Gold - Commodity or currency?

Gold - a commodity or currency?

  • It's a commodity

    Votes: 21 39.6%

  • It's a currency

    Votes: 25 47.2%

  • other

    Votes: 7 13.2%
  • Total voters
    53
YouAreNotFree said:
Welcome to the Twilight zone.

Now the Swiss want to devalue their currency.

Great idea. Take the one thing that every Swiss citizen is in possession of, that their assets are denominated in, and destroy its value.
Click to expand...
Are you a Swiss citizen? Do you know what CHF at current levels means to the Swiss?
 
Martinghoul said:
Really? Have you actually experienced that first hand?
Click to expand...

No, but I've experienced a weak currency first hand so maybe I can just reverse the consequences of that scenario and give an answer?

But seriously, tell me why a strong Franc is a bad thing and for whom.
 
YouAreNotFree said:
No, but I've experienced a weak currency first hand so maybe I can just reverse the consequences of that scenario and give an answer?

But seriously, tell me why a strong Franc is a bad thing and for whom.
Click to expand...
Well, how about I give you an example... I used to go skiing in Switzerland pretty much every year. Guess what I have not done for the past couple of winters? It's ridiculously expensive and, while I love it, I don't love it that much. And this isn't just me doing that. Now what happens to all those nice people I used to pay for my lodging, food etc?

And I have also experienced a very weak currency. In fact, I have experienced a non-convertible currency and I am still alive and kicking.
 
Martinghoul said:
Well, how about I give you an example... I used to go skiing in Switzerland pretty much every year. Guess what I have not done for the past couple of winters? It's ridiculously expensive and, while I love it, I don't love it that much. And this isn't just me doing that. Now what happens to all those nice people I used to pay for my lodging, food etc?

And I have also experienced a very weak currency. In fact, I have experienced a non-convertible currency and I am still alive and kicking.
Click to expand...


Too right. I used to have a Rolex but now I can't even afford a Swatch... :(

I'm switching to a Casio... :)
 
YouAreNotFree said:
No, but I've experienced a weak currency first hand so maybe I can just reverse the consequences of that scenario and give an answer?

But seriously, tell me why a strong Franc is a bad thing and for whom.
Click to expand...

Modern economists think it's good that the citizens of a country are impoverished by having to pay more for their food and energy. They don't understand that the citizens of the country now have less to spend on discretionary items...Modern economists peddle their idiotic inflationist propaganda while behind your back they are buying gold...two faced hypocrites! Only in an Orwellian world..:rolleyes:

How many travel groups have gone into admisistration in the UK over the last 12 months?

http://www.caa.co.uk/default.aspx?catid=1052&pagetype=87
 
new_trader said:
How many travel groups have gone into admisistration in the UK over the last 12 months?

http://www.caa.co.uk/default.aspx?catid=1052&pagetype=87
Click to expand...

Hahahaha you're too funny NT. Those companies failed because they couldn't cut the mustard during the bad times. How long can you stay afloat if you just whack fees on top of services carried out by others? Especially when pickings are so thin.
"Phone a deal" lol. WTF kind of model is that for 2011?
 
scose-no-doubt said:
Hahahaha you're too funny NT. Those companies failed because they couldn't cut the mustard during the bad times. How long can you stay afloat if you just whack fees on top of services carried out by others? Especially when pickings are so thin.
"Phone a deal" lol. WTF kind of model is that for 2011?
Click to expand...

It's during the 'bad' times that the UK ramped up Q.E...so much for boosting spending. Those companies failed like they should have. How many other companies that should fail in the same way (Otherwise known as malinvestments) are being supported by the UK Central Bank policies?
 
Last edited:
Boost spending because aggregate demand, debt and consumption are the only things modern economists understand. They haven’t got the foggiest idea about supply side economics and free market capitalism. England is a pitiful welfare state.
 
