Gold Monitoring Thread £ GBP only

[Ainsgb]

2 hours ago, Goldmansacks said:

So virtual gold is the problem and the only real gold is the gold you have either in your possession or you've put into a vault yourself?

A great video to watch is assets privacy and liberty by belangp on youtube.

Physical gold and silver have attributes which are critical to your financial well being 

[ilovesilverireallydo]

On 07/08/2020 at 15:35, Goldmansacks said:

So virtual gold is the problem and the only real gold is the gold you have either in your possession or you've put into a vault yourself?

Old school Gold Bug saying “If you don’t hold it, you don’t own it.”

[KRO]

On 07/08/2020 at 15:35, Goldmansacks said:

So virtual gold is the problem and the only real gold is the gold you have either in your possession or you've put into a vault yourself?

I don't even trust vaults
I prefer to keep my Barbarous Relics safely under lock and key ( though I do let Mrs KRO out for meals and regular exercise😀)

[vand]

On 03/09/2019 at 16:41, vand said:

this is nowhere near a parabolic move.

The current spot price is only 15.3% above the 200dma.

That is not even very extended for a historic market. You can expect several +20% readings at each stage of the bull market before a final blowoff top where there will be very clear warning signs - last time it was very clear when silver quickly went from $20 to $50.

We are technically overbrought, but a common characteristic of strong bull markets is that they can stay overbrought for a long time before a correction.

The r-gold reading got to +26%, last week in USD and +22% in GBP, which is quite an extreme reading. I would be looking for it to fall back again to at least below 10%. That would probably take us back below $1800 and £1400.

[goluckystayhappy]

Maybe we have started the move to Wongers $400 target.😭

[Foster88]

Down it goes.... but this might be the buying opportunity that some have been waiting for.

[vand]

18 minutes ago, Foster88 said:

Down it goes.... but this might be the buying opportunity that some have been waiting for.

Not yet... not by a long shot. It takes time as much as anything to flush out the weak hands. I expect a multi-week unwinding during which the price of gold and silver will get sold off lower, but also the moving averages will have moved up too, before we find some support with new money ready for a new move higher.

Edited August 11, 2020 by vand

[KDave]

Yes, a healthy bull market has its share of corrections and periods of consolidation. The gold and silver markets have had neither and are very unhealthy at the moment, it is a market full of weak hands. The sell of should be significant as a result. 

[jultorsk]

I wonder if the sell off is reflecting the market pricing in that Trump practically secured his 2nd term with the executive orders issued over the weekend. 🤔

That, or the fact I bought 5oz+ last week... impeccable timing 😬

[goluckystayhappy]

Still surprising to see gold down over $80 given the trillions of extra dollars created in the past few weeks.  I am going to get some more Pt on this fall.

[Foster88]

4 hours ago, goluckystayhappy said:

Maybe we have started the move to Wongers $400 target.😭

I doubt it. It would have a very long way to fall if it did.

[DarkChameleon]

49 minutes ago, jultorsk said:

I wonder if the sell off is reflecting the market pricing in that Trump practically secured his 2nd term with the executive orders issued over the weekend. 🤔

That, or the fact I bought 5oz+ last week... impeccable timing 😬

The execs wont work, only congress has the right to set taxes and trumps promises are reliant on taxes.

[burns718]

3 minutes ago, DarkChameleon said:

The execs wont work, only congress has the right to set taxes and trumps promises are reliant on taxes.

The tax's are unconstitutional, no one has the right. 

[jultorsk]

7 minutes ago, DarkChameleon said:

The execs wont work, only congress has the right to set taxes and trumps promises are reliant on taxes.

Hmm... I heard he's mainly redistributing funds that the congress already has approved (which he can do via EO). The Democrats are now in the rather unenviable position to fight against relief efforts to the low&middle income families. Pelosi herself had suggested cutting payroll tax a few years back. Looking forward to Dems challenging/suing each of the four EOs.

In any case, that's my theory for the price drop.  😅

Edited August 11, 2020 by jultorsk
typo

[DarkChameleon]

7 minutes ago, burns718 said:

The tax's are unconstitutional, no one has the right. 

You cant exec order a reduction or hold on taxes, its not legal, its the united states not the kingdom of trump.

[DarkChameleon]

5 minutes ago, jultorsk said:

Hmm... I heard he's mainly redistributing funds that the congress already has approved (which he can do via EO). The Democrats are now in the rather unenviable position to fight against relief efforts to the low&middle income families. Pelosi herself had suggested cutting payroll tax a few years back. Looking forward to Dems challenging/suing each of the four EOs.

In any case, that's my theory for the price drop.  😅

We have three branches of government for a reason, the president cannot go around confress, he knows it but thinks this is avpubl8city stunt...he didnt efen want to g8ve a dime to the 40 million people he made unemployed, he wanted everything to go to the corporations and rich like himself...thisis a tiny blip on the rise of gold and silver, the economy is stuffed for a good liong time ahead, onli y push8ng gold and silver down makes it appear better theh it is but the worlds money glut is real, the share prices and pms are being held up and down, since when did the dolkar grow stronger from over producing notes?

