Gold Monitoring Thread £ GBP only

[MrStacker]

48 minutes ago, lst65 said:

Wish you’d bought a few ounces on 28th Feb..?!! Ding dong. I do 😂

A lot of folks get their main bonus pay end of this month. I was hoping to grab a tube and some other pieces but I honestly don't think I will at the current rate. Gold is gold and it will always hold its value but right now I will ponder more... and watch the price increase more and regret not buying hahaha

 

[lst65]

1 minute ago, MrStacker said:

A lot of folks get their main bonus pay end of this month. I was hoping to grab a tube and some other pieces but I honestly don't think I will at the current rate. Gold is gold and it will always hold its value but right now I will ponder more... and watch the price increase more and regret not buying hahaha

 

I was literally hovering my finger over the Tavex button! But hey, sometimes you’re up and sometimes down! Take care buddy

[bluemoon]

2 minutes ago, MrStacker said:

A lot of folks get their main bonus pay end of this month. I was hoping to grab a tube and some other pieces but I honestly don't think I will at the current rate. Gold is gold and it will always hold its value but right now I will ponder more... and watch the price increase more and regret not buying hahaha

 

Yes it does look overbought from a technical perspective. I bought today anyway. Even if it dips from here, it still won't be as bad as 12% inflation per year like fiat is doing.

[scotwasp]

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

[Fenlander1]

3 minutes ago, scotwasp said:

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

Everybody is different in there investment strategies. Personally I am of the mind that it is better to have the physical follow the curve up or down.

[bluemoon]

7 minutes ago, scotwasp said:

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

If the rule of thumb is to go against sentiment, the sentiment is very bullish. YouTube pumpers are mega-hypey right now, talking like the Bitcoin YouTubers from a couple of years ago... even the sheep in public are taking notice. Even though I bought, I woudn't be surprised if the shorters come in soon and leave a bloodbath.

[James32]

10 minutes ago, scotwasp said:

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

Here's my honest view, buy whatever the spot price says "within a reasonable premium" it will average out long-term, this has to be a long term view as you know.

Reason? If I believe gold will break £2k GBP within 5 years, then why wouldn't I buy at £1600+ ? We can't have our cake and eat it. We can't wish gold up from the sidelines, so to speak!

[SidS]

15 minutes ago, bluemoon said:

If the rule of thumb is to go against sentiment, the sentiment is very bullish.

Exactly this.

I'm buying silver at the moment. Gold is too bullish for me. I was going to get back into it, but now isn't the time (for me). I'd be holding gold now if I had it. If it goes up to the £1650-£1700 range, I'd even contemplate selling it.

[Zeuk]

Imho generally there's some pull back on any market that extends itself, but if there's a lot of big players moving money out of cash or out of bank investments and looking for more reliable places to hold it the price could keep going for a while.  If inflation does flatten and things settle that money will be moved out again but not for a while - it seems there's less interest in buying the dip in equities right now.

Cost averaging and diversification as always for me, not a penny extra going into stocks for a while, some going into 0 risk investments (at least the closest thing there is) some going gold and silver.

[Stacktastic]

1 hour ago, Zeuk said:

there's a lot of big players moving money out of cash or out of bank investments and looking for more reliable places to hold it

To me it looks like they are chucking it straight into the Nasdaq & bitcoin.
Both of which have not been reliable over the last year, but are both over sold - especially the big names. 
 
Looking at gas recently and oil now commodities are taking a hit, but there is too much speculation IMO still. 
I personally think its due a major shock and move a lot further down - to make people exit forever like in the .com bust.

Very different times in a commodity super cycle, tech revolution & a change in the monetary supply. 
This kind of stuff will make financial legend & we are watching it, how cool is that.  
Thankfully Im not a slightly savvy rich person & dont have a few mill diversified portfolio.

I would be scratching my head right now and considering buying physical gold as everything is dodgy or over valued.  
Property is at all time highs, most dividend stocks might not match future inflation or pay out.
The bond market is looking rocky with the bank issues, let alone BOE last year??

Gold is at all time highs too - silver?? What else you tell me LOL  

Im personally day and swing trading this volatility & waiting for bargains. 

Edited March 18, 2023 by Stacktastic

[apachebleu]

32 minutes ago, Stacktastic said:

To me it looks like they are chucking it straight into the Nasdaq & bitcoin.
Both of which have not been reliable over the last year, but are both over sold - especially the big names. 
 
