Gold Monitoring Thread £ GBP only

[AuricGoldfinger]

its yo-yoing a bit!

[sixgun]

The miners were trashed today - i see this when gold is strong and isn't going down like the usual suspects want it to so they bash the miners. There is blood in the water and panic in the counting houses.

[Auricsstash]

8 minutes ago, sixgun said:

The miners were trashed today - i see this when gold is strong and isn't going down like the usual suspects want it to so they bash the miners. There is blood in the water and panic in the counting houses.

I think the “smart” money Is waiting to see how big the feds rescue package is... Can you believe this the stock markets go down 10% and the top 1% demand rate cuts and a bail out.. 

[Guest]

1 hour ago, Auricsstash said:

I think the “smart” money Is waiting to see how big the feds rescue package is... Can you believe this the stock markets go down 10% and the top 1% demand rate cuts and a bail out.. 

It is par for the course - read the following book - The creature of Jekyll island - the Fed was set up to do exactly this - by Ed Griffin

[Guest]

A bit of light reading: https://www.bullionstar.com/blogs/ronan-manly/rothschild-emerges-from-the-shadows-for-the-centenary-of-the-london-gold-fixing/

http://zealllc.com/2001/monster.htm

Open thine eyes and let the light shine in - here endeth the lesson

[goldmember44]

Gold is holding up really well... seemingly the only thing that is NOT tanking! Everything else is experiencing carnage... stocks, Bitcoin, even platinum and silver looking fairly weak due to concerns about the fallout of the Coronavirus. So yeah, gold is a pretty good safe haven. 

[goldking]

On 25/02/2020 at 21:30, goldking said:

Nah, I don't agree.  A pull back was always going to happen after such a sudden increase.  Look at the historical charts - it's done it every time, bumbled along at some artibrary point of resistance for a while and then started up the next ladder to a new high.  I agree with Bob above, there are margin calls to meet so there's a good chance we'll see drops til the end of the month.  I think if it gets down that far it'll hit resistance at £1220.  I don't think anyone holding physical is going to lose money in the mid to long term  .

Huge dumps taking price right now.  $40 off the value in the space of 60 mins and still tanking.  I expect most of it is from margin calls.  Stock market is completely destroyed and is seeing one of the biggest crashes in its history.

Edit: make that $50 down!  Holy cr4p. 

Edited February 28, 2020 by goldking

[Zhorro]

15 minutes ago, goldking said:

Huge dumps taking price right now.  $40 off the value in the space of 60 mins and still tanking.  I expect most of it is from margin calls.  Stock market is completely destroyed and is seeing one of the biggest crashes in its history.

Edit: make that $50 down!  Holy cr4p. 

But at £1,238 we are only back to where we were on 19th February 2020.

I am surprised at gold going down whilst the stock market is doing so badly.  So, end of month profit taking or margin calls?  Or it could be people that have lost a lot on the stock market are being forced to liquidate their more profitable assets?

[Nick1368]

27 minutes ago, goldking said:

Huge dumps taking price right now.  $40 off the value in the space of 60 mins and still tanking.  I expect most of it is from margin calls.  Stock market is completely destroyed and is seeing one of the biggest crashes in its history.

Edit: make that $50 down!  Holy cr4p. 

it's gonna go up to £1300 again on Monday morning 

[Zhorro]

9 minutes ago, Nick1368 said:

it's gonna go up to £1300 again on Monday morning 

Why?  Are you the one placing the $3 billion order???

[goldking]

5 minutes ago, Nick1368 said:

it's gonna go up to £1300 again on Monday morning 

I'm not feeling it.  Lots of emergency meetings going on right now and talk about bail-outs.  If that happens as some are predicting then we're into GFC 2020 and gold will likely go lower if past history is an indication.  Medium to long term, £1300+ for sure, but I don't see it in the short term.

[Nick1368]

2 minutes ago, Zhorro said:

Why?  Are you the one placing the $3 billion order???