Hi guys,

Now that all the bad news is out there... Anybody thinking of shorting gold - as I am... :whistling

I'm not sure but my rough targets of 1600-1650 (161% extension from last December) have well been exceeded. Will reflect on this and consider a short with a big stop at these levels. :rolleyes:


Any views especially technical ones would be much appreciated. (y)
 
Atilla said:
Hi guys,

Now that all the bad news is out there... Anybody thinking of shorting gold - as I am... :whistling

I'm not sure but my rough targets of 1600-1650 (161% extension from last December) have well been exceeded. Will reflect on this and consider a short with a big stop at these levels. :rolleyes:


Any views especially technical ones would be much appreciated. (y)
Click to expand...

Hi Atilla,

It looks like your forecast on shorting gold was correct ( atleast for the very short term anyway )
As a beginner the past couple of days have been a complete eye opener for me. With the price of gold going up so rapidly and then down very quickly this afternoon I feel a bit dizzy. It also seems many other stocks/indices have fallen rather drastically.

May I ask what gave you the idea to short Gold?
 
dan1986ccfc said:
Hi Atilla,

It looks like your forecast on shorting gold was correct ( atleast for the very short term anyway )
As a beginner the past couple of days have been a complete eye opener for me. With the price of gold going up so rapidly and then down very quickly this afternoon I feel a bit dizzy. It also seems many other stocks/indices have fallen rather drastically.

May I ask what gave you the idea to short Gold?
Click to expand...


Because from last Dec 2010 - 1600-1650 was approx 161% extension of the Fibonacci extension. I set this as my target.

Markets don't move in straight lines so a pull back is to be expected. I thought 1670 was high enough.

Text book technical analysis. I'm trying to avoid news noise as much as possible and simply trade on TA.

PS I didn't take the short I should add. Thinking about it still.
 
Atilla said:
Because from last Dec 2010 - 1600-1650 was approx 161% extension of the Fibonacci extension. I set this as my target.

Markets don't move in straight lines so a pull back is to be expected. I thought 1670 was high enough.

Text book technical analysis. I'm trying to avoid news noise as much as possible and simply trade on TA.

PS I didn't take the short I should add. Thinking about it still.
Click to expand...

Cheers :)

Still yet to look into fibonacci, I think I shall do that next. Good to see your trading solely on TA. This is what I plan to do, at first anyway. I feel trying to learn FA at the moment will be way to much for me.
Although I was long on gold through FA I suppose :confused:
 
After the downgrade of US debt, China has called on US to do something about defending its reserve currency or some kind of an alternative global reserve currency should be considered.

In the absence of any common ground or concensus between countries - gold is likely to be strong candidate.

I can't see gold coming off much from recent highs and more likely to continue in its upward trend over these periods of uncertainty.
 
Atilla said:
Because from last Dec 2010 - 1600-1650 was approx 161% extension of the Fibonacci extension. I set this as my target.

Markets don't move in straight lines so a pull back is to be expected. I thought 1670 was high enough.

Text book technical analysis. I'm trying to avoid news noise as much as possible and simply trade on TA.

PS I didn't take the short I should add. Thinking about it still.
Click to expand...

I always wondered what you would do once the gold price hit your fibonacci level and needless to say, you did absolutely nothing. So what is the point of using them?
 
new_trader said:
I always wondered what you would do once the gold price hit your fibonacci level and needless to say, you did absolutely nothing. So what is the point of using them?
Click to expand...


They provide guidance and targets.

In a fluid dynamic world as trading and price movements - to reappraise market situation and manage trades is one continuous cycle.

Right now I'm trying to gauge where gold is likely to go next but not sure on new target.


So do you have any targets or are you either long or short and that's it. How do you determine entry and exits - be interested to know? (y)
 
You must log in or register to reply here.

Similar threads

C
Market Profile in gold, oil, currencies
Replies
11
Views
3K
stang3O2
S
J
Commodity/ currency trading books
Replies
1
Views
4K
Gi Books
G
Perrington
Currency behaviour
Replies
1
Views
3K
commanderco
C
M
Pattern Day trading rules in US
Replies
3
Views
3K
Trader333
Trader333
G
Gold rised as dollar weakend against the euro
Replies
0
Views
1K
gnutrade.satya
G
Top