Gold Monitoring Thread $ (USD) only

[Bumble]

Well I suppose that's the fun thing about technical analysis, there are so many interpretations to choose from. You can use classical charting methods, candlestick patterns, Elliot wave, moving averages, Bollinger bands, or Ichimoku clouds, and get different answers from all of them.

[Abyss]

$2000 Gold happening in the next few days but last thing anyone wanted was.........

[Zhorro]

14 hours ago, Abyss said:

$2000 Gold happening in the next few days but last thing anyone wanted was.........

The Dollar gold price looks to be back under control - it actually fell in the past 24 hours!

[Darr3nG]

1 hour ago, Zhorro said:

The Dollar gold price looks to be back under control

What does that mean?

[HerefordBullyun]

24 minutes ago, Darr3nG said:

What does that mean?

It means the banking cartel and bullion banks have done massive paper dump on the CRIMEX. Its option expiry week also. It basically been sold off on the x500 paper market....

[CANV]

I do like a tiger tank packing an 88 though 

[Darr3nG]

10 minutes ago, CANV said:

88 though 

1.21 GigaWatts? Great Scott!

[Zhorro]

7 hours ago, Darr3nG said:

What does that mean?

The bullion banks are often short on gold (i.e. they have sold it in the hope of covering the sale by buying the gold they need at a lower price later), so for gold to go up 5.5% in one day would mean they would be making massive losses.  Therefore, the bullion banks would have had a massive incentive to bring down the price of gold.

Another possible explanation for the fall in the price of gold would be if the Russians have had to sell some of their gold in order to protect the Rouble  on the foreign exchange markets: "Russia holds a formidable war chest of more than $600bn (£450bn) in foreign-exchange reserves and gold that it can use in currency markets to prop up the rouble."

https://www.theguardian.com/business/2022/feb/24/russian-central-bank-buys-up-roubles-to-avert-stock-market-collapse-invasion-ukraine-fiancial-meltdown

[Abyss]

Ending the week just shy of $2000......

[Stu]

Very close to the psychological $2000 now, before the day is out?

I dont think they can keep a lid on it now. Just when I was considering selling a few oz,  

[LawrenceChard]

Gold did just hit $2000 a short time ago.

It is an interesting psychological barrier, and almost certain to be mentioned in most print and mainstream media.

 

 

Live Gold Price

Current	High	Low	Change
1,998.25	2,000.75	1,891.30	95.40 (+5.02%)

Intrinsic Values (£)

Sovereign	Half Sovereign	1oz Gold	1oz Silver
£357.27	£178.63	£1,517.71	£19.72

 

Edited March 7, 2022 by LawrenceChard

[Zhorro]

45 minutes ago, LawrenceChard said:

Gold did just hit $2000 a short time ago.

It is an interesting psychological barrier, and almost certain to be mentioned in most print and mainstream media.

 

Live Gold Price

Current	High	Low	Change
1,998.25	2,000.75	1,891.30	95.40 (+5.02%)

Intrinsic Values (£)

Sovereign	Half Sovereign	1oz Gold	1oz Silver
£357.27	£178.63	£1,517.71	£19.72

 

And now back above $2,000 again:

[HerefordBullyun]

Well I called this months ago.

Jaypo not increasing rates blaming Russia narrative as inflation now. Lol 

Still gotta print money for the war machine. I knew he would not raise them in March

 

[sixgun]

https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541

Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales

Saudi Arabia is in active talks with Beijing to price its some of its oil sales to China in yuan....

'Considers Accepting Yuan' - LOL. Some people posted the fact the Saudis were taking yuan in oil sales back in late 2019. Now everyone knows. The Petrodollar is dead. The unipolar world is dead. We are living through a once in a century event and potentially a once in a millennium process. The King dollar is dead - the rightful king, King gold returns.

[TommyTwoShots]

Yep, can’t wait for the once in a millennium event to get rolling. I’ll put the kettle on.

