Gold Monitoring Thread £ GBP only

[GoldenGriffin]

3 hours ago, Midasfrog said:

Todays high priced sovereigns will be seen as a low price next year , £400 each for bullion sovereigns is not that far away in the future 👍

£1500+ an ounce for gold at the moment being the new normal 

I have the same sentiment.

I think that gold has been and still is suppressed (to a dregree), but there are times when that suppression (or at least some of that suppression) has to unravel and it won't go back down to where you think it might - I think that time could be now.

When gold started to rally upto ATH's just before the start of the pandemic, I thought it would come back down again and it did, but it didn't settle back down as low as I thought it would.

The tragedy that is happening now, together with the pandemic, we're going to see new, higher lows, so I'm psychologically preparing for that.

Edited March 12, 2022 by GoldenGriffin

[Midasfrog]

On 10/03/2022 at 14:58, stefffana said:

Probably we need to admit that over £1500 is the new long term price.

I can not see going down too soon...

I agree with @stefffana 👍

Just about everything has increased over the last two years , I cant think of anything that is cheaper now to purchase than it was two years ago.

Petrol is at an all time high at the pump it will never drop back to its previous price , mostly due to manipulation .

Gold is at an all time high it will never drop back to its previous price , mostly due to manipulation 😀

 

[CANV]

yup. could easily see a dump to the 13 hundreds, a huge stock and bitcoin rally, bond market rally and oil down to sub 90 bucks on a ceasefire... 

I mean it won't last last . Ukraine is now a tinderbox doused in petrol for the next 20 years..  but markets will get used to it ..  palladium is going to make bitcoin look stable ..  

[jultorsk]

Gold Dealers Swamped by Demand as War Creates Inflation Scare

• Gold flirts with levels reached during Covid-19 pandemic
• Retail investors are snapping up the metal across the globe

Russia’s invasion of Ukraine has sent the price of everything from oil and gas to wheat and metals skyrocketing, sparking inflation fears and threatening global growth. That’s driving retail investors everywhere from Vienna and Singapore to New York to the safety of gold, which spiked to $2,070.44 an ounce, close to the record reached during the pandemic.

The almost 10% surge in gold prices since the start of the year is turning into a boon for bullion dealers like Rudolf Brenner, founder of Philoro Edelmetalle GmbH, whose shops in German-speaking Europe now have long lines of buyers -- a trend that’s likely to continue with the conflict showing no signs of abating.  

 

“When the crisis in Ukraine started, we saw massive orders” said Brenner, whose sales are triple their normal level. “People are buying everything.”  

 

Similar stories are emerging from gold dealerships around the world. At Empire Gold Buyers in New York, Chief Executive Officer Gene Furman says 30% of his customers trading luxury items like watches and jewelry want bullion instead of cash. Gregor Gregersen, founder of Silver Bullion Pte Ltd. in Singapore, saw gold and silver sales rise 235% in the first week following Russia’s invasion, and demand has only intensified since.

 

“Investors are thinking along the lines of a worst-case scenario with the war in Ukraine and are finding it prudent to buy physical safe-haven assets in a safe jurisdiction like Singapore,” Gregersen said.

 

The soaring demand comes after an already strong year for physical metal buying, particular in western nations. Demand for bars and coins hit 1,124 tons in 2021, according to the World Gold Council, the highest in almost a decade. That helped support prices at a time when institutional investors weren’t dipping in as much.

 

The current clamor for physical gold is causing already high premiums on retail investors’ favorite versions of the metal to extend gains, a sign of their scarcity. To get their hands on a one-ounce bar, buyers may need to cough up as much as $100 over the spot price.

 

Premiums are up about 25% at physical bullion brokerage Goldcore and are expected to rise further, according to its chief executive officer, Stephen Flood. In his view the main driver is concern about the financial sanctions on Russia, which have “politicized and weaponized” the payments system.

 

“It’s the ultimate backup plan to have the metal within reach,” Flood said. “Everyone and their mum is looking at precious metals now.”

 

But it’s not a one-way street. Many are bringing their bars, coins and jewelry back to the dealers to cash in on prices that haven’t been this high since the summer of 2020. Back then, there was a spike in activity as lockdowns eased and people flocked to gold stores to trade in the haven.

 

Still, there are more gold buyers than sellers now, according to Ash Kundra, who runs J Blundell & Sons in London’s historic Hatton Garden jewelry quarter. He attributes it to the far more fearful environment among retail investors.

 

“I’m buying about 60% of what I was in 2020,” he said. “Now, I’m selling more.”

 

https://www.bloomberg.com/news/articles/2022-03-13/gold-dealers-swamped-by-demand-as-war-creates-inflation-scare

[Stacktastic]

16 hours ago, CANV said:

yup. could easily see a dump to the 13 hundreds, a huge stock and bitcoin rally, bond market rally and oil down to sub 90 bucks on a ceasefire... 

