Gold Monitoring Thread £ GBP only

[AndrewSL76]

What is mad crazy about this thread is that no matter what page you are on, one person is upset at the rise in spot meaning they can’t afford more sovereigns and another person is whooping with joy. Look at the very first page when spot was around the 800 mark after leaping up from 700. People bemoaning not buying more at that time.….I would love to buy gold at 1200 an ounce again, never mind 800.

Keep buying and just average the figures as you go forward….. 

[CANV]

1 minute ago, AndrewSL76 said:

What is mad crazy about this thread is that no matter what page you are on, one person is upset at the rise in spot meaning they can’t afford more sovereigns and another person is whooping with joy. Look at the very first page when spot was around the 800 mark after leaping up from 700. People bemoaning not buying more at that time.….I would love to buy gold at 1200 an ounce again, never mind 800.

Keep buying and just average the figures as you go forward….. 

damn those page 1 buyers !!!  

[MrStacker]

Human nature and someone will always be like mr scrooge

[AndrewSL76]

1 minute ago, Spyder said:

Will Atkinson pay that price if it drops in the morning or is it a case that they give you a price when they receive the coins?

Their T&Cs can be relied on to cancel trades. They did it to me a while back. 

[Spyder]

1 minute ago, AndrewSL76 said:

What is mad crazy about this thread is that no matter what page you are on, one person is upset at the rise in spot meaning they can’t afford more sovereigns and another person is whooping with joy. Look at the very first page when spot was around the 800 mark after leaping up from 700. People bemoaning not buying more at that time.….I would love to buy gold at 1200 an ounce again, never mind 800.

Keep buying and just average the figures as you go forward….. 

This is why you sell and quickly buy a little lower so that you try and hold more in your stack than before

[silversky]

10 minutes ago, Spyder said:

Will Atkinson pay that price if it drops in the morning or is it a case that they give you a price when they receive the coins?

If it goes up... they'll honour the price.. 

[AndrewSL76]

8 minutes ago, CANV said:

damn those page 1 buyers !!!  

The postings from Stretch on page 1 are just brilliant. I love the ‘I’m not buying at these prices’…..bookmark these pages for ten years time!!!! If it’s at £4k an ounce I will be so angry with myself for not buying those graded buffalos……

[silversky]

The interesting thing is that it all started reasonably normally.

For the first few minutes, moves were 4-5 £££s.

But then it just kicked up and started reaching for the moon...  I think a massive supply of stops from the paper shorts were placed just above, all in the hope that a drop back below the triple top would come to pass.  And some big guns chose the quiet part of the trading day to go hunting for them... Some of the moves were really violent in just seconds.  Very unlike such a large market...

Zooming out the open disappears into tiny moves...

Lets see what happens when the major markets open...

[Richard82]

Its started to drop back down now

Edited December 4, 2023 by Richard82

[Upsidedown]

Meanwhile crickets in the silver monitoring thread.

[CANV]

thats often the kind of market that ends the day a lot higher.   usually after a 6 pinter at lunch in London. 

[silversky]

14 minutes ago, CANV said:

thats often the kind of market that ends the day a lot higher.   usually after a 6 pinter at lunch in London. 

I think the stop hunters are quaffing something a little more expensive right now...  Some of those $35 moves in a matter of seconds were automatic stop buys being cashed out as limit sells, all in the space of a second or two.  Large amounts of money were made in mere seconds today.  And those who were hoping to hold a short back down were cashed out for a loss.  Let's see what Tokyo brings, now that the momentum game has calmed down.