[HerefordBullyun]

31 minutes ago, DarkChameleon said:

We have three branches of government for a reason, the president cannot go around confress, he knows it but thinks this is avpubl8city stunt...he didnt efen want to g8ve a dime to the 40 million people he made unemployed, he wanted everything to go to the corporations and rich like himself...thisis a tiny blip on the rise of gold and silver, the economy is stuffed for a good liong time ahead, onli y push8ng gold and silver down makes it appear better theh it is but the worlds money glut is real, the share prices and pms are being held up and down, since when did the dolkar grow stronger from over producing notes?

Great comment @DarkChameleon

[GoldenPhil]

3 hours ago, vand said:

Not yet... not by a long shot. It takes time as much as anything to flush out the weak hands. I expect a multi-week unwinding during which the price of gold and silver will get sold off lower, but also the moving averages will have moved up too, before we find some support with new money ready for a new move higher.

I knew the day would come. I agree with @vandhe is calling this correctly. 

[burns718]

54 minutes ago, DarkChameleon said:

We have three branches of government for a reason, the president cannot go around confress, he knows it but thinks this is avpubl8city stunt...he didnt efen want to g8ve a dime to the 40 million people he made unemployed, he wanted everything to go to the corporations and rich like himself...thisis a tiny blip on the rise of gold and silver, the economy is stuffed for a good liong time ahead, onli y push8ng gold and silver down makes it appear better theh it is but the worlds money glut is real, the share prices and pms are being held up and down, since when did the dolkar grow stronger from over producing notes?

How did he make 40m people unemployed? 

Did he cause corona? Did he lock states down? He's the one trying to get people back to work, not sure how you can blame unemployment as a result of the rona on him. 

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Added 0 minutes later...

59 minutes ago, DarkChameleon said:

You cant exec order a reduction or hold on taxes, its not legal, its the united states not the kingdom of trump.

If the taxes were in constitution in the first place, why not? 

[DarkChameleon]

50 minutes ago, burns718 said:

How did he make 40m people unemployed? 

Did he cause corona? Did he lock states down? He's the one trying to get people back to work, not sure how you can blame unemployment as a result of the rona on him. 

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Added 0 minutes later...

If the taxes were in constitution in the first place, why not? 

Reduction or increase is in the hands of congress and ass for unemplyment every president takes the credit and blame, obama got credit for reduction in unemployment bushjr got blame for increase...its the actions and inactions,if obama was in youd blame him no doubt...failure to prepare is prepare to fail...not restocking the nation stockpile ofmasks and ventilators or delaying the ability to lock down,  that made things so much worse, bojo is guilty of the same thing...when the economy takes president over the country it makes things so much worse, cost multiples to retry what youd have known from previous pandemics .. one reason 5% of the world people have 25% of the worlds infected.

Edited August 11, 2020 by DarkChameleon

[sixgun]

2 minutes ago, DarkChameleon said:

Reduction or increase is in the hands of congress and ass for unemplyment every president takes the credit and blame, obama got credit for reduction in unemployment bushjr got blame for increase...its the actions and inactions,if obama was in youd blame him no doubt...failure to prepare is prepare to fail...not restocking the nation stockpile ofmasks and ventilators or delaying the ability to lock down,  that made things so much worse, bojo is guilty of the same thing...when the economy takes president over the country it makes things so much worse, cost multiples to retry what youd have known from previous pandemics .. one reason 5% of the world people have 25% of the worlds infected.

What pandemic? The unemployment is due to economies being shut down - not a cold virus. 

[DarkChameleon]

1 minute ago, sixgun said:

What pandemic? The unemployment is due to economies being shut down - not a cold virus. 

Its due to people staying at home and infected with covid...it would be 4m unemployed not 40m....pandemic is the cause 9f it, not some latent recession...the dow is almost at its record level again, thats not from strong work production,the dollar isnt getting stronger through trillions in extra production.

[KRO]

Hoping for a decent buying opportunity? here's another viewpoint, interesting

 

A (small) correction in gold and silver
August 11 (King World News) – Alasdair Macleod out of London, exclusively for KWN:  The intraday peak in gold was at $2,075 on Friday before profit-taking set in. It has continued this morning in European time, at the time of writing hitting a low of $1,984. The question arises as to whether this is the start of a larger correction. In judging this, we need to take a step back and reiterate some truths:

• The bullion banks (and Wonger😀)are horribly short and welcome any opportunity to encourage a reaction so they can close their positions. But, 
• Having missed the market, the hedge funds are not participating, and so there is no one to shake out by triggering stops. The thought that a new downtrend could encourage hedge funds to short the market is a long shot that ignores accelerating money printing.
• On any reaction, there are growing numbers of market participants looking for physical, and London has none available. Standing for a Comex contract delivery will be encouraged by any dip in the gold price.
• The banking system is bust, only very few people realise it yet. But increasingly, systemic risk will be an issue. Do you want money in the bank, or physical metal? It will be a no-brainer.

 

Conclusion: in the current monetary climate there are many of us who would pray for a decent setback to correct the error of not buying earlier. That is why it probably won’t happen.

[MancunianStacker]

Is the price drop due to Putin’s miracle vaccine 💉 being declared today? 

[DarkChameleon]

18 minutes ago, MancunianStacker said:

Is the price drop due to Putin’s miracle vaccine 💉 being declared today? 

Unlikely but markets will listen and ignore the wierdest stuff.