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Gold Above 370.00 per Oz...Hits High of 373.90 [6 Year High]
Kitco ^ | 1/27/03 | mixed

Posted on 01/27/2003 12:34:44 AM PST by antaresequity

Gold Cracks 370.00...equity futures off, Euro edging up in overnight trading...


SPOT MARKET IS OPEN
closes in 10 hrs. 9 mins.
 Jan 27, 2003 03:21 NY Time
 Bid 372.10
 Ask 372.60
 Change +4.40
+1.20%
 High 373.90
 Low 368.80

6 Year High in Gold


TOPICS: Breaking News; Business/Economy
KEYWORDS: comingtotakemeaway; gold; goldbugs; kooks; whackjobs
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1 posted on 01/27/2003 12:34:44 AM PST by antaresequity
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To: bvw; Tauzero; robnoel; kezekiel; ChadGore; Harley - Mississippi; Dukie; Matchett-PI; Moonman62; ...
Gold poised to test 400 now...could see a rapid move on short covering.

If you want off this ping list let me know
2 posted on 01/27/2003 12:36:25 AM PST by antaresequity
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To: antaresequity
Out of curiosity, what is the 6 year return of the DJIA/S&P and the 6 year return on gold. Avg annual please.
3 posted on 01/27/2003 12:41:11 AM PST by College Repub (http://www.collegehumor.com)
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To: antaresequity
OK. How many billions is the gold market worth and how much tangible gold is above ground? Can't be more than 200 billion. You tell me!
4 posted on 01/27/2003 12:42:01 AM PST by dennisw (http://www.littlegreenfootballs.com/weblog/weblog.php)
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To: antaresequity
I remember ~1983 with the Iran/Iraq war and gold topped out at ~$650.
5 posted on 01/27/2003 12:43:22 AM PST by dennisw (http://www.littlegreenfootballs.com/weblog/weblog.php)
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To: College Repub
With all due respects their is no corralation nor reason to compare them.

And if something is testing a six year high...then its six year return is Zero...

But you already knew that.

6 posted on 01/27/2003 12:46:36 AM PST by antaresequity
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To: antaresequity
I did. I was trying to make a point about which is a safer investment long term. I could have asked for 10 yr, 20yr, 30yr returns too.
7 posted on 01/27/2003 12:48:08 AM PST by College Repub (http://www.collegehumor.com)
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To: College Repub
Six year on the SP cash 9.57%, or a simple annualized return of 1.6%
8 posted on 01/27/2003 12:50:23 AM PST by antaresequity
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To: antaresequity
And the Dow? What about 10 yrs of dow/s&p/gold
9 posted on 01/27/2003 12:53:06 AM PST by College Repub (http://www.collegehumor.com)
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To: College Repub
6 Year return on Dow = 2.82%
10 posted on 01/27/2003 12:54:38 AM PST by antaresequity
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To: College Repub
This is going to be ugly today me thinks...

The SP futures are off 6.00 pts

The Dow futures are off 57

The Naz 100 futures are off 6.50
11 posted on 01/27/2003 12:57:13 AM PST by antaresequity
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To: College Repub
There are other investments besides long term. Those who began their long term investing in March of 2000 will wait 20 years before breaking even. Just like those who bought gold att he top in '87.

Those who went long in bull markets (gold) and short in bear markets (Dow, Naz, Sox et al) are very nicely in the money during that intermediate term.
12 posted on 01/27/2003 12:57:14 AM PST by Mike K
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To: antaresequity
So you're up watching this too.
13 posted on 01/27/2003 12:58:00 AM PST by imawit
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To: Mike K
Fair enough.
14 posted on 01/27/2003 12:58:41 AM PST by College Repub (http://www.collegehumor.com)
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To: imawit
Yes...these are momentous times..I wouldn't miss this for the world

Watch the rates too...Ten year contract is on the move and points higher to around 119.00...now up '015 [March large] @ 114'235

Euro contracts up 27 pips [March mini]
15 posted on 01/27/2003 1:03:52 AM PST by antaresequity
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To: antaresequity
What about 10 yrs on dow/s&p/gold?
16 posted on 01/27/2003 1:05:23 AM PST by College Repub (http://www.collegehumor.com)
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To: Mike K
Those who went long in bull markets (gold) and short in bear markets (Dow, Naz, Sox et al) are very nicely in the money during that intermediate term.

