The coming Gold crash

[goluckystayhappy]

Good luck as I think you will need it.

Not sure of your logic in shorting given the worldwide mass printing of currency.

[Wonger]

Still holding Gold shorts, added to tanker longs and shorted WTI Friday afternoon, WTI is going to collapse Monday!

[Wonger]

On 02/04/2020 at 14:29, goluckystayhappy said:

Good luck as I think you will need it.

Not sure of your logic in shorting given the worldwide mass printing of currency.

I dont trade on luck!

[Auricsstash]

Bet you a million quid payday is bragging about stuff he did last week....

[Wonger]

Just now, zhoutonged said:

still got a $400 target? 🤣

Yes why wouldnt I still have my $400 Gold price target, WTI price target $4, tankers to the moon!

[Elements]

9 minutes ago, Wonger said:

Still holding Gold shorts, added to tanker longs and shorted WTI Friday afternoon, WTI is going to collapse Monday!

Could be right about oil

https://www.zerohedge.com/energy/after-record-rally-oil-faces-collapse-new-feud-erupts-between-saudis-and-russia-monday-opec

[Wonger]

6 minutes ago, Elements said:

Could be right about oil

https://www.zerohedge.com/energy/after-record-rally-oil-faces-collapse-new-feud-erupts-between-saudis-and-russia-monday-opec

Any professional trader knows that a bottom does not look like the WTI action last 2 days and its a short squeeze into the weekend setting up a gap down open, so would short into any strength going into the close!  

[Elements]

I think most traders have finally realised they should short the rallies based on a trump tweet too!

[motorbikez]

On 24/03/2020 at 23:43, Wonger said:

Do you really think that consumers buying food and amazon goodies will overwhelm the complete deflationary collapse of global securities resulting in inflation pushing up Gold? Really? 

I think wonger is a good sport but IMHO he has a point re gold & silver. I am personally neutral on both because I'm a collector not a stacker & don't worry about spot prices.

But re this Coronavirus hysteria it has shown what your average punter in the street is interested in & its not gold or silver its toilet rolls & food & cheap pharma (paracetamols aspirin etc).

When this thing blows over the majority of people in the western world will be in the s--t re their jobs housing etc, most are in the s--t the 1st week they don't get paid. So I do not think there will be a rush to buy gold or silver. I may well be wrong but there is always two sides to a coin so to speak.

I'm more surprised that gold in particular is not way higher than it is now with stock markets all over the world down sharply & miners shutting up shop. Personally with this corona farce I would have expected gold to be over $2000 per oz.

 

[jultorsk]

[Andy1]

Personally I use technical analysis to gauge whether the market is trending or not and to buck the trend when it's making bullish market structure would be none other than foolish. Until the previous higher low gets taken out the bull trend is still in tact. 

Edited April 4, 2020 by Andy1

[Minimalist]

3 hours ago, Andy1 said:

Personally I use technical analysis to gauge whether the market is trending or not and to buck the trend when it's making bullish market structure would be none other than foolish. Until the previous higher low gets taken out the bull trend is still in tact. 

We are heading to $2,000

[Wonger]

5 hours ago, jultorsk said:

The commercials are still net short 280,000 Gold contracts, Gold is going down!

Open interest does not have any effect on price only the actual net positioning, speculators could be long 500,000 contracts and short 500,000 contracts giving a huge open interest reading of 1,000,000 contracts, but no net position, these could then be reduced to being long 100,000 contracts and short 100,000 contracts without a move in the price, because as before there is still no net position, the price will not move until net positions are being formed!  

[CadmiumGreen]

Apologies up front...got a little bored...

Closed interest does have an effect on speculation of only the false net positioning, speculators could be short 500,000 contracts and long 500,000 contracts giving a small closed depreciation reading of 1,000,000 contracts, but with 100% net position, these could then be increased to being short 100,000 contracts and long 100,000 contracts with a move in the speculation, because as lastly there is still net position, the speculation will move until net positions are being destroyed!

[Wonger]

11 hours ago, zhoutonged said:

How big is your short position wonger?

Personal exposure and desk exposure to short Gold futures at this present time is lets say interesting! 😉

However this is in addition to various other interesting positions that include short 30 TSY (long term) short s&p's (short term) short Bitcoin target $1200, long oil storage TNK, STNG ,LPG, EURN, DHT added Friday medium term, short WTI medium term, Short Silver medium term as is Gold

Edited April 5, 2020 by Wonger

[silenceissilver]

I'm  concerned about the gold price rising so high that I can only afford one eighth Sovereign every 3 months rather than about a low gold price.

Edited April 5, 2020 by silenceissilver

[AurumArgenti]

Robert kiyosaki say's everyone should try and buy Gold, Silver and Bitcoin.

[Wonger]

😉

Edited April 5, 2020 by Wonger

[Jcollet]

Short gold right now is a pure gamble play. I'm neither bull nor bear, I just like to make money. Hopefully you have a stop loss. My goal is not to make money, its really not to lose money, the rest follows. I'd stay long gold, no reason not too at this point. 400-600 is an absurd statement, no reason to take that serious. You can print all the graphs and charts you'd like. Color them with your crayons and frame them.

[Zhorro]

1 hour ago, Wonger said:

😉

Wasn't this an April Fool's Day article!

[sixgun]

Gold crashing - i knew i should have gone down hard.

[Andy1]

On 04/04/2020 at 16:38, Minimalist said:

We are heading to $2,000

Yes Indeed, Bears are getting steamrolled this week, once we take out that previous higher high price will bolster. 

[Minimalist]

4 minutes ago, Andy1 said:

Yes Indeed, Bears are getting steamrolled this week, once we take out that previous higher high price will bolster. 

 

My TA indicates that the spot price will head near $3,000 in the next few years

[Andy1]

5 minutes ago, Minimalist said:

 

My TA indicates that the spot price will head near $3,000 in the next few years

Although I tend to stay away from the monthly chart it gives a nice top down perspective, Fibonacci extensions line up perfectly with your targets! 

Edited April 6, 2020 by Andy1
Incorrect photo

[Minimalist]

2 minutes ago, Andy1 said:

Although I tend to stay away from the monthly chart it gives a nice top down perspective, Fibonacci extensions line up perfectly with your targets! 

As a former OTC trader, I was wrong 42% of the time. 😜