Wrong question.

Gold will make many investors frustrated in the next two weeks. I believe many will lose even more money. That's just what I can see from my gold daily chart.

At maybank main now. Currently no stock for 1oz and 1/2oz.
price and spread for 1/4 oz is too high for me

my target entry is 1500 but do not think we will see that kind of drop here in msia if usd keep on rising..

UOB selling price still at rm180.8/g.. so high

yes agree, i don mind taken less profit, rather than loss (like makan cucumber, chop both ends, eat middle will do);
the cursing is rather for not able to be load in the gold-wagon again till now...still tikam tikam when to dive in..ombak & wave damn volotile..shhhisss

Looking at the graph of pass 12 hours gold price,
It seem the price is starting to be stable..

<-- enjoying the wave
remember its not compulsory to trade everyday, go out n see ur friends ...
happy weekend !!

Are you sure? Take a look at the graph now

What question should be right?

i am looking at entry..........

I figure the low 1600s would be a good entry point, maybe around 1630 level?

based on what?

we are not looking at numbers from the skies..

Based on the current movement, and based on the fact that there is an unfilled gap around the 1670 level.

yes. i agree with the gap fulfilment at around $1670. thanks

if that also broke ...will it be 1620 region turn?

Prices in Malaysia will still be high due the strengthening dollar. Right now its trading at 3.17 to the Ringgit. Gold is at US$1,737. Maybank still holding at RM 180.67.


Global Stocks Drop 20% Into Bear Market

Sept. 23 (Bloomberg) Stocks fell, pushing the MSCI All- Country World Index of 45 nations into a bear market for the first time in more than two years, after the worsening European debt crisis and threat of a U.S. recession erased more than $10 trillion from equities since May.

The MSCI index, which slipped 0.3 percent as of 1:33 p.m. in Hong Kong today, has lost more than 20 percent since peaking on May 2, meeting the common definition of a bear market. It tumbled 4.5 percent to a 13-month low of 277.38 yesterday. The MSCI World (MXWO) Index of shares in developed nations also fell into a bear market yesterday, plunging 4.2 percent. The MSCI Emerging Markets Index reached the 20 percent threshold on Sept. 13.

The world is poised for a financial crisis, Mohamed El- Erian, chief executive officer of Pacific Investment Management Co., said in Washington yesterday. Finance chiefs from the Group of 20 nations pledged late yesterday to address “heightened downside risks” to the global economy, echoing language used by the Federal Reserve on Sept. 21 when it announced a $400 billion plan to spur growth as the recovery from the worst contraction since the Great Depression falters.

“The market is pricing in a recession,” said Ng Soo Nam, the Singapore-based chief investment officer at Nikko Asset Management Co., which oversees about $154 billion. “Stocks are looking cheap, but it will take a lot of courage to believe that. Things could get worse. The risk of a sovereign-debt default in Greece is the most significant concern.”

The MSCI All-Country World Index has retreated 19.8 percent since July 22. It fell after Standard & Poor’s cut the U.S. credit rating following a debate over raising the nation’s borrowing limit, speculation Greece will default intensified, and Chinese inflation accelerated to a three-year high. The slump pushed the price-earnings ratio for the index down to 11.4, the lowest since March 2009 and 46 percent less than the 16-year average, data compiled by Bloomberg show.

The 15 national stock gauges with the biggest losses since the MSCI All-Country World peaked on May 2 are for European countries. Greece’s ASE Index has lost 42 percent, Italy’s FTSE MIB Index has plunged 40 percent and Hungary’s Budapest Stock Exchange Index has retreated 38 percent.

“Europe is going to continue to unwind and eventually end up badly for the global economy,” Matt McCormick, a money manager at Cincinnati-based Bahl & Gaynor Inc., which oversees $4 billion, said in a telephone interview. “There are so many questions, so many uncertainties.”

The 20 percent decline in global equities ended the bull market that began in March 2009. The MSCI All-Country World Index climbed as much as 107 percent during the rally. The measure avoided a bear market in 2010, when it fell 16 percent between April 15 and July 5. The index rebounded after Federal Reserve Chairman Ben S. Bernanke foreshadowed $600 billion in bond purchases meant to prevent deflation and stimulate growth at an Aug. 27, 2010, meeting in Jackson Hole, Wyoming.

Financial stocks, which posted the biggest losses in the last bear market, are leading declines again amid growing concern that European banks will have to write down their holdings of government debt. Banks, brokerages and insurers in the MSCI All-Country World have collectively lost 31 percent since May 2.