Looking at gas recently and oil now commodities are taking a hit, but there is too much speculation IMO still. 
I personally think its due a major shock and move a lot further down - to make people exit forever like in the .com bust.

Very different times in a commodity super cycle, tech revolution & a change in the monetary supply. 
This kind of stuff will make financial legend & we are watching it, how cool is that.  
Thankfully Im not a slightly savvy rich person & dont have a few mill diversified portfolio.

I would be scratching my head right now and considering buying physical gold as everything is dodgy or over valued.  
Property is at all time highs, most dividend stocks might not match future inflation or pay out.
The bond market is looking rocky with the bank issues, let alone BOE last year??

Gold is at all time highs too - silver?? What else you tell me LOL  

Im personally day and swing trading this volatility & waiting for bargains. 

 Interesting to see bitcoin rallying this last week, makes a bit of sense though. If people don't want to keep money in the bank then it's got to go somewhere and bitcoin is a fast way to get money out the fiat system. I still think its fundamentally flawed being a currency that only exists as an investment and nobody actually spends however at the moment I see the appeal.

 It just seems though that in times of crisis there has always been one answer, gold and I don't see that changing any time soon. 

 I'm glad I've gone pretty hard this last year or two because a gold stack is very reassuring right now.

[KevjustKev]

4 hours ago, EdwardTeach said:

Friday night smackdown?

Just kidding. 😂

Feeling Ucey then?

[gji25]

2 hours ago, scotwasp said:

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

its always a good time to buy gold regardless of the spot price,  looking forward in this moment of time 👁️

[Happypanda88]

6 hours ago, GoldDiggerDave said:

Those stacking silver are still waiting.....🤣🤣🤣

🤣🤣🤣 

 

[gji25]

Ride the wave baby. weekend gold fix 18 march 2023.  £1635.41  🚴‍♂️

 

 

[apachebleu]

 Look at that price for a single sovereign! Crazy to see dealers putting up notices about being really busy and low on stock, I'm amazed the average man in the street sees this a good option at these prices.

 However that does beg the question, are we about to see a bitcoin in 2021/2 style run on an asset as people panic buy in? Does that rising price then create FOMO and the public rushing in pushing prices (ahem....sorry) to the moon?

 Basically chaps, is it possible that maybe, just maybe, gold prices may just be about to get silly? 

 So, what price would turn you in to a seller? What's the £/oz that makes you dump your physical gold?

[flyingveepixie]

On 18/03/2023 at 04:54, apachebleu said:

So, what price would turn you in to a seller? What's the £/oz that makes you dump your physical gold?

I've been thinking about that too, but if you start selling you'll just get back a bunch of fiat which you really don't want right now. If I was considering buying a property I'd sell to get the cash,  but holding excess fiat in the bank even for a short time seems too risky to me at the moment. The whole point of the exercise right now is to remove whatever wealth you can from the system, to take it out of their hands and make it completely inaccessible to them (think possible bank bailins in the very near future). Obviously we need to leave a bit in the bank to pay the DDs : electricity bill, council tax etc, but there's no way I would leave any excess in the bank under the current conditions just so they can help themselves to it next week when the contagion really kicks in, and I certainly wouldn't want to swap pms for fiat right now when it's in danger of crashing so spectacularly. 

I wouldn't credit the sheeple with having the nous to catch on anytime soon either after their behaviour through covid.  They're too distracted by Gary Lineker at the mo'.  Maybe in another week or two they might start to sense something isn't quite right, but so long as Sanuk et al keep telling them everything is ok they'll just carry on as normal and not waste the brain power trying to think for themselves.  Maybe if someone suggested they stand outside their doors and clap....🙄

IMHO there is more trouble to come yet, and TBH I'm having a lovely time sitting here watching it all unfold.  My big question for the weekend : Will Credit Suisse open it's doors come Monday..?  Ditto that for First Republic.   Answers on a postcard to......

