Tao2

I'm glad somebody said that. The price being posted is completely unnecessary.

You don't need my permission to post but you've made 700+ posts ITT talking about everything from onion soup to psychopaths and colonoscopies along with inane numbers, while not adding anything to the discussion about gold price action. There are pages and pages of you talking about your favourite subject - YOU - not gold
Making comments like, "I'm a net negative", and telling everyone you will block them if they don't block me, is more than a little gay. If you stop shoving things up your rear end you might have less need for colonoscopies. Just my 2 cents and still more relevant to gold price action than any of your posts 👍🤷‍♂️. FWIW the gold price changes 86,400 times a day

Better than looking at some muppet post the gold price 730 times. This thread is to discuss gold price action, not just the current price but what is it going to do next? There's a ticker at the top of the page for ffffs

Another update from Ross Norman, I'm going right off Ross😀

 
ROSS NORMAN : Can this gold bull run be trusted ? Spoiler alert : No
Cast your mind back to 2009 and you might recollect the cash-for-gold craze where people where hunting out their old jewellery to sell it to pawnbrokers as gold hit successive all time highs. 
Perhaps you also remember the Cash4Gold advert at the Super Bowl just a couple of years before the then all time high of $1920 in 2011? This had followed a decade where gold prices had risen by double digits year-on-year from $260/ounce – a gain of 640% over the period. Was the advert an act of hubris or uhh- ohh moment ? Maybe, but gold bugs are still dining out on that epic run. 
And it has relevance today.
The rally that actually started back in 1999 and it had deep roots. There was a collection of bullish drivers that changed the whole dynamic of the gold market and it was sufficient in size to tip the market out of being price elastic – its default mode. Typically price strength was met by significant declines in jewellery and coin sales, while scrap came into the market and miners sold forward into price strength … so prices reverted to the mean. Equally when gold prices were cheap, bargain hunters filled their boots and the market corrected higher. Importantly, the thinking was so entrenched in peoples expectations that it fed group-think or a self-fuelling feedback loop.  
And then things changed.
The central bank gold sales under the Washington Accord started to slow (before they turned buyers), across Europe tax at 20% was removed from investment gold in Jan 2000, the Chinese market was liberated in 2003 with individuals allowed at last buy gold, in 2004 the gold ETF was born, forging a powerful conduit between institutional investors and the gold market that had not otherwise existed … and so on. You get the picture. So gold went “inelastic” for a decade with price strength begetting price strength … the feedback loop was going the other way. And then it all arguably ended with the cash for gold blow-out before the market fell, exhausted, into another decade slump. 
 
And this is the key point – for gold to sustain a run of this sort, buyers need total belief. Its one mode or the other. And around the globe we certainly do not have consensus just now. European and US bullion dealers are awash with coins and bars that investors are selling back, jewellery sales in the Middle East and India are lacklustre … it is only really in China that they see things differently. Meanwhile mints around the world are reporting declines of between 80% and 95% year on year. This slump in physical offtake is deeply damaging for the bullion infrastructure that we all rely on. 
Of course you could also add to Chinese demand the strong central bank buying with purchases running at double the run rate of the last ten years at over 1000 tonnes per annum. As an aside – you will see some interesting stories on MetalsDaily.com today about several central banks repatriating their gold from the US – so for sure the de-dollarisation story is gripping them. 
I am just not persuaded that these 2 drivers are sufficient to maintain this run in gold alone – and I am quite aware that I am an outlier in that almost every bank analyst is now forecasting massive gains for gold from here. 
Central banks are more nuanced these days and they will reduce their acquisitions in the face of price strength as we have already seen. Further, much of the Chinese buying from early March 2024 when gold was at $2050 is speculative in nature on SHFE – it is vulnerable and as we are seeing just now, its in reverse. 
Currently gold is ignoring many short term bearish signals – higher-for-longer, dollar strength, US treasuries near 17 year highs and relative calm on the geopolitical front. It needs a reset. 
Gold lacks global conviction and consensus. Maybe this is its second cash-for-gold moment ?
By rights gold needs to re-engage with its core physical buyers, who by my estimation are about $100 to $150 south of the current levels. At those prices investors in the West, and jewellery demand in the East will reawaken and the market will be better balanced. 
 

Thanks again James32. I don’t buy on eBay and I’ve just been made aware that I can buy on here without being a premium member. And I’ve just seen that you sold a 2009 proof half for a very reasonable price, as I have only a quintuplet to collect from that year I’ll have to keep my eye out. Enjoy your day.

You don’t have to be a paid up member to buy on here, however, you won’t get to see the sales post straight away and by the time you do the decent bargains have long gone 🤔😮

Thank you, I didn’t realise I had to be a paying member to get an answer.

You don't, James was just recommending the sales forum instead of eBay. And you can participate in the sales forum without paying at all, but the delay before seeing posts means that the paid membership makes sense if you're in the market to buy something - particularly with the current special offer.

As you wish...

£1843 and I just picked up my first half sovereign for £235, 1908 London mint.
A half is more appealing to me these days, knocking around £450 for a full sovereign now.

So let me get this straight:
Gold went from £1641 to £1815 in one month.
Seems crazy that it's been around thousands of years and it has moved over 10% in 30 days!
DA MOOOOOOOOON! 🌙 🌚 🌔 🌕 🌖 🌛 🚀 

When labour decimates the UK, will it push gold prices up or down? That’s all I want to know 

Just want to make a point about how the Tv license has suddenly become more affordable in gold terms. 
 
April 1st 2023 1ozt of gold would buy 10.15 licences for struggling viewers. 
 
April 1st 2024 at current prices 10.5 licenses. (Even with a £10 increase in price to £169). 
 
gold is a store of wealth and purchasing power.