Gold Monitoring Thread £ GBP only

[Midasfrog]

Still on the downward slide today I hope it levels off longer enough to allow some buying time before the next shift upwards.

Looking much further ahead ( 3 or 4 years ) are we going to see a similar recession that occurred after the Roaring 20s

The Spanish Flu had four waves and lasted for two years followed by the Roaring 20s then a deep recession 

[mousefu]

I think it might bottom out at $1750-$1780. 

[lazybones]

Mouse....I'm guessingjust a tad higher than you at $1790-$1800.----(what will premiums be ?)

Still topping up here. ....but it's starting to get painful !

[Midasfrog]

3 hours ago, lazybones said:

Mouse....I'm guessingjust a tad higher than you at $1790-$1800.----(what will premiums be ?)

Still topping up here. ....but it's starting to get painful !

£GBP Only please ......£1404.60 - £1412.44 😄

[lazybones]

yes, you're right Frog....wasn't thinking.

Or maybe I couldn't read the header , because my eyes are swelling up with tears currently !

[KRO]

bought yesterday again at £1459, to me , anywhere sub £1465 is a buying area
impossible to call an exact bottom of the consolidation

[sixgun]

Maguire has been saying that the price has been driven down by a very active algo linking the S&P and GC contracts. There are a lot of buyers picking up long contracts which they will demand delivery on - a very big central bank order was apparently filled yesterday. This will come for delivery as well. The COMEX has become a physical delivery market which it has never previously been and October, normally a quiet month, is sizing up for a lot of demands for physical. Now Andrew Maguire has a tendency to get excited and over bullish but the chatter from other commentators is there is a growing number of buyers who want their metal - always a bullish situation.

 

Edited September 24, 2020 by sixgun

[jultorsk]

I suppose it's plausible that there is a "flight to safety" because of the (unnecessary) new Covid restrictions being set up in Europe; strengthening the USD and lowering gold/oz. 

Also keeping an eye on the Chinese Golden Week coming up shortly (Oct 1-7). 

[sixgun]

2 hours ago, jultorsk said:

I suppose it's plausible that there is a "flight to safety" because of the (unnecessary) new Covid restrictions being set up in Europe; strengthening the USD and lowering gold/oz. 

Also keeping an eye on the Chinese Golden Week coming up shortly (Oct 1-7). 

Suggested the algo that is operating to sell down metals is JPM - and it is suspected it is JPM who has unlimited funds being made available to get physical - so as they get price falling and then take the other side of the sell order from speculators.

Edited September 24, 2020 by sixgun

[jultorsk]

1 hour ago, sixgun said:

Suggested the algo that is operating to sell down metals is JPM - and it is suspected it is JPM who has unlimited funds being made available to get physical - so as they get price falling and then take the other side of the sell order from speculators.

At least they got a small slap on the wrist for spoofing... 😉

https://markets.businessinsider.com/news/stocks/jpmorgan-pay-record-billion-spoofing-settlement-market-manipulation-investigations-sec-2020-9-1029616906#

[sixgun]

20 minutes ago, jultorsk said:

At least they got a small slap on the wrist for spoofing... 😉

https://markets.businessinsider.com/news/stocks/jpmorgan-pay-record-billion-spoofing-settlement-market-manipulation-investigations-sec-2020-9-1029616906#

A small fraction of the $billions they have made - robbing b@stards.

[Kookaburracollector]

28 minutes ago, sixgun said:

A small fraction of the $billions they have made - robbing b@stards.

Unfortunately, as JP Morgan are one of the owners of the Federal Reserve they are never likely to see justice served upon them. A $billion fine but no one goes to jail...well ain’t that a surprise!

[mousefu]

On 24/09/2020 at 14:22, lazybones said:

Mouse....I'm guessingjust a tad higher than you at $1790-$1800.----(what will premiums be ?)

Still topping up here. ....but it's starting to get painful !

That is the question. Afterall something is only worth what some is willing to pay for it. But for that to happen someone has to sell. If I was selling Gold/Silver I would not be selling them for even these current prices. Wait for the debates and the stimulus news.

 

What ever the premiums are, it's worth buying.

