Gold high spot price

[Abyss]

A lot of money (longs in the paper market) sitting on the sideline waiting for a break above $1360. if there is a parabolic move in the price Gold in a short time frame above $1500 I would be tempted to sell the majority of my physical Gold.

[silenceissilver]

3 hours ago, Nick1368 said:

You would think more people buy more gold when price is low and buy less when price rises like this but I can see it’s exactly other way round.

seems like when price is low people are reluctant to buy because they are scared it might go lower, when price rises massively like this people rush to buy gold because they think it’s gonna go even higher.

A friend of mine who never had any interest in PMs called me yesterday to tell me that he purchased 10oz of gold.

very interesting indeed.

If everyone bought when it's low and sell when it's high, there would be no highs and lows, just a flat line.

[silenceissilver]

£1102.68 and almost $1400 which it reached already for a few hours tonight.

It's really enough now! Can someone stop this please?! Can all of you sell all your gold in order to push the price back down, please!

 

[goldmember44]

I don't think many traders are going to short sell this raging bull gold market... it would be very risky indeed. 

[Paul]

just had a looks around the past few hours and if anyone is thinking of taking some gold profits off the table - Atkinsons currently paying best 

1oz = Atkinsons £1075.27   HGM £1067  BullionByPost £1054 Chards £1055

Full Sovereign = Atkinsons £253.06 HGM £252.41  BBP £248.22 Chards £248

[goldmember44]

Yes Atkinsons is definitely leading the way with their prices. Are they quick with their payments?

I think people should always try the forum first, though. Many people would love to buy sovereigns and other gold coins at the prices these dealers pay for coins

[Kookaburracollector]

56 minutes ago, goldmember44 said:

Yes Atkinsons is definitely leading the way with their prices. Are they quick with their payments?

I think people should always try the forum first, though. Many people would love to buy sovereigns and other gold coins at the prices these dealers pay for coins

Hi, I have recently sold to Atkinson's, and you can have a funds transfer on the day for £15, or funds transfer without paying the £15 and you will receive cleared funds in 3 working days time. 

Would have preferred to sell on the forum, but with super fast spikes in the gold price at the moment I would have been risking a lot I f the price had fallen back quickly (before all my items had sold).

Plus.. I negotiated a better deal than what was advertised.

Hope that helps@goldmember44

[goldmember44]

33 minutes ago, Kookaburracollector said:

Hi, I have recently sold to Atkinson's, and you can have a funds transfer on the day for £15, or funds transfer without paying the £15 and you will receive cleared funds in 3 working days time. 

Would have preferred to sell on the forum, but with super fast spikes in the gold price at the moment I would have been risking a lot I f the price had fallen back quickly (before all my items had sold).

Plus.. I negotiated a better deal than what was advertised.

Hope that helps@goldmember44

I don't understand what you say about fearing spikes in the gold price while selling on the forum. That's not an issue at all. Sometimes sales take seconds.... and you can always edit your post and revise the price later on. It simply isn't an issue.

As for Atkinsons, 3 days wait is too long for me. And I'm not paying £15 fees to get it faster. I would much rather sell it to Hatton Garden then.

[Frenchie]

It sounds like you would like to use your physical gold or silver  as a speculative instrument for short term profits. But how can you be responsive with that volatility ? Physical is a patrimonial fundation and insurance again the erosion of money. If you want to protect your stack or play in a speculative way, why not hedging by buying or selling futures directly ?

[Nick1368]

1 hour ago, Kookaburracollector said:

Hi, I have recently sold to Atkinson's, and you can have a funds transfer on the day for £15, or funds transfer without paying the £15 and you will receive cleared funds in 3 working days time. 

Would have preferred to sell on the forum, but with super fast spikes in the gold price at the moment I would have been risking a lot I f the price had fallen back quickly (before all my items had sold).

Plus.. I negotiated a better deal than what was advertised.

Hope that helps@goldmember44

I have sold 12oz (14  coins) of gold on the forum since last Friday until now, received full payment for every single one of them and it couldn't have been any easier, quicker or more profitable than this had I sold them in a different way, I love this forum.

[Pipers]

I have both bought and sold on this forum and apart from one idiot who wanted a proof for the price of a bullion coin ( i sold a coin for 0.5 above spot) i have never had a problem. 

[DarkChameleon]

5 hours ago, Abyss said:

A lot of money (longs in the paper market) sitting on the sideline waiting for a break above $1360. if there is a parabolic move in the price Gold in a short time frame above $1500 I would be tempted to sell the majority of my physical Gold.

I've had highs and lows over my 30 years buying gold and never sold. and I'm up significantly, one reason was I never reacted with greed or fear...they say I could have made more money selling at highs and buying at lows but don't figure in that if you have money in your account waiting for lows you know what's going to happen and then your not riding the highs and lows but spending your profits in the short term...something I'm willing to do with silver and jewelry but not my sovs.

