Gold Monitoring Thread £ GBP only

[Myblueheaven]

8 minutes ago, sixgun said:

If gold may be breaking out then silver will be doing the same. Generally silver [percentage wise] moves more [up and down] than gold.

Yep makes sense.

New to this so I'm still at the which is best & when to buy.

[BackyardBullion]

I am feeling very happy with my recent 1oz Britannia gold pick up when spot was £948/oz 

#feelingabitsmug

[vand]

18 hours ago, Gradius said:

So what does a gold breakout mean for someone that's about to start investing in gold? Hold out on buying until it drops?

What does it mean for people that are heavily invested in gold, start selling?

 

Don't let short term price fluctuations change your big-picture view.

If gold was undervalued last week then it is still undervalued this week, no matter what the price may have done.

The worst thing you can do is to agonise over every price movement, holding off in the hope that the price dips, then buying then getting angry that it keeps falling, then holding off and being too afraid to buy more because it is still falling, then cursing because it is going up and you didn't pull the trigger, etc etc.

You see how this works? 

Markets are mechanisms that do a wonderful job of transferring wealth from the impatient to the patient. Have an accumulation strategy so that you aren't put off by short term fluctuations, then go and execute it. 

 

[Rat]

Well I see that Gold managed to reach the £1,000 mark earlier today before dropping back (a bit).

 

Do you think this trend will continue? I hope not - waiting until pay day before I get my next sovereign!

 

 

[sixgun]

43 minutes ago, Rat said:

Well I see that Gold managed to reach the £1,000 mark earlier today before dropping back (a bit).

Do you think this trend will continue? I hope not - waiting until pay day before I get my next sovereign!

Well I see that Gold managed to reach the £1,000 mark earlier today before dropping back (a bit).

Do you think this trend will continue? I hope not - waiting until pay day before I get my next sovereign!

Twice before this year price got to the $1310 level [a bit north of £1000] and then got sent down. Likely there will be short futures contract stops above there so it will be defended. Get through this level this triggers these stops and price will push higher. 

The BullionCoin gold and silver backed cryptocurrency had its soft launch this week but the Allocated Bullion Exchange which had been the main driver for the coins pulled out. There were said to be significant physical orders in the wings with this crypto - like 250 tonnes gold. Dropping this size of order into the market would cause price to rise dramatically. Not clear what is going to happen now. The crypto may still be hard launched and in the run up to this there would be physical buys. i think one way or another the direction of the market will resolve in the next few couple of weeks. We are heading into the gold season in September and India has been  very active buying this year - expected 750 tonnes not counting a likely 250 tonnes smuggled. 

https://in.reuters.com/article/india-gold-imports-idINKBN1AT053

A couple of weeks earlier the Reuters had said gold imports in India were falling. 

https://www.reuters.com/article/india-gold-imports-idUSL4N1KP1VI

This was using information from the World Gold Council which as i see it is just a mouthpiece of the criminal gold rigging cartel. 

Edited August 17, 2017 by sixgun

[KDave]

Gold is trying to break out of the long term down trend and it does look fairly convincing. 

[Gradius]

Is it a bad time for us Brits to be buying bullion coins/bars at the moment, with how weak the pound is against the dollar?

[Bumble]

On Friday Aug 25 2017 an attempt was made to drive the price of gold down by selling 21,000 contracts on NY Comex in the space of a few minutes. A contract is 100 ozt of gold, so this amounts to over 2 million ounces, or over $2.5 billion worth of gold. This is actually not uncommon, particularly on Fridays, but this time it didn't work. The price bounced straight back. Look at the green lines on the charts below. This seems to me quite positive. In recent years when gold was knocked down it stayed down, but now it is proving resilient. This may well be an indicator that serious amounts of buyers are starting to move back into gold and are keen to buy the dips.

[Scuzzle]

This is probably just the usual attempt to kill sentiment and keep the price down following the jackson hole announcement.

[sixgun]

http://kingworldnews.com/andrew-maguire-remarkable-audio-interview-now-released-but-take-a-quick-look-at-this/

There has been a split in the cartel with certain entities going long. Interesting to hear in the interview how Goldmans and other entities are going long gold and getting close to China.

[vand]

Gold is leading some very significant price action today in the whole PM sector.

[BackyardBullion]

Strong day for PM - gold up £12/oz 

[Scuzzle]

This Korean missile scare story should help.

[Jay2]

1 hour ago, Scuzzle said:

This Korean missile scare story should help.

I wonder what "appropriate steps" Japan will take. When I got the news alert about it, I checked PM charts. Sure enough, both up. Could just be correlation.

Edited August 28, 2017 by Jay2

[Bumble]

I doubt the Korean crisis is all that significant. Donald Trump and Kim Jong-Un are feeling insecure and are playing to their respective home audiences by talking up the issue, but it is in neither of their interests to do anything but talk. I think it is more likely to be a combination of some major investment companies switching to a long position because of fears of a recession, and the start of seasonal buying, Sept-Oct and Jan-Feb being usually strong for gold demand.

[Paul]

Is anyone taking any fiat profits from the past weeks increase ?

Edited August 29, 2017 by Paul

[vand]

24 minutes ago, Paul said:

Is anyone taking any fiat profits from the past weeks increase ?

Moved my stops up on my GDX positions but I have learnt to not try to second guess the market and let the profits run.. there could be a hell of a lot of upside in this move. 

Strong follow through today is very good sign.

Edited August 29, 2017 by vand

[Gradius]

Bad idea to buy bullion during a rise like this?

 

[Bumble]

It is rarely a bad idea to cost average yourself in by buying small tranches, even after a rise in price. The price could go much further up from here and you might miss out. There was a further attempt at a smash down in price yesterday (Aug 29), probably because this is the expiry date for futures contracts and some market participants wanted a lower price to get their positions into the money. After an $18 fall, the price seems to be recovering again. If the price holds above £1310 for a few more days, the momentum traders may switch to a long position and drive the price much higher - maybe up to £1350 or more.

[Bumble]

It is rarely a bad idea to cost average yourself in by buying small tranches, even after a rise in price. The price could go much further up from here and you might miss out. There was a further attempt at a smash down in price yesterday (Aug 29), probably because this is the expiry date for futures contracts and some market participants wanted a lower price to get their positions into the money. After an $18 fall, the price seems to be recovering again. If the price holds above £1310 for a few more days, the momentum traders may switch to a long position and drive the price much higher - maybe up to £1350 or more.

[Bumble]

It is rarely a bad idea to cost average yourself in by buying small tranches, even after a rise in price. The price could go much further up from here and you might miss out. There was a further attempt at a smash down in price yesterday (Aug 29), probably because this is the expiry date for futures contracts and some market participants wanted a lower price to get their positions into the money. After an $18 fall, the price seems to be recovering again. If the price holds above £1310 for a few more days, the momentum traders may switch to a long position and drive the price much higher - maybe up to £1350 or more.

[Bumble]

Not sure why my post went in 3 times - I think the server was slow to acknowledge so my browser retried automatically. Maybe a mod can delete the duplicates. Thanks.

[Stu]

Do folks think the price spike when markets reopen shortly due to the carry on in N Korea.

[Rat]

12 minutes ago, Stu said:

Do folks think the price spike when markets reopen shortly due to the carry on in N Korea.

I think it's a strong possibility. Every time the wee fella tests his toys the market jumps a bit. 

[MickB]

13 minutes ago, Stu said:

Do folks think the price spike when markets reopen shortly due to the carry on in N Korea.

It will certainly go higher due to Kim 'Wrong Un' playing with fire.