jultorsk

The steaks are high in that game

I diversified into hoarding beef stock instead, I now identify as a bouillionaire 

2500usd at somepoint tomorrow is a guess I'm willing to make 

Surely Iran's attack was already factored into the price of gold, I mean, we all knew it was coming.

Didn't realise you were a freeloader. Never speak to me again.
#standards

I walk on the streets sometimes after midnight. 😊

Bert, the old, venerable and honourable member from Herefordshire is the emotional support animal for the Gold Monitoring Thread, who has been able to predict the price of gold correctly on one occasion (citation and source required).
The rest of the time, well... maybe he should be with the rest of us reprobates.

Hereford.mp4  

I went with woodland. Treellionaire.

Dominic Frisby talking to Ross Norman (albeit before the Iran attack)
Interesting reading

 
At least, I didn’t think that the price action was particularly abnormal until I spoke to my mate Ross Norman of Metals Daily yesterday. We had a long chat, and he is very concerned about what is going on. He thinks something big is afoot. I have to say, when it comes to gold price action, I bow to Ross. He has been at the coalface all his life. Current prices are a long way from traditional buyers, he says.
 
In the 1970s, the Hunt Brothers accumulated extraordinary amounts of silver so that by 1979 they had nearly cornered the market. The silver price famously rose from $11/oz in September 1979 to $50 in January 1980. It then collapsed all the way back to $11 and below. The Hunt brothers were charged with manipulating the market and eventually filed for bankruptcy.
Obviously, the gold market is many times bigger than silver was, but Ross thinks that this price action is not normal and that there is a huge - perhaps even Hunt-Brother-huge - options trade somewhere behind it. I’ve spoken to others at the LBMA and the World Gold Council and they think the same. 
 
A normal gold market would have corrected after this week’s "strong inflation data prompted the dollar and 10-year Treasury yields to rally, casting strong doubts about a June Fed rate cut,” he told me. Gold ignored it.
The buying is not coming from physical demand in the West. That has "absolutely cratered." "US Mint sales of gold eagles in March 2024,” for example, “are down 96% year on year." ETFs have been seeing net outflows, especially with the listing of the bitcoin ETFs, and "shed 15% of their total holdings." Chinese demand is hot, but that is offset by weaker than usual Indian demand. "Flow of gold to Asia is currently 'good but not exceptional' ... and therefore not sufficient to propel gold to current levels." Global Central Bank purchases have also eased. In any case, central bank buying tends to be much more measured, unless a bank is buying in a hurry.
He discounts the idea that a sovereign state is behind the move, maybe a BRICs nation along the ongoing 'de-dollarization story'. "They tend to buy on the benchmark (or fix), and these purchases are not. For a move of this scale, we would have expected physical transfer amounting to several hundred tonnes - and there is no evidence of that." London physical gold holdings are actually up a little.
A lot of people are scratching their heads about this.
What about the options market? While there have been some large trades on the Chicago Mercantile Exchange with high strike prices, they are "not really sufficient to drive the market much higher." So that just leaves the murky world of Over-the-Counter (OTC) Markets, which "seems to have been corroborated today by the LBMA data. Someone has evidently made a monumental bet on the gold market via the OTC options market."
Golden bean counters at the LBMA are crunching the data, as I write, also trying to figure out what is going on. As this is the OTC market, we don't know "precise volumes, strike prices, or expiry dates ... all we know is it appears to be extremely significant in size. A well-known hedge fund did precisely this back in the early 2000s with enormous success." I'm hearing numbers as big as 50-100 million ounces. That would be 1,500 - 2,500 tonnes. China's entire official holdings, to put those figures in context, and many times the UK's. Huge, if true. 
Here's the thing, when those calls expire, the gold market, as Ross says, "will quickly discover gravity." We just don't know when
       
 

I'm not a millionaire like the rest of you here
my crossed Scottish and Yorkshire lineage/DNA 🧬 forbids it 

I found the 7 October images horrifying 

If you don't hold it, you don't own it.

According to Ross Norman analysis 
the buying has been hidden on the OTC market 
Notwithstanding GEO politics
he is warning caution as no one knows when and at what price those massive option purchases expire 

Lol I'm rationing my reactions given today, as may run out quickly tomorrow. 
Dull man fact, I noticed it's a rolling 24 hour period for reactions to renew here on the forum, not midnight to midnight in a calendar day
( I'm great company at parties 🥳 🎉 ) 

Ukraine Russia war started end of Feb 2022.
Looking at the gold chart it spiked super quick from £1350 to over £1500 in less than a fortnight 

1980 £900 each 3 available 
1992 £1,500
1994 £1,200
 
prices include insured post
bank transfer only please 

Postage: RMSD by 1pm
Payment: Bank Transfer. No Returns. 
 

Not always. I have sovs at 1.5% under & no buyers. All tight sods 😆

Imagine if that went down, a freak accident. Planes are extremely safe, but some crash.. just some..
Anyway, would it be instant ww3?

Na, he'll forget