goldking

7 minutes ago, tallthinkev said:

Quite sure £1308 was the highest, yet looking on some sites they say £1304

I've no idea why they all seem to differ by a small amount.  BBP is showing a 11 cent higher USD figure for the current high than tradingview, but for GBP they are showing it 8p lower than tradingview, which makes no sense.  Other sites are as much as a few dollars/pounds different when comparing the currency like for like.

Just now, tallthinkev said:

Hit the all time high today, or will it be next week?

Think it got to £1308 in GBP last week if I recall correctly so a bit to go yet.  As I write, just broken through £1300 again.

5 minutes ago, zhoutonged said:

Not about your situation 😂but food used to take about 60% of the average persons income, so yeah it has fallen in real terms. 

Please provide sources, comparing like for like, ie. 100% unprocessed food stuffs - meat, fish, fruit, veg, grains, dairy etc.

10 minutes ago, zhoutonged said:

Food another area where prices have fallen in relative terms.

What is this nonsense?!  

1 hour ago, zhoutonged said:

Could you enlighten me as to why the GSR is no longer relevant? Its a bit of a bug bear for me, one of two LOL

Not for this thread.

Discussed at length here : 

Gold closed for the day £34.15 / $53.64 up.

2 hours ago, SilverPirate007 said:

Haha I highly doubt this is the ‘end game’. I love these conspiracy theories. Corona virus will be over soon and the markets will rebound.

ZIRP > NIRP > Game over.

A record $120 billion was injected into the REPO market just this morning.  They are injecting similar amounts every day.   But.. it'll be "over soon and the markets will rebound".  OK bro.  

3 hours ago, 5huggy said:

Agreed - PPT are always ready to "SPLAT" 😉

Nearly time for the PPT, Shug !   Currently -550.  Who's betting on green by 9pm ?

Edit 9pm: well, didn't see that coming!  Closed -800 down.  Even PPT couldn't 'save' it.

1 minute ago, goldmember44 said:

And this is after Fed intervention...they don't have any tools left.

Yep.  It's End Game now imo.  I don't see any way they can recover from this.  Confidence gone from the markets and CTRL P has completely failed.  I wouldn't be surprised to see a bail-in announced in the coming days.  Consider it to be scare-mongering tinfoil hat if you wish, but you should strongly think about getting money out of your accounts.

21 minutes ago, goldmember44 said:

0.999 now and falling...what are the implications?

It's one of the big indicators of a deep recession.  Down to 0.958 now!  Welcome back to 2008.  Button up and fasten your belts, it's going to be turbulent.

Look at the Dow crashing right now https://uk.tradingview.com/symbols/TVC-DJI/.  930 points down on the back of a 0.5% rate cut.  All confidence gone from the markets.  RIP.

23 minutes ago, sixgun said:

Absolutely.
 

Oof, down to 1.003 !  Is it going to see under 1 before the day is up?  Things are getting really really bad now . https://uk.tradingview.com/symbols/TVC-US10Y/

12 minutes ago, sixgun said:

It's sarcasm HH - irony - a joke i posted elsewhere. 

Trump has been boasting about the best stock market ever - he has not been sleeping since it tumbled - he has been screaming for a rate cut - even negative interest rates - for QE to infinity - he wants to be re-elected.

The Fed drops rates by 0.5% - IN BETWEEN meetings - the reason given is the cover story of the coronavirus - the Chinese stock markets are NOT tumbling - the virus is a cover story. The USD-Treasury complex is done for - it isn't circling the drain - it is going down the drain now. 
There are no solutions - the bus has gone over the edge and it is going to crash - nothing the Fed can do now - everything is sticking plaster and will make things worse. 
The supply problems blah blah - that is for Bloomberg and the talking heads. 

US10Y treasury note yield making history as well.  Down to 1.02 earlier which is very very bad!  Anything under 1.3 is generally considered to be recession territory.

11 minutes ago, zhoutonged said:

The cheap money junkies need a bigger fix.

CTRL+P not working anymore.

Absolute comedy central.  0.5% rate cut and the DJIA is currently 450 points down.  History in the making.  Who's betting on the PPT intervening again like they did on Friday to ensure that gold gets slapped back down 'where it belongs' and DJIA closes in the green?  

Edit: make that 550 points down! 

Fed just announced a 50bps rate cut.  Gold shooting for the moon again. 

