The coming Gold crash

[KRO]

opps😀on day one alone 101.8 tons,
really should have analysed your graph more closely Wonger

 

Bloomberg) -- Traders on the main gold futures exchange in New York have issued the largest daily delivery notice on record.

In the latest sign of how the market’s norms have been upended by the price disconnect that struck in March, traders on Thursday declared their intent to deliver 3.27 million ounces of gold against the August Comex contract, the largest daily notice in bourse data going back to 1994.

While millions of ounces of gold trade on the futures market every day, typically only a tiny fraction of that goes to delivery. But in recent months, huge amounts of bullion have flowed into New York and the Comex has seen record deliveries.

 

[sixgun]

23 hours ago, Hennypenny said:

I'm actually angry with Wonger for stopping me making some gold purchase when the price was only £1200 per oz. I truly believed in his prediction, as he seemed to have several + on his feedback.

People get a + on feedback when a laughing and confused feedback is left - members are in effect mocking the poster. Look at his feedback - most of those leaving feedback are laughing at him.

https://www.thesilverforum.com/profile/5155-wonger/reputation/

[TheApe]

11 minutes ago, sixgun said:

People get a + on feedback when a laughing and confused feedback is left - members are in effect mocking the poster. Look at his feedback - most of those leaving feedback are laughing at him.

https://www.thesilverforum.com/profile/5155-wonger/reputation/

Feedback system is dumb, you get "reputation" for being laughed at.

[ChrisSilver]

4 minutes ago, TheApe said:

Feedback system is dumb, you get "reputation" for being laughed at.

Trading feedback and community reputation points are two completely separate things.

[TheApe]

I should have specified community reputation is dumb. What's the point when you can't give negative feedback.

And I'm not talking about disagreeing on a point. I'm talking about disapproving of behavior.

[Stacktastic]

On 29/07/2020 at 21:25, 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...........

I just had a look at this guys website. I was expecting a load of books on investing & stuff, but he has written a book on "the coming DEPRESSION" and a stock market crash, yet he is urging everyone to invest in the stock market.

WTF! Yes fair enough invest in the markets when they bottom, but thats not what he said. 

Er.. My family are struggling to find any meat or fresh produce that is not 5x what it was last week. 
5oz of physical gold or worthless shares in P&O or Tesla? Hmmm. 

Edited August 1, 2020 by Stacktastic

[Abyss]

1 hour ago, Stacktastic said:

I just had a look at this guys website. I was expecting a load of books on investing & stuff, but he has written a book on "the coming DEPRESSION" and a stock market crash, yet he is urging everyone to invest in the stock market.

WTF! Yes fair enough invest in the markets when they bottom, but thats not what he said. 

Er.. My family are struggling to find any meat or fresh produce that is not 5x what it was last week. 
5oz of physical gold or worthless shares in P&O or Tesla? Hmmm.

Full disclosure I have not come across Lawrence Light (not recalled his previous works) until came across the Forbes article. I have been following Chris Martenson from Peak Prosperity since early January since Corana Virus https://www.youtube.com/channel/UCD2-QVBQi48RRQTD4Jhxu8w hit Wuhan in China. There is a recurring theme and undertone to many of the videos published on their demonitised YouTube channel is professional integrity both in virologist profession and the mass Media in general. You cannot trust people in the financial media whose pay checks are derived from selling advertising space on the platform they publishing on. I do not trust Forbes / The Financial Times but on occasion I will read some articles to see what is being promoted / pumped into the masses.

Nothing wrong with any of the asset classes precious metals, stocks, bonds, property, cryptocurrencies and dry powder (fiat currency) the key always been what percentage allocation assign to each asset class, when do you switch between the asset classes, the entry / exit strategies / how to retain your gains and avoid as much taxation as possible using legal means to do so. The inevitability in life is we will all need to retire one day and pay for all life's expenses until retirement and then fund our retirement.

Taking Individual responsibility how to manage our finances is the key to long term financial planning.

[Roy]

On 31/07/2020 at 20:06, r1lee said:

I can't wait to spend $4000 on an iPhone when an American is putting it together.

Mexican?

