Gold Monitoring Thread £ GBP only

[5huggy]

NOTE the volumes ! 05.30 onwards!

Edited March 20, 2020 by 5huggy

[TheCoinCabinet]

On 18/03/2020 at 08:25, Roy said:

So a hit in USD but not much of an effect in GBP.

Why is that? 🤔

This is the currency effect. GBP keeps getting pounded (excuse the pun) so although USD price looks cheap, GBP is near all-time high. Don't be fooled by the expensive looking price in GBP and sit on the fence, it's still cheap and gold will go to new all-time highs in USD too soon. GBP is unlikely to recover anytime soon so even for UK investors gold is a buy imho. My baseline is this: money in the bank is costing you money with 0 % interest and (soon rising) inflation. Some shares may be an option, but I don't have much confidence in stocks right now

Gold has sold off recently not because of gold-related factors, but merely for it being a liquid and volatile asset. Highly leveraged players had to dump any such assets on their books (gold probably booked them a profit too!) to meet margin calls when equity markets drop 20+% in such short time. Same thing happened In 2007: gold dropped 33 % in 3 months then went up 55 % in the following 3 months and went to all-time high $1920. What we are seeing is temporary and there will be a huge upswing soon, especially after all CBs and Sunak writing blank cheques. Don't get me wrong its the right thing to do at this point but will inevitably lead to rising inflation. 

Sorry for quoting USD prices in GBP thread but imo gold must be looked at as a currency of its own and measured against multiple currencies to get a clear picture

[TheCoinCabinet]

On 18/03/2020 at 08:19, BazzaC said:

Morning all

so is this possibly a buying opportunity with a dip, Or is there still some time to sell?   Physical I'm referring to that is.

Thoughts and ideas if you please... if I can request this here.

Hope above is also answering your question. Yes gold is a buy and recently it tested the 260-day moving average @$1448 and bounced, any move towards there is imo a buying opportunity and even if drops below MA won't sit there long

[MancunianStacker]

All time high today:

 

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Added 0 minutes later...

So does that mean it’s about to get smashed down again? 

[JunkBond]

12 minutes ago, MancunianStacker said:

So does that mean it’s about to get smashed down again? 

Yeah, but you can't keep a good man down.

[sovereignsteve]

47 minutes ago, MancunianStacker said:

So does that mean it’s about to get smashed down again?

Not necessarily, it just means that Sterling is weak, price in dollars is nowhere near ATH.

I can't see that spike on other chart sources.

[AuricGoldfinger]

Same

[Roy]

[Robda1986]

1311 dammm

[goldmember44]

This is only the beginning. Inflation hasn't even started yet.

[Midasfrog]

Holding on tight until £1500 ……...😀……..its going to be a smooth ride upwards from there

Edited March 23, 2020 by Midasfrog

[sixgun]

The Fed has admitted QE to infinity and unemployment of over 30% - anyone joining up the numbers can see they will have to admit inflation - then the bond market blows up - you can't reasonably have bonds at zero yield and inflation at over 10% - Gold goes much higher then.

This is nothing to do with a virus - the system is coming unhinged and they don't know what the feck to do.
 

[Roy]

Will I be rich @sixgun?

[sixgun]

Just now, Roy said:

Will I be rich @sixgun?

[Nick1368]

7 minutes ago, sixgun said:

 

This is nothing to do with a virus -
 

THIS IS THE REAL VIRUS.

[Paul]

 in GBP £ anyway

[Nick1368]

OMG it's happening 

£1338 as I type 

[BrumChris]

1 minute ago, Nick1368 said:

OMG it's happening 

£1338 as I type 

Its certainly rocketing today. All this new debt will have to be inflated away. Glad I didn't get round to selling a couple of half sovs last week.

[Zhorro]

At £1,346, I think we are at the highest ever pound gold price!

[kimchi]

13 minutes ago, Zhorro said:

At £1,346, I think we are at the highest ever pound gold price!

Blimey

So a Sov is presently worth what, £330 odd?

[KevjustKev]

gold.co.uk have got Victoria Young Head Sov's for £446.90, meaning there price is £1,898 an oz. Yes, there is a bit of a mark up on them, but come on!

[kimchi]

7 minutes ago, tallthinkev said:

gold.co.uk have got Victoria Young Head Sov's for £446.90, meaning there price is £1,898 an oz. Yes, there is a bit of a mark up on them, but come on!

I think I read on here or elsewhere that as gold rises some coins should keep their premium but I don't see it like that at all, perhaps that is my outlook added to the fact I only collect modern proofs (???).

[KevjustKev]

1 minute ago, kimchi said:

I think I read on here or elsewhere that as gold rises some coins should keep their premium but I don't see it like that at all, perhaps that is my outlook added to the fact I only collect modern proofs (???).

Having proofs is more of a collecting thing really, so not so much in the valve of the metal? 

[Cointreau]

I have £20K in my bank account reduced from £30K.  Should I feed my goldmoney account? Hmm! Tomorrow I will try to take most of it out tomorrow.

They won't like it!

[Nick1368]

1 hour ago, BrumChris said:

Its certainly rocketing today. All this new debt will have to be inflated away. Glad I didn't get round to selling a couple of half sovs last week.

glad I picked up 4 x sovs this morning when spot was at £1270 🤩