Societe Generale SA of Paris has retreated 66 percent since May 2, the second-biggest loss among financial stocks in the MSCI All-Country behind Athens-based EFG Eurobank Ergasias. UniCredit SpA, based in Milan, has retreated 62 percent. Banks in Europe hold 98.2 billion euros ($132 billion) of Greek sovereign debt, 317 billion euros of Italian government debt and about 280 billion euros of Spanish bonds, according to European Banking Authority data.

Financial companies in the worldwide index sank 77 percent during the last bear market as government bailouts rescued the biggest U.S. banks from collapse and Lehman Brothers Holdings Inc., once the nation’s fourth-biggest securities firm, filed the nation’s largest bankruptcy in September 2008.

More than $37 trillion was erased from global equity values in the previous bear market that lasted for 16 months after the MSCI All-Country World peaked on Oct. 31, 2007. The index fell as much as 60 percent amid the first global recession since World War II and more than $2 trillion in losses and writedowns at financial companies worldwide after housing prices dropped.

“We could be on the eve of the next financial crisis,” Barton Biggs, managing partner and co-founder of hedge fund Traxis Partners LP in New York, said during a Bloomberg Television interview with Matt Miller and Carol Massar yesterday. The firm has $1.4 billion in assets. “We shouldn’t be because there are things that could be done to avert it, but they haven’t been done. There’s no signs that the authorities are going to do them.”

i gone back to 181.65 already, lucky i get 178.60 at UOB just now..

Global Meltdown: Investors Are Dumping Nearly Everything
Thursday, 22 Sep 2011 CNBC Executive News Editor

With no solution in sight for Europe and new fears of a global recession, investors dumped stocks and commodities and ran to the safety of U.S. Treasuries. Treasury yields as a result, slipped to historic lows with the 10-year yielding 1.75 percent and the 30-year at 2.86 percent.

The dollar was also a beneficiary of a massive fear trade that sent U.S. stocks sharply lower, on the heels of steep sell-offs in equities markets around the globe.

Gold, usually a safety play, was sold into the maelstrom as investors tried to raise cash to cover losses.

"People are finding it really isn't gold. It isn't precious metals. It's not currencies. U.S. Treasuries are where people are flocking to at a time of extreme concern about risk, and we continue to see Treasuries continue to get bid up," said Zane Brown, fixed income strategist at Lord Abbett.

The selling in risk assets picked up momentum after the Fed's statement Wednesday, in which it characterized risks to the economy as "significant" and noted that "strains in global financial markets" could be a catalyst. Then overnight, China’s manufacturing data showed slowing growth resulting in a global selldown.

The lack of resolution on Europe, however, remains the biggest culprit as investors worry the exposure of European banks to the sovereign crisis will kick off a global banking crisis. The EU, IMF and European Central Bank put off until October to decide on the next payment to Greece, without which it will default. Markets have been disappointed with the lack of a bigger plan of action from European leaders.

"I think it's about the lack of leadership anywhere in the world. We're seriously distressed about the lack of leadership and constant squabbling in Washington," Brown said.

Its dangerous to buy gold now. The only thing keeping gold prices here in Malaysia high is the US dollar. But the USD wont stay up for long. The Feds will start to liquidate the dollar soon as the high dollar is hurting exports. The same as what happened to the Swiss Franc. And when the dollar drops, the gold prices in Malaysia will drop much lower. I would advise caution and a wait & see attitude now.

Assuming the dollar drops to its 'normal' price, and world gold prices remain at current levels, we would be looking at RM 170+ for gold in Malaysia. But if gold drops below 1,700 and the dollar retreats, then we could see gold prices in Malaysia drop to below RM 170 soon.

Alot will depend on the decision by EU and IMF whether to make another payment to Greece or not by October. Right now most investors are dumping gold to raise money to cover losses. But this selldown might continue until maybe around 1,680 before everybody starts buying again.

This post has been edited by cybermaster98: Sep 23 2011, 03:41 PM

nah, i just bought a few only to keep the account active since i sold almost all mine at rm182. last month at 1760 i got rm168/g now 1730 we get rm178/g, seem like USD have been doing too well.

Assuming the dollar drops to its 'normal' price, and world gold prices remain at current levels, we would be looking at RM 170+ for gold in Malaysia. But if gold drops below 1,700 and the dollar retreats, then we could see gold prices in Malaysia drop to below RM 170 soon.

i'm sure waiting for this day to come...