep falling. Trading/investing in gold and miners can make you poor in a hurry. Because I prefer to buy low (and sell high), I like doing a little bottom fishing in beaten down sectors--especially when sentiment is at all-time lows (like it is with gold and miners right now). But I've lost more money trying to make trades in gold/miners than I care to count. Even when gold has been on a tear, miners have lagged. A lot of miners are near their 2008 lows, even though (I think) gold has more than doubled since that time. If you look at a chart of GDX or GDXJ, you'll see that shares of miners are going to have double and even triple before getting back to 2011 levels. Maybe even more incredible is the fact that GDXJ is going to have to rise by 50% or more just to get where it was in March and the first half of April. If yesterday was a meaningful bottom in the miners, then I'm going to hold on to these shares (GDXJ and NEM) for a while (and hopefully make a decent chunk of change). But I have no problem selling for a loss (hopefully a small one) and living to see another day. I guess I'm too much a wimp--my stomach can't take the way the miners, in a bear market, often drop 5% to 10% on a regular basis.
Interesting. Thanks for the link. But just being honest, I've seen this type of thing from gold bugs for years. There is always a good reason why gold and miners should go up. Always. And then they just keep falling. Trading/investing in gold and miners can make you poor in a hurry. Because I prefer to buy low (and sell high), I like doing a little bottom fishing in beaten down sectors--especially when sentiment is at all-time lows (like it is with gold and miners right now). But I've lost more money trying to make trades in gold/miners than I care to count. Even when gold has been on a tear, miners have lagged. A lot of miners are near their 2008 lows, even though (I think) gold has more than doubled since that time. If you look at a chart of GDX or GDXJ, you'll see that shares of miners are going to have double and even triple before getting back to 2011 levels. Maybe even more incredible is the fact that GDXJ is going to have to rise by 50% or more just to get where it was in March and the first half of April. If yesterday was a meaningful bottom in the miners, then I'm going to hold on to these shares (GDXJ and NEM) for a while (and hopefully make a decent chunk of change). But I have no problem selling for a loss (hopefully a small one) and living to see another day. I guess I'm too much a wimp--my stomach can't take the way the miners, in a bear market, often drop 5% to 10% on a regular basis.
MrBowl
TSP Pro
- Reaction score
- 45
- AutoTracker
I'm not going to buy any gold, but I might get my shovel and sluice and jump in the river and dig some up.
Who am I kidding :blink: I used to do that 20 years ago (I have about half an ounce), but 2 back surgeries in the past 6 years means I can only mine in my dreams and memories.
I looked into selling that gold last fall when the price was in the $1650 range. The old rules still hold - you buy at a premium+ and you sell at a heavy discount.
If you invest in mining companies you are subject to performance mistakes of the company and sentiment of the group by investors. I think I'll just stick to the GLD when the time comes to buy.
Who am I kidding :blink: I used to do that 20 years ago (I have about half an ounce), but 2 back surgeries in the past 6 years means I can only mine in my dreams and memories.
I looked into selling that gold last fall when the price was in the $1650 range. The old rules still hold - you buy at a premium+ and you sell at a heavy discount.
If you invest in mining companies you are subject to performance mistakes of the company and sentiment of the group by investors. I think I'll just stick to the GLD when the time comes to buy.
Birchtree
TSP Talk Royalty
- Reaction score
- 143
Bullitt
Market Veteran
- Reaction score
- 73
Not for nothing but there's always a bullish article on gold to be found somewhere.
Soros is probably hedging those calls with a short sale somewhere else. You don't just go all in on a one side bet when you run a hedge fund.
Use ETF's with metals because with individual miners you're playing lotto. GDX and GDXJ at 60% of their 200 DMA show how out of favor they are with main street today.
Soros is probably hedging those calls with a short sale somewhere else. You don't just go all in on a one side bet when you run a hedge fund.
Use ETF's with metals because with individual miners you're playing lotto. GDX and GDXJ at 60% of their 200 DMA show how out of favor they are with main street today.
Frixxxx
Moderator
- Reaction score
- 131
Thought this article was good, gold based, but then gives a little insight on how money works, i.e. "Bank reserves are in effect embryonic money that hasn't been born yet."
CNBC Article - Full
CNBC Article - Full
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