Yep...buy and hold is losing strategy for todays investor. It always will be. Every single trade should have stop, or reversal...

17 posted on 01/27/2003 1:06:16 AM PST by antaresequity
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To: antaresequity
Earlier, arete, Richard said all would be well again for a while after the state of the union.

I wrote him back and said there was no bandaid big enough.

What part of the country are you in ?
18 posted on 01/27/2003 1:07:44 AM PST by imawit
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To: antaresequity
The FTSE looks to have gapped down 3.5% this morning. Stay tuned for more fireworks in New York.
19 posted on 01/27/2003 1:08:22 AM PST by Mike K
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To: antaresequity
Don't fall in love with US and TY, the bulk of this is safe-haven stuff. When we tee off against Dirtbag, long-term i-r mkts will have a **very** difficult time. Who wants 4.xx % for 10 years, except of course the Japs?
20 posted on 01/27/2003 1:14:16 AM PST by SAJ
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To: imawit
West coast

I dont think we will see much of pop on the SOU...at best we see some serious sideways chop and volatility before the big bear shakes hard...otherwise it may just peel off and not waste time...

Keep in mind that alot of sheep bought the BS from the street and went long on that consoldiation channle...that will fuel the sell off if things get going...

We broke critical range support on Friday...all equity indecie have large bearish engulfing fall off patterns in place that trigger short on tick below the Friday low (futures have already ticked below these lows)

All of the big tech bellweathers have similar patterns and if the gap down holds they will trigger shorts on the open...

There is a massive layer of stops under the October lows...and the pro's are going to try and push those stops...might take a week or two to get their but be aware of the precipitous state of the equity markets...
21 posted on 01/27/2003 1:15:37 AM PST by antaresequity
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To: SAJ
I only trade them to targets...right now weekly structure points at 119'665...tick over 115'170 is my entry..just waiting and watching...stop would be a point or two under the trigger
22 posted on 01/27/2003 1:27:03 AM PST by antaresequity
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To: antaresequity
Thought I saw the bear coming down the hill last Monday on the holiday.

I forecast a down week then by predicting a negative close every day of the week on the NAS. I missed on Thursday.
23 posted on 01/27/2003 1:30:41 AM PST by imawit
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To: antaresequity
You're a bolder man than I! 5 handles UP from here? Never say never, but you've GOTTA ask just who is going to buy 117 on TY, charts or no?

Best wishes to you!

24 posted on 01/27/2003 1:31:12 AM PST by SAJ
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To: antaresequity
The largest population on earth, the Chinese, were very recently allowed to privately own gold.

The last gold surge was tied directly to the Chinese also. As the turnover of Hong Kong to China approached, the best way to cash-out was to purchase GOLD. In connection with the exodus out of Hong Kong to other parts of the world, it was probably the largest movement of financial assets in the last two decades.
25 posted on 01/27/2003 1:38:29 AM PST by XHogPilot
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To: SAJ
Target is weekly ranged target [ie months out]...with a trailer working not that big of a deal...

The impulse points their...doesnt mean it will get their...

I focus on metal, equities and currencies...my friends trade the notes and they have been talking about this...

Cant win em all...its the cost of doing business
26 posted on 01/27/2003 1:42:50 AM PST by antaresequity
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To: SAJ
Another thing...if the bond traders [meet with feds this week] don't want this massive load of new debt dumped...the fed may have to offer more...at least thats the scuttle butt

Keep that in mind...
27 posted on 01/27/2003 1:48:37 AM PST by antaresequity
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To: antaresequity
Looking pretty ugly at 5:49 EST

Futures:
S&P -11.75
Dow -118
Naz -14.00


28 posted on 01/27/2003 2:51:06 AM PST by antaresequity
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To: antaresequity
Dollar just as ugly...
http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s&w=5&t=c&a=4
Sako
29 posted on 01/27/2003 3:18:04 AM PST by SakoL61R (pssssst! defect now and ya can join for free! Limited offer only good through Jan 03!)
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To: antaresequity
War is not good, and it does not create prosperity nor cause stability.

If Bush has his war with Iraq, oil supplies will be disrupted with higher oil prices, we will have a deep recession within a recession, we will have a major increase in unemployment with layoffs, bankruptcies and factory closings, some arabs may vengefully retaliate again with another bombing on the United States like the World Trade Center, the stock market will take a HUGE HUGE dive, and gold will continue to increase in value.