Yes please I have 25 NASDAQ stocks to offload.  
Been buying them all up in the last month. 
And I think I will swap them for miners. 

Edited March 13, 2022 by Stacktastic

[AuricGoldfinger]

Price took a hit! Where to now?

[Solly]

1 hour ago, AuricGoldfinger said:

Price took a hit! Where to now?

Any particular reason?

[jultorsk]

4 minutes ago, Solly said:

Any particular reason?

Russia is allegedly about to default on their debt. Maybe the market expects them to capitulate, and/or liquidate a pile of their CB gold? 🤔

--

Russia’s economy is fraying, its currency has collapsed, and its debt is junk. Next up is a potential default that could cost investors billions and shut the country out of most funding markets.

Warning lights are flashing as the government kickstarts the process of paying $117 million in interest on dollar bonds Wednesday, a key moment for debt holders who’ve already seen the value of their investments plunge since Russia invaded Ukraine last month. 

The government says that all debt will be serviced, though it will happen in rubles as long as sanctions — imposed because of the war — don’t allow dollar settlements. Failure to pay, or paying in local currency instead of dollars, would start the clock ticking on a potential wave of defaults on about $150 billion in foreign-currency debt owed by both the government and Russian companies including Gazprom, Lukoil and Sberbank.

Signs of looming financial damage are becoming apparent at many of the world's biggest money managers, including BlackRock Inc. and Pacific Investment Management Co. But it’s not likely to be limited to these giant funds. Because much of Russia’s debt was rated investment grade just weeks ago, the securities were pervasive across global fixed-income portfolios and benchmarks, meaning the impact could ripple across pension funds, endowments and foundations.

“This will be a monumental default,” said Jonathan Prin, a portfolio manager at Greylock Capital Associates. “In dollar terms, it will be the most impactful emerging-market default since Argentina’s. In terms of broader market impact, it’s probably the most broadly felt emerging-market default since Russia itself in 1998.”

https://www.bloomberg.com/news/features/2022-03-15/what-if-russia-defaults-on-its-debt-ukraine-war-sanctions-risk-150-billion

[Midasfrog]

5 hours ago, AuricGoldfinger said:

Price took a hit! Where to now?

A dip before the collapse of the Russian economy and a grinding to a halt of Russian army in ten days time ?

Interesting times 🤔

[GoldenGriffin]

7 hours ago, AuricGoldfinger said:

Price took a hit! Where to now?

Well... a question that is on most minds on here.

It could surprise us and go back up again?

It's an intriguing roller coaster ride is this!!  I just hope I don't get off where I got on!! 🤣

My aim is to stay on the ride as much as possible without reaching for the sick bag!! 😫 🤣

[Stacktastic]

5 hours ago, GoldenGriffin said:

Well... a question that is on most minds on here.

It could surprise us and go back up again?

It's an intriguing roller coaster ride is this!!  I just hope I don't get off where I got on!! 🤣

My aim is to stay on the ride as much as possible without reaching for the sick bag!! 😫 🤣

wont go far, im loading up on GDX when it hits a gap fill. 
However we could see December prices again if the fed dont tighten & peace ensues. 

11 hours ago, Solly said:

Any particular reason?

FOMC meeting tomorrow. Oil too down again 7%. 

3% gains in the Nasdaq today - rare recently. 
Hoping the clever money knows whats going to happen & is factoring in the next few months in advance. 
A lot of 'under' (at the moment) valued stock giants out there - facebook, zoom, alibaba etc. 
Kind of waiting for the mega cap ones like Apple to follow suit though - they are due massive corrections. 

lets pray for a mega dump on gold/silver - it wont last long.  
Having said that its not shot up enough given the macro & current situations. 
& I have been expecting a huge pullback since Jan (albeit I'm very inexperienced but hardened from last years stuff). 
The market has been anticipating tightening & interest rate hikes, I dont thin they will go more than 25 points. 

Long term no brainer - its just anticipating the best entry, or just trading the dips in physical/stocks. 
Long term - physical as and when, short term averaging into the dips - selling on the highs. 

Edited March 15, 2022 by Stacktastic

[Nick1368]

I just don’t see gold price going below £1400 in 2022 in fact I think it will probably stabilise around £1500 .

I don’t think this war is going to end anytime soon and even if it did the market won’t be the same as it was before the war because of the sanctions and the oil and energy situation 🧐

[Stacktastic]

23 minutes ago, Nick1368 said:

I just don’t see gold price going below £1400 in 2022 in fact I think it will probably stabilise around £1500 .

Me too - i dont think it will be a huge extended pull back like the ones last year. 

[Lyrinn]

Even if gold "goes back down" in price, we seem to view £1,300/oz a great, fantastic, out-of-this-world-wonderful deal in 2022 (in March 2019 if you'd tried to ask that price for bullion gold you'd have been marched off to the mad house). That would assume a circa £150 drop in the price of gold (about 10%, given current price fluctuation, as I write). I can't see gold losing 10% of its worth this year, given that every other product is flying up in value. In the UK, we're even getting higher taxes come April.

