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Old 06-27-2013, 06:24 PM   #1
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How Far Will Gold Fall?

Peter Schiff explains when gold price will bottem, go up and a few economic predictions

Hope everyone enjoys!
Do you agree?

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Old 06-27-2013, 06:45 PM   #2
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"I've been telling my clients to buy gold since it was under $300."

Bankster-shill talking-headlady was pretty quiet after that.

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Old 06-27-2013, 07:30 PM   #3
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Is there blood in the streets yet?
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Old 06-27-2013, 08:54 PM   #4
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Originally Posted by PMBug View Post:
Is there blood in the streets yet?
Sort of. I cut my finger today and a few drops of blood landed on the pavement before I could get a bandaid wrapped around it.
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Old 06-27-2013, 09:04 PM   #5
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$1184... down 15$ + as of now..

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Old 06-28-2013, 12:25 AM   #6
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I love Peter Schiff and I would like to sell him a bridge I own.
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Old 06-30-2013, 10:01 PM   #7
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We've bottomed.. Chill..
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Old 07-01-2013, 12:08 AM   #8
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Originally Posted by DSAbug View Post:
We've bottomed.. Chill..
Now the fun begins. Summer is always hot.
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Old 07-01-2013, 11:29 AM   #9
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Bottomed or not...

Wow! That's a low price! /Staples commercial
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Old 07-01-2013, 11:43 AM   #10
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Dead cat bounce?

Unfortunately I don't think prices have bottomed out yet. A lot of well though out arguments saying it will go to ~$1,100 before recovery.
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Old 07-01-2013, 05:17 PM   #11
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I dont think we have bottomed out either. Peter Schiff sells gold and silver so I wouldn't trust his opinion. He was calling for gold to be $5000 by year end and that will not happen. I am a big believer in PM but some of these guys look really stupid now that the PM market has tanked.

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Old 07-01-2013, 06:49 PM   #12
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Originally Posted by marper View Post:
I dont think we have bottomed out either. Peter Schiff sells gold and silver so I wouldn't trust his opinion. He was calling for gold to be $5000 by year end and that will not happen. I am a big believer in PM but some of these guys look really stupid now that the PM market has tanked.
I'm not an apologist for Peter Schiff, but the year isn't over, and five thousand years of history is hard to argue with. Everyone keeps valuing gold in dollars.
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Old 07-01-2013, 08:35 PM   #13
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After this big a fall, we always undershoot "true" value, so we might have a bit more downside, hard to say - world events keep jiggling things. I'd guess those who say it will take another leg down ought to be listened to at least a little bit, but I'm chomping at the bit here with plenty of dry powder, watching, watching...
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Old 07-01-2013, 11:58 PM   #14
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I've read today in the financial press that many miners borrowed large amounts of money to expand production expecting the high prices to continue, and now they are unfortunately getting more and more upside down with the prices going so low. A very interesting situation developing for those who own the actual metal (as many have commented on this board) and tempting to comtemplate owning a bit more.
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Old 07-02-2013, 08:37 AM   #15
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Gold prices rebound within a couple of days and now it’s hovering around $1,250. Will gold fall again dramatically or will it start to soar up from here on….. My head is spinning….
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Old 07-02-2013, 09:06 AM   #16
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its kinda inevitable how we all feed off negative sentiment when pm prices are falling
and talk about moonshots when they're moving up ...... and get all chartological to explain our gut feelings .........

The fundamentals havent changed , or have they ?

Im down about £100k on my pm purchases and am pretty relaxed about it but agree it is kinda upsetting seeing $100/200 down days and yes, it takes me a while to acclimatise (-:

The other night i dreamed that we hit the scary day of reckoning and no one was buying gold cos there was no currency to buy it with and I couldnt get my gold out of brinks in Zurich, cos there was no way to travel.

Gotta stay calm and ride this one but it is a wild ride and I do wonder how smart it is to bet against the Fed sometimes )-:

Hey gold $5000 is only days away ......... apparently (-:
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Old 07-02-2013, 11:40 AM   #17
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Originally Posted by superhero View Post:
Dead cat bounce?

Unfortunately I don't think prices have bottomed out yet. A lot of well though out arguments saying it will go to ~$1,100 before recovery.
Arguments made by people who have never owned an ounce of gold and are preying on your concerns.

A large % of this decline was due to India forcing all dealers off margin for their purchases. That deleveraging is over.
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Old 07-02-2013, 01:42 PM   #18
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Originally Posted by DSAbug View Post:
...
A large % of this decline was due to India forcing all dealers off margin for their purchases. That deleveraging is over.
Could you elaborate on this?
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Old 07-02-2013, 01:55 PM   #19
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I might as well add my two cents to this.

After looking at a gold chart, it appears to me that $1100 is not only doable, but a definite possibility. The next minor support for gold is around $1100, which in and of itself does not mean much. However, the uptrend line for gold currently sits at around $1100, so gold is extremely likely to stop there, bounce back to $1500, then go sideways for weeks or months.

I have seen stories about people claiming that gold will go to $750. I simply do not see that happening. Charts say it is impossible as do the fundamentals.

Regardless of whether my two cents has any meaning or not, everything points to these prices being a 'gift from God' for gold stackers.

So, stack, stack, and stack some more on every dip!
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Old 07-02-2013, 02:28 PM   #20
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Originally Posted by PMBug View Post:
Could you elaborate on this?
Dealers in India are now required to put up 100% cash on all imports. Basically, it's now illegal to use a line of credit for those business. So they couldn't buy the dips like they wanted and over a billion people were no longer able to step in and buy. That impacted the banks and the rupee as well.

So you had a period of 2+ months where dealers were having to setup accounts overseas so they could have lines of credit and conduct business normally. It's all screwed up.
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