Gold high spot price

[DarkChameleon]

Trading squiggles is good if they continue to be a ploughed field but anything other then small moves and you'd walking in the dark like now, if presume isn't sufficient to keep it moving opposite then you going to be waiting out the rise or fall and miss out on the majority, one trader once said "you can have the bottom 10% and the top 10%, I'll happily take the other 80%.when I was buying at under £200 and ounce I didn't sell at £210, £220 or £300, I still have those sovereigns, many, wen gold was $1600 I bought sovereigns and didn't sell at $1500, $1400 or $1200, I still have those sovereigns and many of them too...if I'd dealer the squiggles I'd have a lot less money's worth now.

 

I did deal for and against scrap and jewelry, sometimes offloading the same day I received or bought them, always reinvesting even if it was only a few dollars profit...it was not dealing squiggles but profit of purchase, squiggles have to be a ten second play, day trading and I prefer the lack of ulcers to the hold and sell when thjngs become jnterestjng, it's easier to be selective based on some better deal coming along then watching the monitor till your eyes bleed.

[DarkChameleon]

5 minutes ago, sixgun said:

Yes it does say a lot - it's the summer holiday time - have school broken up for summer? When did he book his holiday? Last January maybe?

Well the racing at Ascot has been pretty busy. Would the dealer say.... price is going to be smashed to hell? Dealers are generally bullish.

Inflation is a 10% - Unemployment over 20% - Personal debt levels at record levels - most folks do not have enough to cover even minor emergencies - i suspect there are only moths and tatty business cards inside their wallets. The masses are spent up.

What happens in La La Land on Wall Street is not the real world - there will be attempts to smash the price - they may achieve this - they may fail. Certainly your dealer won't know.

My dealer gas no kids and understands the market better as he sees it's effects up front, when the scrap buyer decodes to cone on Thursday instead of Wednesday just as the price of gold drops quickly in wednesday, who wants to hold something for an entire day as it's value kills their profit, who wants tosell their gold as it's value ju,ps quickly, he was saying that in one day he'd lost $400 in scrap value alone from the morning till the night...it's real world actions...I have seen gold buying scrap on fleabay tighten, the dealers cutting their profit to the bone to get the larger scrap piles, 2% below scrap with perhaps a one week delivery, that's big balls or tough times make them do that, they don't speculate they need that return to keep going.

[sixgun]

24 minutes ago, DarkChameleon said:

My dealer.... understands the market better

Better than who? Than the guy collecting trolleys at your local Walmart? i am being facetious but we all have heard the comments that there are 'sales' appearing at the online dealers so they must know price is going to get smashed - then there is a price smash at some point or other and it is concluded they must have known.

Unless your dealer has a hot line to the trading houses, the central banks, the BIC, the COMEX and LBMA - he may have added insight over the average member here but he neither has second sight nor the necessary knowledge on how the usual suspects are going to juggle the Forex markets and debt markets which includes gold and silver. There are serious problems facing the criminal cartels - much bigger than gold and silver - we are getting to a finale but neither you, nor i nor your dealer will know until the Fat Lady sings. 

[vand]

2 hours ago, HawkHybrid said:

all investors have capital, not all those with

capital make good investments. 

 

you use the extremes as examples. nobody

worth their salt are in these extremes. you

are talking about gamblers, don't use them

as a good example for investors/traders.

many are in pm's between 10 and 30% use

these realistic figures as an example.

 

instead of using theory based on unrealistic

scenarios try using some real historic data.

 

this is a moot point, by definition investors make

investments. traders make trades. investors make

money. traders make money. they just do so

differently.

 

you are not understanding my strategy.

during times of horizontal yo-yo I plan to

trade, as traders can make money in this

environment. during bull markets I plan to

buy and hold as that strategy makes the most

sense during bull markets. 

 

you are allowed to switch your strategy to better

suit the environment you find yourself in.

 

a person who has made the mistake of over

exposing themselves to pm's is precisely the

person who should take profits on this rise.

this is their opportunity to fix their mistake

(take their exposure back to better levels)

and hopefully learn from it.

instead of 'I am right, you are wrong' attitude.

why don't you help them to move forward?

 

the fix for a person that is over exposed to

pm's is not to keep holding. remember the

forum member who sold 8 ozs at monthly lows.

reducing exposure to a level that they can

manage was the right thing to do. people

who are over exposed is because they have

bought too much too soon. they need to sell

back towards a more suitable level of risk.

 

those over exposed to pm's are lucky to get

this rise. the right thing to do is to sell into it.

 

HH

 

I use the extremes to illustrate the point of how important asset allocation, but I know you are know this and are just trolling me now. If you listen to the likes of Chris Duane and even Mike Maloney too much then its very probable that your wealth base might not look too different one of those extremes that I describe. That is not sensible for most people, even for those who really understand the nature of PMs. 

If someone's goal was to get on board with the aim of riding the "long term bull market", "protection", "hedge against fiat", "long term preservation of wealth" and all the other stuff that is regularly trotted out but then are tempted out of your position by a tiny short term move then they have failed to understand asset allocation. Some people on this forum get the importance of diversification and holding an amount that you are comfortable with, but many people don't. 

