Gold Monitoring Thread £ GBP only

[Paul]

Last weeks weekend price £1631

This weeks weekend price £1656

Up a +1.52% for the week 

[SidS]

49 minutes ago, 9x883 said:

The war in Israel has inflated the price of gold. Prior to the terror attack, gold was dropping amid Fed uncertainty and rates. At the last meeting I believe they paused interest rates, with no hikes or cuts. Gold was around £1500 at the time.

This is why I think we're having a bubble at the moment.

Real growth is slow growth.

The faster it goes up, the harder it comes down. (Like most things in life. 😁)

[BLOOMMAN101]

Just now, SidS said:

This is why I think we're having a bubble at the moment.

Real growth is slow growth.

The faster it goes up, the harder it comes down. (Like most things in life. 😁)

Tend to agree mate but how long could this new conflict last could it be drawn out for years like the Ukraine ?

[JohnA1]

13 hours ago, Midasfrog said:

Buying two Bitcoin on 11th October and cashing in today would have made a £12k profit to get a FREE tube of sovereigns 😂

Oh yeah, who doesn't love a taxable event

With all this KYC they've made a mockery out of the term 'crypto'

[SidS]

11 minutes ago, BLOOMMAN101 said:

Tend to agree mate but how long could this new conflict last could it be drawn out for years like the Ukraine ?

It could well last years, what happens though when it does end? All wars end eventually. I always think about where the gold price will be when all the strife and panic is removed. Does it hold or does it fall?

I expect gold will rise some more (maybe a lot more) depending on how nasty things turn in the ME.

One of two things will happen though, as they always do. The conflict will end, or people will become desensitized to it and just accept that it's on going. In the long run this will, imho, make gold fall.

HOWEVER that said, the unravelling debt bomb and growing bank/country insolvencies, this is more pertinent and will continue to drive the price up. This is now so systemic worldwide that it will probably make the growth stay and last. If this is what's driving the current spike then watch this space.

Edited October 28, 2023 by SidS

[BLOOMMAN101]

2 minutes ago, SidS said:

It could well last years, what happens though when it does end? All wars end eventually. I always think about where the gold price will be when all the strife and panic is removed. Does it hold or does it fall?

I expect gold will rise some more (maybe a lot more) depending on how nasty things turn in the ME.

One of two things will happen though, as they always do. The conflict will end, or people will become desensitized to it and just accept that it's on going. In the long run this will, imho, make gold fall.

HOWEVER the unravelling debt bomb and growing bank/country insolvencies, this is more pertinent and will continue to drive the price up. This is now so systemic worldwide that it will probably make the growth stay and last.

but again mate how long can they spin that out years I would guess,unless there is a black swan event,   just my 2p worth

[SidS]

4 minutes ago, BLOOMMAN101 said:

but again mate how long can they spin that out years I would guess,unless there is a black swan event,   just my 2p worth

The falling value of fiat will make the gold price increase year on year.

Eventually one of two things will happen, currencies will collapse or they will be revalued. I suspect the latter and CBDCs will be a very good smokescreen for devaluation - $100 will be worth 1 digital credit.

Voila gold goes from $2000 per oz to 20 digital credits per oz.

Edited October 28, 2023 by SidS

[MBTPSilver]

Keeping up my track record of having time off when the price kicks up 👌. ATH close, and 24p off the intra-day high. The last two weekends have seen a dip on open, before making further gains so it'll be interesting to see if we follow the same pattern this week.

[SiCole]

[SidS]

52 minutes ago, SiCole said:

I take it silver is the pile underneath? 😁

[Dankanugget]

4 minutes ago, SidS said:

I take it silver is the pile underneath? 😁

Lol

 

[HonestMoneyGoldSilver]

4 hours ago, Dankanugget said:

Are people not buying as much anymore? It seems thresholds of budgets have been reached or has a new mindset yet to be adopted for gold being high now or soon to be the new norm at this price?
a safe haven for fiat with price fluctuations no matter…..

TSF is not really representative of the wider market. The majority lately for gold have been selling so by default there's fewer buyers. The folks who sell regularly or rotate their holdings are also the biggest buyers when not selling, making it more noticeable when they're on sell mode. Otherwise yea, I get the feeling the plebs have reached budget thresholds, in fact I know they have. A scary stat says the cost of living crisis will have wiped out the savings for a lot of people by Christmas. That's assuming they were lucky enough to have savings in the first place. Other reports from various sources claim that 40-50% of people in the UK are planning on "cancelling Christmas" or seriously cutting back. If folks who don't cook and normally populate the restaurants and bars at Christmas can't even afford to do that, I doubt they're finding an extra £400+ for a sov or £1650+ for a Brit ☹️

[James32]

2 minutes ago, HonestMoneyGoldSilver said:

TSF is not really representative of the wider market. The majority lately for gold have been selling so by default there's fewer buyers. The folks who sell regularly or rotate their holdings are also the biggest buyers when not selling, making it more noticeable when they're on sell mode

This is an excellent point.