The one I like to use (stupid though some may think it), when explaining inflation to people is Tesco's own brand of bleach. Back in March 2020, it was 24p a bottle. The very same bottle today costs £49p (https://www.tesco.com/groceries/en-GB/products/257335642). That's a 100% increase in cost over two years. Other products seem to go up monthly/weekly (looks at car fuel prices).

Though it could create an interesting paradigm. Will people bounce to invest in A.N.Other product simply because it is giving high returns? Is it worth investing in things like rubber/wood/cardboard/steel, as these will be in higher demand by the general populous compared to precious metals (even just thinking of new housing/new hospitals/new schools)? It might explain why gold and silver aren't flying off the charts (besides manipulation), if investors are putting their money into other, physical assets that are giving back good yields.

It's almost worth investing in manufacturing equipment, as this is what will generate wealth in a country if global supply chains shutdown.

 

[Stacktastic]

Looking like i can rotate some of my NASDAQ and chinese swing trades next week - been a bit tied up this month!! 
I wanted to dip into GDX & ideally have a bit of a break - these are my targets.  
Almost sold a few today, but im hoping it will have a short lived rally next week. 
Any peace talks & gold will take a dive! 

Edited March 19, 2022 by Stacktastic

[CaptCaveMan]

So far... appears to be slowly dropping this week ~1,453 as I type

[Midasfrog]

The Sunak budget has pushed gold back up to £1473 

[GoldenGriffin]

1 hour ago, Midasfrog said:

The Sunak budget has pushed gold back up to £1473 

Pass me the sick bag, we're going back up on the roller coaster ride again!! 🤣

[Stacktastic]

 

On 15/01/2015 at 16:15, Paul said:

5th November 2014 Gold bottomed at its low for 2014 @ £718oz

Now today just two and bit months on @ £832 

I not to shabby turnaround in such a short space of time, nearly 14% appreciation!

Just quoting the first quote on this thread to show how far its come! 
Where is my Delorian?? 

Anyhow I have liquidised a few positions in my stock portfolio yesterday & intend to trade gold soon. 
I dont know how accurate this is but these are my levels to start buying. Any lower then i will get some physical. 
This is for a swing trade btw, not a buy and hold. I think with my recent record, i will avoid single miners & just get GDX!!  
 

Edited March 24, 2022 by Stacktastic

[RDHC]

2 hours ago, Stacktastic said:

 

Just quoting the first quote on this thread to show how far its come! 
Where is my Delorian?? 

Anyhow I have liquidised a few positions in my stock portfolio yesterday & intend to trade gold soon. 
I dont know how accurate this is but these are my levels to start buying. Any lower then i will get some physical. 
This is for a swing trade btw, not a buy and hold. I think with my recent record, i will avoid single miners & just get GDX!!  
 

Can you explain, please, for the sake of anyone as ignorant and/or stupid  as myself, what this interesting chart shows for the future of the price of gold?

[Paul]

21 minutes ago, RDHC said:

Can you explain, please, for the sake of anyone as ignorant and/or stupid  as myself, what this interesting chart shows for the future of the price of gold?

It really quite clear and simple, gold may go up or down in both the short term and long term because "reasons" - there, hope it makes things a bit clearer for you. 

Same as crypto youtube pundits every video & prediction 

[GoldenGriffin]

2 hours ago, Stacktastic said:

This is for a swing trade btw, not a buy and hold.

I thought about being in the circus for a minute when you said 'swing trade'... what's the idea....?

Swing on the ropes from one side of the circus ring to the other and just before we pass, give each other what we've been hiding behind our backs...

Hope to not end up with a few coconuts 🥥 and a banana 🍌 when I land at the other end! 

🤣🤣🤣

Sorry, I'm getting a little excited about the gold moves...😃

[RDHC]

27 minutes ago, Paul said:

It really quite clear and simple, gold may go up or down in both the short term and long term because "reasons" - there, hope it makes things a bit clearer for you. 

Same as crypto youtube pundits every video & prediction 

Yes, thank you. My question was really about the trend line and its extrapolation, apparently showing a decline in the price through April, May, June and July. Is that what the chart shows? If so, is it reliable?

[Booky586]

The BBC has a new article "UK unveils new Russia sanctions as PM aims at gold reserves"

https://www.bbc.co.uk/news/uk-60858511

Will sanctioning Russian gold (if that is possible) affect the price of gold?

[Oldun]

What possible good will that do ? Russia says all their gas and oil must be paid in rubles to protect the ruble…next step…back the ruble with gold….Ukraine war ends eventually, west loses…default repricing of gold…without a repricing if you get my drift…talk to the saudis about it….petrodollar etc….

Edited March 24, 2022 by Oldun