I can only access the headline for this but it tells the story well enough..

https://www.ft.com/content/0d2977d1-70d0-4a55-9ecb-f649d871b66d

Edited March 21, 2023 by flyingveepixie

[GoldDiggerDave]

29 minutes ago, flyingveepixie said:

That's my quandary too, but the biggest issue for me, and the one that stops me from becoming a seller :  if I start selling I'll just get back a bunch of fiat which I really don't want right now. The whole point of the exercise for me at the moment is to remove whatever fiat I have left from the system, to take it out of their hands and make it completely inaccessible to them (think bailins). Obviously we need to leave a bit in the bank to pay the DDs : electricity bill, council tax etc, but there's no way on the planet that I'm going to leave any excess in the bank under the current conditions just so they can help themselves to it next week when the contagion really kicks in, and I certainly don't want to swap my pms for even more of the stuff. 

IMHO there is more trouble to come yet, and TBH I'm having a lovely time sitting here watching it all unfold.  My big question for the weekend : Will Credit Suisse open it's doors come Monday..?  Answers on a postcard...

It's an interesting point, Gresham's Law will always be prevalent.   As much as gold rises why would anyone want to sell it for fiat thats becoming progressively worthless.   The only sensible reason to sell gold in this current climate is to buy other assets that you need or will generate further wealth.   

My friend is selling gold as he can no longer afford to hold it as his family is being eaten alive by inflation and he's got bills to pay.     My opinion we are only just stating to see the beginning  of this hyper inflationary period and it will get much more expensive to live making it harder so some to even hold PM's for the long term. 

You just have to do everything you can to make sure you are on the right side of the wealth curve.  

Edited March 18, 2023 by GoldDiggerDave

[apachebleu]

7 minutes ago, GoldDiggerDave said:

It's an interesting point, Gresham's Law will always be prevalent.   As much as gold rises why would anyone want to sell it for fiat thats becoming progressively worthless.   The only sensible reason to sell gold in this current climate is to buy other assets that you need or will generate further wealth.   

My friend is selling gold as he can no longer afford to hold it as his family is being eaten alive by inflation and he's got bills to pay.     My opinion we are only just stating to see the beginning  of this hyper inflationary period and it will get much more expensive to live making it harder so some to even hold PM's for th long term. 

You just have to do everything you can to make sure you are on the right side of the wealth curve.  

 It's not easy, I'd sell if the returns got me in to property or some such. 

 I'm glad to have the house and car paid for, a bit of gold and a pretty good job (unless we are negotiating while I'm trying to buy from you and saying I'm broke) so I'm kind of watching from the sidelines. If I were in the shoes of most people I would be terrified right now.

 Make no mistake I'm in my current situation by sheer luck not intelligence or good choices so I don't take it for granted.

Edited March 18, 2023 by apachebleu

[CazLikesCoins]

1 hour ago, flyingveepixie said:

I've been thinking about that too, but if you start selling you'll just get back a bunch of fiat which you really don't want right now. If I was considering buying a property I'd sell to get the cash,  but holding excess fiat in the bank even for a short time seems too risky to me at the moment. The whole point of the exercise right now is to remove whatever fiat you can from the system, to take it out of their hands and make it completely inaccessible to them (think possible bank bailins in the very near future). Obviously we need to leave a bit in the bank to pay the DDs : electricity bill, council tax etc, but there's no way I would leave any excess in the bank under the current conditions just so they can help themselves to it next week when the contagion really kicks in, and I certainly wouldn't want to swap pms for fiat right now when it's in danger of crashing so spectacularly. 

I wouldn't credit the sheeple with having the nous to catch on anytime soon either after their behaviour through covid.  They're too distracted by Gary Lineker at the mo'.  Maybe in another week or two they might start to sense something isn't quite right, but so long as Sanuk et al keep telling them everything is ok they'll just carry on as normal and not waste the brain power trying to think for themselves.

IMHO there is more trouble to come yet, and TBH I'm having a lovely time sitting here watching it all unfold.  My big question for the weekend : Will Credit Suisse open it's doors come Monday..?  Ditto that for First Republic.   Answers on a postcard to......

I can only access the headline for this but it tells the story well enough..

https://www.ft.com/content/0d2977d1-70d0-4a55-9ecb-f649d871b66d

I believe this is full article:

First Republic shares close down 33% despite $30bn lifeline

Rescue package from JPMorgan and 10 other banks fails to arrest falling stock price

yesterday

First Republic’s stock has dropped about 75% since worries emerged last week about depositors pulling cash from several midsized US lenders © CJ GUNTHER/EPA-EFE/Shutterstock

First Republic Bank stock tumbled yet again on Friday after a financial lifeline from large US banks that deposited $30bn into its accounts failed to calm investor fears. 

