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  #21  
Old 25-01-2008, 07:42 AM
andrewtyr andrewtyr is offline
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another new high at 915, is it good to go in now? everything seems to be in a better shape
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  #22  
Old 25-01-2008, 09:40 AM
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Default a good time

I think most people are bad with timings including myself. Timing the market is tough. If you believe that the pattern seemed to be - more credit crunch, more pump priming by central banks, media and govt assuring public, fake stock market runups, inflation all the way, fruitless efforts by banks to suppress gold --- then you will believe gold to race beyond USD1000.

I believe that my precious metals investments are the safest I have now and the only ones really making any real money. In fact, I fear for my money in the insurance I bought. None of the big insurance companies like AIA, Prudential, Great Eastern have come clean on their exposure to credit mess.

The counter lady was going like, but today the price is high. So why are you buying? I bought nonetheless. 2 months later gold is at a new high again.
The swings at this period is erratic up down 30 dollars in a day. Gold was swinging like a leave up down 1-2 dollars a year ago.

If you have money to spare - just buy one first. Read a bit of history. Convince yourself. See how compact, value and wealth can be squeeze inside a 1 oz coin. And you will understand why pirates risk their lives and sailed the seven seas to capture Treasure Galleons.

Cash is good at uncertain times but I think gold/silver is better. In the 78-80, the gold/silver savings account were popular and it allow people to buy paper metal so that they have a hedge against inflation. Problem is that people were so grip with fear that they didnt get out. When you buy gold/silver, you must know when to the gold run is done. Dow 1:1 gold is a good guideline, so is your taxi driver talking about gold.

Got gold bullion yet?
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  #23  
Old 25-01-2008, 09:48 AM
djchris djchris is offline
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I think the local market is warming up to gold investing...but it's not HOT yet.

Check out this video. Quite interesting.
http://www.bulliongold.net/gold-and-...k-market-crash
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  #24  
Old 25-01-2008, 09:58 AM
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Originally Posted by andrewtyr View Post
another new high at 915, is it good to go in now? everything seems to be in a better shape
First of all, nothing wrong with getting gold now at this price if you believe gold will eventually go sky high.

Now, for my opinion.....Equity market is on the mend. Big rate cut and follow up (very) soon to be announced package for the American citizen will boost the US economy. With that, equity market will start a bull run. Paper gold market might lose ground, bringing down the gold price.
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  #25  
Old 25-01-2008, 02:38 PM
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I think the local market is warming up to gold investing...but it's not HOT yet.
Apart from this forums, I don't think its even considered warm..
http://www.goldclubasia.com/showthread.php?t=727
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  #26  
Old 25-01-2008, 08:05 PM
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Gold hits all-time high
By Javier Blas in London

Published: January 25 2008 09:28 | Last updated: January 25 2008 09:28

Gold prices on Friday jumped to a new all-time high above $920 a troy ounce as mining companies in South Africa, the world’s second largest producer, halted their operations because of acute power shortages.

Wall Street’s bets on further US interest rates cuts, the weakness of the US dollar and oil prices rising above $90 a barrel are also contributing to the rally in precious metal prices, traders in London said.

Spot bullion in London rose to a record of $921.30 an ounce, well above the peak of $914 an ounce set earlier this month.

Platinum also rose to an all-time high above $1,640 an ounce on news of South Africa’s production problems.

AngloGold Ashanti, Gold Fields and Harmony said they had stopped all gold mining after they were informed by state-owned power utility Eskom that it could not guarantee power supply to their operations in South Africa.

Miners have to suspend activity when there is a risk to a mine’s power supply, because they depend on it to pump water out of deep mines and provide ventilation.

South Africa last year lost its position as the world’s top gold producer, which it held since 1905, in favour of China where output has surged by 70 per cent in the last 10 years and 12 per cent in 2007.

South Africa’s gold output dipped 8 per cent to 272 tonnes in 2007, while China produced about 276 tonnes, according to the London-based precious metal consultants GFMS.

The Chamber of Mines in Johannesburg said in a statement that the decision to keep underground workers on the surface “will have an impact on productivity as well as on operating costs.”

“It is not clear when the workers will resume their underground shifts,” it added.

Gold prices recovered in the last two trading days after hitting a 3-week low below $850 an ounce. The price recovery was also boosted by positive comments earlier this week from investment banks Morgan Stanley and Credit Suisse which raised their forecasts for average gold prices in 2008 to $950 an ounce and above $1,000 an ounce in 2009.

Barclays Capital reiterated its positive view towards the metal, forecasting a test of the $1,000 an ounce level before the summer.

Investment in gold’s exchange-trade funds has also recovered from earlier large outflows. StreetTRACKS gold ETF, the world’s largest, holds about 630.75 tonnes, up from 622.76 last week. The ETF bullion holdings are, however, still below the record set in early January of 652.56 tonnes.

The power-shortages in South Africa are the latest sign of troubles within the country’s gold-industry. Its dominance of gold mining dates back to the discovery of the Witwatersrand reef in 1886, on the edge of what is now Johannesburg, which is considered the ”greatest goldfield in the world”.

The scale of the industry has steadily diminished since 1970 when it produced 1,000 tonnes a year, about three quarters of the world’s supply at that time.

The South African industry has also suffered from a high number of mining-related casualties. In some years as many as 200 miners died. Recently miners have demanded higher security standard and the government has threatened to close the unsafe mines.

Copyright The Financial Times Limited 2008
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  #27  
Old 25-01-2008, 08:25 PM
Gold_newbie Gold_newbie is offline
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Quote:
Originally Posted by crazyguru View Post
First of all, nothing wrong with getting gold now at this price if you believe gold will eventually go sky high.

Now, for my opinion.....Equity market is on the mend. Big rate cut and follow up (very) soon to be announced package for the American citizen will boost the US economy. With that, equity market will start a bull run. Paper gold market might lose ground, bringing down the gold price.
you're still not vested right?
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  #28  
Old 25-01-2008, 08:54 PM
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Quote:
Originally Posted by crazyguru View Post
[....].....Equity market is on the mend. [....]
I'm not so sure, we may be witnessing a dead cat bounce ....
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  #29  
Old 25-01-2008, 09:03 PM
Gold_newbie Gold_newbie is offline
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i think it takes a lot of blind faith to say equities is on the mend

don't get me wrong, i am vested in both equities (through the CPF funds) and in PMs. I definitely would wish that everything huat huat and cheong..
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  #30  
Old 25-01-2008, 09:27 PM
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Quote:
Originally Posted by aurictaurus View Post
I'm not so sure, we may be witnessing a dead cat bounce ....
Yes, your term is more appropriate. It will be short term rise(probably a good bull run). That, I hope and believe will be the time for gold price to come down. I believe this is probably the last chance for Bush and co to exit the market....
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