Gold Monitoring Thread £ GBP only

[KDave]

I am still leaning towards good Q1 for PM's then revert to trend for the rest of the year with new lows on gold and silver by the end. Could be totally wrong, but I would prefer this situation as I am not ready to sell for a long time yet 

[Vern]

Its been a good week if you wanted prices to go up, £808.74 gold and £10.33 siver spot price atm.

[KDave]

If we get above 850 again like last year I will begin to worry because of the lower starting point compared to 2015. For now though I have bought my last gold for a while I reckon. Picked up a couple of pieces yesterday from HGM when it was priced at 782, even that felt expensive for some reason 

[Cointreau]

Silver looking very desirable to me at the moment. Bought 50 oz last week and fancy maybe a roll of kooks or roos next week.

Comex is being bled DRY of gold and silver.

[whitesands1]

On 2/6/2016 at 01:09, Cointreau said:

Silver looking very desirable to me at the moment. Bought 50 oz last week and fancy maybe a roll of kooks or roos next week.

Comex is being bled DRY of gold and silver.

Why is this?  A flight to safety and/or people wanting to see what they own?

[Cointreau]

Why? Because one oz of gold is worth 78 oz of silver atm and back in 2008 it was 30 oz  to one oz of gold.

So I figure silver has more upside than gold. Having said that I probably have the most balanced stack here.

I have a bit of everything.

[BaldyBob]

6 minutes ago, Cointreau said:

Having said that I probably have the most balanced stack here.

A bold claim

[Pipers]

22 minutes ago, Cointreau said:

Why? Because one oz of gold is worth 78 oz of silver atm and back in 2008 it was 30 oz  to one oz of gold.

So I figure silver has more upside than gold. Having said that I probably have the most balanced stack here.

I have a bit of everything.

@Cointreau IMO the reason the ratio is different is because in 2008 there was a squeeze on Silver, a lack of supply and high demand . Today there is a down turn in demand for general commodities inc copper where a large proportion of silver is mined (where the price is set).  Gold on the other hand is generally not used industrially and is hoarded for wealth more so in times of world instability as insurance.  For the past 50 years the 30-1 ratio was extreme and so is a 80-1 ratio, you could wait 20 years or 6 months if you buy at extremes to trade the other way though it is a good strategy if you are young.  One thing to consider though the spread on Gold bullion is 6% to 7% on silver bullion its 33% (20% above spot to buy sell 87% sell) with dealers.playing the ratio game you could not sell on ebay or the forum enough silver coins at a time its just not feasible.          

[KDave]

£821/$1181 an ounce at the moment. Silver is doing very well also £10.45 an ounce not seen these prices for a while. Gold spike above £860 an ounce early last year I wonder if it will repeat? 

 

[Pipers]

@KDaveMaybe KDave, just read a piece of news that is quite concerning about Turkey and the USA it's not been put on the western news yet but RT are making hay out of it.

https://www.rt.com/news/331711-erdogan-washington-syrian-kurds/

https://www.rt.com/news/331689-turkey-kurdish-cizre-raid/

And Reuters are leading with

http://uk.reuters.com/article/uk-mideast-crisis-syria-idUKKCN0VH0SP

While the BBC lead with

http://www.bbc.co.uk/news/world

It maybe why the markets are even more edgy today

Edited February 8, 2016 by Pipers

[Scuzzle]

£32 so far on the day, wow

 

Edit - platunum, palladium and silver all showing big rises in the last hour or two.

Edited February 8, 2016 by Scuzzle

[Bumble]

Gold is close to $1200 now. If it breaks through that price, it could go a lot higher quite quickly. If it consolidates back to $1170 over the next couple of days, it will be a buying opportunity. Gold miners are going crazy. I've not seen double digit gains in majors like this. Randgold is up 12%.

[DrDime]

Sovereigns just over £200 at HGM now

[MikeOxlong]

Woww just saw the price.. why the huge rise?

[ApisMellifera]

On ‎08‎/‎02‎/‎2016 at 16:12, Bumble said:

Gold is close to $1200 now. If it breaks through that price, it could go a lot higher quite quickly. If it consolidates back to $1170 over the next couple of days, it will be a buying opportunity. Gold miners are going crazy. I've not seen double digit gains in majors like this. Randgold is up 12%.

Yep. Gold is 'resisted at $1201 yesterday and there seem to be a pinbar price signal, so it looks overbought at the moment and might consolidate towards $1170 or lower?....

But let's where it will go...  (and I'm still learning to read the charts).