[Abyss]

@DarkChameleon everything moves in cycles. Every asset class stocks/bonds/property/precious metals have their overbought and oversold cycles. If their is a parabolic move/main stream media starts to report on Gold price on a daily basis or when I start hearing about Gold in everyday life (hairdressers/people at work), I know it will be time to get out of Gold precious metal asset class. I will also looking at correlation between Gold price the major Gold miners index to see percentage move up in price of both. If their is great disparity between the percentage Gold price and the miners index then the sum of all the major miners don't believe the current Gold price is sustainable and has developed into a short term paper trading market in which case a major reversal in price would likely happen.

I am looking at a number of factors before I sell my physical stack and fear/greed has no place in my strategy. I have bought the majority of the Gold have at $1200 mark with the intention of wealth preservation/hedge against excessive debt/unfair central bank policies/pass onto as inheritance. If Gold develops into unsustainable bubble then even though I don't need the funds I will still sell majority of my physical gold.

[DarkChameleon]

4 minutes ago, Abyss said:

@DarkChameleon everything moves in cycles. Every asset class stocks/bonds/property/precious metals have their overbought and oversold cycles. If their is a parabolic move/main stream media starts to report on Gold price on a daily basis or when I start hearing about Gold in everyday life (hairdressers/people at work), I know it will be time to get out of Gold precious metals asset class. I will also looking at correlation between Gold price the major Gold miners index to see percentage move up in price of both. If the great disparity between the percentage Gold price and the miners index then the sum of all the major miners don't believe current Gold price is sustainable and develop into short term paper trading market in which case would major reversal in price.

I am looking at a number of factors before I sell my physical stack and fear/greed has now place in my strategy. I have bought the majority of the Gold have at $1200 mark with the intention of wealth preservation/hedge against excessive debt/unfair central bank policies/pass onto as inheritance. If Gold develops into unsustainable bubble then even though I don't need the funds I will still sell majority of physical gold.

When I talk about people selling and buying I'm obviously talking about the majority as the extreme,the market moves from people buying and selling....I have never looked at the cost of my sovs as an average as I never intended on selling them unless the heavens opened and I needed another house (god forbid, I've done that once and not my cup of tea)...but I had been buying at times, gold sovereigns at £45 each, I have receipts for all my purchases either official or just in my accounts books but as I have done well by not thinking of how much I could make now by selling everything I think I'll stick to my stadegy, buy what you love, never put a value on it with intent to sell and just keep collecting..I get my investing kicks from jewelry and silver, I don't need to sell my gold to feel better...not when I don't need the money and thankfully have never needed the money for my whole collecting life with my gold, my antiques and my paperweights....now jewelry, I can sell that all day long when I get a nice piece...im not against waking 100% return or more in under a week...but I always keep that money for buying again within a few weeks, not holding on for what could be a decade.

[Abyss]

@DarkChameleon love your stacking mentality and late father for almost two decades in the 80's and 90's bought Gold in the form of Indian jewellery all under $300 oz (in hindsight wished bought Sovereigns less premium then jewellery but at least it pleased my mum). Selling gold stack for fiat money is a decision that be cannot be taken lightly. We all know that Gold is never going back to $300 oz but it is ever gong back to $1200 oz?

Also take into consideration price action of Gold on the charts from the 19th April to 20th May price Gold established base of support $1270 mark. If the price of Gold retraces $1320/$1350 level and establishes another base support then selling any part of the physical Gold stack off the table. However, no retracement in Gold price and over the next several weeks or month price continues it parabolic move higher towards $1500/$1600 level it is at this juncture I will think about selling bullion part of the Gold stack. But considering my Gold stack has sentimental value (jewellery / Queens Beasts 1 oz Gold coins) I would more inclined to buy Call option on Gold and lock in the price protect against adverse price movements rather than sell the physical Gold stack.

 

[vand]

Everyone just sit on your hands.

Did you get into gold to nab a 10% profit? or did you get into gold in order to preserve and even build  your wealth over the bull market that should run for the next decade, during which time gold will likely climb closer to 1000% than 10%?

It's a truism that most people suck at investing because they can't sit on their investments for any length of time at the slightest hint of a profit.

DON'T BE THE SUCKER.

Do not even dream of selling any of your positions. We have had 6 years of basing that is launching us into the early part of the next bull market. Don't even dream about dreaming about selling. This last week will not even be a visible bump on the chart when we look back in 10 years.

[HighlandTiger]

7 minutes ago, vand said:

Everyone just sit on your hands.

Did you get into gold to nab a 10% profit? or did you get into gold in order to preserve and even build  your wealth over the bull market that should run for the next decade, during which time gold will likely climb closer to 1000% than 10%?.

 

Looking forward to buying a sovereign for £2.5k next decade

Although I don't think the market for £10k gold 1 oz coins is going to flourish.

[HawkHybrid]

doing the maths:

if you sell 10% of your position for a 10% gain

then you get 11% of your total original investment

back for opportunities to reinvest. alternatively you

are releasing 10% investment and securing 1%

profit on the total investment.

if gold continues to rise, 90% of your initial

investment is still gaining. nobody is selling their

positions, just trading out some to go back in.