[Oldun]

Us idiots….Russian oil…pay in rubles…us g7 response…..https://www.startribune.com/live-updates-g7-restricting-russian-banks-use-of-gold/600158898/.  Russian response will be to back Rubles in gold surely…game over…hello China…..

 

wont affect usd ahort term but when looking back 10 years from now…..

Edited March 24, 2022 by Oldun

[sixgun]

Goldman Sachs sees gold prices hitting $2,500/oz by year-end

Earlier in January, Goldman Sachs had raised their 12-month gold price forecast to $2150 an ounce on the view that an impending US growth slowdown would lead to increased concerns of a US recession

https://www.business-standard.com/article/markets/goldman-sachs-sees-gold-prices-hitting-2-500-oz-by-year-end-122030900328_1.html

$2200+ is seen as a sure fire thing as the RUB appreciates and gold is priced at 5000 RUB/gram.

[sixgun]

Right now XAU/RUB FX cross values gold at $2010.
There is an oil for gold trade going on - pay for Russian oil with gold and you get oil at a discount in fiat terms - the oil then gets sold in the open market at a big profit in this arbitrage trade. Round and round she goes, where it ends is the collapse of the Ponzi paper gold scheme.

Edited April 7, 2022 by sixgun

[Zhorro]

A bad start to the week - gold is down almost 1% today.

[MancunianStacker]

💨 🛻 back it up!

[LawrenceChard]

I recently posted some thioughts about recents gold price movements in relation to US Fed and B of E interest rate increases, in the parallel topic: 

 

But today I saw:

WGC 

Weekly gold market wrap-up

Insights from the World Gold Council.

 

You asked, we answered: explaining gold’s recent performance

You asked, we answered: explaining gold’s recent performance

World Gold Council
The experts on gold
Follow @GOLDCOUNCIL

Posted 19 May, 2022. 10:00

Gold has come under pressure since mid-March, when it was within touching distance of its previous record high. Since then, gold has fallen over US$200/oz, finding some support at the US$1,800/oz level. Over recent weeks net long positioning on COMEX has been declining and global gold ETFs have witnessed sizeable outflows.

Against this change in sentiment we address four of the most frequently asked questions by investors:

Given both equities and bonds have been declining, should gold have performed better than it has?
Will Fed rate hikes temper the appetite for gold as a safe haven?
Can you explain why gold and oil seem more correlated recently 
Where is central bank buying headed?

1. Given both equities and bonds have been declining, should gold have performed better than it has?
Gold has proven valuable for investors given the broader macroeconomic context. It remains one of the top-returning assets year-to-date, especially for non-US dollar investors. It has also done significantly better than would be expected based on real rates and the dollar. Furthermore, when put in context of asset performance over the past three years, it has protected capital and served as a source of liquidity.

Gold has performed well in other currencies. As a global asset, it is often important to consider how gold has fared in local currencies. For non-US investors, gold has performed between 2% and 17% better (Table 1).

There is more.

go to:

https://www.gold.org/goldhub/gold-focus/2022/05/you-asked-we-answered-explaining-golds-recent-performance

for the full report.

😎

[LawrenceChard]

Gold price dip and jump in USD, weekend of 11th and 12th June 2022

What happened here:

 

Alright, I already know:

 

At the time, the spot gold price graph in GBP showed a big jump, while the USD equivalent was different.

Now, we can see that USD Gold drifted off from the $1850 area, down to just over $1830, before spiking back up to around the $1875 mark.

The big question, as always, where next?

 

[Oddjob]

That spike could be short lived if the US equities market continues its retreat and margin loan holders have to liquidate assets like gold to cover the calls. All will be revealed in about 12 hours...

[Zhorro]

"Goldman's Mikhail Sprogis and his commodities research team believe a 'wealth shock' has subdued Gold's rally and raised their target price for the precious metal to $2500."

https://www.zerohedge.com/markets/im-fan-gold-klarman-supports-prudent-positioning-goldman-hikes-precious-metal-price-target

[HerefordBullyun]