The coming Gold crash

[cornishrich]

Up 20 pounds in 10 hours mental 

[Vern]

2 hours ago, cornishrich said:

Up 20 pounds in 10 hours mental 

It's going to get much more mental I think.

[TheApe]

14 minutes ago, Vern said:

It's going to get much more mental I think.

More crashing?, I can't take anymore.

[OriginalS]

Has anyone at this point asked Wonga if he missed a zero off his prediction, once again we'll see a small dip when New York opens, expecting it to finish at $1950 today 

[HGr]

3 hours ago, silenceissilver said:

It already reminds me of last summer when gold just didn't stop climbing and when I continued to wish it would go back again so I could buy cheaper. So do I now but it seems it's futile.

I hesitated earlier in the year, when sovs were still 280, and regret it. Waiting is painful watching, so I am buying small amounts each month and will continue all the way to the top. 

Fingers crossed for another big dip but if it doesn't happen, so be it. 

What is keeping me up at night is the question of whether I should liquidate everything else and go balls deep into PM's. 

[AuricGoldfinger]

I would argue all time high prices bever the best time to go all in. But like you say i was also very hesitant at similar prices and now look lol. I think cost averaging is the best option 

[silenceissilver]

16 minutes ago, HGr said:

I hesitated earlier in the year, when sovs were still 280, and regret it. Waiting is painful watching, so I am buying small amounts each month and will continue all the way to the top. 

Fingers crossed for another big dip but if it doesn't happen, so be it. 

What is keeping me up at night is the question of whether I should liquidate everything else and go balls deep into PM's. 

Thankfully I bought more than usually just at the very start of the bull ran last summer. "1009£  spot price - maybe I should wait till it's down to at least 1007£?" Thanks God I didn't, after all. But I remember how I hesitated.  I buy monthly but even for those purchases I wish the prices were lower. I will have to downgrade my monthly purchase to one Sovereign a month....half a Sovereign a month....a quarter Sovereign a month and eventually they will need to introduce an eighth sovereign for me.

[MancunianStacker]

4 minutes ago, silenceissilver said:

eventually they will need to introduce an eighth sovereign for me.

Stop giving them ideas 😂 

Royal Mint have spies 🕵️‍♀️ in here I’m sure 😉 

[Divmad]

Dollar cost averaging is a perfectly respectable method of drip feeding money into the market.

[HerefordBullyun]

3 hours ago, silenceissilver said:

That's actually another topic but the big oil corporations back the so-called renewable energies because they increase the need for conventional energies! Less oil rather but more coal, gas etc. Why? Because there are times without wind and sun there is the need for an additional buffer! More "renewable" energy = more conventinal energy on top of that!

(There is of course also the theory that oil is everywhere if you dig deep enough and is created geologically all the time, not just millions of years ago andthe Russians would have the methods to dig deep enough and hold it back because they sell so much oil and gas. I don't know if that is true but if it is, oil will eventually become much cheaper and every country can get its own oil.)

Oil is in abundance only because of the glut of production . But disagree there's limitless supplies Brunei apparently  has only about 10 years left. How do I know I posted there protecting the sultans oil... the middle East  will follow suit maybe 50 years time.

[KRO]

come on Wonger where is the COT Chart??😀 I must have missed seeing it today😎

Problem is you never look at the other side of the trade

 

 Commerzbank analyst Carsten Fritsch.

 

“The fact that the rise in the gold price has been hardly driven by speculation at all argues against any excessive correction. Net long positions held by speculative financial investors increased only slightly in the last reporting week, and still remain significantly short of their early-March level,” he said.

[TheApe]

1 hour ago, KRO said:

come on Wonger where is the COT Chart??😀 I must have missed seeing it today😎

Problem is you never look at the other side of the trade

 

 Commerzbank analyst Carsten Fritsch.

 

“The fact that the rise in the gold price has been hardly driven by speculation at all argues against any excessive correction. Net long positions held by speculative financial investors increased only slightly in the last reporting week, and still remain significantly short of their early-March level,” he said.

He only repeats that graph when Gold drops a little to troll people.

[sixgun]

https://www.msn.com/en-us/finance/markets/us-mint-has-reduced-silver-gold-coin-supplies-to-purchasers/ar-BB17g2Wy
U.S. Mint Has Reduced Silver, Gold Coin Supplies to Purchasers

Allegedly due to the coronavirus - please stop the fake news. 
Gold is crashing - silver is plunging - didn't they interview the Wonger - it appears not.

[r1lee]

30 minutes ago, sixgun said:

https://www.msn.com/en-us/finance/markets/us-mint-has-reduced-silver-gold-coin-supplies-to-purchasers/ar-BB17g2Wy
U.S. Mint Has Reduced Silver, Gold Coin Supplies to Purchasers

Allegedly due to the coronavirus - please stop the fake news. 
Gold is crashing - silver is plunging - didn't they interview the Wonger - it appears not.

You have to flip the chart upside down, then it's crashing hard.

[sixgun]

5 minutes ago, r1lee said:

You have to flip the chart upside down, then it's crashing hard.

Well something needs to have flipped - i think it is the Wonger.

[Oldun]

Helicopter money straight into the real economies since covid-19. This creates real inflation in the real economy. Govs will be looking to tax the bejeesus out of everyone once this ends......inflation plus taxes coming...so bye bye the middle class, hello reduced upper class....and tough luck on the poor ........if pension money starts to enter the gold market, watch out.....it will move it enormously as big institutions like pension funds have to pick and choose their moment and get in in tranches.

