Gold Monitoring Thread $ (USD) only

[DarkChameleon]

Gold is nicely down, if it gets under $2000 im buying today, even if i have to stop on my drive to my grandsons to get one....lol.

[Kman]

On an 8h time frame gold hit the 50dma and silver the 20dma almost exactly

$1950 gold and $27 silver

We will see if that's the bottom.. or there's more to come, I think it might be the bottom 

Edit> spoke too soon, both broken, this is going to be a very nice buying opportunity

 

Edited August 11, 2020 by Kman

[DarkChameleon]

1 hour ago, Kman said:

On an 8h time frame gold hit the 50dma and silver the 20dma almost exactly

$1950 gold and $27 silver

We will see if that's the bottom.. or there's more to come, I think it might be the bottom 

Edit> spoke too soon, both broken, this is going to be a very nice buying opportunity

 

Fortunatly the ratio is still in the ballpark for conversion.

[KDave]

$115 down an ounce on the day, impressive

Edited August 11, 2020 by KDave

[DarkChameleon]

Are we in the middle of a dead cat bounce or breather before diving deeper.

[KDave]

$1700 by September?  

https://www.gold-eagle.com/article/gold-price-forecast-gold-targets-1700-september

PM stocks will look cheap if this happens, I am not as confident as the author. But if it comes to pass buying from October onward would be a good shout. 

[KDave]

Better just say this is not advice, there are other strategies and brands of opinion available. 

[sixgun]

According to Keiser Report

Warren Buffett goes mega long gold! Berkshire buys nearly 21 million shares of Barrack Gold. . . get ready for gold moon on Monday morning!

Stand clear the blue touch paper has been lit.

 

 

[MancunianStacker]

8 hours ago, sixgun said:

According to Keiser Report

Warren Buffett goes mega long gold! Berkshire buys nearly 21 million shares of Barrack Gold. . . get ready for gold moon on Monday morning!

Stand clear the blue touch paper has been lit.

 

 

Yup, just heard the same from an Investment Manager on my Linked-In this morning. He buys them his followers buy!!

[vand]

Price action suggests a very real chance we will move above the recent high rather than go below the recent low. With gold at $2000 right now I think it’s a coin flip whether we see $2200 or $1800 first.

[Goldmansacks]

2 hours ago, vand said:

Price action suggests a very real chance we will move above the recent high rather than go below the recent low. With gold at $2000 right now I think it’s a coin flip whether we see $2200 or $1800 first.

What crazy times we live in.

[KDave]

All depends on  USD 

https://www.gold-eagle.com/article/rebounding-gold-and-many-triggers

 

 

[BobnotTed]

https://www.kitco.com/news/2020-08-12/-Last-great-buying-opportunity-Gold-price-can-dip-below-1-700-this-year-before-resuming-its-path-towards-15K-Goehring-Rozencwajg-Associates.html

Goehring & Rozencwajg Associates were suggesting $1,500-$1,700 levels for later this year.

Anyone else think it can go back to $1,700 within the next few months?

 

 

[KDave]

9 minutes ago, BobnotTed said:

https://www.kitco.com/news/2020-08-12/-Last-great-buying-opportunity-Gold-price-can-dip-below-1-700-this-year-before-resuming-its-path-towards-15K-Goehring-Rozencwajg-Associates.html

Goehring & Rozencwajg Associates were suggesting $1,500-$1,700 levels for later this year.

Anyone else think it can go back to $1,700 within the next few months?

 

 

Yes I am leaning towards that but who knows.

Now Warren Buffet has bought a gold miner that must be the top. He is the 6 pack joe never bought gold before rushing in before it crashes.  

[BobnotTed]

3 minutes ago, KDave said:

Now Warren Buffet has bought a gold miner that must be the top. He is the 6 pack joe never bought gold before rushing in before it crashes.  

Yes I was intrigued when I heard that, though on further inspection the amount bought in relation to the capital at their disposal is very small. So small, it's quite possible it was made by one of his two advisers rather than him.

[Kman]

1 hour ago, BobnotTed said:

https://www.kitco.com/news/2020-08-12/-Last-great-buying-opportunity-Gold-price-can-dip-below-1-700-this-year-before-resuming-its-path-towards-15K-Goehring-Rozencwajg-Associates.html

Goehring & Rozencwajg Associates were suggesting $1,500-$1,700 levels for later this year.

Anyone else think it can go back to $1,700 within the next few months?

I have a trend line draw in that I expect to hold

It slides from ~$1700 today to ~$1830 being the bottom at the start of 2021

Whether I'm right and whether we touch down and test that in the next 6 months who knows

It's 15% drop though from where we are now, that's very big for gold, what would be the catalyst? 