[HonestMoneyGoldSilver]

A 1% pump in the gold price is roughly equivalent to $150 billion for context. We live in strange times when those sort of sums can fly around the globe in seconds or minutes

[silversky]

15 minutes ago, HonestMoneyGoldSilver said:

A 1% pump in the gold price is roughly equivalent to $150 billion for context. We live in strange times when those sort of sums can fly around the globe in seconds or minutes

In reality though that is not what happened.  The open on a Sunday night is traditionally a quiet affair.  Spreads are wider until the main market opens in Asia, leaving most traders to stay in bed...  But when a triple top presents a possible $300 shorting entry point, there are going to be a lot of stop losses positioned just above.  If enough ammo is used when the market is tight, the price can be lifted enough to set fire to that stop loss ammo.  Once that happens, it's a case of auto selling with a decent profit. Both the USD and GBP charts are identical (rare) which indicates that there was no fx arbitrage game going on.  The fire has gone out now, and the price has drifted back down.  This indicates that there isn't a vast army of desperate buyers, at least not awake right now.  The shorts who were brave enough to try to sell into this are finished for the night session.  It was a blast and abandon mission, and one which has been very successful for some.  What direction it will take from here is anyone's guess,

Edit:  At one point it was 3.75% up in half an hour or so.  That's nominally half a trillion dollars   Only possible when the market is tight and few are trading...

Edited December 4, 2023 by silversky

[gji25]

3 hours ago, apachebleu said:

 I work I'm guyana so this is quite close to home, I've got a horrible feeling your going to see me on sky news soon!

Sky news? do people really still watch that garbage lol

[gji25]

6 hours ago, JohnA1 said:

Bbc news lol. Dont make me larrffffff

[apachebleu]

5 minutes ago, gji25 said:

Sky news? do people really still watch that garbage lol

 Well if I'm getting kidnapped in a war zone I don't think the broadcaster will be my choice

[apachebleu]

1 hour ago, MrStacker said:

Well it was worth the sudden adrenaline rush and high so far...

Even if it goes back down and stablises the sovs won't be cheap from most dealers 🤣

They will be on my sales thread...

[HonestMoneyGoldSilver]

Spot gold price rockets through resistance on Sunday evening, setting new all-time highs | Kitco News

“Gold surged through its all-time highs on the back of hopes for lower rates sooner (vs higher for longer), future money printing expectations and stops being triggered on the break of $2,100,” he (Gareth Soloway) said. “The inverse head and shoulder pattern has triggered (assuming a daily close above $2,080).”

Soloway said a “calculated target for 2024 sits at $2,534,” which would represent a completion of the inverse head and shoulders pattern breakout.

“Investors are likely to favor gold as a way to protect against recession, inflation, money printing and the classic safety trade,” he added ......

.....“Gold just made minced meat out of the 2022 / prior record high, rising $75 at the open and smashing above its 1-week implied volatility band,” Simpson said. “Lots of gold headlines are to be expected. But I remain suspicious of the move, given it occurred during low liquidity trade.”

Simpson admitted that he completely missed the move, but he’s also “happy to sit on the side line and avoid the inevitable chop that could follow.”

Pretty much what you just said @silversky

Edited December 4, 2023 by HonestMoneyGoldSilver

[silversky]

It was a rare opportunistic smash by some very big guns.  Smash it high enough in thin trading, and set fire to a massive pile of open short stops (there would also have been some limit buy orders for the break sitting there ready to join in as well).  Once the short stops collapse, the fire causes a blast up which occurs in seconds, allowing the big buyers to sell far above them in a virtually unmatched market.  It's very rare in massive liquid markets like gold, but Sunday trading incurs wider spreads, so its actually much thinner and less liquid than most imagine.  Interesting to see these "experts" saying that they missed this possibility.

There will now be less open contracts than there were three hours ago.  The momentum boys are gone, and so are the short stops which would act as fuel for another rise.  Direction will require new open interest, and we'll have to wait and see what the London boys make of it in a few hours time.  I'm ambivalent now on gold, if I had an open paper long, I would probably be taking half of it off the table just in case.

[ant1882]

£1643!

[ant1882]

According to BBP chart we briefly hit £1718.60! 👀

[Upsidedown]

5 minutes ago, ant1882 said:

According to BBP chart we briefly hit £1718.60! 👀

We certainly did. And what a glorious 2 seconds it was

[AuricGoldfinger]

45 minutes ago, Upsidedown said:

We certainly did. And what a glorious 2 seconds it was

I said the same thing when i found out my mrs was pregnant 

[BLOOMMAN101]

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