Governments are now just propping up their economies with endless free cash now. Will it stop ? Can they stop ? Once a vaccine has been proven to work, there will be a sigh of releief in economies but the damage has been done....print to infinity in the real economy to stop increasingly destitute populations or cut everyone without a job adrift and hope there aren’t riots ? Not exactly a great choice, either of them. Trust in governments continues to be eroded day by day. 

Gold price and 30 year treasury bonds are a decent correlation btw.

Edited July 28, 2020 by Oldun

[MancunianStacker]

3 hours ago, Oldun said:

there will be a sigh of releief

Did anybody else read it as “a high relief”?

Love a nice high relief coin me 😂 

[KRO]

The market’s nicked the golden shorts

 

😀

Kingworld news

Banks May Have To Run Gold Price Higher To Escape The Short Trap
With gold there is a huge problem. The bullion banks are short, losing about $40 billion on Comex alone, and there is no way they are able to close down their positions. I imagine I’m talking to an old jobber in the London Stock Exchange when we had a trading floor. My question to him is how to deal with an intractable short position. He will say, “There’s only one way to do it. Let the price run until everyone is on board and then bang the price. It’s the only way to get your shorts back.”

 

[Goldmansacks]

Feels like a water shed period right now,the next 2 weeks will tell us a lot.

[silenceissilver]

No Sir, no sight of Wonger since the last big flood of fiat money into the gold market!

I hope they haven't cut off his internet since his latest losses.

[Abyss]

I found @Wonger I want to say it took months of pain stacking research but I read an article on Forbes and the author is no doubt in my mind @Wonger.

Stay The Hell Away From Gold

https://www.forbes.com/sites/lawrencelight/2020/07/26/stay-the-hell-away-from-gold/

In the real world @Wonger is....... drum roll please...........

[Prophecy]

48 minutes ago, Abyss said:

I found @Wonger I want to say it took months of pain stacking research but I read an article on Forbes and the author is no doubt in my mind @Wonger.

Stay The Hell Away From Gold

https://www.forbes.com/sites/lawrencelight/2020/07/26/stay-the-hell-away-from-gold/

In the real world @Wonger is....... drum roll please...........

The guy misses the point... You invest in stocksnbonds AND gold but you maintain a balanced portfolio. No more than 30% gold, the rest bonds and/or stocks. If I hadn't done that, my pension savings would be down 20%. With 30ish% in gold assets inc phys, I'm up! A 70/30 rebalanced split helps you weather the volatilities of both for almost the same gains as stockbond funds only.

Edited July 29, 2020 by Prophecy

[HGr]

Where is Wonger? 

Gold has gone down like £15! I thought he'd be on this thread like a tramp on chips 🍟

[mr-dead]

21 hours ago, Abyss said:

I found @Wonger I want to say it took months of pain stacking research but I read an article on Forbes and the author is no doubt in my mind @Wonger.

Stay The Hell Away From Gold

https://www.forbes.com/sites/lawrencelight/2020/07/26/stay-the-hell-away-from-gold/

In the real world @Wonger is....... drum roll please...........

pain stacking research

stacking on the brain, stick to stacking gold/silver lol

Edited July 30, 2020 by mr-dead

[dga00]

I do not understand why people are making fun of a man's opinion.
This thread was started in March, when gold price took a small dive. And maybe, under "normal" economical circumstances, the price would have gone even lower for a short while.
But let's remember what happened in the mean time:
- PPP(payroll protection program)
- stimulus checks
- eviction moratoriums
- unemployment benefits
The FED alone expanded their balance sheet by 3 trillion dollars. Not to mention other central banks.

All that new, cheap money had to go somewhere. And some "assets" went up in value, some didn't. It could have been, gold, silver, pharma stocks, technology stocks, real estate or any other class of asset. There is a chart on the FED site that shows a dramatic increase in home "ownership" in the US in the last few months. And I use quotes because if you took a loan to buy a house, you don't actually own it, in the full sense of the word.

Wonger may be proven right, after all. Because, let's not forget what gives value to gold. It's people's thrust that it will hold it's purchasing power, even after some major economic changes. And why should it? Can it feed the masses, or even a small group of people? Can it cure diseases? NO.
When push comes to shove, the majority of population will choose to live in a (fiat-driven) socialistic environment, even a communist one, where there is a sense of equality, over any other kind of regime, where previous PM savers have a (big) head start. So gold will have little value, at least for the first few decades of the new regime, and it will only be accessible to only a few people in the higher ranks. Not to mention the risk of confiscation.
Also, I hear a lot of PM stackers on Youtube that they will be able to use their coins/bars to barter essentials like water or food. In a near Mad Max scenario, you won't be able to do so because either it has already been stolen from you, or your "precious" metals will worth far less in the eyes of those who will be able to produce/procure goods.

Just because it's rare, does not mean it's valuable. And the perfect example for this is gold's neighbor on the periodic table, platinum. Platinum is over 10 times more rare than gold, and for the first decade of this millennium, it was slightly more expensive than gold. But when it's real life (industrial/auto) application switched to other metals, it's price started lagging.

So let's not make fun of a person for having an opinion and/or sticking to it. We may all be right, or we may all be wrong. Only time(s) will tell.