Edited August 18, 2020 by Kman

[BobnotTed]

3 minutes ago, Kman said:

It's 15% drop though from where we are now, that's very big for gold, what would be the catalyst? 

It's plausible there will be some form of banking crisis allowing a temporary drawback.

Edited August 18, 2020 by BobnotTed

[Martlet]

6 minutes ago, Kman said:

I have a trend line draw in that I expect to hold

It slides from ~$1700 today to ~$1830 being the bottom at the start of 2021

Whether I'm right and whether we touch down and test that in the next 6 months who knows

It's 15% drop though from where we are now, that's very big for gold, what would be the catalyst? 

Changing news on scale and impact of recession.  It has been observed that gold is not a hedge for inflation, its a hedge for bad news.  ~$1700 would remain high for long term trends and still be within bull market, healthy even for long term. 

[KDave]

52 minutes ago, Kman said:

I have a trend line draw in that I expect to hold

It slides from ~$1700 today to ~$1830 being the bottom at the start of 2021

Whether I'm right and whether we touch down and test that in the next 6 months who knows

It's 15% drop though from where we are now, that's very big for gold, what would be the catalyst? 

USD 

[KRO]

1 hour ago, Kman said:

I have a trend line draw in that I expect to hold

It slides from ~$1700 today to ~$1830 being the bottom at the start of 2021

Whether I'm right and whether we touch down and test that in the next 6 months who knows

It's 15% drop though from where we are now, that's very big for gold, what would be the catalyst? 

any hint of the Fed turning slightly more hawkish on interest rates (highly unlikely imo)

or
news of a proven, reliable vaccine 

---

Added 0 minutes later...

2 hours ago, BobnotTed said:

It's plausible there will be some form of banking crisis allowing a temporary drawback.

would put a rocket under Gold imo

[Martlet]

If reverse holds, see $1920 this week. 

[Pi7]

8 hours ago, BobnotTed said:

https://www.kitco.com/news/2020-08-12/-Last-great-buying-opportunity-Gold-price-can-dip-below-1-700-this-year-before-resuming-its-path-towards-15K-Goehring-Rozencwajg-Associates.html

Goehring & Rozencwajg Associates were suggesting $1,500-$1,700 levels for later this year.

Anyone else think it can go back to $1,700 within the next few months?

 

 

Of course no one know but I dont see $1,500 gold for a long time.

I only see the covid impact extending further and further with more business impact and lockdowns. That alone suggests more and more stimulus.

But regardless of what happens with covid now, I think soon we will begin to start seeing the real state of world economies. Right now the average person is distracted from the real problem some nations face, massive debt, no growth, inflated stocks and economies hitting the end of the long term debt cycle. Once the narrative changes from health and pandemic to financial meltdown, gold could go crazy.

I also think there is a good chance of another big pullback on stock markets. That could again bring gold back with it, but I just dont see it. People see it coming now and the wise investors already be positioned in gold and have other forms of liquidity. Contrary, I think another stock market pull back could see a lot of movement into gold.

[daca]

Another red day for gold

-42.50$

-2.12%

[Kman]

28 minutes ago, daca said:

Another red day for gold

-42.50$

-2.12%

Dollar and 10 year US bonds had a little spike up but they seem to have run out of steam already

Gold looking strong at $1960 support area

Silver looking strong at $27

Things are looking good atm for a little consolidation and resumption up but we shall see 

Edited August 19, 2020 by Kman

[Kman]

The federal reserve released some minutes, probably something I should know to keep track of if I wasn't such a novice 🥺 will make sure I note it down in future

Spiked the dollar, sent gold/silver and spx down - maybe just temporarily 

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20200729.pdf

I haven't got time to read through it properly atm, I'm sure some news outlets will pick out the important parts but I couldn't find many good articles as of yet

Quote

They noted that the path of the economy would depend significantly on the course of the virus and that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and posed considerable risks to the economic outlook over the medium term

Quote

To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace 

Quote

Nevertheless, economic activity still appeared to have declined at a historically rapid rate in the second quarter. The projected rate
of recovery in real GDP, and the pace of declines in the unemployment rate, over the second half of this year were expected to be somewhat less robust than in the
previous forecast. 

Quote

Inflation was projected to remain subdued this year, reflecting the substantial amount of slack in resource utilization and the sizable declines in consumer energy prices earlier this year

Quote

Consistent with the Committee’s decision to leave the target range for the federal funds rate unchanged, the Board of Governors voted unanimously to leave the interest rates on required and excess reserve balances at 0.10 percent.