$1400 is a significant resistance level.

if we take the recent history of rate rise means

initial sell off in gold followed by sustained rise

in prices. then we might predict for the first rate

cut to mean an initial rise in the gold price followed

by a more sustained fall in the price.

the significant risk to trading now is what is the £

going to do?

my guess is the odds favour taking some profits.

this allows you to release some funds at a profit

which reduces your risk and keep your investment

flexible. with available funds to reinvest you can

pull the trigger on any opportunity that comes your

way.

if you have the time to reinvest funds released

then now is a calculated time to take some profits.

otherwise, sit tight as the odds still favour gold

dropping to no more than $1180 in the most

extreme of the likely scenarios.

 

HH

[Abyss]

@vand many YouTube Gold gurus saying the same thing that we have now entered into the next bull market and for the next X number of years Gold will continue to increase in price. But by it definition a bull market is a series of higher highs and lower lows sustained over longer time frame. No pull back in the price and Gold continues to rise then what we are seeing in the Gold market is vertical unsustainable parabolic move and it would advisable to either lock in some profits or take some profits in Gold. I am sure when Bitcoin $19,000 2017 December many believed price was heading towards the moon. Bitcoin in one month rose from $6,000 to $19,000 and then for 1 year retraced down to $3,000. All markets have intrinsically fear and greed. Having physical stack Gold always provides an insurance policy for a black swan events (war in Iran / Deutsche bank collapse).

Currently have central bank buying gold at record pace but precious metals prices still manipulated. My strategy if we have a month of increasing Gold prices then I would want to lock in some profits via buying put option to lock in the value of the physical stack without having to liquidate the stack.

 

[HawkHybrid]

my understanding of elliott wave theory is that we've

just concluded the wave that started 13th nov 2018

($1214). we should be due a corrective wave even if

it's only to $1361(odds favour it to be $1333 or lower).

current best guess is that it's a wave 3 or wave c.

target for correction from wave c is a minimum $1250.

target for wave 3 is a maximum of $1288.

if the price does continue with a corrective wave then

it's (a) wave might give more insight into where it's

heading.

 

HH

[vand]

10 hours ago, Abyss said:

@vand many YouTube Gold gurus saying the same thing that we have now entered into the next bull market and for the next X number of years Gold will continue to increase in price. But by it definition a bull market is a series of higher highs and lower lows sustained over longer time frame. No pull back in the price and Gold continues to rise then what we are seeing in the Gold market is vertical unsustainable parabolic move and it would advisable to either lock in some profits or take some profits in Gold. I am sure when Bitcoin $19,000 2017 December many believed price was heading towards the moon. Bitcoin in one month rose from $6,000 to $19,000 and then for 1 year retraced down to $3,000. All markets have intrinsically fear and greed. Having physical stack Gold always provides an insurance policy for a black swan events (war in Iran / Deutsche bank collapse).

Currently have central bank buying gold at record pace but precious metals prices still manipulated. My strategy if we have a month of increasing Gold prices then I would want to lock in some profits via buying put option to lock in the value of the physical stack without having to liquidate the stack.

 

 

The recent movement in gold is hardly anything approaching a parabolic move. When the price doubles within a few months THEN we are talking about an unsustainable blow-off move. What we have seen recently is nothing but a wiggle in the price.

 

The trouble with taking money off the table and trading around your position on moves like this is that you need to then be right in the short term to be able to get back in for less than the price at which you sold, so you need to be right not just once, but twice. What are the chances that you are always going to be able to get it right every time? Trying to trade the wiggles is how you end up missing out on the big moves.

[sixgun]

(Wrong) Wonge still short precious metals

[sovereignsteve]

19 minutes ago, vand said:

What we have seen recently is nothing but a wiggle in the price.

Exactly. Trading these wiggles has been the way to play it for quite a while now. Until we do see a decisive shift then it will continue to be so.

[sovereignsteve]

I wouldn't suggest anyone trade their whole holding on wiggles but it makes sense to take profits on part of it with a substantial increase such as this. If it does turn out to be the big move then not much has been lost.

[Abyss]

@vand you are right the current price break out of $1360 level towards $1400 not approaching a parabolic move but if in the next 2 to 3 weeks we continue Gold price rally without any significant pullbacks or time for the market to form a base of support and price now at $1600 I would consider this an unsustainable parabolic move and need to protect the gains in the Gold stack.

@vand you are right it is more difficult and requires more time/energy/effort to move in and out of position but we not talking about day/swing trading the price of Gold. I hold a mixture Indian government debt/NIFTY 50 index funds and three times this year reallocated from debt to equity, equity to debt and a mixture of both to protect the position from adverse price movement in equities. I know over the long term (decades) India growing economy and the funds will grow if I just left them at the default 50/50 allocation of equity/debt but I see more value to managing the position. As I hold physical Gold I have an inherent need to manage this position and it may not be a suitable or appropriate strategy for others.