 

[Bumble]

I don't set much store by studying charts. My usual approach is to build an altar to the god Plutus in my basement and sacrifice a virgin on it at midnight. There are not many virgins left in my neighbourhood, so the price may fall back for a while.

[HawkHybrid]

charts can be affected by news, but news is rarely affected

by charts. I would not use charts to determine what is likely

to happen during potentially volatile times. if gold was to try

and rise above $1200, before close this coming friday would

be a good time for it to attempt this.

 

HH

[sovereignsteve]

The more I study these things, the more I am convinced by the argument that markets are not driven by news but more that news follows markets. Obviously certain unexpected pieces of news can upset the applecart but it can be uncanny to watch markets turn and follow certain technical patterns, irrespective of news and fundamentals. It shows you that markets are almost completely driven by speculative traders who use technical charts as guide. It's almost self-fulfilling.

[HawkHybrid]

you need to separate news and the reporting of news to the

masses by the media. the systematic following of the charts

is only sustainable by the delay of important news reaching

those that require it. the markets does not work on what

makes sense but on what makes money(usually short term).

 

when the titanic was sinking lifeboats were still half full when

they entered the water.(why launch lifeboats if the ship was

not sinking? if there was a need to launch lifeboats then why

would any be only half full?) doesn't makes sense but it's history.

 

fundamentals takes time to show their worth, news can get

the message home a lot faster.

 

HH

[ApisMellifera]

Indeed, I'm looking to understand those fundamentals and historical mood swings of the charts to prepare/predict/forecast (speculate? i guess) for potential ups and down. Yes, news can get the message faster and there are also plenty folks warning for those nasty icebergs. I just like geeking on the charts, and see charts as a different and an independant form of "news". Everyone could interpret a chart in their own way. 

I'm trying to learn, study and aim to draw my own conclusions and I also think the forum is a great platform where we can discus these things (constructivly) and perhaps help each other out. It's great to be able to discuss from different perspectives.

So back to the main topic;

Since December gold has been moving upwards again from all the bad stocks figures, the US interest rate hike and the next QE (yeay more fiat currency [/sarcasm]). So I guess folks are buying gold for security.

The question is: Have we reached the "bottom"? 
Well... I'm not so sure.... If I zoom out the Gold chart, I think it's 'still' in a downward direction and could go lower. Gold 'only' touched the $1000 once since the 2011 peak. From what I learned from charts is that bottoms are usually 'tested' so it could go down again. (hmmm these words do sound like a NBC host). Let's see... where things are going.... but I will be stacking up for sure.

[...Looking outside the window, enjoying the clear nightsky and preparing my telescope to read the stars. Also wondering what I would do if I was one those lucky ones that manage to get on those Titanic life boats. It must've been very difficult when hands are 'tied'.

Edited February 11, 2016 by ApisMellifera

[Paul]

! BOOM !

up gold goes again this morning

Just need it to rise another £85 to get back to break even  

[Pipers]

Bloody hell Paul, did you buy heavy at the top or did you buy proofs. 

[MCJ]

12 minutes ago, Paul said:

! BOOM !

up gold goes again this morning

Just need it to rise another £85 to get back to break even  

The way it's going, that'll be next Wednesday ?

[Paul]

5 minutes ago, Pipers said:

Bloody hell Paul, did you buy heavy at the top or did you buy proofs. 

Being too keen to work hard doing all holiday cover, overtime & weekend in 2012 / 2013 didn't help the stack average one bit  

a first world problem though i guess  

[Pipers]

A lot of people got carried away with the last Gold bull market, I bought back in to early so I am back in profit at just over £800 all in costs and if I sell a few coins my costs will go down.  I'm not sure how high the Gold price will go, I am now thinking around $1300 top and a bottom for the rest of the year of $1100 its just an opinion and just mine.

 Deutsche Bank have put a profits warning out early to the markets and are buying back bonds Italian banks are in trouble, the Japanese investors have to deal with negative interest rates, same as the Swiss. The USA FED the ECB (Euroupe in trouble) and China are all trying to out maneuver each over, this leaves Gold as a safe haven for investors and I haven't even gone into the BRICS yet! 

I think Silver is a different story and is being pulled both ways by Gold and Copper if copper wins I will invest in Silver.  As I have already have Gold and silver I am in no rush to buy and will buy a minimum amount just to tick over at the same time I am holding cash as there is a possibility the markets may crash down under 5000 at that point I will start to carefully look at investing for the long term (look). Remember the saying blood in the streets.