Gold Monitoring Thread £ GBP only

[Midasfrog]

Has the banking crisis gone away over the weekend , I don't think so 🙉

[flyingveepixie]

Yes, HSBC shares fell quite a bit yesterday but it so far hasn't made much of an impact on the gold price which is still down from the weekend and yesterday's high. If we look a bit more closely at HSBC we can see that there was a dramatic fall  - possibly (probably?) caused  by the CS/UBS drama, but was then followed by a gradual recovery which continued till close of business. We shall see what happens when the market re-opens....

Gold : Currently a snip at £1611.87  

If banking contagion continues to spread maybe we should consider buying the dip before it rockets up to £1700.00 this weekend...🤔🙄

 

 

 

Edited March 21, 2023 by flyingveepixie

[gji25]

On 18/03/2023 at 09:02, bluemoon said:

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.

well if thats the case, you better get your money out of the banking system as fast as you can and invest it imo because at the end of the day as the saying goes. were from the government and were here to help you. dont get tricked by those jokers 

[SilverBruce]

22 hours ago, watchesandwhisky said:

Without wanting to be a downer in this exciting time for many, a few observations...

When doing some early morning shopping on my day of today I heard three builders walking round Tesco's talking about buying gold bullion, when I'm at work I regularly hear a radio ad saying "golds gone galactic" and offering to buy your gold.. When delivering the mail I recently saw a leaflet drop to over 800 houses offering to buy any gold and silver or old watches and medals.. When I was delivering mail at a residential park home two blokes were going door to door trying to buy gold. 

This is precisely what I saw happen back in 2012 before a rather large price reversal of 35% ish over the next two years. 

A lot has happened since 2012, past performance is not indicative of future performance ect - Just an observation. 

 

"If the shoe shine boys are giving stock tips, then it's time to get out."

Really interesting observation. 35% would put us about £1040oz. I think a lot of dealers might be "temporarily out of stock"

[apachebleu]

6 minutes ago, SilverBruce said:

"If the shoe shine boys are giving stock tips, then it's time to get out."

Really interesting observation. 35% would put us about £1040oz. I think a lot of dealers might be "temporarily out of stock"

 Hmmm yeah, however apply that to crypto over 21/early 22 when everyone thought they would get rich quick and look what happened.

 We have seen a brief window of a week or twos interest, this is nothing like that level of fomo.

 I agree price will drop below where its been recently, maybe 13/1400 range potentially as people panic on the pullback.

 The simple fact is the average person doesn't have money to buy gold so it doesn't really matter what they think, at most they might be inclined to try and sell some jewelery they have laying about to a dealer (and getting ripped off).

 

[SilverBruce]

I completely agree, gold would never have the chance of reaching 1040 because @James32 would buy so much, the price would go back up.

[MrStacker]

Going down. Nice dip maybe for Wednesday/Thursday this week. Fingers crossed! 

At this rate I can buy x2 Quarter Sovereigns 🤣

[Goldfever20]

[jultorsk]

Looks like Yellen (finally) stepped in to stem the escape from regional banks in the USA, this in the news an hour ago.

[Midasfrog]

1 hour ago, MrStacker said:

Going down. Nice dip maybe for Wednesday/Thursday this week. Fingers crossed! 

At this rate I can buy x2 Quarter Sovereigns 🤣

Yes keep watching for the dip then SUDDENLY it's at a ATH peak again 😂

[Zeuk]

The markets are doing ok today but tbh even if the storm settles a bit, there's plenty of money thats going to be risk averse for a while.  Be interesting to see if 1600 becomes a new norm in terms of support/price

[MBTPSilver]

We have the Fed interest rate decision tomorrow (18:00) UK time, so that'll likely be the next big trigger in movement. If rates go up it could be more bank collapses and gold goes up. If they pause or cut rates then the dollar will likely slump and gold goes up. Could be back towards £1,620 + by tomorrow evening if I had to make a guess.

