Using Elliot Waves to forecast Price of Gold

[ramfree27]

Thanks for posting this! I wish the screen resolution were better, but i get your point. The guy I listen to (who is also an active stock trader) says Gold will consolidate in the 1050-1150 range before we get the next breakout. Gold has been real money for centuries. Paper money, according to one article, has a typical lifespan of 70erears. As a side note, a gallon of gasoline used to cost ~ 25 cents when coins were 90% silver. Now selling around ~3.50 = a gallon of gasoline.

[ramfree27]

@ramfree27

in other words, silver coins 1964 and earlier are currently selling for about 14 x face value ... currency devaluation ... or inflation... you choose

[UnderseaCaveman]

@ramfree27 I just looked at Gold Chart tonight....looks to me like it's done consolidating...and ready to ascend to 1450. The Central Banksters and GOV don't want DEFLATION as they might lose revenue from any instrument with a Dollar Price ... Inflation slows Depreciation (of value).... or say stock gains 8% and inflation is 9%.... yeah, can't inflation correct prices to avoid taxes (gov revenue).

[PorscheB06]

I agree with you about the Flesh wound part. We haven't seen anything yet.

Wait until the dollar goes down 25% or more in one day. Then the Party for the U.S. Government is over. I see it coming in the next couple of years. I hope I am wrong, but I feel it is already planned.

The US govt. will not be able to make the interest payments on it's debts very soon. Tax revenues are not going to rebound like they think.This is a jobless recovery that will result in a much worse economy in the future.

[UnderseaCaveman]

Porsche,

Agree with you....A day of reckoning is coming for US Gov and its voters. I am committed to voting 3rd party only from here on forward, unless we see someone like Ron Paul or even Kucinich....but, the problem also is with the dumbed down US voter, congress is so corrupt now, nobody is getting called out by voters...I think it will be couple years before the wheels fall off the cart completely. Then we will have hell to pay!!

Aloha, UC

[medini2]

The time to call out our politicians was when the moment they started denying spraying the sky (us) w/ chemtrails way back in the early 80's. Couldn't get a straight answer about anything cause we were ALL dumbed down on every stinking level.

I can't figure out what the eliot waves are saying about gold now. What do think?

[UnderseaCaveman]

Big drop today..... Wait, not time to buy until you see an "inverse hammer" (candlestick)....

Basically wait for 2 days of "up motion"...

Oh, it's gonna come back up... Lumber keeps pluggin away... Today Lumber Futures made a 3% up move while everything else was getting hammered down.... see my other vid with "lumber" in title!

[PorscheB06]

Don't you think that we are in unchartered territory based on the U.S> Debt, and now more debt with sending 30,000 more troops, and if they pass the health care bill. I think waves and fundamentals go out the window at that point. We have never been in this situation before. England and Germany have a history to show what can happen when a govt. goes to far in debt. Many currencies have collapsed in history. Now is time for the US Dollar to collapse. No Power or Currency last forever!

[UnderseaCaveman]

Precisely because the future is always "uncharted", only the past has a record.... precisely that is the reason that the big money must listen to their "technical advisors" .... and so we see things evolve technically.

Huh....The USD collapse??? Just a flesh wound!!

Nothing cures high gold prices like high gold prices!!

[luvzpalin1]

why doesnt any waver post on T bonds?

[UnderseaCaveman]

I dunno......

[valhala56]

I really am not that interested in investing a lot in gold n silver, however I'm sure the dollar is going to be history, at least in the sense of haveing value......well go with the flow.

[UnderseaCaveman]

I would guess the USD rebounds soon...

relative to other currencies....

I think the currency devaluation race is on internationally....nobody wants to lose currency-labor wages disparity to the USD/Chinese Yuan.

[odin422]

i would short at 1450 or 1650

[UnderseaCaveman]

Sure, first I would do an analysis as it approaches those figures.....

Who knows what those figures might be in relation to chart.

[oiuoiu988]

@odin422

1450 looked like a good call. Great Job!!

[odin422]

@oiuoiu988 thanks bro. i was off by like 28.00$ the top was 1422.00 i think (round-about) and at the time of the call gold was 1030.00 or so..since it hit the recent high seems like a decent short, but i'd remove that after Wednesday of this week, options-expiry is Wends. should be another great year for the metals, im 95% silver, and last year's 85% gain was EXCELLENT, this year i hope for a nice 50-60% gain, most-of-which should come after August. Bob Chapman rules!!!

[oiuoiu988]

@odin422

I wouldnt short gold after seeing that last move down die so quickly. dont get me wrong, the price could go down, but i think central banks' influence on the gold price is waning and theyre probably not gonna be able to take more than 10% out of the price again. I think i'd diversify into the ag commodities this year if i had the money to do it. and ftr, i still think the yen is a good place to be for the intermediate to long term.

[odin422]

Silver is ULTRA suppressed

[UnderseaCaveman]

Gold/Silver ratio is 64.4 ..down from 83 6 months ago....silver gaining on gold.

Gold/Oil ratio is 15.45 ..up from 14...and high for the 5-year average of 12-13.

Gold appears overvalued relative to Silver and Oil.... one strategy (to hedge general commoditiy price motions) is to be short Gold and simultaneously long Silver and Oil....until the ratios come to a norm/average.