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  • 'Pawn Stars' Star: I'm Selling Out Of Gold

    From businessinsider.com

    Rick Harrison, proprietor of World Famous Gold & Silver Pawn Shop and star of History Channel's "Pawn Stars," says he is getting out of gold — at least for now. As we've seen this week— though not in the last few hours — gold has been plummeting. Harrison told CNBC this morning that he's seen enough. "I'm actually considering selling a little bit, taking a capital loss, and buying it back in a month," he said. He explained: I retail gold and silver and I'm having a real difficult time right now getting physical metal. It's the crazy world about gold and silver: sometimes the paper market is going down but can't ... (full story)

just now? hellooo. it's been dropping like crazy for quite some time. if i were his boss, i would have fired him long time ago.
Nihil Sine Deo.
Quoting Scrat
just now? hellooo. it's been dropping like crazy for quite some time. if i were his boss, i would have fired him long time ago.
for this, should just be his dad
yet if he stays in there is a chance his gold will rebound...if he cashes out he's guaranteed to lose
Cool beans. I'm positive you'll get it a lot cheaper in the coming months.
When the facts change I change my mind, what do you do sir
Quoting Scrat
just now? hellooo. it's been dropping like crazy for quite some time. if i were his boss, i would have fired him long time ago.
Right? For a shop that claims to be a "Gold & Silver" pawn shop, you'd think they'd have kept a closer eye on things. Guess they were too busy being "stars" to care much and bought into the "it will hit $5000" hype.....LOL

Yeah Pip, much lower prices coming me thinks.

But I also agree with Narnold1. They should wait a little bit. If this little retrace can break 1250 it could hit the 1283 area. I'd dump it there though. I closed my last position at 1200 and will wait to see how far the retrace takes it before selling again.
Ghost Rider - WWTBMD?
It's a little tough debating 30 dollar levels in an asset that cost 1200.00 as its not even a 3% move...and more or less just noise.

If it was an equity or an option, or a currency - who'd even blink a t a given 3% move as indication of it's general direction.

People trying to "trade" gold are barking up the wrong tree. It's not a trade....it's never been a trade....it's "buy and hold" at the ultimate level.....just that most don't have the peanuts to do it.

It's far too boring and "lifeless" for me as a trade.....but with a reasonable account size - buy it on every chance you get. Your grand kids will be rich....you won't be.
I'm short humanity, and long interplanetary travel. Forexkong.kom
time to get back into gold now since joe blows are getting out.
Quoting Forex Kong
People trying to "trade" gold are barking up the wrong tree. It's not a trade....it's never been a trade....it's "buy and hold" at the ultimate level.....just that most don't have the peanuts to do it.

It's far too boring and "lifeless" for me as a trade.....but with a reasonable account size - buy it on every chance you get. Your grand kids will be rich....you won't be.
Entertaining but, I couldn't disagree more. Of course I'm referring to spot gold myself. But even physical gold. The difference between the 1900's high and now is significant. If one is to believe what they say on the show about owning 100's of pounds, a tidy profit could have been had selling up there, only to start buying here or lower. Profit is profit.

I started selling and banking spot from the high 1700's. I've had my best month yet this month at just over 17k. If that's lifeless, call me dead....LOL
Ghost Rider - WWTBMD?
Fantastic work and wow.....good for you.

I rarely trade "counter trend" as I am a fundamental trader at the root of it - hence I am bullish on gold.

Lifeless in that - obviously I've missed the larger part of the downside action if I was to trade it...and now waiting for reversal could be months.

Now that's lifeless.
I'm short humanity, and long interplanetary travel. Forexkong.kom
I know what you mean. My target was 1200 which is why I closed my last short there. I will watch it from here to see if buying or selling again is best. At the very least I'd be thinking a retrace at this level but I still feel gold is too overvalued yet. But only demand, or the lack thereof will tell.
Ghost Rider - WWTBMD?
Not much fun for short term traders but......I need to wait and see a complete "weekly swing low" and a fat green candle pointed in the opposite direction for my entry.

I don't care about tops n bottoms.......as there is so much room on the freeways in between.
I'm short humanity, and long interplanetary travel. Forexkong.kom
Quoting sidhujag
time to get back into gold now since joe blows are getting out.
Humorous contrarian indicator: the "star" of the article is getting out at the bottom! In all likelihood it's a good time to start building a position to the upside. Consensus here is mixed, but from an Elliott Wave perspective there is need for another bull-run to all-time highs before the real lows will be seen.

When the pawn-star announces he's all in - you'll know the top has printed
cryptocurrency everytime
Quoting Forex Kong
Not much fun for short term traders but......I need to wait and see a complete "weekly swing low" and a fat green candle pointed in the opposite direction for my entry.

I don't care about tops n bottoms.......as there is so much room on the freeways in between.

I agree. I'm no hurry to select a direction either. For me to buy at this stage would require a solid close above, hold and test of 1283.20 (38.2%) and if it is to turn bullish again, that will take some time. Gold is a slow mover for sure which is also why for me at least, it's nice to trade.

If it can't break that level and bounces back, a small test sell with a stop above it would be a decent risk for me given the recent bearish momentum.
Ghost Rider - WWTBMD?
Quoting venzen
Humorous contrarian indicator: the "star" of the article is getting out at the bottom! In all likelihood it's a good time to start building a position to the upside. Consensus here is mixed, but from an Elliott Wave perspective there is need for another bull-run to all-time highs before the real lows will be seen.

When the pawn-star announces he's all in - you'll know the top has printed
I don't about waves and also don't know much about COT but I was recently told by someone who does that by the COT, the big guns are over extended. If so, that would seem to line up with your waves and a time to start building longs again. I'm patient and we will see.
Ghost Rider - WWTBMD?
The timing of articles, bank recos, etc released here in FF is absolutely terrible.
They would have us buying at the top and selling at the bottom.
I scarcely believe any of them for this reason.
For any reason, they can print anything, anytime they like.

No wonder the financial divide between rich and poor continues to grow, despite "progress".
Come with me if you want to live....
  • Comment #16
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  • Edited Jun 29, 2013 5:37am Jun 28, 2013 7:16pm | Edited Jun 29, 2013 5:37am
Well, wait for gold to show its hand, no poing trying to catch the falling star. Unless you are a super crazy cycle trader then you might have a chance, but I have yet to meet one. However, cycles and price action is all you need I recomend anyone here who is a serious trader to analyses the cycles in gold.
Money in it if you do the work, sad thing is on FF to many pip junkies with no idea how to trade asking for advice from other.

Do the work and the money will flow into your acconts I guarentee it.

Wow I have been updated to a commercial member, no more market calls for me

Mike Haran
Pawn Stars Is Fake-My Experience(Proof) www.youtube.com/watch?v=1tphkvIJolc
http://www.forexfactory.com/showthread.php?t=435089
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  • Posted: Jun 28, 2013 11:55am
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    Category: Entertainment News
    Comments: 18  /  Views: 5,911