Shares in the San Francisco-based lender closed down 32.8 per cent in the first session after 11 of the largest US banks, spearheaded by JPMorgan Chase, said they would deposit $30bn with the California-based lender in an effort to shore up its finances. 

Despite the share sell-off, one person briefed on First Republic’s liabilities by federal officials said that as of noon in New York, deposit outflows on Friday were negligible. “I can say with 99 per cent certainty that the share price is diverging from deposit outflows,” the person said.

First Republic’s stock has fallen more than 75 per cent since worries emerged last week about depositors pulling cash from several midsized US lenders, sparked by the sudden collapse of Silicon Valley Bank. 

First Republic said on Thursday that daily deposit outflows had “slowed considerably” but that it was suspending its dividend and had increased borrowing from the Federal Reserve and the Federal Home Loan Bank, seen as the two lenders of last resort to US banks. 

First Republic borrowings from the Fed varied from $20bn to $109bn from last Friday to Wednesday at an overnight rate of 4.75 per cent, and since last Thursday the lender has increased short-term borrowings from the FHLB by $10bn at a rate of 5.09 per cent. 

“The significance of the changes in FRC’s balance sheet in just one week are staggering, in our view, and along with the suspension of the common stock dividend, paints a very dire outlook for the company and shareholder,” wrote KBW analysts, referring to the bank’s ticker on the New York Stock Exchange.

In a research note on Friday, Wedbush analysts downgraded First Republic’s stock to “neutral” from “outperform” based on the anticipation of higher interest rate costs from borrowing to shore up its liquidity position. 

Wedbush also warned that there would be “minimal, if any” residual value to common equity holders if the bank ended up being sold given that the value of its loan and securities would likely need to be marked down in a sale. 

“We believe a sale of FRC to [a] larger entity should be beneficial for the banking system as a whole, and should help ease contagion fears,” Wedbush wrote.

“However, given the fair value marks embedded in both its loan and securities portfolios, we find it difficult to come up with a realistic scenario where there’s residual value for FRC common equity holders.”

Shares in other regional US banks also fell on Friday, including a 13 per cent decline for Western Alliance Bancorp, a 7 per cent fall for Comerica, an 8 per cent slide in KeyCorp, and a 6 per cent drop in Zions. 

Shares in the largest banks such as JPMorgan and Bank of America, which investors view as being less susceptible to large-scale deposit withdrawals, were also trading lower. 

One industry observer said some shareholders may be selling First Republic shares because the big banks would rank ahead of them in the case of a bankruptcy proceeding.

[bluemoon]

Bitcoin rallies even if you happen to fart in it's direction, I'm not sure it's to do with the fiat collapse, the gold rally is definitely more connected.

I echo @flyingveepixie's comments RE: the sheep, some are taking notice but just a few official looking press conferences from Downing Street telling them it's all under control will convince them to leave their bank balances where it is.

[CazLikesCoins]

1 minute ago, bluemoon said:

Bitcoin rallies even if you happen to fart in it's direction, I'm not sure it's to do with the fiat collapse, the gold rally is definitely more connected.

I echo @flyingveepixie's comments RE: the sheep, some are taking notice but just a few official looking press conferences from Downing Street telling them it's all under control will convince them to leave their bank balances where it is.

I think most people will leave their capital alone due to their entire financial life centred around direct debits, standing orders and overwhelming urges to buy landfill off amazon via debit cards. Not forgetting the Costco contactless coffee treats during work breaks. Who'd want to give all that up just to save your life savings? 

[ArgentSmith]

8 minutes ago, bluemoon said:

Bitcoin rallies even if you happen to fart in it's direction, I'm not sure it's to do with the fiat collapse, the gold rally is definitely more connected.

 

Think of Bitcoin as a leveraged bet against USD/fiat purchasing power, then it will make sense.

[Petra]

Hope none of you have been using the iEearn bot!🤔😮

[CazLikesCoins]

10 hours ago, scotwasp said:

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

Never give in, never give up, no retreat, no surrender! Watch a Rocky film or 80s Kung fu for inspiration! Now is the time to buy buy buy!

On a semi serious note, could you stop buying even if you wanted to? Those endless sleepless nights without a recent gold fix? Is that pain really worth it? Even if you're down to a gram a month, it'll stop your head imploding. There no escape once the gold's got you .... none  

None 😜🤪