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OfflineHotnuts
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Trading gold, or (gld)?
    #11898836 - 01/25/10 02:56 PM (14 years, 1 month ago)

Anyone thinking about trading gold, or (gld)? I am. But after a few minutes of analysis, i'm going to wait to see what happens in this "falling wedge" pattern. I'd like to see it weaken to 105'ish and then make another run to the upside at the wedge's resistance. Making a 5th and final wave (possibly). Go from there.


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InvisibleShins
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Re: Trading gold, or (gld)? [Re: Hotnuts]
    #11909412 - 01/27/10 12:10 AM (14 years, 1 month ago)

I'm more partial to physical bullion.  Paper gold is good for its lower premiums and no storage, but physical gold is better in a shit-hits-the-fan scenario. 

Also a lot of the paper gold contracts aren't backed fully by actual real physical gold, so when you buy paper gold

1.  you're going to have trouble if you want to take delivery
2.  if there is rush to physical you might be unable to take delivery.
3. you're putting your money towards suppressing the price through oversupply of contracts relative to physical.

I also like that fact that if there were a natural disaster like haiti or something where i live, i can load a pack full of gold and not have to worry about withdrawing money from a crumbled bank.


Anyways for what it's worth i like paper gold too!


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InvisibleShins
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Re: Trading gold, or (gld)? [Re: Shins]
    #11909420 - 01/27/10 12:15 AM (14 years, 1 month ago)

I would also recommend perhaps looking around for gold jewelry and trinkets to buy.  I find below melt value stuff often.

for example this Ad in my local classifieds For a necklace worth well over $1300 selling for $1000

I'd buy that up if i had the extra grand...  you already automatically would make over 30% just buying it.


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OfflineHotnuts
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Re: Trading gold, or (gld)? [Re: Shins]
    #11910342 - 01/27/10 08:32 AM (14 years, 1 month ago)

I suppose holding some bullion would be a good idea, but i've never considered it. Might do so, just to have some. Regarding the technical pattern. That's a falling wedge. A lot of technicians would consider it to be bullish, but that isn't the case, a lot of times. It's a 50/50 pattern, really. Can easily go either way. Wedges are junky patterns to play, most of the time. You really want a lot of momentum gain before entering trades. No matter which way it goes. When playing wedges, you need to be open minded.

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