silversky

"Experts uncover mystery cause of Gold price fluctuations". "Experts at Roysters news agency are quoted as saying that experts have discovered a strong link between recent price volatility on the Comex, and a little known British website where a kingpin price manipulator has been operating with impunity up until last night." "The website in question is now at the centre of an international storm after it was discovered that a character known simply as "Paul", had been affecting the price of gold by repeatedly "asking for a friend". "It's not yet clear as to the full extent of Paul's manipulation, but it is clear according to experts, that he is the sole reason for the volatility seen in the Gold price over the last few trading sessions. It would also appear that his diabolical scheme was set up many many years ago, and that his coordinating thread indicates clear premeditation and foresight to his crimes. Our experts also told us that his drunken antics last night were carefully designed to affect the price of Gold, and that the drop in price which is currently playing out this morning may not end until he get's out of bed with a severe hangover and regrets it." "In the meantime, Central Banks are doing the best that they can to weather the storm. The UK has announced that it is resisting "a strong urge to flog the nation's savings down the local pawn shop at half price", with a treasury spokesman saying that whilst they didn't want to sell the nations reserves, they definitely wouldn't let it sag as far as Brown's bottom before selling this time." "The world is currently holding its breathe and awaiting Paul's return. Fears persist of further falls during the Asian session, with little chance that Paul will wake from his drunken stupor any time before lunch."

You normally tell us to keep buying... Are you saying it's now a... ??? Or maybe just another opportunity to....

Well it nearly blitzed straight through to 24 last week, without a even a single day in 23. A bit premature.

what happened to the miners? Similar moves? Or not much?

link?

Have to wait and see what the commitment of traders report is for this week. Must have been some big changes as this reversed, did the new shorts get out in the last hour or so with a nice big profit? I wonder what the open interest is and who's hands all the paper contracts are in.

Did they just invent a new shopping trading social media computing graphics processor or something? Edit: which runs off oil?

Just to rub a bit of silver into the wound, Gold up 2.1% on the week, Silver up 3.35%

Exactly. The majority were of the belief that it would remain in the trading range between 1830-1872 which up until the last 24 hours was not ungenerous in size. Breaking above that really wasn't expected, so even though its been a huge rollercoaster its still up by any standard measure.

Yes HMGS.... I've not forgotten the poll.... And I'm sure James hasn't either... Paul and I still have it in the winners camp, sharing half an ounce each which was very kindly donated by James. Just have to hold it above 1872.00 and out of the previous trading range which is all that matters. And if chards' new inside track is anything to go by, we'll be back to 1900 by the close.. Phew

Quiet in here.... Everyone gone to weatherspoons for a cheap pint? I guess the party girls and superyachts all got cancelled?

That's because they've got the script now that they're part of the LMBA group. That's where it'll end up after this evenings action.... rising again now, briefly touched 1880.....

Airmailed to warn of a visit next year some time? Just messing. Could still be next week for all we know

If we look at the underlying USD chart, the candle produced is not too dissimilar to the one in December when the massive spike and dump occurred during illiquid Sunday night trading. That December spike occurred at the end of an 8 week move upwards, and it heralded a little fall before range trading sideways for three months. It then broke out from the inverse dollar relationship 6 weeks ago, rising relentlessly before making this big spike in the last 24 hrs. The question is whether this is it? Or whether it will drop back towards 2300 area and enter another range trade type of pattern? Is there any likelihood of further strong declines in precious metals? Or is the downside reasonably protected by past inflation? I can't see it but I didn't see this spike either, or is there is any fuel left from whoever the secret source is that's bidding up gold like this? This isn't Central Bank buying, unless one has declared war on the others or something outlandish.... There is talk of big hidden OTC trades exceeding the size of China's Central Bank, but that all sounds a little bit crazy to me. Then again what else explains the rise when actual sales aren't enormous? It's not exactly transparent. I suspect a period of reflection a bit like after December is what's coming for a bit.

You almost said rubbish

The weekly chart isn't bearish at all. And any sort of rise back to say 1920 or so would make the daily and hourly look terribly bullish again. This is the long awaited spike and drop, we just have to see where it reverts before deciding whether it's a buy sell or neutral outlook.. As I said to Roy about 50 pages ago now (in reality just 16 hours ago ), Wait. See where the vibrations settle and then make a call. The shorts got their bottoms spanked and washed out to sea. That's always what happens in a crazy explosion like this. Even the longs will have got all sorts of positions triggered in and out by mistake. Gonna be a few days to settle and choose a direction, and the rest of the market is still sloshing around too. I might sell a little this weekend and take some off the table. Who knows.

Gravestone doji......

Hmmmm. Skip to last...

Shorts getting washed out to sea in this storm. Who knows where it will end, but some people are going to end up bald.

They're paying more than spot??? How much do us little stackers have left? I sold a lot out of necessity, but I didn't imagine there is a shortage of it.

Silver up 4% so far today. Not sure I've ever seen it like that before.

I only got about 5 today before running out again... Need to print a few more of those too...

That would be me.... In our little poll Wednesday, only myself and Paul dared to imagine that it would be Up, by the end of this week. The rest who committed were Neutral, with only one calling it Down... And then of course there's James who voted twice... but as promised, he voted Neutral and didn't win... To be fair, there's still time for it to lose £50 by the close, but I'll take a double or nothing on that one...

£22.9999 edit: £23 just been touched

I remember paying 230 for a 2005 rocking horse, instead of 190 for a standard sov. (not in 2005)