Gold climbs nearly 7 pct on safe haven buying, oil

Kitco ^ | Sep. 17, 2008 | Reuters

[kc8ukw]

LONDON (Reuters) - Gold rallied nearly 7 percent on Wednesday to a two-and-a-half-week high of $830.10 an ounce, as a wave of risk aversion triggered buying of the precious metal as a safe haven and oil prices climbed.

[kc8ukw]

[Cicero]

Yep. I was all in as of last week. This is the beginning of Large Wave 3 of the bull that began around 2000.

[devere]

“This is the beginning of Large Wave 3 of the bull that began around 2000.”

Anything is possible, but I think it is more likely to be a “B” wave in the gold market correction, with wave “C” to end at about $700 or slightly below.

[brydic1]

Now we know where all that money we hand over to the Arabs for oil that we purchased from them is going.

[ThePythonicCow]

but I think it is more likely to be a “B” wave

That's my call as well.

I'm still just bottom feeding on gold for now. I keep a little just in case, like the Jews of Eastern Europe in the late 1930's, I need to exchange my gold fillings for the last train ticket out of here, but I for now, I am only buying more on surprising lows, not on days like today.

I'll be backing up the pickup truck to load up when either gold goes lower again, or (if I was wrong) when gold goes above $1000, retests, and heads up.

All plans, of course, subject to change ...

[Chewbacca]

$30,000/oz gold here we come.

Three cheers for hyperinflation!!!

Hurray! Hurray! Hurray!

I will be able to pay off my mortgage with only two $50 gold pieces soon.