Seems legit.

6 minutes ago, sixgun said:

There was an options expiry Friday afternoon. It is usual price gets smashed by the banks.

Are you sure?  Options expire on 3rd Friday of the month (ie. last Friday, not yesterday) and on the last day of each quarter.  https://www.marketwatch.com/optionscenter/Calendar

1 hour ago, bullionbob said:

Silver price now into the 12s, surely this is a no-brainer or is it me being an idiot, I mean come on, we'll look back in years to come at 12 quid and won't believe it, 11, 10. I'm tempted to go full nutjob into silver

If only there was a facepalm smiley on here.

22 minutes ago, Zhorro said:

Gold is supposed to be a “safe haven” – yet at a time when one would have thought a “safe haven” was needed, gold was smashed today.  But why?

https://www.kitco.com/news/2020-02-28/Rush-to-cash-beats-gold-but-price-recovery-is-coming-analysts.html

5 hours ago, Nick1368 said:

it's gonna go up to £1300 again on Monday morning 

Still confident about that, Nick?  

If we discount the sudden £40 rise at the very start of the year, gold in GBP had been rising at approx £4 per week.  2 weeks ago it was £1213, today it is £1236.  If we'd continued at the same steady rate we'd have been at around £1221 today.  I'm not seeing any reason to worry about the price "correction" this week.   If I had the funds I'd be using the opportunity to pick up some more gold sovs at spot.

8 minutes ago, AuricGoldfinger said:

Just sold 8oz today @£1260 spot - my first ever sale - money is going towards another investment which unless gold doubles in price in the next few months will be more lucrative . I averaged just under £300 per oz profit which I’m happy to take. It leaves me with a still sizeable stack, which i will certainly be looking to increase over my lifetime but sometimes you have to strike while the irons hot and be thankful that when you decide to free up some capital you are doing so with a handsome profit.

What is this "more lucrative [than gold]" investment you've bought?

1 hour ago, paolo said:

But anyone has a reliable explanation on why is happening this big dump? Always manipulation or who is dumping all this gold and why?

I sold some coins but dont think it s because of me🤣

Light reading : https://www.zerohedge.com/commodities/rickards-how-gold-manipulated

It is ZH though who have a few editors that like to get a bit carried away with the conspiracy theories, so take it for what it is, but they produce a lot of good stuff as well.  Jim Rickards is pretty clued up, generally (but not on BTC!).

In summary, the problem is paper gold.  Take paper gold out of the equation and the price would be going the other way at a rapid rate.

Quote from the article :

"Another way to manipulate the price is through gold leasing and “unallocated forwards.”

“Unallocated” is one of those buzzwords in the gold market. When most large gold buyers want to buy physical gold, they’ll call JPMorgan Chase, HSBC, Citibank, or one of the large gold dealers.

They’ll put in an order for, say, $5 million worth of gold. The bank will say fine, send us your money for the gold and we’ll offer you a written contract in a standard form. Yet if you read the contract, it says you own gold on an “unallocated” basis. That means you don’t have designated bars.

There’s no group of gold bars that have your name on them or specific gold bar serial numbers that are registered to you.

In practice, unallocated gold allows the bank to sell the same physical gold ten times over to ten different buyers."

ie. based on nothing. 

5 minutes ago, Nick1368 said:

it's gonna go up to £1300 again on Monday morning 

I'm not feeling it.  Lots of emergency meetings going on right now and talk about bail-outs.  If that happens as some are predicting then we're into GFC 2020 and gold will likely go lower if past history is an indication.  Medium to long term, £1300+ for sure, but I don't see it in the short term.

On 25/02/2020 at 21:30, goldking said:

Nah, I don't agree.  A pull back was always going to happen after such a sudden increase.  Look at the historical charts - it's done it every time, bumbled along at some artibrary point of resistance for a while and then started up the next ladder to a new high.  I agree with Bob above, there are margin calls to meet so there's a good chance we'll see drops til the end of the month.  I think if it gets down that far it'll hit resistance at £1220.  I don't think anyone holding physical is going to lose money in the mid to long term  .

Huge dumps taking price right now.  $40 off the value in the space of 60 mins and still tanking.  I expect most of it is from margin calls.  Stock market is completely destroyed and is seeing one of the biggest crashes in its history.

Edit: make that $50 down!  Holy cr4p.