PapaLazarou

Ross Norman update (looking at $2250 as the base camp😀)

 
Not all buying is equal and that is becoming apparent to gold. 
Arguably the physical buying interest from central banks as well as Chinese retail purchases underpinning this market could count as some of the highest quality in that neither is likely to return to the market irrespective of the price action.
The same cannot be said of the more recent speculative flows, which by their nature, are arguably agnostic to the asset itself … it's a pure exercise in making money. Long or short … gold or soda ash futures … who cares. Like 12 year olds high on e-numbers, the futures market can be a riot of activity, rife with rumour and everyone keen to jump on the latest fad. 
If you marked the 'new gold paradigm' to 1st March 2024 before the yellow metal went near vertical … and showed little regard for neither financial market indicators nor geopolitics … then arguably the gold floor is comfortably set at around $2060. That said, physical buyers who missed the rally will likely jump in as the market retraces, setting a much higher floor. The charts offer some guidance – with the 100 dma at $2250 and this will likely be the first port of call … will it hold ? … that depends upon the level of long liquidation coming out of China, because that seems to be the driving force just now. 
So China has tightened trading conditions as a safeguard in a gold market thatb it clearly deems to be too hot. 
On April 8th, the Shanghai Gold Exchange (SGE) advised gold margin requirements would be tightened from 10% to 12%, and the daily price limit would be adjusted from 9% to 11%. On April 12th, further adjustments were made. Starting from the close of clearing on April 15th, the the margin requirement for gold contracts was increased from CNY 45,000 per lot to CNY 51,000 per lot. Similar adjustments were made to silver after it hit “limit up” on April 8th.
More importantly, on April 10th, the Shanghai Futures Exchange (SHFE or Shiffy) similarly announced the reduction of trading limits for gold futures, with a maximum number of contracts for intraday gold trading set at 2,800 lots. On April 16th, the SHFE further adjusted the daily price limit for gold and silver futures to 8%, while increasing the hedging trading margin requirement to 9% and the speculative trading margin requirement to 10%.
These changes provide significant speed bumps on the motorway that is gold trading. It is a passion-killer. It follows that Chinese speculators would look elsewhere.
Gold saw the largest price decline yesterday in 14 months followed by a further significant declines today with large volumes being traded in Shiffy. 
 
There is a sense that the speculative froth is leaving the market and as it declines, gold will re-engage with its core physical buyers who have been left behind. If you want to know where that floor is then the charts will give you a view – and if not, Indian bargain-hunting is normally a great bell-wether. In short, this is healthy for gold. 
Rumours that the Chinese government would be building significant stockpiles of nickel sent prices up by a massive 6.5% on Shiffy, just as gold cratered … a coincidence ? I think not. 
Meanwhile domestic Chinese gold ETF buying, normally the preserve of a footnote, has accelerated with 28.5 tonnes of gold buying in the last 4 weeks. So as speculators depart stage left, it appears that 'quality' gold investment is re-entering stage right. So grounds for encouragement.
 

Yeah, I noticed on FB groups some 1oz coins are moving to £27-28/oz which is more realistic with spot. I think we will be hitting £30 soon with the way things are going. That's assuming it is true that (apparently) the Crimex manipulation no longer has the power it once did.

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?
 

Four and floor doesn't rhyme? 

Been after a George III sovereign in a reasonable condition for a little while and was delighted to be able to pick up this XF40. I am just trying to decide whether to release it from the slab.
Would really like a William IV sovereign in an extremely fine condition (doesn’t need to be slabbed) as well but you don’t see many at a reasonable price.

I have for sale various gold jewellery. Mostly 9ct.
 
Stunning 9ct gold charm bracelet with two higher purity charms 95.9+g total weight including approx 3.3g in a 14ct parthenon charm and 1.1g in an 18ct swordfish. Some absolutely superb charms including watermill and two cars, all with turning wheels. All items and links stamped or hallmarked and confirmed purity using Kee tester. Selling for under spot at £2225 including Special Delivery.  

 
Additional 18ct hollow bust charm weighing 3.74g at £170 available with the charm bracelet for included post or separately plus post.

 
 
Charm bracelet 10.77g One charm tests as and marked 18ct Under spot at £249 posted Special Delivery.
 

 
 
Fine 9ct ladies neclace 16" long Weighs 1.77g Great condition Under spot at £40 plus post


 
 
7.04g of various 9ct items. Two very wearable pendants included.
Under spot at £155 plus post
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RAM Skippies

You might well have seen the latter design - the 2016 Last Round Pound...
 

I like the wreath crown design very much.  This is one of my very favourite predecimal silver coins:
 

I've posted these photos before, but here are some of my favourite UK predecimal coin designs (florins and halfcrowns, and then some early milled shillings) .  I think the various George IV and William IV halfcrown designs are well worth adding to your list above 🙂

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10oz Silver QB Black Bull   I sold my previous example of the 10oz Bull last year when I was offered a truly exceptional price by a feebay buyer. Duly forgot to replace it until I noticed a superb offer from @Malthus101 at the weekend and I was delighted to receive this superb replacement.

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My swag from today. With some closer up pic's of the gold

Special thanks to @SamThomasldn, @jackflash123, @sellerstacker, @James32 and @sworks

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