 

[HerefordBullyun]

I expect  gold to get smashed this week by the money manipulators. Chinese gold week. Hang seng closed due to this holiday so the Asian markets won't be buying. Hold tight all. Could be a right kicking this week but another buying opportunity....

[dicker]

Gold in GBP hit by the dollar strength again this morning.  1440 as it stand down about 1.3 percent.  In USD only off about 0.5pct

[dicker]

A bit of a recovery today...

[dicker]

I suspect a bumpy ride for Gold in GBP and also for Equities in the run up to the US presidential elections

[272]

Obviously early doors at this stage but does anyone think the Bank of England's (BoE) request for banks to assess their response to a negative interest rate is this is likely to bump Gold prices against the £ from November?

https://www.bbc.co.uk/news/business-54506853

I know they are just exploring future avenues but I wonder if there will be a further rise in Gold based on speculation that BoE may go down this route?

Edited October 12, 2020 by 272

[Murph2300]

Golds been stuck at basically the same narrow range for the last two months...

I dont know what to make of it?

Call me crazy, but in this volatile environment I expected much more volatile prices.

Anyway, I just reluctantly made some more purchases.😆

Edited October 15, 2020 by Murph2300

[272]

I suppose a lot unknowns around the scale of the impacts of Brexit, economic consequences of 2nd /3rd waves of Covid and the US elections? I'm guessing November will provide a clearer picture 🤔. I don't know about anyone else but I'm being sent bullish circulars from some dealers predicting how gold is only going to go up! 

Edited October 15, 2020 by 272

[HerefordBullyun]

The BOE are being aggressive against inflation. But it's the only lever they have. But borrowing in wall st and the economy will have to continue borrowing. More borrowing more QE. We are drawing closer to an end game now. The death of this fiat is imminent. The dollar will go last but if the euro goes it's game over...

[Murph2300]

Just now, 272 said:

 I don't about anyone else but I'm being sent bullish circulars from some dealers predicting how gold is only going to go up! 

I did get one such email. I immediately thought that was a clear sign Golds about to go down. 

I imagine dealers have had a slowdown in new investors after initial panic buying. Maybe they are a bit worried now after stocking up on high priced gold.  But, Im hoping the next stage is for bigger investors to jump onboard. I think the gold run has some way to go yet.

Another worrying one is US TV. I have IPTV and put on fox news for the craic. I was bombarded by commercials telling me to buy gold to protect my wealth, shady looking adds that wouldnt look out of place on Better call Saul. Again worried me.

[HerefordBullyun]

1 minute ago, Murph2300 said:

I did get one such email. I immediately thought that was a clear sign Golds about to go down. 

I imagine dealers have had a slowdown in new investors after initial panic buying. Maybe they are a bit worried now after stocking up on high priced gold.  But, Im hoping the next stage is for bigger investors to jump onboard. I think the gold run has some way to go yet.

Another worrying one is US TV. I have IPTV and put on fox news for the craic. I was bombarded by commercials telling me to buy gold to protect my wealth, shady looking adds that wouldnt look out of place on Better call Saul. Again worried me.

Gold will only go down if the money masters manipulation goes on. But they have to be careful the DOJ and other agencies after banks now the JPM lawsuit. This for me is the bull market real beginning.

[Foster88]

39 minutes ago, Murph2300 said:

Golds been stuck at basically the same narrow range for the last two months...

I dont know what to make of it?

Call me crazy, but in this volatile environment I expected much more volatile prices.

Anyway, I just reluctantly made some more purchases.😆

I too have wondered where it is going for some time like everyone else but the past 6 ish weeks it’s gone up a little and back down to around the same level.

It’s far to early to say but maybe this is the ‘new normal’ however temporary that may be.

[Martlet]

40 minutes ago, 272 said:

I suppose a lot unknowns around the scale of the impacts of Brexit, economic consequences of 2nd /3rd waves of Covid and the US elections? I'm guessing November will provide a clearer picture 🤔. I don't know about anyone else but I'm being sent bullish circulars from some dealers predicting how gold is only going to go up! 

Brexit is a far bigger factor to £:Au price.  A deal will see rise in £, no deal a drop.  Covid and US factors will not have a complex impact.  If gold is going up because $ is weak, £ will be going up against the $ too, so £:Au probably track sideways. 

 

Edited October 15, 2020 by Martlet