Gold Monitoring Thread £ GBP only

[5huggy]

9 minutes ago, goldking said:

Licence*

equals "TAX"!

[Tattoedamat]

Lol yup BBC so helpful

 

Currently dropping

Current Price	£1,294.97
Week High	£1,308.73
Week Low	£1,214.37
Week Change	£+79.12 (6.51 %)

[goldking]

Price seems to have run out of puff at $1670 for today as it's showing resistance.

[AuricGoldfinger]

It’s dropped we’re all dooooooooomed!!!

[Guest]

Good to see another Dad's Army devotee

[goldking]

Nearly back down to Friday's level.  SELL ! SELL ! SELL !  

[goluckystayhappy]

A bit frustrating we are almost £40 an ounce off the high in 24 hours.

[Guest]

32 minutes ago, goluckystayhappy said:

A bit frustrating we are almost £40 an ounce off the high in 24 hours.

Just technical in origin, resistance was at 1679.78 in dollar terms, once that target was hit the algos, pros and chartists took profits and went short, the equivalent in Sterling terms was 1300, no big deal, perfectly normal market action

Edited February 25, 2020 by Guest
wrong detail

[AuricGoldfinger]

Ball bags

[AuricGoldfinger]

It’s crept back up slightly woohoo! Lol

[AndrewSL76]

Predictions on what the price will be at the end of the day?

I am saying it will be somewhere between £1,200.00 and £1,400.00.

[Notafront4adragon]

12 minutes ago, AndrewSL76 said:

Predictions on what the price will be at the end of the day?

I am saying it will be somewhere between £1,200.00 and £1,400.00.

I'm gonna narrow my prediction 1201 and 1399.

[Zhorro]

2 hours ago, bullionbob said:

Just technical in origin, resistance was at 1679.78 in dollar terms, once that target was hit the algos, pros and chartists took profits and went short, the equivalent in Sterling terms was 1300, no big deal, perfectly normal market action

Does this look like perfectly normal market action?

Yesterday, someone or organisation dumped $3 billion future gold contracts on the market sending the gold price tumbling.  But looking at the chart, it appears it was merely a reversal of the upward spike earlier in the day.  So, maybe we were all deluded / misled all day?

A similar thing also happened on the silver market.

https://www.zerohedge.com/commodities/gold-suddenly-hammered-multi-billion-dollar-sale

[AuricGoldfinger]

A £200 price range is hardly a prediction haha!

[5huggy]

2 hours ago, AndrewSL76 said:

Predictions on what the price will be at the end of the day?

I am saying it will be somewhere between £1,200.00 and £1,400.00.

I reckon it will be at between 0 and "A lot"! 🤣🤣🤣🤣🤣

[AndrewSL76]

I should temper my prediction by confirming it was not serious. So, I will put my head on the block. I reckon the price will fall to £1,232.00 at 5pm. 

[AuricGoldfinger]

1278

[sixgun]

2 hours ago, Zhorro said:

Does this look like perfectly normal market action?

Yesterday, someone or organisation dumped $3 billion future gold contracts on the market sending the gold price tumbling.  But looking at the chart, it appears it was merely a reversal of the upward spike earlier in the day.  So, maybe we were all deluded / misled all day?

A similar thing also happened on the silver market.

https://www.zerohedge.com/commodities/gold-suddenly-hammered-multi-billion-dollar-sale

The price jump up at the beginning of the chart is 'normal'. There has been no visible trading over the weekend - then the market opens and there is a gap up or down - this is common - the chart is catching up with what has been going on over the weekend. There is concern over the coronavirus outbreak - there is fear in the market - so gold moves up strongly - this is a normal market reaction.

There is no change in the situation - there is still fear in the market - the situation is worse not better so the smash down is not a reaction you would expect - (well it is b/c we expect intervention when price gets moving up strongly) - this is not a bit of profit taking, this is a price smash by official entities.
For a start who has got $3 billion in gold futures to dump at market? Who can get passed the regulators with such a massive dump of contracts? It is intervention by the usual suspects - if the gold price were allowed to run its course it would be above the all time high in dollar terms quite soon - so there is a dump of contracts to flush out weak hands, flush out profit takers, trigger stop losses and the like. 

Edited February 25, 2020 by sixgun

[HawkHybrid]

2 minutes ago, sixgun said:

It is obviously not normal market trading - for a start who have got $3 billion in gold futures to dump at market? It is intervention by the usual suspects - if the gold price were allowed to run its course it would be above the all time high in dollar terms quite soon - so there is a dump of contracts to flush out weak hands, flush out profit takers, trigger stop losses and the like. 

 

it's actually normal market trading. look on any

other chart with volume bars, the high volume

spikes occur during significant resistance/support

zones in price.

market traders are there to make money. they go in

big when the risk to reward shows an opportunity.

at all other times they gamble with small amounts

if at all.

don't let your paper to physical bias influence your

analysis.

 

HH

[sixgun]

Yeah i know it is normal market trading for $3 billion to be sold at market in a few seconds. Come on HH - this is the point - we see these massive and precipitous drops and then investigation shows a handful of entities are involved and they drop $billions into the market at market over a few seconds.