[HonestMoneyGoldSilver]

2 hours ago, MBTPSilver said:

Keeping up my track record of having time off when the price kicks up 👌. ATH close, and 24p off the intra-day high. The last two weekends have seen a dip on open, before making further gains so it'll be interesting to see if we follow the same pattern this week.

Yes, interesting indeed. I shouldn't post this but if you wanna gamble the price will fall on open:

Inverse/Short Gold ETF List (etfdb.com)

The above is gambling btw not investing or being smart. These products should really only be purchased as hedges against gold holdings, like if you are a bullion dealer or a fund manager seeking a more delta neutral profile. I'm not recommending anyone buy them and these are leveraged ETFs, for every £1 fall/rise in gold prices you would gain/lose £2 or £3

[CANV]

3 hours ago, MBTPSilver said:

Keeping up my track record of having time off when the price kicks up 👌. ATH close, and 24p off the intra-day high. The last two weekends have seen a dip on open, before making further gains so it'll be interesting to see if we follow the same pattern this week.

Does anyone else see ‘Lunar Lander’ 

[gji25]

2 hours ago, HonestMoneyGoldSilver said:

I doubt they're finding an extra £400+ for a sov or £1650+ for a Brit ☹️

But by the 1st quarter of 2024 that could seem cheap. You pay your money. You take your chances

[HonestMoneyGoldSilver]

13 minutes ago, gji25 said:

But by the 1st quarter of 2024 that could seem cheap. You pay your money. You take your chances

Agreed although you may be a quarter or two early. I don't want to be a gold pumper/pusher, but I do genuinely fear if we break and hold above the ATH (USD) that there is a distinct possibility we go +12.5% to $2300+ and then + 37.5% to $2800+ at a much faster rate than I can afford to stack gold. For balance there is still a risk we pull back to $1700 or $1615 but the majority of analysts are predicting we go in the opposite direction towards $3000 if we break and hold above the ATH (or $2100). My predictions on TSF (dating back to June and before) are for $2100 by Christmas. Goldman Sachs, twats that they are, are predicting gold closes at $2108 in 2023

[FriedrichVonHayek]

I must admit the price action is fascinating at a stacker level.

I'm watching a lot of ebay stuff that is way over priced but I will be interested to see how many people start to reduce their PM's as Christmas approaches.

I've no doubt there will be many forced sellers over the coming months.

[Roy]

3 hours ago, HonestMoneyGoldSilver said:

A scary stat says the cost of living crisis will have wiped out the savings for a lot of people by Christmas. That's assuming they were lucky enough to have savings in the first place. Other reports from various sources claim that 40-50% of people in the UK are planning on "cancelling Christmas" or seriously cutting back. If folks who don't cook and normally populate the restaurants and bars at Christmas can't even afford to do that.

I'm sure this is correct, I mean, it must be right? The cost of living is indeed in crisis mode.

But, have you tried to book a Christmas Package this year (Hotel, Lunch, Dinner etc.?)

My usual haunts are sold out this year, at nearly £500 per head 😮

Edited October 28, 2023 by Roy

[silversky]

3 minutes ago, FriedrichVonHayek said:

I must admit the price action is fascinating at a stacker level.

I'm watching a lot of ebay stuff that is way over priced but I will be interested to see how many people start to reduce their PM's as Christmas approaches.

I've no doubt there will be many forced sellers over the coming months.

I agree that weak hands selling into strong hands is likely.  It's all well and good having a little real money saved, but when one needs the money to survive, one must liquidate it.

[FriedrichVonHayek]

2 minutes ago, Roy said:

I'm sure this is correct, I mean, it must be right? The cost of living is indeed in crisis mode.

But, have you tried to book a Christmas Package this year (Hotel, Lunch, Dinner etc.?

My usual haunts are sold out this year, at nearly £500 per head 😮

Inflation isn't really affecting taxpayer funded groups, such as government workers/pensioners and benefit recipients as they have been receiving inflation protected rises.

Its just the mugs who work in the private sector who are feeling the pain.

[danieldorkins]

1 hour ago, Roy said:

I'm sure this is correct, I mean, it must be right? The cost of living is indeed in crisis mode.

But, have you tried to book a Christmas Package this year (Hotel, Lunch, Dinner etc.?)

My usual haunts are sold out this year, at nearly £500 per head 😮

Nothing unusual, the haves are only affected to a lesser degree, it's the have-nots that are the ones that genuinely suffer, it's the way of the world.

[GoldDiggerDave]

Sorry should have posted in the silver GB thread.

 

 

[Sovhead]

A quick q everyone it’s not worth starting a new thread on and it’s about gold.

Ive bought a 1/10th Gold proof Brit from a forum member all mint condition with RM Packaging but it misses the COA…there’s a guy on eBay selling the exact one to complete the whole set and he’s asking £5 is it worth doing ??

[Petra]

1 minute ago, Sovhead said:

A quick q everyone it’s not worth starting a new thread on and it’s about gold.

Ive bought a 1/10th Gold proof Brit from a forum member all mint condition with RM Packaging but it misses the COA…there’s a guy on eBay selling the exact one to complete the whole set and he’s asking £5 is it worth doing ??

Is it the same person?🤔