Gold Monitoring Thread £ GBP only

[ant1882]

2 minutes ago, Upsidedown said:

Crikey, if it keeps going down I might actually be able to afford something!

Nearly 1540!

Dropping like a hoe on the dancefloor

Doing the opposite of the UK2Y bond yield ATM then, which is now quite a bit above the pension crisis level where the PM and Chancellor copped for it!

[ant1882]

£1522 is around the 50 day MA, lets see if we bounce on that or break below... my finger is on the trigger to buy, payday needs to hurry up lol.

[Zhorro]

1 minute ago, ant1882 said:

£1522 is around the 50 day MA, lets see if we bounce on that or break below... my finger is on the trigger to buy, payday needs to hurry up lol.

Don't forget it is Tuesday!  (COMEX cut-off day).  So, what is the betting it will go up tomorrow?  People that don't hold gold can only make money when there are price movements - the more it moves (up or down) the more money they make!  Unlike the people that hold gold who are only better off when the price goes up.

[MBTPSilver]

Tomorrow's the big Fed rate-day too, so I'd expect more volatility tomorrow depending on which way they go.

[CazLikesCoins]

2 hours ago, Midasfrog said:

£1549 seems to be dropping by £10 each week at the moment over the last 4 to 5 weeks 🤔

Last weekend was at £1560 so guessing this weekend will be just below £1550 

When is back to the Moon ?  @Paul 

[HonestMoneyGoldSilver]

Perhaps you're all reading the headlines about US inflation, how it's so wonderful and is going to make, "The Fed Pause into a Full Stop". Somebody tell that to the PM markets because they are taking the opposite position.

US inflation is 4% annually and has fallen from 9.1% since this time last year but crucially on a monthly basis, inflation is rising, albeit by only 0.1% compared with April. That gives the Fed the green light to hike again. The CME Fedwatch odds of a pause have reduced from 95.3% to 91.9% over the course of the last few hours. We don't need CME or market experts to give us prophetic insights though, we've got the ticker at the top of this page to see in real-time what's happening. Precious Metals traders believe the DXY is going up tomorrow along with a Fed hike and that is why gold is falling

We've just breached the £1545 level that some TAs were claiming would be the turning point. I've said it here before, gold could retrace to $1850. Don't worry though markets are dumb as s***/highly irrational. The markets will eventually catch up with reality at which time gold will smash the ATHs. Hold long, sleep well and rejoice in owning gold regardless of when you bought it. 

[gji25]

20 hours ago, Prophecy said:

So much for a hedge against inflation... a sov in summer 2020 was around £350 (e.g.4% premium)... if it had risen in value with the inflation from then it would be worth +£430 now. Ouch. Hodl.

But they are worth +£430 now if you have the right one 👍

[gji25]

15 hours ago, CazLikesCoins said:

I think everyone should have a tent and sleeping bag these days. I'll bet plenty of Ukrainians wished they did when they had to flee homes. I'd rather be in woods than trying to sleep next to some gropey gimp in a train station.

But most of the ukrainians are not fleeing . 50% of them actually class themselves as russian . the other 50% of them are visting poland 1 a month to collect social security payments 

[HonestMoneyGoldSilver]

Well, the Fed didn't pause, rather it "skipped", giving forward guidance of likely two more rate hikes this year. The CME were right and if they are right again next time (July 26) then the Fed will hike again in July (64.5% chance of 25 bp hike)

The framing of the Fed call on rates is too narrow | Financial Times
"Based on guidance from a top Fed official, market expectations are that the central bank will “skip,” maintaining rates unchanged with an inclination to resuming hikes at the following meeting in July (similar to what Australia and Canada ended up doing)."

Fed meeting June 2023: The Fed holds rates steady, pausing its rate-hiking campaign | CNN Business

"Most officials estimate the federal funds rate will top out at a range of 5.63-5.87% in 2023, suggesting there will be at least one more rate hike this year, but most likely more, depending on the size of each hike."