I've started many threads on topics of wealth building, AA & risk management, tax efficiency... I do believe that I am helping people. I tend to find them a bit more interesting that "Ebay fleecing" and "Latest Panda design" threads.

Yes, this price bump is a chance for people to reassess their AA and do some rebalancing moving forward, but let's not kid ourselves that is what you are talking about when you are trying to trade the squiggles. If someone is holding too PM, (or anything) the they can't stop checking the price every hour then the thing to do stop buying PMs, build up cash - preferably a LOT of cash) -and then begin accumulating some other assets... I have said more than once that not holding enough CASH is the #1 mistake that most stackers make. 

 

[Sovereign]

[Paul]

Speaking of Mike "i own a massive gold/silver company & have vested interests in pumping doom & gloom " Maloney.  Here is his latest video analysis of where things are.

I didnt realise gold was at an all time high in so many worldwide currencies. £ GBP just off its all time high

 

[HawkHybrid]

51 minutes ago, vand said:

Yes, this price bump is a chance for people to reassess their AA and do some rebalancing moving forward, but let's not kid ourselves that is what you are talking about when you are trying to trade the squiggles.

 

is that your interpretation of hold 90% and take

profit by selling 10%?

( a strategic move recognising the significance

of a multi year resistance zone is not exactly

what I would call trading the squiggles)

 

you are the one that insist on me being wrong

if the price continues to rise. I'm saying that

taking profits can work out regardless of

whether the price goes up or down.

people take profits to maintain a more

neutral position during times when they are

uncertain what the market would do next.

the market being on the verge of a possible

break out would my books be considered

such a time.

 

HH

[goldmember44]

5 minutes ago, HawkHybrid said:

 

people take profits to maintain a more

neutral position during times when they are

uncertain what the market would do next.

 

I think the gold market is very clearly bullish at this point... We have a direction now but there will be deniers all the way up. There always are. Perhaps even short sellers (although for their own wellbeing, I hope not).

[HawkHybrid]

9 minutes ago, goldmember44 said:

I think the gold market is very clearly bullish at this point... We have a direction now but there will be deniers all the way up. There always are. Perhaps even short sellers (although for their own wellbeing, I hope not).

 

having a theory is great, but where is the

data proof to back it up?

 

HH

[goldmember44]

1 minute ago, HawkHybrid said:

 

having a theory is great, but where is the

data proof to back it up?

 

HH

Have a look at the gold price chart, it's pretty evident for all to see

[HawkHybrid]

1 minute ago, goldmember44 said:

Have a look at the gold price chart, it's pretty evident for all to see

 

the trading in a range for the last 3 years?

 

HH

[goldmember44]

Just now, HawkHybrid said:

 

the trading in a range for the last 3 years?

 

HH

We've breached that now IMO.

[HawkHybrid]

Just now, goldmember44 said:

We've breached that now IMO.

 

we haven't even left the resistance zone by a

clear amount yet, let alone come back to re-test

the breakout for confirmation of support to verify

that it's not a failed breakout.

you're jumping the gun a bit aren't you?

 

HH

[goldmember44]

1 minute ago, HawkHybrid said:

 

we haven't even left the resistance zone by a

clear amount yet, let alone come back to re-test

the breakout for confirmation of support to verify

that it's not a failed breakout.

you're jumping the gun a bit aren't you?

 

HH

Maybe I am, yes. Time will tell.

[silenceissilver]

I was in two PM shops (one a jewllery, one a pure coin and bullion shop) and noticed they seemed busier compared to my previous visits. Also, in one there was one guy who wanted to buy a one ounce gold bar (which they didn't have in the jewllery) and he didn't want a Krugerrand for the reason he wanted to be able to sell it world wide as he apparently doesn't live in the UK or wants to move back home at some point. In the ohter one there was a guy with his passport, possibley indicating a purchase over £10.000.

Also, in the coin shop I have seen the premiums down compared to when I was there the last time. He had his price stickers on the capsules and apparently he hasn't changed them the last few days.

That's purely anecdotical of course but this guy who didn't know Krugerrands can be sold anywhere would indicate a bubble if there was no paper market. Of course I don't think gold is anywhere near a bubble but tend to assume it rather still has a artifically suppressed price as @sixgun has pointed out, but it's still an interesting observation.

[richatthecroft]

One Swallow does not a summer make, neither does one fine day...

 

[PansPurse]

4 hours ago, HawkHybrid said:

a person who has made the mistake of over

exposing themselves to pm's is precisely the

person who should take profits on this rise.

this is their opportunity to fix their mistake

(take their exposure back to better levels)

and hopefully learn from it.

...

the fix for a person that is over exposed to

pm's is not to keep holding.

Well put

[DarkChameleon]

3 hours ago, silenceissilver said:

I was in two PM shops (one a jewllery, one a pure coin and bullion shop) and noticed they seemed busier compared to my previous visits. Also, in one there was one guy who wanted to buy a one ounce gold bar (which they didn't have in the jewllery) and he didn't want a Krugerrand for the reason he wanted to be able to sell it world wide as he apparently doesn't live in the UK or wants to move back home at some point. In the ohter one there was a guy with his passport, possibley indicating a purchase over £10.000.

