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I have been a doom sayer for quite a while, figuring gold would advance and the dollar would be worthless soon. But now the dollar is gaining strength.
The dollar really is not worth anything, as the gold backing in fort knox has been sold off over the years, and uncle sammy has been printing bills to pay debt faster than toilet paper is printed.
But the bottom line is that as long as the majority of americans "think" there dollar has any value, it will continue to be traded as such. And right now, the idiot americans think there currency has value (the same people that drive at rush hour while blindly yapping on a cell phone).
So today I sold off all my gold on the nuclo exchange...I am out...trading it for paper money. and really think the price will head south again, down to at least $800 and maybe as low as $600 oz....where I will get back in again.
I still have a little reserve of silver "just in case".
have fun boys!
-Bob

We'll miss your comments ruger. There needs to be more 'doom say'ers on the board to mix with the 'to the moon'ers. . I hope you come by from time to time and post a greeting.

I think Gold and Silver are currently over-bought (~$100 over 200DMA for gold and $3 over for silver), and a good time to take some profits, but I'm still a bull in the long run. We can't continue to paper over problems with $100 bills and not wind up with inflation.

I agree, most Americans are completely ignorant about banking and the money system. The 300# guerrilla is the Chinese and Japanese who have more of our dollars than we do and have recently started acquiring gold and silver (both citizens and the governments). They are smart enough to read the writing on the wall w.r.t. the the US$, but also know they can't just dump them without taking a huge loss.


Anyway, good luck. Hope we never need that silver reserve, 'just in case' .

Thanks Kev...but I am not going anywhere.....just gonna watch as the gold price dumps as these cell phone yappers keep believing in the power of the dollar .....then with an evil chuckle, I will jump back in with both feet (when it drops to $700 or so)...meanwhile, I will stick around and watch as the panic sets in!

So you flooded Nucleo with product and kept me from getting what I wanted
for my pm! I am also trimming at these lofty heights.
I am underweight in cash and am doing some trimming too.
So congratulations on being one of the first ones out the door.

I will keep my core and could not resist buying back my trading position
at $800 for gold and $10 for silver.

I'm keeping my gold just where it is. It's not the majority of my metal (silver is) and is for the very long term. We had a nice little pull back today, and will be looking to pick up some silver soon.

Thought I would jump back in here as gold has been really heading up the past few days.
again, I am sticking to my guns and am happy to be out, and believe it is going to dump real soon....why?
first, look at a basic chart....

gold was between 300-400 for what seemed like forever (The trading markets for coins and such did not really exist back then)....then it started climbing....peaked at 700 then crashed again....the next major peak was (not too long ago) at 1,000...then it crashed again....then peaked again at 975 and a small crash...and now it is WAY up and looking to hit 1,100 soon.
If history is an indicater, at 1,100 or sooner, it is going to crash again.
sure....the dollar is not worth the paper it is printed on (The reason I got into gold in the first place several years ago), and even China is running away now from our paper....but look at the other factors that are effecting gold prices....every tom dick and harry small business is buying gold to melt it down in many cases, because there is such a hunger out there for it.
But the reason that so many people are hungry for it, is they are convinced that it is safer than the stock market. Well, the stock market is and has (quietly) turned around....yahoo news and other news sources (who I believe are dead wrong) are announcing the "recession is over" so even more people are going to get back into stocks. and this will result in a reaction of people selling gold to get capitol to reinvest. houses...land...just about every investment right now is CHEAP except gold, and when people start cashing in there gold to reinvest in these other sources, the price as a result of the sell off will start to drop, and just like a house of card...when people start to see the gold prices start to decline (what? price drop? the infomercials didn't say that could happen!), they are going to go crazy and start selling....SELL...SELL...SELL!!!!!!!!!!!!!!!! AND that is what will really cause the price to drop.
anyway...that's what I think...but I could be wrong (chuckle)
-Bob

I wanted to comment when I first read about dumping one's gold holdings. This is what the so-called advisers and newsletter writers have been saying when gold first broke above $1000 - Sell!...Sell!...Sell!...Correction Imminent!

If people only had a clue about gold and the gold market, especially silver.

Let me just say what I had said before and that is that most people will be out of gold/silver when the big move comes.

Uh! That is NOW!

I hate to tell you people, but you have lost your positions!

Hog - Totally Frustrated With So-called PM Investors

I agree with Hog on this one. I understand trading with a portion of your metal, but selling out completely? Wow, not me. I look for a market peak in the spring (short term) possible followed by a pullback, but I would never sell out completely unless I had to feed the kids or something like that. Long term, there is no way to deal with the debt and phantom leverage out there. Hard assets are the only insurance I trust. Included, of course, are a few other hard assets consisting of brass and lead! hehe

Ruger you can sell all the gold and silver you want as long as you keep plenty of real hard currency in high quality steel barrels, brass casings and lead bullets. If you have enough bullets you can always get your PM's back eventually . The price of these has went through the roof since the coranation of BHO

Hog - You Right Wing Texan - SOB - Good to hear from you -- YOUR 1000 PERCENT CORRECT - Scary - We agree upon something -

Gold is Money and Paper is something we use in the bathroom .

Ruger is stering up the masses -- So he can sell more "Cheap gun parts "

Good hearing from you .

bad call

Good to hear from ya Hog old boy .....of course that is what everybody told me when I got 100% out at $995 then jumped back in 100% at $750 (and then back out 100% again this week in anticipation of a BIG CORRECTION soon).

two point I will make...when you trade stocks, do you only sell PART of a position with one company when you think it has peaked, or do you sell it all? so why do the same with gold....why not sell it all. I was one of the few that was lucky enough to get 100% out of the stock market when it did the big dive (and I will admit it was 20% solid research and 80% dumb luck), and even though I bought back in (europeon small caps) before it hit bottom, I got close enough to the floor to save my retirement fund and now I am UP about 20% since I bought back in while most people lost a great part of there retirement money.

second....for the doom sayers who think paper will someday go belly up (me actually among them too), while I am out of gold and now waiting for the reversal), I still have kept my silver holdings. Those I can use for food if the world goes to hell. And considering the alpha/beta levels gold plays around (that's highs and lows for those who don't know) I don't even THINK about what my silver trades at, as I don't ever plan on selling it. unless it does again what it did back in the 70's and runs up to $50 or $60 an oz (in today's money)...then I might trade it for gold....but I don't think that I will ever see that kind of a jump in silver again, at least in the 20 or 30 years I may have left on earth.

and yes, if the world does turn to crap, I have mucho firearms and ammo (including a bunch burried) to take care of business.
-Bob

I don't fault ruger as a trader. Making some good calls.
He still has an investment position.
I have been doing quite a bit of trimming lately but keeping my
core, as Hog would recommend.

I am happy either way. Prices drop I pick up some more trading position.
Prices go up, I feel good about my base holding.

Who continues to be glad they got out or sold?

I have some sellers remorse on a few recent gold sales.