Gold Monitoring Thread £ GBP only

[Bars]

And weve just reached an all time high

£1649

[Spyder]

And down it goes again, must have been a fat finger

[CANV]

https://tradingeconomics.com/commodities

 

when you have hiked rates a tad too much 

[SeverinDigsSovereigns]

Not that people often look at after hours, but here we are:

 

[LemmyMcGregor]

1,632.

I did say that the only way is up and 1,600 was the new dip. Always buy the dip.

[CANV]

a fine batch of typically solvent middle ranking regional banks..  they have done no wrong but will be shafted.  

lots of people think these banks are Ponzi schemes. they are not.  they are the opposite of the general public in US states who have always used local banks.  they are not the Lehmans and bear sterns of the world

people lend short and borrow long.  you deposit your salary and get a mortgage .  banks do the opposite.  they borrow short (your loot) . and lend long. your mortgage   thats what these American banks do..  they were told to hedge excess funds in treasuries 

and now they are properly ****ed.  and to be fair id say its the regulations post 2008 that has ****ed them not any 'casino' banking    still all good for gold. 

[EdwardTeach]

Whow there she blows!

£1,659.59

[Midasfrog]

Another all time high today £1659.59

 

Edited May 3, 2023 by Midasfrog

[James32]

Just now, Midasfrog said:

Another all time high today £1659.59

Still waiting on your dip ffs

[Midasfrog]

3 minutes ago, James32 said:

Still waiting on your dip ffs

1st May was this weeks dip 👍

[Tipsmart]

What's mad about this price action is that oil is down about 10% in the last 24hrs.

[LemmyMcGregor]

1 hour ago, James32 said:

Still waiting on your dip ffs

Here's mine. Get cheese dip, bake in oven, meanwhile you cook pork belly chops in a cast iron pan*, when both are ready enjoy chops dipped in cheese. This stuff has no right to be this good.

*alternatively you can oven bake them.

+


PS. £1,633

[bobski]

16 minutes ago, LemmyMcGregor said:

Here's mine. Get cheese dip, bake in oven, meanwhile you cook pork belly chops in a cast iron pan*, when both are ready enjoy chops dipped in cheese. This stuff has no right to be this good.

*alternatively you can oven bake them.

+


PS. £1,633

can make poor mans burnt ends with pork belly in the smoker. the cheese fondue thing is next level. might have to try that!

 

PS. £1,634.44 on BBP graph

[Bumble]

On the issue of American banks... they are indeed not like Lehman Brothers with excessive speculative leverage. But it is a traditional feature of American banking that banks will offer mortgages with a fixed rate for the entire duration of the mortgage. You would never get this in the UK or other countries I know of. A fixed rate mortgage in the UK means one that is fixed for 3 or 4 years before reverting to the floating rate.

For a bank to offer a mortgage at a fixed rate for 20-30 years is reckless and irresponsible. If interest rates rise, as they have, the bank is committed to receiving only the low rate of return from the existing mortgages on their book. While at the same time their savers expect to be paid the prevailing rate. US banks are offering 0.5% interest on their savings accounts because they cannot afford more given the low rate of income they receive from their mortgages.

The result is savers are withdrawing their deposits and putting the money into money market funds or directly buying US government bonds where they can get 4.5%. And why shouldn't they? If I had a savings account at a bank that was paying 0.5% in the current climate I would not put up with it. At present in the UK you can get 3% on a savings account with no restrictions on access or 3.75% if you are willing to have some restrictions. If American banks are unable to provide this return for their savers then they have screwed up.

Edited May 4, 2023 by Bumble

[gji25]

Oh and dont forget. Gold is a tier 1 asset 😃

https://corporatefinanceinstitute.com/resources/wealth-management/common-equity-tier-1-cet1/

[SidS]

11 hours ago, Frenchie said:

The question is not how high gold can go, but how low the money can go...I would say the value of a paper sheet,...and I think that toilet paper would even be more expensive and useful in that case 

A nation of billionaires who can't afford a loaf of bread between them.

[dicker]

Golds rampage in Asia over. 

At least one other US bank under pressure….in terms of stock price

1625

 

[HerefordBullyun]

1 hour ago, dicker said:

Golds rampage in Asia over. 

At least one other US bank under pressure….in terms of stock price

1625

 

Regional banks getting smashed PACWest namely

https://www.zerohedge.com/markets/here-we-go-again-troubled-california-bank-pacwest-craters-60-report-it-seeking-buyers-or

https://www.zerohedge.com/markets/banking-collapse-2023-now-officially-bigger-banking-collapse-2008

Edited May 4, 2023 by HerefordBullyun

[AuricGoldfinger]

😳

[MBTPSilver]

It's an interesting spike on the charts. Lasted slightly too long to be a single data point error. Some charts are showing it, some charts look to have smoothed over it. But yes, for a very brief window I think we did have an all-time high in both dollars and pounds last night.

Always a pinch of salt when it's right on market opening back up though.

[EdwardTeach]

7 hours ago, Bumble said:

At present in the UK you can get 3% on a savings account with no restrictions on access

When the banks collapse restrictions on access to your currency could change very quickly. Just because they give you instant access today does not mean they will tomorrow.

[LemmyMcGregor]

9 hours ago, Bumble said:

On the issue of American banks... they are indeed not like Lehman Brothers with excessive speculative leverage. But it is a traditional feature of American banking that banks will offer mortgages with a fixed rate for the entire duration of the mortgage. You would never get this in the UK or other countries I know of. A fixed rate mortgage in the UK means one that is fixed for 3 or 4 years before reverting to the floating rate.

For a bank to offer a mortgage at a fixed rate for 20-30 years is reckless and irresponsible. If interest rates rise, as they have, the bank is committed to receiving only the low rate of return from the existing mortgages on their book. While at the same time their savers expect to be paid the prevailing rate. US banks are offering 0.5% interest on their savings accounts because they cannot afford more given the low rate of income they receive from their mortgages.

The result is savers are withdrawing their deposits and putting the money into money market funds or directly buying US government bonds where they can get 4.5%. And why shouldn't they? If I had a savings account at a bank that was paying 0.5% in the current climate I would not put up with it. At present in the UK you can get 3% on a savings account with no restrictions on access or 3.75% if you are willing to have some restrictions. If American banks are unable to provide this return for their savers then they have screwed up.

This probably means no restrictions in shifting from a digital account to an another, try to cash out.

[KRO]

interesting fact considering that J Powell assures us that all is well with the banks😀
The collapse of First Republic over the weekend meant that the assets of banks collapsed in 2023 now outweighs those that collapsed in 2008
 

[SeverinDigsSovereigns]

3 minutes ago, KRO said:

interesting fact considering that J Powell assures us that all is well with the banks😀
The collapse of First Republic over the weekend meant that the assets of banks collapsed in 2023 now outweighs those that collapsed in 2008
 

"Inflation will be transitory."

[SidS]

Just now, SeverinDigsSovereigns said:

"Inflation will be transitory."

It is... just for about twenty years!