The gold and silver markets are managed - manipulated by the central banks and their gofer trading banks. Gold and silver are currencies and they are the anti-matter to fiat. This has been going on for decades. It is what it is. Us complaining are making noises makes no difference but it is what it is and it isn't logical trading. The usual suspects have been caught holding massive short positions and had to be bailed out - Brown's bottom is an example.

You will know this comment 

Quote

“In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999.  Mr. George said, ‘We looked into the abyss if the gold price rose further.  A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it.  It was very difficult to get the gold price under control but we have now succeeded.  The US Fed was very active in getting the gold price down.  So was the U.K.’”

The BIS has a gold desk - it manages the price. That means it manipulates the price. All markets are rigged to some extent but gold is the anti-matter to fiat and it is managed more than most.

Edited February 25, 2020 by sixgun

[HawkHybrid]

on the flip side: how is it legal to buy $3 billion in a few

seconds and cause the big rise in price?

did the investigations show that the same/similar

entities are responsible for buying up $billions worth of

contracts within the same few seconds?

(this may or may not be market manipulation but we're

not talking market suppression here)

 

HH 

Edited February 25, 2020 by HawkHybrid

[sixgun]

http://www.gata.org/node/17081

https://wikileaks.org/plusd/cables/1974LONDON16154_b.html

The futures market was created to suppress physical demand - to control the price DOWNWARDS. Gold is the anti-matter to fiat. The banking cartel have licence to create $trillions out of thin air. So they want the fiat system to look good and for them to prosper. i know you don't accept it is a bad thing that private banks, and that includes the central banks, can create currency when they 'lend'. The people have to work lifetimes to pay back something they were never lent in the first place but you have said in previous posts on other threads that is ok. Of course you cannot create gold out of thin air - so that buggers up the banking cabal so they don't want gold to make a come back.

Edited February 25, 2020 by sixgun

[HawkHybrid]

2 minutes ago, sixgun said:

The futures market was created to suppress physical demand - to control the price DOWNWARDS. Gold is the anti-matter to fiat.

 

someone has done a lousy job cos historically gold

has topped it's 1980 high.

so is the stock futures market all created to suppress

the price of shares?

using fiat money is making transactions based on

credit. there are pro's and con's of using credit but it

does have it's uses.

 

HH

[sixgun]

18 minutes ago, HawkHybrid said:

 

someone has done a lousy job cos historically gold has topped it's 1980 high.

so is the stock futures market all created to suppress the price of shares?

using fiat money is making transactions based on credit. there are pro's and con's of using credit but it does have it's uses.

HH

Considering the countless $trillions of fiat that have been churned out i think to keep the gold price so low they are done one hell of a job. This is where the $60000 per ounce prices for gold come from. If the currency were backed by gold it would have to be that sort of price and probably much more since these figures are a bit dated now. The UK used to have something like a 20% gold backing - so let's say $12000 per ounce being historically more accurate.

The usual suspects have done a lousy job b/c in all their efforts to keep the price down they have sold all the gold to China et al. i posted earlier in this thread there are suspicions that the UK recently sold off the remainder of its gold. The US doesn't have any gold - there is a thread on this forum looking at the lack of audits of US gold holdings and that the vault seals have been broken numerous times. The BoE is holding a lot of Australia's gold but won't show it to the Australians except by appointment made well ahead of time and specific bars only. Canada got rid of all her gold. The portion of Germany's gold that was eventually returned (most is still held by one or other of the UK/US) - the bars returned were new bars not the bars that Germany sent over. The BoE has effectively stolen Venezuela's gold. The gold in Iraq, Ukraine and Libya somehow magically disappeared. There has been theft and then wholesale selling of gold by the West. The gold going to China, Russia, Turkey, various Stans and other places has had to come from somewhere. If the UK has sold all its gold then Sterling is going to take a dive come the reset if gold starts backing currencies. Hmmm what is this we hear - talk of gold backed currencies. There is trouble in the bubble.

Edited February 25, 2020 by sixgun

[HawkHybrid]

17 minutes ago, sixgun said:

This is where the $60000 per ounce prices for gold come from. If the currency were backed by gold it would have to be that sort of price and probably much more since these figures are a bit dated now. The UK used to have something like a 20% gold backing - so let's say $12000 per ounce being historically more accurate.

 

you can't use the old system to evaluate what gold

should be priced at. the old system doesn't exist

anymore. with the currency printing(credit) gold is

not immediately worth $60000 upon the printing of

the currency. it takes time for the new printed

currency to re-evaluate gold to it's suitable price.

we're talking years, decades, lifetimes. (the time it

takes for people to produce goods and services

equal in value to that which is printed. the printed

currency does not represent value today but value

some day in the future. gold is not worth $60000

today, it's worth $60000 some day in the future.

 

what was printed in 1980 is becoming true today

and what is being printed today will become true

some time in the future.

 

(when I owe a mate one dinner there's no point in

asking for it in the morning. I'll make preparations

for the dinner when it's closer to dinner time. there

is a time and a place for everything.)

 

HH

Edited February 25, 2020 by HawkHybrid