Good guess 😁

[paolo]

But anyone has a reliable explanation on why is happening this big dump? Always manipulation or who is dumping all this gold and why?

I sold some coins but dont think it s because of me🤣

[Guest]

Trust me this is nothing but good, in December I could get hold of Victorian Shieldback Sovereigns for c.300, I would like to get them again at the price, I find £340-£350 offensive but then again I am notoriously tight where paying for stuff is concerned even if I do pay for it with toilet paper

[SilverPirate007]

I may sell my gold to buy stock!!

[goldking]

1 hour ago, paolo said:

But anyone has a reliable explanation on why is happening this big dump? Always manipulation or who is dumping all this gold and why?

I sold some coins but dont think it s because of me🤣

Light reading : https://www.zerohedge.com/commodities/rickards-how-gold-manipulated

It is ZH though who have a few editors that like to get a bit carried away with the conspiracy theories, so take it for what it is, but they produce a lot of good stuff as well.  Jim Rickards is pretty clued up, generally (but not on BTC!).

In summary, the problem is paper gold.  Take paper gold out of the equation and the price would be going the other way at a rapid rate.

Quote from the article :

"Another way to manipulate the price is through gold leasing and “unallocated forwards.”

“Unallocated” is one of those buzzwords in the gold market. When most large gold buyers want to buy physical gold, they’ll call JPMorgan Chase, HSBC, Citibank, or one of the large gold dealers.

They’ll put in an order for, say, $5 million worth of gold. The bank will say fine, send us your money for the gold and we’ll offer you a written contract in a standard form. Yet if you read the contract, it says you own gold on an “unallocated” basis. That means you don’t have designated bars.

There’s no group of gold bars that have your name on them or specific gold bar serial numbers that are registered to you.

In practice, unallocated gold allows the bank to sell the same physical gold ten times over to ten different buyers."

 

ie. based on nothing. 

Edited February 28, 2020 by goldking

[AuricGoldfinger]

Just sold 8oz today @£1260 spot - my first ever sale - money is going towards another investment which unless gold doubles in price in the next few months will be more lucrative . I averaged just under £300 per oz profit which I’m happy to take. It leaves me with a still sizeable stack, which i will certainly be looking to increase over my lifetime but sometimes you have to strike while the irons hot and be thankful that when you decide to free up some capital you are doing so with a handsome profit.

[goldking]

8 minutes ago, AuricGoldfinger said:

Just sold 8oz today @£1260 spot - my first ever sale - money is going towards another investment which unless gold doubles in price in the next few months will be more lucrative . I averaged just under £300 per oz profit which I’m happy to take. It leaves me with a still sizeable stack, which i will certainly be looking to increase over my lifetime but sometimes you have to strike while the irons hot and be thankful that when you decide to free up some capital you are doing so with a handsome profit.

What is this "more lucrative [than gold]" investment you've bought?

[AuricGoldfinger]

@goldking it’s a property that i am purchasing that requires total renovation (which is one of my businesses).

[maminzlaten]

it's very dissapointing to watch this. but we should hold on to our gold. remember that the only solution they have is more printing. and everything is only going to get uglier and harder for the elite to manage (provided we all don't die out of the corona)

[Jvw]

2 hours ago, SilverPirate007 said:

I may sell my gold to buy stock!!

Best Buy Put option then  

[goldmember44]

2 hours ago, SilverPirate007 said:

I may sell my gold to buy stock!!

Be careful. I wouldn't touch stocks with a ten foot pole until it has bottomed out. Calling the bottom is a very dangerous game. But if you feel like doing it, then go for it. Just beware...

[Tattoedamat]

3 hours ago, SilverPirate007 said:

I may sell my gold to buy stock!!

Don't! Or least don't yet. Stocks are crashing bad and you will loose money 

[ROrbers]

gold is a LONG-term investment ...

[Pipers]

I was going to buy gold the other day, then things just didn't seem right so i took a step back for a few days.  IMO its the traders covering there shorts.  Also there are many who will sell now ready for the market to drop so they can buy back in the stock market.