30 posted on 01/27/2003 5:24:33 AM PST by waterstraat
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To: waterstraat
If Bush has his war with Iraq, oil supplies will be disrupted with higher oil prices

How did oil prices behave immediately before, during, and immediately after Desert Storm?

31 posted on 01/27/2003 5:28:05 AM PST by Poohbah (Four thousand throats may be cut in a single night by a running man -- Kahless the Unforgettable)
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To: waterstraat
some arabs may vengefully retaliate again with another bombing on the United States like the World Trade Center

Are you one of those twits who thinks we deserved 9/11?

"Please, Mr. Muslim Fanatic, don't hurt me, I'll convert to Islam, I'll let you bugger my wife and daughters, just don't hurt me..."

32 posted on 01/27/2003 5:30:34 AM PST by Poohbah (Four thousand throats may be cut in a single night by a running man -- Kahless the Unforgettable)
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To: Poohbah
some arabs may vengefully retaliate again with another bombing on the United States like the World Trade Center Are you one of those twits who thinks we deserved 9/11?

I said no such thing, it is you who brought up the point that such a thing would be "deserved". Those are your words, not mine. Why would you even think that?

If you think acts of terrorism are "deserved", then tell us why YOU think that.

Are you one of those twits who know nothing about the middle east?

Go to the library, and read the history of the middle east, especially since the creation of Isreal. I got news for you, there has been lots of fighting and terrorism over there recently.

You apparently dont know that the middle east has seen violence in past years, and you also appently dont know that arabs answer violence with violence? You need to read what has been going on in the middle east, you are going to be surprised.

An arab who has a close family member blown up or killed may someday take violent revenge years, or even decades later.

Getting involved in middle east wars is not the best way to make arabs love you.

33 posted on 01/27/2003 5:51:58 AM PST by waterstraat
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To: waterstraat
I said no such thing, it is you who brought up the point that such a thing would be "deserved". Those are your words, not mine. Why would you even think that?

When you said that terrorists would "retaliate." That implies that the terrorists were the wronged party. If you have a problem with the meaning of the word you chose, then learn to use English correctly.

Getting involved in middle east wars is not the best way to make arabs love you.

Short of converting to Islam and letting him bugger your wife and daughters...there is no way to make an Arab love you.

Let them hate us, so long as they fear us more.

34 posted on 01/27/2003 5:56:30 AM PST by Poohbah (Four thousand throats may be cut in a single night by a running man -- Kahless the Unforgettable)
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To: Poohbah
If Bush has his war with Iraq, oil supplies will be disrupted with higher oil prices

How did oil prices behave immediately before, during, and immediately after Desert Storm?

Oil prices went up when we went to war with Iraq, but more importantly, oil prices did not drop like a rock.

Before we went to war in 1990, Saddam announced that he was going to flood the world with oil, and make oil prices bottom. The 1990 war, kept Saddam from flooding the world with cheap oil and ending OPEC, and after the war, the oil output from Iraq was severely limited to prevent oil prices from making a big decline to very cheap and plentiful gasoline.

Cutting and reducing supply, does not lead to lower prices, rather, it makes the price higher than it should be.

35 posted on 01/27/2003 5:57:43 AM PST by waterstraat
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To: waterstraat
Oil prices went up when we went to war with Iraq, but more importantly, oil prices did not drop like a rock.

Thank you for demonstrating that you are either an ignorant buffoon or one of Saddam's butt-boys.

36 posted on 01/27/2003 6:00:54 AM PST by Poohbah (Four thousand throats may be cut in a single night by a running man -- Kahless the Unforgettable)
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To: Poohbah
I said no such thing, it is you who brought up the point that such a thing would be "deserved". Those are your words, not mine. Why would you even think that?

When you said that terrorists would "retaliate." That implies that the terrorists were the wronged party. If you have a problem with the meaning of the word you chose, then learn to use English correctly.

I did not imply anything, it was you that thought such acts were deserved. Here is what the word means:

Main Entry: re·tal·i·ate Pronunciation: ri-'ta-lE-"At Function: verb Inflected Form(s): -at·ed; -at·ing Etymology: Late Latin retaliatus, past participle of retaliare, from Latin re- + talio legal retaliation Date: 1611

transitive senses : to repay (as an injury) in kind

intransitive senses : to return like for like; especially : to get revenge

An arab who sees his daughter get blown up from an american bomb, may seek revenge on those who did it 10 years later. It does not matter if we thought we were right when his daugter got killed, or not. People take revenge for whatever reason they think. We have no control over whether someone someday may think he wants revenge.

