Gold Monitoring Thread £ GBP only

[dicker]

Agreed

[dicker]

Really struggling to get over 1430....been watching all day!

[Minimalist]

37 minutes ago, dicker said:

Really struggling to get over 1430....been watching all day!

The more times it hits 1430 the greater the chance it will go through it 

[GoldenPhil]

It will snap one way or the other 

[Prophecy]

if the dips are getting higher and higher then it will pop through if nothing else happens. Hard to judge because of USD/GBP influences

[dicker]

Agreed....has been an interesting few weeks of attacking 1430 and dropping back.  

[dicker]

'Off the the races' this morning!  1437

[Paul]

 

[5huggy]

 

[MancunianStacker]

Lower taxes, more money printing. 

[47Ag79Au78Pt]

DJust came across this article while I was having a mooch about various PM dealers: LINK. Just check out the sheer volume of gold the Russian state is hoovering up as they and many others dump their U.S. holdings..... and China’s not only stockpiling, they’re actually buying the gold mines too,! China link!

That would go some way to explaining why supply’s been short and massively outstripped by demand.  If anyone can find a counter argument that would be interesting because these links are a bit gold-biased... but it really looks like gold’s set to rise.

My murky crystal ball is saying “ditch the silver... go for gold....Mmmmmmmmmmmm🤔

[Midasfrog]

The Brits stack sovereigns while China stacks Gold Mines 🙈

[dicker]

Gold briefly hit 1430....trapped in a tight trading range at the moment.  Not sure what the break up / break down trigger will be..any ideas gents?

[dicker]

From Kitco - a number of key meetings etc that may be the trigger. 

 

“Not only do three major central banks meet, but we also get important June and July data from the US, the first Q2 GDP reading from China, an OPEC+ meeting, and an EU summit,” BBH currency strategists write. “This comes as markets are grappling with still-rising virus numbers in the U.S. and resurgent numbers in many other countries that call into question the durability of the economic recovery. With so many events impacting virtually all assets, we expect a volatile week ahead for the markets.” The U.S. June retail report will likely he the highlight of North American markets on Thursday. The Bank of Canada and Bank of Japan will be making their interest rate announcements on Wednesday, followed by the European Central Bank on Thursday. On top of that, OPEC+ is meeting Wednesday to discuss whether output cuts will be extended. “We look for continued swings in market sentiment this week as markets grapple with the conflicting drivers of improved economic data and rising virus numbers,” the strategists note.

[Kman]

1 hour ago, dicker said:

Gold briefly hit 1430....trapped in a tight trading range at the moment.  Not sure what the break up / break down trigger will be..any ideas gents?

It's been building up steam to take off again

It's sitting on a support atm, if it drops anymore I'd guess at worst it will drop to 410 ish temporarily before recovering to 418 ish ($1775) where it's got very strong support 

It's just being temporarily sucked back because general market is red but wont last too long I don't think 

If it does drop to 418 I think we will see a beautiful strong move up to £1470 in the near future. The more it drops now the more impressive it's going to be 

Edited July 14, 2020 by Kman

[KRO]

Bullion Banks are stuck with large short positions
They will keep trying to drive down the price towards $1740 to cover
but I don't think they will be too successful
In addition  in sterling terms the pound should weaken with Brexit uncertainty
should benefit gold in sterling

[dicker]

Two things to watch this week - discussions by the EU and USA (separately) on stimulus measures - ie printing money.  

[BobnotTed]

What are opinions on the fact that with various US stimulus packages ending at the end of July this will cause a Nasdaq crash and temporarily drag down the gold spot price as  profitable positions in gold are sold to fund margin calls on stock investments as happened in March?

 

 

Edited July 21, 2020 by BobnotTed

[Kookaburracollector]

2 minutes ago, BobnotTed said:

What are opinions on the fact that with various US stimulus packages ending at the end of July this will cause a Nasdaq crash and temporarily drag down the gold spot price as  profitable positions in gold are sold to fund margin calls on stock investments as happened in March?