The Fed not hiking caused GBP to strengthen against USD, with GBP-USD pair at the highest level since April 2022 (£1 = $1.27). A stronger pound = weaker gold if we're pricing in GBP. The BoE is widely expected to raise rates on June 22 by 25 bp, which would likely further strengthen GBP. We're currently at 4.5%, i.e. 0.5-0.75% behind the Fed, with many now saying we'll end up at 5.75% before the pivot, roughly mirroring the Fed forward guidance of 5.1-5.6% or 5.63-5.87% as per various Fed officials for 2023

Still weird the markets didn't reverse yesterday's price action considering the above and weakening USD

[EdwardTeach]

Sorry wrong thread.

Edited June 14, 2023 by EdwardTeach

[AuricGoldfinger]

Just checked the price. WTF 😳 

Last time I checked the world was still going to Sh*t

[flyingveepixie]

49 minutes ago, AuricGoldfinger said:

Just checked the price. WTF 😳 

Last time I checked the world was still going to Sh*t

The world is still going to sh!t.   The US is trumpeting loudly about 4% inflation, (even though some prices are apparently still rising there..🤔)  The FED has paused (whatever that means) The dollar is consequently somewhat strengthened, and I believe the pound is even somewhat more strengthened against the dollar somehow, although I don't pretend to understand any of it !  It seems that all of this, and probably some other behind the scenes stuff which is going on : big bank manipulation shenanigans and whatnot, is forcing the price of gold down... It'll bounce back sooner or later as soon as the next little SHTF scenario appears on the horizon.  

In the meantime : buy the dip and hold with confidence..!

Edited June 15, 2023 by flyingveepixie

[Paul]

Keep calm, carry on stacking !

[Paul]

We all bought royal mint new releases on Monday, of course the price of gold has tanked 

[ArgentSmith]

[ant1882]

1 hour ago, AuricGoldfinger said:

Just checked the price. WTF 😳 

Last time I checked the world was still going to Sh*t

Still just above 50 day MA.

[HerefordBullyun]

52 minutes ago, flyingveepixie said:

The world is still going to sh!t.   The US is trumpeting loudly about 4% inflation, (even though some prices are apparently still rising there..🤔)  The FED has paused (whatever that means) The dollar is consequently somewhat strengthened, and I believe the pound is even somewhat more strengthened against the dollar somehow, although I don't pretend to understand any of it !  It seems that all of this, and probably some other behind the scenes stuff which is going on : big bank manipulation shenanigans and whatnot, is forcing the price of gold down... It'll bounce back sooner or later as soon as the next little SHTF scenario appears on the horizon.  

In the meantime : buy the dip and hold with confidence..!

You look at the chart on the COMEX there was serious naked short selling going during asian session last night. 

Regarding the FED pause - I listened to schiff this morning and hes calling the Feds bluff about raising rates again he reckons they will skip rates next 2 months then start cutting rates while more banks will suffer more pain especially regional ones. The commericial real estate bubble and debts level in US are horrendous, if they hike again soon could trigger a crisis, Powell knows this. He just a chicken hawk.... 

[Midasfrog]

1 hour ago, Paul said:

Keep calm, carry on stacking !

Or as @James32 would say .....Keep calm , carry on sucking !

 

[CazLikesCoins]

1 hour ago, Midasfrog said:

Or as @James32 would say .....Keep calm , carry on sucking !

 

I sooooooooo misread that.

[Midasfrog]

3 hours ago, CazLikesCoins said:

I sooooooooo misread that.

I will get Chris to transfer you to the NBS thread 😆

[Paul]

5 hours ago, Midasfrog said:

Or as @James32 would say .....Keep calm , carry on sucking !

 

[Midasfrog]

[Paul]

34 minutes ago, Midasfrog said:

That's actually very true when you see your worth in how many Oz you have

price is either cheaper or dearer than last time you bought. Net result you have more Oz/grams than before. 

[CazLikesCoins]

1 hour ago, Midasfrog said:

I will get Chris to transfer you to the NBS thread 😆

Been there done that got the fart pipes! 😂

[CazLikesCoins]

9 minutes ago, Paul said:

That's actually very true when you see your worth in how many Oz you have

price is either cheaper or dearer than last time you bought. Net result you have more Oz/grams than before. 

End of July, back to the mooOOOoooon!

 

Edited June 15, 2023 by CazLikesCoins