Also, in the coin shop I have seen the premiums down compared to when I was there the last time. He had his price stickers on the capsules and apparently he hasn't changed them the last few days.

That's purely anecdotical of course but this guy who didn't know Krugerrands can be sold anywhere would indicate a bubble if there was no paper market. Of course I don't think gold is anywhere near a bubble but tend to assume it rather still has a artifically suppressed price as @sixgun has pointed out, but it's still an interesting observation.

I was in a jewelers today also picking up some junk silver and asked out of interest how much their sovs were and was told $360 each, which is a high premium, but also asked about their price to buy 14k scrap gold and they said $19 a gram....wow...they must be taking the piss, it's over $26 a gram right now, that's what ?..75% of spot...damn, some shops think we all idiots out here and that was for bulk selling...refiners when I get rid...the shops are not worth the effort.

[silenceissilver]

12 minutes ago, DarkChameleon said:

I was in a jewelers today also picking up some junk silver and asked out of interest how much their sovs were and was told $360 each, which is a high premium, but also asked about their price to buy 14k scrap gold and they said $19 a gram....wow...they must be taking the piss, it's over $26 a gram right now, that's what ?..75% of spot...damn, some shops think we all idiots out here and that was for bulk selling...refiners when I get rid...the shops are not worth the effort.

Wow, £360 for a bullion Sovereign?! That sounds like some pawn shops where I have been to figure out what prices they have to offer.

I don't mind paying a few Pounds more to buy in a real shop rather than ordering online but the supply of decent bullion/coin shops is really more than poor in the UK, it's really a shame.

In this jewellery, it was even me who had to tell this other customer, you can sell Krugerrands anywhere, the stuff didn't seem to know that (or even the fact that is was a Krugerrand or what it weighs - they had to put it on the sacle to find out)! I don't know if he bought it but after he heard my own conversation with their stuff -  I don't think so, lol

https://thesilverforum.com/topic/22577-fake-australian-crocodiles/?tab=comments#comment-267818

 

[DarkChameleon]

16 minutes ago, silenceissilver said:

Wow, £360 for a bullion Sovereign?! That sounds like some pawn shops where I have been to figure out what prices they have to offer.

I don't mind paying a few Pounds more to buy in a real shop rather than ordering online but the supply of decent bullion/coin shops is really more than poor in the UK, it's really a shame.

In this jewellery, it was even me who had to tell this other customer, you can sell Krugerrands anywhere, the stuff didn't seem to know that (or even the fact that is was a Krugerrand or what it weighs - they had to put it on the sacle to find out)! I don't know if he bought it but after he heard my own conversation with their stuff -  I don't think so, lol

https://thesilverforum.com/topic/22577-fake-australian-crocodiles/?tab=comments#comment-267818

 

$360 not £360...still I can get them for $330.

[silenceissilver]

12 minutes ago, DarkChameleon said:

$360 not £360...still I can get them for $330.

$360 wouldn't be too bad in the UK. At Atkinsons you currently pay £282.84 for one 2019 Sovereign and the exchange rate shows me $360 is £283.03. Come to the UK and experience the coin shops here and you will start loving yours in the US. At least it's my impression you are much closer to what Germany has to offer in terms of coin shops. You didn't have a Weimar experience either, why is it you have better coin shops than the UK (if my impression is correct)?

[HighlandTiger]

5 hours ago, Paul said:

Speaking of Mike "i own a massive gold/silver company & have vested interests in pumping doom & gloom " Maloney.  Here is his latest video analysis of where things are.

I didnt realise gold was at an all time high in so many worldwide currencies. £ GBP just off its all time high

 

Whenever I see this guys face, I always have this thought pop into my head of a dodgy second hand car dealer. 

[DarkChameleon]

22 minutes ago, silenceissilver said:

$360 wouldn't be too bad in the UK. At Atkinsons you currently pay £282.84 for one 2019 Sovereign and the exchange rate shows me $360 is £283.03. Come to the UK and experience the coin shops here and you will start loving yours in the US. At least it's my impression you are much closer to what Germany has to offer in terms of coin shops. You didn't have a Weimar experience either, why is it you have better coin shops than the UK (if my impression is correct)?

260 million people with disposable income..lol.

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Added 0 minutes later...

11 minutes ago, HighlandTiger said:

Whenever I see this guys face, I always have this thought pop into my head of a dodgy second hand car dealer. 

its not even close here, have to go from $1420 to $1800

[HawkHybrid]

golds daily futures bars looks like a hangman

formed yesterday. possibly some follow

through for today.

 

HH

[goldmember44]

39 minutes ago, HawkHybrid said:

golds daily futures bars looks like a hangman

formed yesterday. possibly some follow

through for today.

 

HH

Short term reversal likely, although a renewed, stronger uptrend is probably not far away. Could be time to load up on more gold!