Gold Price May Jump To US$ 850 Per Ounce

[Jai Dee]

Gold price may jump to US$ 850 per ounce

President of the Gold Trading Association Chitti Tangsithipakdee (จิตติ ตั้งสิทธิ์ภักดี) stated that it is possible for gold price to rise to US$ 850 per ounce. He has warned the consumers not to buy gold for speculation.

Mr. Chitti revealed before the discussion with the Commerce Ministry that currently, the global prices of gold have reduced to US$ 683 from US$ 719 per ounce.

He said foreign analysts have predicted that the global price of gold might increase to US$ 850 within 2 years following the adjustment of gold price at US$174 within the last month.

The President of the Gold Trading Association added that it is a high risk for consumers who are buying gold for speculation but said there is a high possibility for long-term investment.

Source: Thai National News Bureau Public Relations Department - 16 May 2006

[Jai Dee]

Internal Trade department holds a meeting with related agencies as to find measures for determine the gold prices

The Internal Trade Department called a meeting with the Gold Traders Association and the Office of the Consumer Protection Board to find the measures on three issues, which concern the gold prices’ announcement, the calculation of goldsmith’s charges, and the usage of gold weighing machine with two decimal points.

Following the meeting, Internal Trade Department Director-General Siripol Yodmuangcharoen (ศิริพล ยอดเมืองเจริญ) said all gold traders will have to use gold weighing machine with two decimal points which follows the international standard. The regulation will be implemented from March 2007.

They will also be advised to declare the gold prices on a daily basis for transparent purpose and officials will also be able to investigate the sources as well. The price adjustments will be based on the Hong Kong market and the current exchange rates.

He said the adjustment of gold prices will have to be reported to the Internal Trade Department and the Office of the Consumer Protection Board so the information could be sent to other provinces as well.

As for determining the goldsmith's charges, Mr. Siripol said that his department will hold a discussion with the Office of the Consumer Protection Board to set the standard prices. He expects the conclusion to be drawn within this month.

Source: Thai National News Bureau Public Relations Department - 16 May 2006

[LaoPo]

Hmmm...they're quite slow to follow up and publish news about the Gold prices....

http://www.thaivisa.com/forum/index.php?showtopic=65864&hl=

excerpt from this link:

""Thurtell believes gold may go as high as $800 an ounce by year's end, while Moore said: "I think $1,000 is by no means an outrageous forecast." "

LaoPo

Edited May 16, 2006 by LaoPo

[britmaveric]

Oh my teerak!!!!

[OlRedEyes]

From somewhere in my murky memory I seem to have $830 as the resistance point. Reached some decades ago. Personally, I think once it breaks that, the sky's the limit.

[elGrande]

Gold price may jump to US$ 850 per ounce

President of the Gold Trading Association Chitti Tangsithipakdee (จิตติ ตั้งสิทธิ์ภักดี) stated that it is possible for gold price to rise to US$ 850 per ounce. He has warned the consumers not to buy gold for speculation.

.

Source: Thai National News Bureau Public Relations Department - 16 May 2006

A little late for that prediction, gold down big yesterday

[cclub75]

From somewhere in my murky memory I seem to have $830 as the resistance point. Reached some decades ago. Personally, I think once it breaks that, the sky's the limit.

Nope. You have to put it into perspective... with inflation.

830 USD in 1980 = more than 2000 USD in 2006 USD !

Check it out on this great US website (link "inflation calculator").

http://www.bls.gov

So as you can see, we are faaaaaaaar away from the "25 years high" that the stupid medias say and print every day.

[OlRedEyes]

From somewhere in my murky memory I seem to have $830 as the resistance point. Reached some decades ago. Personally, I think once it breaks that, the sky's the limit.

Nope. You have to put it into perspective... with inflation.

830 USD in 1980 = more than 2000 USD in 2006 USD !

Check it out on this great US website (link "inflation calculator").

http://www.bls.gov

So as you can see, we are faaaaaaaar away from the "25 years high" that the stupid medias say and print every day.

Technical resistance points in markets don't take in- or deflation into account.

Glad to hear my memory is still good though

Edited May 16, 2006 by OlRedEyes

[LivinLOS]

Theres a few technical resistance points on the way but the coming doillar crisis will wipe those clean off the charts..

Sure gold had (according to media) a massive sell off.. Er it went back to the price it was last week !!! Already it seemed to find buyers on the dips and has recovered overnight to plus 700 again.. 15% + on the month !!

Personally I am moving another 1/4 mil US into gold / silver stocks this week..

[elGrande]

Theres a few technical resistance points on the way but the coming doillar crisis will wipe those clean off the charts..

Sure gold had (according to media) a massive sell off.. Er it went back to the price it was last week !!! Already it seemed to find buyers on the dips and has recovered overnight to plus 700 again.. 15% + on the month !!

Personally I am moving another 1/4 mil US into gold / silver stocks this week..

convert to dollars first

[OlRedEyes]

Copper could be another good one....

[LivinLOS]

convert to dollars first

Why ?? The mining companies are not in the USA..

I dont want USD exposure thanks..

[LivinLOS]

Copper could be another good one....

Copper 'might' be good but I am not super bullish just based on commodity issues.. copper isnt in as short supply.

I like precious metals as I think there has been a massive global discounting of risk.. I think fiat money is not going to be as trusted as it was and the actual gold / precious metals markets are tiny compared to bond and equity markets.. If just a tiny tiny 1% of current paper investors start to look for the exits and want what has throughout history been the only long lasting money thats the entire market.

Basic commodites I am playing are Uranium, Silver, Moly (hold not buy now)..