Generally speaking, starting a major war in the middle east, is not, historically, the way to lower the price of oil nor the price of gold.

37 posted on 01/27/2003 6:06:41 AM PST by waterstraat
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To: antaresequity
What do you think of platinum, silver, and mining stocks, (current read)?
38 posted on 01/27/2003 7:17:35 AM PST by bvw
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To: waterstraat
Past performance ... not good guide. Most wars like you say, not all.
39 posted on 01/27/2003 7:19:08 AM PST by bvw
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To: antaresequity
Woo, I'm glad I got my physical gold back about 3 years ago when it was about $270 and ounce. Same goes with platinum. I'm loading up on silver this month.
40 posted on 01/27/2003 7:22:11 AM PST by fogarty
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To: waterstraat
US History is replete with short, little wars that actually were good economically, otherwise. These wars are forgotten and the long, bitter, massive wars remembered.
41 posted on 01/27/2003 7:25:37 AM PST by bvw
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To: XHogPilot
The largest population on earth, the Chinese, were very recently allowed to privately own gold.

Interesting news to me. Can you point to a news article or source for more detail?

42 posted on 01/27/2003 7:30:26 AM PST by Phaedrus
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To: Poohbah
How did oil prices behave immediately before, during, and immediately after Desert Storm?


43 posted on 01/27/2003 7:37:19 AM PST by razorback-bert
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To: antaresequity
Yes...these are momentous times..I wouldn't miss this for the world.

ditto. front row seats to an as-yet indeterminate event.

44 posted on 01/27/2003 7:57:49 AM PST by Semaphore Heathcliffe
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To: Semaphore Heathcliffe
...perhaps "trend" is more appropriate term than "event."
45 posted on 01/27/2003 8:08:24 AM PST by Semaphore Heathcliffe
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To: XHogPilot
The last gold surge was tied directly to the Chinese

Reminded of Marco Polo, who sewed gemstones into the lining of his coat for the financing of his journey. Gold and gemstones--won't get you through airport security anymore.

46 posted on 01/27/2003 9:26:29 AM PST by RightWhale
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To: Phaedrus
Interesting news to me. Can you point to a news article or source for more detail?

This info is about 2 months old give or take. I took a look at Gold-Eagle where I know I saw several articles about it when it was announced but could not find anything today. I'll look further.

47 posted on 01/27/2003 9:29:16 AM PST by jwh_Denver
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To: dennisw; College Repub
Like ive been saying peace could break out at any moment. It will drop like a polish fighter once that happens. Im going to advise my Father to put everything he has into shorting gold now.
48 posted on 01/27/2003 10:07:05 AM PST by weikel (Screw the dems im tired of the lesser evil Its the greens socialist and hardcore commies from now on)
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To: jwh_Denver
It is older than that. It has been talked about for over a year. They recently opened the Shanghai gold exchange. So far, gold sales brisk.

Another thing we have in common with the Commies: the Chinese government allows or disallows its citizens from owning gold----The US government allows(nixon)/disallows(FDR) its citizens from owning gold.

Personally, I think there is an equivalency between owning gold and keeping and bearing arms. I don't see how the government can legitimately infringe any free person's right to own either. But for part of my life, Americans could not own gold bullion. I was too young to care when that changed. But I would certainly care now if it changed back. And I would hope that if ever the US government for any reason tried to curtail the right of the American citizen to own gold, there would be a reaction not unlike that which would result if the US government suddenly decided to totally ban guns.
49 posted on 01/27/2003 10:20:07 AM PST by Jason_b
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To: Mike K
"Those who began their long term investing in March of 2000 will wait 20 years before breaking even."

Don't forget to factor in inflation. At average 7% yearly, and remember that the destruction of purchasing power compounds yearly, it might take a multiple of 20 years to get your capital back in real inflation adjusted terms, and in that time, there could be a whole another bubble followed by a burst, giving rise then to thoughts just as you stated above today.

Face it. Buy at the top of any bubble, and lose it in the burst, and it is gone forever---to the guys who got out early. No one who lost it is ever getting it back.
50 posted on 01/27/2003 10:29:14 AM PST by Jason_b
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