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Post by jeffolie on Dec 28, 2012 18:08:20 GMT -6
blog.kimblechartingsolutions.com/wp-content/uploads/2012/12/joefriday10yeargoldchanneltestdec28.gifJoe Friday…. Gold a safe haven for the Fiscal cliff? 12/28/2012 Gold has had a great run for the past decade and nothing at this time is reflecting that the run is over with. Fibonacci did slow golds strong rally back in 2010, as Gold stopped on a dime when it hit the 261% extension level at (1) above. The support line of the decade long rising channel is being put to a big test at (2) right now. The price action of Gold recently doesn't seem to reflect that Gold is really concerned or being a safe haven for the fiscal cliff! blog.kimblechartingsolutions.com/
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Post by jeffolie on Dec 29, 2012 13:34:47 GMT -6
" ... was bloodbath for most PM holders. ... "
Current metals holders reminds me of homeowners.
Their comfort holding on their metals in large part depends on how much they paid for their metals rather than an ideology about fiat currencies.
For example, if the metals holder bought before the big run starting 1999 then no matter that metals traders have lost their shirts, these 'long term' holders do not care about gold declining from almost 2000 down to now 1650 nor silver's decline from 50 to now 30. This same complacency of the long term buyer based on price of purchase can be often found in homeowners who purchases their houses in the 1980s today who 'do not care' that their Southern California bunglow peaked at $700,000 and now sells at $400,000 because they paid $100,000 or less in the 1980s.
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Post by unlawflcombatnt on Dec 30, 2012 0:03:14 GMT -6
" ... was bloodbath for most PM holders. ... " Current metals holders reminds me of homeowners. Their comfort holding on their metals in large part depends on how much they paid for their metals rather than an ideology about fiat currencies. For example, if the metals holder bought before the big run starting 1999 then no matter that metals traders have lost their shirts, these 'long term' holders do not care about gold declining from almost 2000 down to now 1650 nor silver's decline from 50 to now 30. This same complacency of the long term buyer based on price of purchase can be often found in homeowners who purchases their houses in the 1980s today who 'do not care' that their Southern California bunglow peaked at $700,000 and now sells at $400,000 because they paid $100,000 or less in the 1980s. Good point. If you bought your gold at $450/oz. it's hard to imagine how you'd ever lose money on it now.
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