PhilB

Received this directly from the mint. There are "some" spots on the coin and a scratch on the capsule, but if well-trained professionals in the RM's QC department see them acceptable, who am I to say opposite?
 

The proof that the supply and demand economy is dead and the price is made by paper trading. Shame shame shame

😂 I wouldn't be so sure about that. I think a number of folks are breakeven or making losses. Those asking £28-30+ struggle to make any sales as you said. Give it a few weeks and people will be happy to pay £28 when the dealer price is £40

ROSS NORMAN UPDATE


 
We may have found our smoking gun … or mystery buyer. To be honest it came a little out of left-field and was not quite where we expected to find it.
As always it is never an entirely simple answer, but a collection of things, but for sure there is also a stand-out issue too. I'll explain. 
Those price supporting factors are well known and can be summarised as being primarily central bank buying, large OTC options bets and Chinese demand ; it was clear Chinese demand was “strong” but it also had some powerful compensating factors, such as weak Indian demand while European and US physical offtake has been dire with one of the sharpest corrections in living memory – in fact there has been significant destocking going on ; German bullion dealers are swamped with buy-backs, Mints are reporting declines in sales of between 80% and 95% and gold coins and bars are flowing wholesale to the major Swiss refineries where they converted into 99.99% purity kilobars, then shipped to China. We knew the flow from West to East was "strong", it was the magnitude we hadn't adequately accounted for.
The perhaps unsurprising answer to the mystery buyer … is China … just a lot more China than we might ever have imagined. On the face of it, yes retail demand is hot, and the central bank bought just 5 tonnes last month (that's roughly half one days gold mine production) – so great some headlines, but not really all that significant. 
More impressively 124 tonnes was drawn down from the Shanghai Gold Exchange, which is seen as a proxy for domestic demand, taking Q1 offtake to 522 tonnes – very impressive and roughly double what we would expect to see. Meanwhile ETF gold demand remains small by any comparison. Great – but still no biscuit. 
Our view that an options play is a contributory factor still stands, but again not sufficient to account for the price action we have seen. More HERE
 
Where the demand seems to be coming from - as the table below shows - is actually from the Shanghai Futures Exchange (SHFE) - often wrongly regarded as the smaller brother of the Shanghai Gold Exchange (SGE). 
Daily gold turnover on the SHFE last year averaged $13.89 b/day (=billion dollars per day) – well behind London's LBMA average turnover at $78.91 b/day and New York's CME at $44.3 b/day. 
And then things changed in March 2024, just when the gold price went through an inflection point. Business on SHFE essentially doubled in a month and then doubled again to nearly $40 b/day. That's headed for roughly half the size of the London market in 2 months.
This might explain why gold had not responded to news for example that the Fed would hold rates higher-for-longer as well as other bearish indicators. The buyers were likely looking at Chinese domestic issues. 
So, two questions – what does this mean about the centre of gravity for global trading … and what does the SHFE futures buying mean for the outlook for the gold price ?
Too early to say whether the price discovery process is shifting to the East. Two exceptional trading months are insufficient to make any claim. But liquidity begets more liquidity and the momentum is certainly with China. Exchanges generate their own gravitational pull – its all a bit binary – and London has held the role for centuries as the leading hub, in much the same way that the London Metal Exchange (LME) has done for base metals. 
Arguably the Chinese gold price is not adequately representative as a fair global benchmark because it is landlocked – gold cannot be readily exported and hence it could be argued that it only represents the domestic position. But as the world's largest producer and consumer, one would imagine that China has ambitions to be THE price-setter.
On the price direction … well in order to understand the gold market one would need to take a greater account of how things are seen through Chinese eyes – certainly just now. 
As regards the price outlook itself … well that depends upon who is placing very large leveraged futures positions on SHFE (speculative or hedging ?) ; SHFE is not cash settled like CME and is for physical delivery which could create an interesting squeeze … generally though I would suggest the buying is of a lesser quality to say Chinese retail demand and central bank demand. 
That is to suggest that the gold rally up to $2100 looks assured, but the $300 on top ... less so. 
 _______________________________
Ross Norman

😀😀😀, I just realised this isn’t the peasant hangout ,  it’s the new member thread ffs , hi new member 😀 my name is Ashley , I’m a loyalist from north belfast ,  and I like Star Wars 👍, pleased to meet you bud👍

Please don’t concern yourself. 
Posturing and bluff. 
There is no way West Yorkshire is getting targeted… just think about it.
🤔

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  

A cheeky half for the weekend.

