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
Atilla said:
If in doubt trail out. Adjust Stop imo.

I have it perhaps testing 1450 if 1600-1650 doesn't hold.

I think it has to be tested - perhaps must even. Markets do not move in straight lines. This is amazing but I guess panick and fear can do that to a man... :cheesy:
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NT - Mr fiat currency dude that you are - for you especially... ;)

Gold @ $1643 on my radar...

Show me the m o n e y y y y ! ! !




From yours trully,


:)



 
You 2 ever going to agree to disagree? I am guessing taking a stab at each other is too much to resist. That's why this forum is such a laugh. It's archetypical of the markets we trade.
 
forker said:
You 2 ever going to agree to disagree? I am guessing taking a stab at each other is too much to resist. That's why this forum is such a laugh. It's archetypical of the markets we trade.
Click to expand...

Oh commooooonnn forker, just a bit of brinkmanship that's all it is. ;)


Just blowing mi trumpet and getting even on all the stick and grief I get from the young master NT... :)


One has to have a certain tenacity and robust thick greasy grimey skin to be a trader. I know NT can handle him self admirably.

There were number of other doubters too but nothing like getting a 400pip call almost spot on eh?

Anyone who took the short make mine a double... ;)
 
You know I had a feeling you'd be the first to reply. You going to be buying the rounds then!
 
Atilla said:
If in doubt trail out. Adjust Stop imo.

I have it perhaps testing 1450 if 1600-1650 doesn't hold.

I think it has to be tested - perhaps must even. Markets do not move in straight lines. This is amazing but I guess panick and fear can do that to a man... :cheesy:
Click to expand...

May I ask did you take the short when you made this prediction (on August 8th) Atilla? If you did, you did well to hold on to it as the price surpassed $1900.
 
libertas said:
May I ask did you take the short when you made this prediction (on August 8th) Atilla? If you did, you did well to hold on to it as the price surpassed $1900.
Click to expand...

Original call was placed on another thread here http://www.trade2win.com/boards/metals/132642-gold-its-gonna-blow.html#post1661472

I was expecting another attempt at 2000 from the bulls before selling but could see gold making lower highs since August and 2000 being a round number pull back was pure statistical certainty. Absolute pie in the sky imho. Even more so when people start mentioning 3000 :cheesy:

My original target at the start of the year was 1650 so we've well exceeded this. I'm still expecting 1450s to be tested but 1650 is likely to become support as it was resistance on the way up imo.
 
Atilla said:
Original call was placed on another thread here http://www.trade2win.com/boards/metals/132642-gold-its-gonna-blow.html#post1661472

I was expecting another attempt at 2000 from the bulls before selling but could see gold making lower highs since August and 2000 being a round number pull back was pure statistical certainty. Absolute pie in the sky imho. Even more so when people start mentioning 3000 :cheesy:

My original target at the start of the year was 1650 so we've well exceeded this. I'm still expecting 1450s to be tested but 1650 is likely to become support as it was resistance on the way up imo.
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Oh right. Good call Atilla!

Looks like we might be sticking a temporary bottom in today. $100 rally since this morning.
 
libertas said:
Oh right. Good call Atilla!

Looks like we might be sticking a temporary bottom in today. $100 rally since this morning.
Click to expand...


Thought 1650 would see a bounce. Text book round number theory.

I still feel 1450 also likely to be tested. Euro fiasco may hold up the procession.

If Euro stabilises then test of 1450 is almost a certainty imho.
 
Interesting times in the pm market!

Thought the markets would be more patient for QE3 but I was obviously wrong. I wasn't expecting it to be announced at this point but others must have been.

There's alot of fear. Very early this morning someone panic sold me £8k worth of Gold 10% below spot on an exchange:LOL: Sold it 45 mins later at spot for 9% gain.
 
Gold is a form of wealth that cannot be printed or created. It can be mined, however that comes at a cost. The more that is mined, the harder it is to find more.

Since it cannot be created, the best of all traders frequently use it to settle debts or payments. I don't call that a currency. Technically it might be a commodity, however, that is vague and undescriptive.

Gold is a form of wealth. It is a form of value.

A currency might tie its value to the amount of gold on hand, however that can be dangerous because the central bank might hoard the gold and charge interest for use of the currency (usury).


All transactions are promises to deliver value and only living beings can make promises.

Example:
I promise you xxx.
You promise me yyy.

Delivered?

Yes/no

Transaction.
 
scose-no-doubt said:
Then is my computer desk not? It has an intrinsic value, no.

Gold is more liquid and more widely accepted but it's not a currency.
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Exactly right. Anything of value can be conveyed. What is more liquid is more efficient (lower transaction costs).

Promise Language. All transactions are promises to deliver value.

I agree. Currency is central bank issued paper. Gold is value or wealth. Silver is value or wealth. Time is value or wealth. Of course currencies are value or wealth too.
 
scose-no-doubt said:
Then is my computer desk not? It has an intrinsic value, no.

Gold is more liquid and more widely accepted but it's not a currency.
Click to expand...


Spot on (y)

Gold is not a currency. At least not now not yet...

Having said that everything is a commodity including money and gold.

I'm puzzled so many people don't have a handle on the subject matter.


Either way just thought I'd announce Gold is likely to continue testing the lows and making some serious lower highs.

I'm holding onto the 1450 target although some say 1500 to be tested soon.


Addenda:
This condition will only change if ECB agrees to printing out some Euros... However, auterity measures flavour of the month at the moment. Time will tell how much pain can be endured before the printing press start rolling...
 
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