 

 

The above scenario is my great fear...it has happened once, so logically it can happen again. Personally, I think the stimulus will not end. The Fed will give as much free cash as it can out to the banks which own it, and take control of more of everything until they own it all!..this bubble can still get bigger!

If I do get caught out, and don’t exit this crazy market in time, my only saving grace will be that in the past, in such circumstances gold has bounced back faster than most other assets...if it does the same next time round all will be well.

Like most amateur investors..I firmly anticipate that I will see the drop coming, and exit the day before it does😂. 

I have been in and out of the NASDAQ (via Baillie Gifford American B)..in a small way over the last few months, and it has paid for a fair few coins. I still have some $ in and nearly sold this morning but didn’t, the futures pointed higher, so I will stay put for another day and assess daily what to do.

The mining shares where I have most of my trading money invested, are producing amazing returns..I just keep taking profit along the way, and am staying put in these for the time being..I am hoping that for both the price of gold and silver the party is just beginning...but as I stated earlier, I am an amateur..there are a few on here better qualified than I to answer your good question.

 

 

[dicker]

@Kookaburracollector My view is that central governments are now hooked on QE and this will support Au and to an extent Ag prices.  What is less clear to me is what will happen to the various stock markets (regardless of QE)

[Kookaburracollector]

1 hour ago, dicker said:

@Kookaburracollector My view is that central governments are now hooked on QE and this will support Au and to an extent Ag prices.  What is less clear to me is what will happen to the various stock markets (regardless of QE)

That is the $64000 question we are all facing.

Max Keiser calls QE monetary methadone for central banks...they are junkies fixated on it...they have to use more each time to get the same effect...I tend to agree. As to the markets...it’s a game of musical chairs me thinks...and the music hasn’t stopped just yet!

Whatever happens, I think physical gold and silver will offer a good form of insurance.

The mining companies always run the risk of attracting exceptional profits taxes from greedy governments, so they have a counter party risk...I will continue to hold a selection of all of the above and see what pans out.

Edited July 21, 2020 by Kookaburracollector
Typo

[motorbikez]

@Kookaburracollector  I'm heavily invested in PM miners HOC,CEY,FRES,NEW & although I have taken some profits as you saw on the mining chat thread I'm unlikely to sell more than 10% of my holdings in the next couple of months.

Futures markets pushing things on, as well as record inflows into ETFs

 September Comex silver +6.1% to $21.43/oz., August gold +1.2% to $1,840.30/oz.

[Kookaburracollector]

1 hour ago, motorbikez said:

@Kookaburracollector  I'm heavily invested in PM miners HOC,CEY,FRES,NEW & although I have taken some profits as you saw on the mining chat thread I'm unlikely to sell more than 10% of my holdings in the next couple of months.

Futures markets pushing things on, as well as record inflows into ETFs

 September Comex silver +6.1% to $21.43/oz., August gold +1.2% to $1,840.30/oz.

These are happy days indeed.. I don’t know how much you have in the pot (but I can hazard a guess🤑🤑🤑)..just enjoy it whilst it lasts...it’s been a long wait, but the rewards now are absolutely amazing...the coin fund is fully loaded. I will try and keep my nerve and let it ride a bit longer...the party may only have just begun🥳

[motorbikez]

58 minutes ago, Kookaburracollector said:

 I don’t know how much you have in the pot (but I can hazard a guess🤑🤑🤑). I will try and keep my nerve and let it ride a bit longer...the party may only have just begun🥳

Lol I could buy a decent two bedroomed house at this moment in time in my area with my current holdings & yes hold your nerve I believe this has a while to run yet. Gold will IMHO exceed $2000 USD before this years out & who knows where silver will be I wasn't expecting silver to Break $21 USD so quickly.

[BobnotTed]

7 hours ago, Kookaburracollector said:

The above scenario is my great fear...it has happened once, so logically it can happen again. Personally, I think the stimulus will not end. The Fed will give as much free cash as it can out to the banks which own it, and take control of more of everything until they own it all!..this bubble can still get bigger!

It seems like such an obvious danger, that it seems more than possible that many may attempt to preempt it before July 31st.

Edited July 21, 2020 by BobnotTed