Gold should do well today! 9/15/05

[Maple Leaf Steve]

Fellow Gold Bugs,

Negative CPI data is coming out this morning...
The jobless claims report will also be coming out this morning...
Oil is going back up again (up in the Asian markets over night)
Two airlines have claimed bankruptcy..
More massive violence in Iraq for the second straight day.
The stock markets have taken big hits two days in a row.
And gold usually does well on fridays...

Look for gold to do very well today on this news after the NY COMEX opens up in about 3 hours from now.
If we are lucky gold might hit $455.00 today.

Also look for gold to do very well in the first quarter of next year for three reasons...

1.) High Energy Costs
2.) Iran will open up its oil bourse in March 2006 and will be selling their oil in Euros. This will be very negative for the dollar!
3.) Greenspan will retire in the first quarter of next year. This should be very bullish for gold!

MLS

[wulfgar60]

More interesting is the price in Euro's. E372, my prediction early in the year was for a Euro price of 380. Now I'm wondering if that will be exceeded.
My prediction for a price in US dollars was $475. Will Greenspan crank .5% at a meeting soon.
In a world of competing currencies, gold is the all time winner.
The spot price is 590 in Aussie dollars, this is as strong as ever in my native currency.

[Maple Leaf Steve]

To let you guys know...

When I made this prediction this morning it was 3:07 AM PST and gold was unchanged at the time in the London market.

Now you guys know that MLS is a clairvoyant person.

I have had this ability my whole life.

Sometimes I am wrong but not very often. :aetsch:

MLS

[Sparky]

So then, Steve, are we going to get our buying opportunity at $435 before Halloween?

[Maple Leaf Steve]

So then, Steve, are we going to get our buying opportunity at $435 before Halloween?

Sparkly I'm already on record saying that there will be no Halloween dip for us Gold Bugs. I'm sorry. So sad. :frown:

It looks like gold is on its way to $500.00 an ounce.

There will be some corrections along the way, but not down to $435.00 which is where you and I would like to see it.

Next week gold might pull back to $445.00 if we are lucky.

If that happens next week (a pull back to $445.00) then I'm a buyer.

MLS

[naccarato]

To let you guys know...

When I made this prediction this morning it was 3:07 AM PST and gold was unchanged at the time in the London market.

Now you guys know that MLS is a clairvoyant person.

I have had this ability my whole life.

Sometimes I am wrong but not very often. :aetsch:

MLS You're a market sage, a preeminent prognosticator, cantor of the gold choir, prescient market timer, gold market savant, a laureate, you have laudableness. :adore:

[Ponce Cuba]

Good show Maple.........tell me? will I remain single for the rest of my life :bowdown: oh great one?

[lhslancers]

Looks like maybe you possibly made a good call. Maybe. :wink:

[Joejeweler]

Now,.....now........before you puff yourself up beyond reason,.......i seem to recall a seller of a fairly large amount of silver,.......

..........and then spot silver rose about a buck within a week or two! Nobody's right all the time! :stickyman

But i will give you THIS one,........you called it. However,....look out for $500 to $550 gold by years end! What say you,......oh clairoyant one?

To let you guys know...

When I made this prediction this morning it was 3:07 AM PST and gold was unchanged at the time in the London market.

Now you guys know that MLS is a clairvoyant person.

I have had this ability my whole life.

Sometimes I am wrong but not very often. :aetsch:

MLS

[Joejeweler]

Now tell us in ENGLISH! :wazzup_sg Actually,.....pretty funny and a bit poetic,....me thinks. :smokin:

You're a market sage, a preeminent prognosticator, cantor of the gold choir, prescient market timer, gold market savant, a laureate, you have laudableness. :adore:

[Maple Leaf Steve]

Good show Maple.........tell me? will I remain single for the rest of my life :bowdown: oh great one?

Yes you will ! :D

MLS

[Maple Leaf Steve]

Now,.....now........before you puff yourself up beyond reason,.......i seem to recall a seller of a fairly large amount of silver,.......

..........and then spot silver rose about a buck within a week or two! Nobody's right all the time! :stickyman

But i will give you THIS one,........you called it. However,....look out for $500 to $550 gold by years end! What say you,......oh clairoyant one?

Joe I see $492.00 gold by years end.

MLS

[Sparky]

$492 is very consistent with the price advances since this bull market began. We have seen 6-8 month rises of $80-85, followed by pullbacks in the $40-50 range. The December peak of $454 was followed by a retracement down to $411 in February. Tacking $80-85 to that bottom brings you to Steve's $492. I'll go with $495. :-)

This would also be consistent with the natural resistance that will come near the $500 mark. Those big targets don't usually get broken on the first attempt.

So if this pattern holds to form (IF!), then next spring/summer's pullback should put us back into the $445 range. We could conceivably retrace back to that in the short term (next few weeks), so if you don't buy in October, you may have wait until spring.

Ponce, you jumped in yet?

Projecting forward (again, IF things continue on this pattern), then next year around this time we will finally be convincingly busting through $500, establishing the new mega-long term bottom, I would guess.

[philskov]

Do you folks think the next fed meeting will have any effect on POG? Has the move up been in anticipation of no rate hike?

[Sparky]

Do you folks think the next fed meeting will have any effect on POG? Has the move up been in anticipation of no rate hike?

I think so. I think the current run-up has been helped by speculation of no rate hike. If there's no hike, then the run-up will continue. If there's a hike, I see a short term pullback, before we resume the climb to Steve's $492.

Incidentally, the official London PM fix price just came in (3:30 PM London time) at $457.20 That's the highest PM fix since 20 April 1988. Going back, the next numbers to beat are:

$458.00 20 April 1988
$466.35 28 January 1988

Other targets:

$499.75 14 December 1987 (inter-day spot hit $500)
$504.50 21 February 1983

[naccarato]

I disagree, If the fed raises on tuesday 1/4 there still behind the eight ball. Real interest rates are still low.