KDave

Could be be a failed breakout which would be my preference. Honestly I don't think it is though, I think retrace to around $1200 is more likely, then after a base is formed it will go higher. I have seen some elliot wave analysis on the weekly charts suggesting this, with a likely very large rise if the base above $1200 in gold is formed. I hope it doesn't do that because it would mean time to sell some. Plenty of other investment opportunities developing in oil and elsewhere should that happen though. Nobody really knows. 
Having read what I have written and thought about why I hope it doesn't rise, I realise that my journey towards the dark side is complete. I have become full on collector 

Surely hedging is king in a situation like this? Short oil and FTSE, trade FX, buy bullion gold whilst low, sell into rise, pick up gold producers shares- day trade if required, don't be greedy, take profits when targets reached, happy days. Juggle all of the above and make money. Just buying PMs and hoping to make money, if that's what your main aim is, when the price goes to £xx is going to limit your success. You'll be missing out on all the peeks and troughs. IMHO.

http://www.gold-eagle.com/article/precious-metals-need-rest
 
a decent interpretation of the current situation?
 
HH

Agree, just a bit of fun!  Oil not manipulated too low, the producers lost control, they can no longer manipulate too high!

It's quite interesting article.
But I don't think you can compare gold to oil present day with past.
Because oil price is manipulated to low.
 
 

Just watched Janet Yellen say she was 'surprised' about continued low oil prices, negative interest rates and recent foreign currency devaluations - aka she has not got a clue what she is doing. Makes me wonder if she will come to the markets rescue/smash gold this time round and if she does will people even take the bait? Combine the FED's incompetence, a confirmed technical bear market in stocks, negative interest rates and low bond yields with 'gold is the best asset of 2016' headlines and it looks like this year could be a bit different for gold. Gold hit £872 earlier which is higher than the peak of last year and last year it started from a higher price point. The chart since December is impressive.
I'm not buying any more at these prices though I have been spoiled by £731 an ounce delivered. I do miss £700 gold. There's still a central bank's chance we will see it again before the year is out though, still some hope left 

This is my second bar like this. I had to trade some silver and paid some cash. But was able to get oz for oz for my trade. It was just some basic stamped 1 oz bars I traded.

Indeed. I'm surprised at how little correction there has been in gold and the gold miners: usually you expect to see some profit-taking after a sharp increase. This seems to me to be bullish. I was rather hoping for a nice correction in order to buy some more, but now it's just wait and see time. Of course, if things get bad enough, there will be interest rate reductions and more QE and the stock market bubble will inflate one more time at gold's expense, but that game can only be played so many times before it fails.

I see no point in selling at these prices unless you need the money for something else or you're convinced the price will tumble again and let you buy back cheaper.
With the way things are geo-politically and economically, gold either still has a long way to go upwards or we will see lower prices to buy at before it goes up.

Just watched Janet Yellen say she was 'surprised' about continued low oil prices, negative interest rates and recent foreign currency devaluations - aka she has not got a clue what she is doing. Makes me wonder if she will come to the markets rescue/smash gold this time round and if she does will people even take the bait? Combine the FED's incompetence, a confirmed technical bear market in stocks, negative interest rates and low bond yields with 'gold is the best asset of 2016' headlines and it looks like this year could be a bit different for gold. Gold hit £872 earlier which is higher than the peak of last year and last year it started from a higher price point. The chart since December is impressive.
I'm not buying any more at these prices though I have been spoiled by £731 an ounce delivered. I do miss £700 gold. There's still a central bank's chance we will see it again before the year is out though, still some hope left 

Don't worry there is bound to be another smack down.

Posted Monday from the Arctic circle arrived Wednesday morning, that's one efficient postie, thanks @UraaniBarbaari little beauties.
 

5oz mouse,  just 3 more coins to complete set. Rooster, Dog and Pig)))

Aaarg! My eyes!
(You must never show the head side of modern Canadian coins) 

Gold is close to $1200 now. If it breaks through that price, it could go a lot higher quite quickly. If it consolidates back to $1170 over the next couple of days, it will be a buying opportunity. Gold miners are going crazy. I've not seen double digit gains in majors like this. Randgold is up 12%.

@KDaveMaybe KDave, just read a piece of news that is quite concerning about Turkey and the USA it's not been put on the western news yet but RT are making hay out of it.
https://www.rt.com/news/331711-erdogan-washington-syrian-kurds/
https://www.rt.com/news/331689-turkey-kurdish-cizre-raid/
And Reuters are leading with
http://uk.reuters.com/article/uk-mideast-crisis-syria-idUKKCN0VH0SP
While the BBC lead with
http://www.bbc.co.uk/news/world
It maybe why the markets are even more edgy today

£821/$1181 an ounce at the moment. Silver is doing very well also £10.45 an ounce not seen these prices for a while. Gold spike above £860 an ounce early last year I wonder if it will repeat? 
 

@Cointreau IMO the reason the ratio is different is because in 2008 there was a squeeze on Silver, a lack of supply and high demand . Today there is a down turn in demand for general commodities inc copper where a large proportion of silver is mined (where the price is set).  Gold on the other hand is generally not used industrially and is hoarded for wealth more so in times of world instability as insurance.  For the past 50 years the 30-1 ratio was extreme and so is a 80-1 ratio, you could wait 20 years or 6 months if you buy at extremes to trade the other way though it is a good strategy if you are young.  One thing to consider though the spread on Gold bullion is 6% to 7% on silver bullion its 33% (20% above spot to buy sell 87% sell) with dealers.playing the ratio game you could not sell on ebay or the forum enough silver coins at a time its just not feasible.          

2 x libertad 1/20th 2009
3 x libertad 1/20th 2010
1 x libertad pf69 ultra cameo 1/20th 
1 x libertad pf69 ultra cameo 1/10th 
All courtesy of @Numistacker

Silver looking very desirable to me at the moment. Bought 50 oz last week and fancy maybe a roll of kooks or roos next week.
Comex is being bled DRY of gold and silver.

This says "One Chervonitz", meaning one "ten rubles" (in old Russian meaning "Gold", which the ten rubles in Tzarist time was made of) according to my Russian wife also the golden tops of the churches are called "Chervonitz cupola" which also implies high-quality gold. So ... win - win.
Yeah, I said Russian wife.
Anyway, she was mightily impressed with this coin photo.

my new collection!!!
 

2011 1/10oz Panda
2012 1/10oz Panda 
 
Had a bad gold itch that needed to be satiated

My soviet coin arrived
 

Mexican gold is defo my favorite.
20 peso is the best followed by the 50 peso.
 


Also have the 2 and 10 peso so just need the 2.5 and 5 to finish the set.