My harebrained Elliot wave analysis of gold has me looking to buy between 1632 and 1612. Of course, as with all Elliot wavers, higher humidity, lower salinity, and less green in salads can affect my expectations. 
ETA: I’m hoping/expecting to hit this range in March/April. If my insane expectations are met, I will go to 13% in precious metals from my standard of 3%.
OK, we are almost a week into September and gold has fallen still further, down to roughly not quite $1714 this morning.
So when (if) gold descends into the $1600s, is that the time to buy? Is gold a safe and smart buy at $16xx?
2023 yes?
Yes, but my Ouija board isn’t as accurate as my Magic 8-Ball, which is currently in the shop, so please accept my disclaimer - I can barely read, much less offer sensible financial advice.
Gold price is taking a beating . . . .
I assume based on the inflation report this morning.
Which makes absolutely no sense to those who subscribe to the “invest in gold for inflation protection” theory.
apparently gold is no longer the inflation hedge due to a stronger $ ?
I totally take your point.
Gold is off a bit more this morning. Strictly on topic here, and as someone thinking of acquiring a bit of this stuff, I’m wondering now more than any time recently whether this is the time to buy gold.
I mean:
Maybe it would be better to buy now rather than to wait and hope for a $16xx/oz price. A sixteen handle could trigger a spate of buying.
And not to venture too far off topic:
Would it be better to buy silver instead? Silver price this morning, while up a tad bit, remains solidly south of twenty bucks.
What to do. What to do.
Damn, you’re smart. Why the hell didn’t I think of that!
Great insight on your part. Your entire post on that other thread was good and helpful. Thanks.
ETA
So I guess, as a corollary to your thinking, that if one week hence they come up with a (mostly) unanticipated 100 basis point increase, that the price of gold will fall even more.
This stuff belongs on the Forex considerations thread, as well. Thing is, unlike you I wasn’t thinking of gold as a variety of Forex, or as having a relationship thereto, but now I totally take your point.
Wow
Just checked price of gold. It’s all the way down to $1704.40
Cannot recall seeing it that low recently.
But silver is up just a tad.
A 100bp increase would put downward pressure on gold prices for two reasons. As we discussed, it would increase the value of the dollar. Also, it would be a sign to many that the Fed is serious about stopping inflation.
…while a 75bp increase would not increase the value of the dollar and be a sign that the FED is a bunch of nincompoops.
/sarcasm, in case not obvious.
OMG
Gold price this morning is down to $1694.
How low will this price go? The sixteen handle did not bring in buyers like I thought might happen.
Silver also down this morning.
ETA
Catch a falling knife?
Gold has fallen this evening more than twenty bucks on the day down to $1673.30.
Totally within the scope of this topic:
When will it become time to buy?
OK, maybe on Wednesday if the Fed does not do 100. The possibility of 100 might be impacting the gold price at this point?
My time frame may be wrong, but I will be biting at <$1632.
I will be biting at < $811.75.
How deep did you go in today?
It caught me off guard and I only put about 5 toes in. The remaining toes as well as both feet will be ready tomorrow afternoon … presuming I survive my first ever stress test. 
ETA: Also, I would like to see it close below 1632. If it pops up from here, I will probably sell and wait for another trough.
Two related articles
Edit.
Another article
Time to revive this old thread? Gold is about $2365 per ounce. Looks like the retail investor is getting interested, which is a bad sign.
Woah. I hadn’t noticed gold and silver’s crazy rise over the last 2 months…