I looked at the ten year chart for silver, measured run up to the recent pennant formation, and I beleive that run up will be repeated after the recent pennant break out. Hence, a price target of $28.
At least MoneyLA sold his gold over $900 and posted it publicly for all to read (and criticize). If I remember correctly, he kept the silver. Should have done the opposite, but everything is easy in hindsight, not so easy going forward.
I certainly didn't see this coming, though as always, there are possibilities and probabilities. What goes up, often comes down twice as fast. The next tree to fall might be key date coins--that would shock the forumites. Many would rush to buy on the first dip only to be crushed, like those that bought dips in silver to $18, or $15. Don't say never, possibilities and probabilities.
<< <i>MoneyLA wrote on April 24, 2008: I sold my gold at $945 and glad I did. But if gold should drop back to just under $800 I will buy again.
>> next post I sold American gold Eagles, one ouncers. I sold because I sensed the market was turning. Im sorry I didnt sell closer to 1K but needed gold to fall below 950 to confirm that the metal would not sustain itself above 1000. I have a long term profit. Ive been buying gold for more than three years. I still have my silver, but it is a smaller $$ amount than my gold. I still think silver is undervalued, but I cant buy silver now until the uptrend returns... that could be in a week, or in a month, or in six months... I dont know till it happens. If gold stabilized and then started to move higher, I could re-enter the gold market. but right now I think a price drop to $800 or slightly less is very possible. >>
Comments
I certainly didn't see this coming, though as always, there are possibilities and probabilities. What goes up, often comes down twice as fast. The next tree to fall might be key date coins--that would shock the forumites. Many would rush to buy on the first dip only to be crushed, like those that bought dips in silver to $18, or $15. Don't say never, possibilities and probabilities.
/edit to add:
I found it:
http://forums.collectors.com/messageview.cfm?catid=26&threadid=653572&highlight_key=y&keyword1=gold
link
<< <i>MoneyLA wrote on April 24, 2008:
I sold my gold at $945 and glad I did. But if gold should drop back to just under $800 I will buy again.
>> next post
I sold American gold Eagles, one ouncers. I sold because I sensed the market was turning. Im sorry I didnt sell closer to 1K but needed gold to fall below 950 to confirm that the metal would not sustain itself above 1000. I have a long term profit. Ive been buying gold for more than three years. I still have my silver, but it is a smaller $$ amount than my gold. I still think silver is undervalued, but I cant buy silver now until the uptrend returns... that could be in a week, or in a month, or in six months... I dont know till it happens. If gold stabilized and then started to move higher, I could re-enter the gold market. but right now I think a price drop to $800 or slightly less is very possible. >>