It's the trading in the paper  markets that affect the spot price not physical trading. It's the tail of the spot paper comex market wagging the physical market dog. We physical buyers use the futures price with an applicable premium to set price. The paper futures traders do not refer to physical buyers regarding market price. Recent action upwards is cause by short covering, as the short traders who find their positions underwater who no longer believe they will get the chance to buy back the short sold contract, who are covering their short positions and therefore effectively buying 'paper gold ' causing a short squeeze with other shirt positions. This will lead to traders going long a some point, pushing the spot price further higher. 😊😊

The smack down is the big-money not-for-profit traders of the comex, once UK and Europe closes. Wanting to manipulate the weekly close so as to prevent excessive chart damage. 
 

It's the trading in the paper  markets that affect the spot price not physical trading. It's the tail of the spot paper comex market wagging the physical market dog. We physical buyers use the futures price with an applicable premium to set price. The paper futures traders do not refer to physical buyers regarding market price. Recent action upwards is cause by short covering, as the short traders who find their positions underwater who no longer believe they will get the chance to buy back the short sold contract, who are covering their short positions and therefore effectively buying 'paper gold ' causing a short squeeze with other shirt positions. This will lead to traders going long a some point, pushing the spot price further higher. 😊😊

Below 2400 usd. The traders don't know the gbp exists! They are the ones pushing the market around. Tail wagging the dog.! 

Below 2400 usd. The traders don't know the gbp exists! They are the ones pushing the market around. Tail wagging the dog.! 

But mainstream media is there to educate and inform us, isnt it ?
It not about selling advertisements, pushing political agendas, reshaping society, set agendas, push world globalist polices, biased and selective reporting,  prioritising SJW and woke news, peddling doom and gloom porn 24-7, sensationalism, pushing conflict driven narratives or looking after cooperate interests surely is it ?

Not me. Every 5mins someone keeps bringing me breakfast 

There are rumours of a possible bank failure today,
Best hope it is something like that, if it is the start of the collapse of the dollar were all up the creek and Gold wont save us
The UK will be as hurt by an dollar collapse as the US will
 

1st Sept 2022. Chards; Double Platinum Jubilee sovereign: £722.86. Today; "special offer" on the website £926.69
I love gold.
That's all for now.
Until next time.
Tara.

You could always do others the courtesy of responding to pms and requests to buy the item that you have up on your sales thread. Now that I see it has turned up on 'Today I received' you may wish to mark this sales thread as completed and the item as sold. Just a little bit of common courtesy does not cost anything. P. S. I like many others prefer to do business with members who will respond. Thanks you. 

Old news
 

Another steadyish day for gold thus far
Is it just me who's just waiting for the monster of all smack downs to happen as has happened numerous times in past decade plus we've lived and stacked through?
Imagine if smack downs are a thing of the past and it's only progressively up in a monster bull 🐂 run instead
Who, knows
Enjoy the journey. The slow scenery is especially nice to view rather than trying to try and count the track sleepers every second below you 
 

Bonkers the lot of us; but we are fortunate to have such a fascinating hobby.  Important, for me, is the collecting side, as that’s the history and heritage.  
 
The numbers are, however, a lovely little bonus and time in this hobby has done me well when you look at the charts.    

Of course. It will soon start picking up the pace 😀

No, but very welcome and enjoyable.! Like other things in life 😊