[KRO]

On 25/03/2020 at 01:53, Wonger said:

Dicker, its many things really, mainly the COT futures positioning (ive been futures trading over 20 years) but even without the COT data, you can feel the sentiment is red hot on Gold especially after the Monetary and fiscal packages exciting inflation fears, but you dont get inflation here, you get deflation and everyone is on the same side of the boat and its sailing into a storm and about to capsize! 

when asked by @dicker to expand on your thesis for this thread, you gave the above answer

perhaps you would therefore care to offer us your opinion on the latest COT positioning😀(I ask in a most respectful manner of course)

 

Amazing gold COT figures. Managed money (i.e. hedge funds) cut their longs by 21,362 contracts and increased shorts by 1,771 contracts. Net longs now 117,136. Position neutral, yet price at all time highs.
Swap shorts down 12,439 contracts but still carrying 70% of non-spec shorts. Net shorts still very high. But with hedge funds out, there is little liquidity to close.

August 1 -Alasdair Macleod

[MancunianStacker]

46 minutes ago, Roy said:

Mexican?

Koreans could do it for a similar price maybe? 

[sovereignsteve]

1 hour ago, KRO said:

when asked by @dicker to expand on your thesis for this thread, you gave the above answer

perhaps you would therefore care to offer us your opinion on the latest COT positioning😀(I ask in a most respectful manner of course)

 

Amazing gold COT figures. Managed money (i.e. hedge funds) cut their longs by 21,362 contracts and increased shorts by 1,771 contracts. Net longs now 117,136. Position neutral, yet price at all time highs.
Swap shorts down 12,439 contracts but still carrying 70% of non-spec shorts. Net shorts still very high. But with hedge funds out, there is little liquidity to close.

August 1 -Alasdair Macleod

You won't get any sensible answer out of him unless it acts to back up his position. If you point out anything that logically contradicts that position, he just ignores it.

He's simply a troll and he's repeatedly conspicuous by his absence unless gold is falling.

[Goldmansacks]

So where were we anyhow??

[Kman]

This is exactly when you should take a long term sell position on gold

A trend line forms, look at 2008 it lasted 4 years and when it finally fell out of that trend it bounced, retested it got rejected and then fell and started a 3 year downtrend

Exactly the same will happen with the bull run now, at some point it will fall out of the trend, retest it, get rejected and then and only then would be the time to take a sell position

Doing it before then makes no sense at all, it's fine to guess what will happen but you can't take action on it until you get confirmation

Could be 2022-2024 would be my best guess but the charts will confirm it eventually, then I will take a sell position 

 

Edited August 3, 2020 by Kman

[Mox]

On 03/08/2020 at 16:19, Goldmansacks said:

So where were we anyhow??

Over $2000

[Abyss]

All resistance levels on the weekly charts going back 2011 had little impact on the Gold price. Once broke through $1350 level retraced back to the $1450 level during the initial stock market crashes and has rallied hard. IMHO I think Gold is over extended I am hoping retracement/consolidation/grinding move back to $1900/$1800 which will represent the last opportunity to buy at the cheaper price before goes a lot higher (previous resistance acting as support). As price has never traded above $2027.3 (future Gold contract intraday today) it has clear space for the price to run up further without any resistance.

[Divmad]

Scary O/B now. Reminiscent of 2011 spike top.

[Prophecy]

yeah. it's a little parabolic for my liking. 

[Goldmansacks]

OP waiting in the wings for any sign of a drop...🙄 but noticeably quiet...

[ZigZag]

My first visit to this thread, I’ve given up after page 1 because something tells me the next 66 pages haven’t aged well.

Who at this minute doesn’t expect a pullback at some point, but the predictions were just plain wrong.

[sixgun]

Price is heading to $2500 - Goldmans has jumped ship. Then we are in a position for a reset.
The physical market is in charge now.

[5huggy]

👍🍻🚀🚀

[Minimalist]

Listening to Stardust - Music Sounds Better With You knowing fine well my wealth is protected and adjusted accordingly against financial terror inflation.

Wongers crash feels great! 

[KRO]

On 24/07/2020 at 11:44, Wonger said:

The position will not be closed, it will be hedged, this will not even be considered under $2064

Gold COMEX (Dec'20) (@GC.1:CEC:Commodities Exchange Centre) 

 

+ WATCHLIST

*Data is delayed | USD

Extended Hours | 7:00:00 PM EDT	Volume
UNCH (0)
Last Yield Close | 10:25:58 AM EDT	Volume
2064.1001  +43.1001 (+2.1326%)

[KDave]

[Divmad]

Jesus misjudged the situation also, and got crucified for it.