[Midasfrog]

1 minute ago, Zeuk said:

The markets are doing ok today but tbh even if the storm settles a bit, there's plenty of money thats going to be risk averse for a while.  Be interesting to see if 1600 becomes a new norm in terms of support/price

And then there is the housing "slow motion crash" which is not making the news as it's also being covered up despite houses being reduced and sales completed under the asking price , fewer buyer's around during troubled times. 

[Zeuk]

10 minutes ago, MBTPSilver said:

We have the Fed interest rate decision tomorrow (18:00) UK time, so that'll likely be the next big trigger in movement. If rates go up it could be more bank collapses and gold goes up. If they pause or cut rates then the dollar will likely slump and gold goes up. Could be back towards £1,620 + by tomorrow evening if I had to make a guess.

Would be amazed if they put rates up, would seem like political ammo for the opposition, same if they drop them tbh

[MBTPSilver]

26 minutes ago, Zeuk said:

Would be amazed if they put rates up, would seem like political ammo for the opposition, same if they drop them tbh

Yes it's an unenviable position. ECB put rates up last week, so it's not outside the realms of possibility. They could claim the banks are strong enough, and that bringing down inflation is more important to long term stability. I'd be surprised though too,  and I'm expecting them to pause for this one. Even the forward guidance will be important though, if it sounds like this is the peak in rates then the dollar will still likely slump.

If they say 'we're pausing for now just to let markets stabilise a bit, but we're still concerned about high inflation and rates may need to rise next meeting', that could be the one scenario where gold might not benefit.

[Midasfrog]

Not looking good for the First Republic Bank 🤔

[EdwardTeach]

1 hour ago, Zeuk said:

Would be amazed if they put rates up, would seem like political ammo for the opposition, same if they drop them tbh

0.25 would be my guess.

[Zeuk]

1 minute ago, Midasfrog said:

Not looking good for the First Republic Bank 🤔

Anyone fancy chipping in and picking up a bank?

[Zeuk]

I was going to get a half sov, but might save my money and get one of these instead

[AndrewSL76]

10 minutes ago, Zeuk said:

Anyone fancy chipping in and picking up a bank?

Banking is easy.

https://www.instagram.com/reel/CpeBXf7owSD/?igshid=YmMyMTA2M2Y=

[Silverlocks]

On 20/03/2023 at 14:22, bluemoon said:

Forgive my ignorance but are HGM the same as Bairds or is is just coincidence that Bairds are in Hatton Garden?

Lots of bullion dealers in Hatton Garden.  There's a load of jewellers, PM dealers and suchlike around the area.

[MrStacker]

It’s going DOWN again Dave! @GoldDiggerDave

wahooooooo

*happy dance*

Payday next week and then BOOM price goes up before I can place an order 😂

....typical

[Paul]

2 minutes ago, MrStacker said:

It’s going DOWN again Dave! @GoldDiggerDave

wahooooooo

*happy dance*

Payday next week and then BOOM price goes up before I can place an order 😂

....typical

Wah dooooooooooommmed!! Sub £1600 now 

Next stop $400oz

Wonga was right . . . . . . . 

[bluemoon]

1 hour ago, Silverlocks said:

Lots of bullion dealers in Hatton Garden.  There's a load of jewellers, PM dealers and suchlike around the area.

Any of them not requiring ID from you if buying a couple of Sovs in cash? There are a couple in London like that but don't know about the Hatton Garden ones.

[Stacktastic]

59 minutes ago, Paul said:

Wah dooooooooooommmed!! Sub £1600 now 

Next stop $400oz

Wonga was right . . . . . . . 

Im starting to feel a bit less anxious as i sold 50% of my gold over the weekend. 😛
It was either a master move or the most stupid thing I have ever done.   

Hoping we can see a real sell off on gold and a decent position in the miners over the next month.  
So many unknowns with the banks and stuff, but I have asked lot of people and they have no idea this is going on as its just not in the news!! 

That to me tells me that this is not planned by the cabal, & we all know money gets made out of thin air LOL. 
This sums up the sentiment turnaround IMO. Bitcoin will be the next one to sell IMO.   

Edited March 21, 2023 by Stacktastic