Kid, Just because you saw the article that spoke of banks & large futures players taking advantage of contango with Light Sweet Crude, does not mean you're an expert at this game or even understand the full process behind taking advantage of it. The fact that you would even mention a contango opportunity with the current spreads on Gold makes you look like a fool. The fact that you did not have the slighest idea of the opportunity I spoke off shows that you are clueless. My post was very obvious in regards to what I was talking about, yet you still could not catch on, but for some reason chose to make a silly post in order to create the illussion that you have a clue. You trying to help you short position? How is that working out for you, by the way? Whether gold sells off or not, you reasoning behind it is delusional. Gold may very well sell off in the future, and even stay down, but for none of the reasons you speak of. I would love for it to dump even 20% right now, but it's not happening. Luckily I was heavily buying bullion over the past 6 months. What were you doing? Convincing yourself to short gold because you don't have the cash to buy physical?
Just put the guy on ignore. My ET browsing is so much more enjoyable... Now if I could only find a way to block the replies to his posts as well.
1. I am not a kid. 2. I have not been actively trading gold lately but stepped in recently due to the bubble obvious to so many, just not you. 3. You joined ET two months ago and already have "contributed" hundreds of offensive, arrogant comments like this one. You truly are an asshole. 4. See above comments about you from members with much longer tenure on ET than yours, and you will realize they agree with me on point 3. <EOM>
If you're not a kid, you have the mental capabilities of one. You're putting so much effort into trying to convince others that gold is going down, when in reality you're just trying to convince yourself. I may be acting like an asshole due the stupidity faced with on ET, but you are a pompous prick. My guess is that you are shorting gold because you feel bad you missed the run up. Don't hate, participate. How is that short working out for you? How long before you cover? I'm just curious. As for your protectors, they are just silly sheep soon to be slaughtered. It's sad.
Bought my final leg of June puts today... scaled in from 950 to 975 to 1000.. Still long the physical and have been for a while.. Still smell a rat...
I need no protectors, here or elsewhere. I don't have to convince anyone as I have already formed an opinion and will stick to it. The short will work out just fine, because it is YOU who is the sheep, and when the herd starts stampeding the other direction, chaos inevitably ensues. And no, you are not curious - just trying to rub it in. Investing requires patience, as does trading - a temporary drawdown will not freak me out. Good advice on participating. I do not hate anyone here, not even you. The way I am going to participate is by ignoring you starting right now. Good luck on staying an active member of ET - I am afraid you have placed yourself in jeopardy of losing that privilege.
CNBC all over the gold trade, joe blow investor is in on it now, I think I will take some off and buy back at lower prices.
I am skeptical of gold up here as much as anyone, and wouldn't chase it -- silver looks a lot more interesting. Last time gold was at these levels, silver was 30% higher. the time to buy was 3 months ago... If you are just figuring things out at this point, the odds are you are going to have a much harder time. Regardless, I think gold has a capacity to go much higher because it simply doesn't matter how much gold costs -- economies can function just fine with $200000/oz gold. Not so with $300 oil... So the only limiting factor to feed a gold bubble will be amount of money out there... Maybe someone can come up with a gold/M3 ratio or gold to Money base ratio that tells fundamental value of gold in more precise terms... If the rest of commodities don't catch up with it, then it will be time to sell gold and buy those commodities. Assuming we get to bubble levels... In particular the ones that are primary staples, ie wheat and sugar... Lots of upside. And its not a bubble, by the way. Neither are t-bonds. A bubble would be $5000 gold and houses at the same price...