I bought 20 oz gold certificates in sept 2008 at rate of 766US$. I am not much gaining right now if i sell at 850 US$ but i am gaining good at US-CAD $ conversion.
Should I wait or cash out what ever i get.
rgds..
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એવા ઝંઝાવાત હજુ હૈયાની અંદર
Quote:
Originally posted by love_n_peace
I bought 20 oz gold certificates in sept 2008 at rate of 766US$. I am not much gaining right now if i sell at 850 US$ but i am gaining good at US-CAD $ conversion.
Should I wait or cash out what ever i get.
rgds..
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I see that you are IN Gold already. I think you also know how to read charts. In the charts provided, you will see that there is a Resistance at a $880.00 US/Level. It has not broken through that level in three tries. You will see a triple top up to now. If on its Fourth try, if it breaks through then the next stop is around the $975-990 level, slightly under the previous high of a $1040.
Now you have all of the guide lines. Anyone one who has a certificate for 20 ounces will know what to do now. I do not know your transaction costs and the slippage you encounter with your broker.
The oil has moved up and if Gold moves in sync, then you can wait for a slight improvement. Looking at the other indicators and with the uncertainty in the markets, you can decide what it is that you want to do. Some have a gut feeling and some keep trading and make money steadily.
If you are a buy and hold individual, which you are. You Stay put.
The two web sites will help you in your decisions. NYMEX-COMEX upgrades itself when you 'refresh'. It is fifteen minutes delayed. London Gold Market provides you with their charts and they are slightly different to the ones in US.
Good Luck.
Freddie.
http://www.metalprices.com/FreeSite/metals/au/au.asp
http://www.nymex.com/gol_fut_cso.aspx
I'll say my opinion, its only mine so please make decisions to whatever you feel and not listening to anyone here or anywhere. Bank of Canada has lowered its interest rates and rumors are they may also bring it to Zero just like US, if that happens CAD will further fall which can give you better returns in conversion. The symptoms are for a bearish CAD.
Good luck in whatever you decide.
Jona
Location: God's own country
Posted on: 23-01-09 11:43:58
Quote:
Originally posted by love_n_peace
I bought 20 oz gold certificates in sept 2008 at rate of 766US$.
Should I wait or cash out what ever i get.
If I were you, I would sell.
Gold is falling everyday and is no more seen as a hedge toward inflation as we have got deflation going on. For sure the Cdn $ will dpereciate against the US $ but when you factor in the falling price of Gold, it may seem prudent to sell at the current rate and then may be buy when you feel that Gold has fallen to its lowest level (that would be when the economy starts picking up and inflation seems to be a concern.).
Just donot gamble away your money and put it in a savings account in ING or in TFSA until you are ready to buy again.
All IMO
Peace by TK
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I am a Gents and not a Ladies.
Gold hit a price of $890.00 U.S for a brief period. Currently as I post this to you, it looks like a sell at that price. It is sliding down to $880 as this is posted. See if you can get a good price and lock it up. Then wait for another chance to buy and hold.
People who trade, do know what to do now. That is why I posted the NYMEX-COMEX web site for you to explore and do the needful to learn and understand. It is a complex field and calls for a lot of studying, besides the funds that you have to trade with.
Good Luck.
Freddie.
In the links I provided you can get the tables that is accessible. : http://www.nymex.com/gol_fut_csf.aspx?product=GC From the tables it is evident that If you hold this certificate till Dec 2011, it might hit the price of $928 +/- a few bucks. But you have to keep your eye balls peeled open till that time, because it moves in cycles.
So, Take your profit now and wait for another chance and buy at a lower price, say at or around $790 later on and take a ride with it. But keep watching the tables every day and make your decision with your holdings.
Even if you do not trade, since you have interest in it, make paper trades and make a note why you did what ever you did. Write it alongside and see if the move that you did was good or was a bad decision. That way you know you are getting tuned to the GOLD MARKETS.
Have a nice day. (Edit)
Freddie.
