Gold Monitoring Thread £ GBP only

[Minimalist]

1 minute ago, Cornishfarmer said:

No figures to prove it but it seems to me China and Russia is buying gold.... U.K. Europe and USA are buying shares.   Will see in a few months who had the correct strategy 

China and Russia.

[Paul]

i bought gold this past fortnight - that's the real reason its gone down now 

 

[silvernewbie]

money is leaving gold to go back into equities, good job figures on Friday and no negative news to bring the market down, suggests Gold may continue to fall down next few weeks.  I think it will easily hit 1.2k then Q4 when the real unemployment comes to light will go up again

[GoldenPhil]

A good time to buy

[Sparrow]

2 hours ago, GoldenPhil said:

A good time to buy

Definitely. Long term the price pressure is still in favour of being on the upside.  On the one hand if there's a second wave and countries have to shut down their economies again then that will make price rises more likely (not to mention the question of unemployment), and on the other hand if there is rapid economic recovery - with all the money that the central banks are pumping out how could that not be inflationary?

Edited June 7, 2020 by Sparrow

[GoldenPhil]

Exactly 

[TheApe]

7 hours ago, silvernewbie said:

money is leaving gold to go back into equities, good job figures on Friday and no negative news to bring the market down, suggests Gold may continue to fall down next few weeks.  I think it will easily hit 1.2k then Q4 when the real unemployment comes to light will go up again

Isnt psychology in markets a crazy thing. People piling back into stock markets as it approaches all time highs when economies are at all time lows.

Meanwhile, buyers of gold are slowing down because prices are down. People much prefer to buy when prices are high.

[MancunianStacker]

15 hours ago, Minimalist said:

China and Russia.

I’m sure both have been buying cheap western assets too.

[Arganto]

Doesn't change things completely but shows how a data set can drastically affect the currency value of the magpie fodder we all love

[Arganto]

https://www.forbes.com/sites/jackkelly/2020/06/08/theres-a-glaring-misleading-error-in-the-may-jobs-report-us-may-be-at-20-unemployment/ 

More that goes along with the last video I linked. Drips with bias but if the underlying figures are right the next month should be interesting...

[GoldenPhil]

Gold made good progress today. So was that a dip we just left? Did you buy it? 

[TheApe]

19 minutes ago, GoldenPhil said:

Gold made good progress today. So was that a dip we just left? Did you buy it? 

You are a bit early there. Hold your horses.

[Minimalist]

On 07/06/2020 at 10:52, MancunianStacker said:

I’m sure both have been buying cheap western assets too.

Mostly in London I believe

[Midasfrog]

On 06/06/2020 at 20:07, Paul said:

i bought gold this past fortnight - that's the real reason its gone down now 

 

I am going to buy some next week - that's the real reason its going UP now 🤕

[dicker]

Some consolidation over the last day 1390 at the moment.  I think there is a racing chance we will see 1500 by the end of 2020

Best

Dicker

Edited June 19, 2020 by dicker
Typo

[jultorsk]

Seasonality should start to lend a boost as of July, if history repeats...

 

[GoldenPhil]

That's interesting why is summer good for gold? 

 

Because it doesn't melt easily? 

[mr-dead]

1 hour ago, GoldenPhil said:

That's interesting why is summer good for gold? 

 

Because it doesn't melt easily? 

shiny in the sun?

[dicker]

I have seen previous commentary that this is driven by demand for gold in India (Weddings?) and China (end of year).  I have no idea if this is true.

Best

Dicker

[Tattoedamat]

Yes both facts are true it is considered because love in China to give gold as a New year's gift and the specially in Hindu weddings gold gifts for the bride are very much for normal

[GoldenPhil]

Chinese new year is in February I think 

[Tattoedamat]

Correct

[Nick1368]

19 minutes ago, dicker said:

I have seen previous commentary that this is driven by demand for gold in India (Weddings?) and China (end of year).  I have no idea if this is true.

Best

Dicker

Makes sense to me, that is nearly a 2.5 billion population that you’re talking about.

[Nick1368]

It was a nice dip to £1320 and a great buying opportunity which I personally took advantage of it because I knew it would be short lived, now £1400 again 

[dicker]

Yes - that was an interesting week or two. I don't do short term speculation, but I did think it was a good dip to buy into.

I don't bother with tracking Au in USD, so think the next targets are..... Close above 1400, 1420 and 1450

Best

Dicker