Gold price today

[Bixley]

Two questions:

does anyone have any idea why the gold price has surged up about 3% today, and 

why does the silver forum ticker show it down in price?

[KRO]

BOE didn't raise rates, pound slumped

28 minutes ago, Bixley said:

Two questions:

does anyone have any idea why the gold price has surged up about 3% today

 

 

[sovereignsteve]

9 minutes ago, KRO said:

BOE didn't raise rates, pound slumped

 

Not quite.

Pound down less than 1.5%   Gold up 2.25%  (up in dollar terms about 1%)

[GBStacking]

As far as i can tell, mostly just because the BOE didn't raise rates. Everyone had positioned themselves with free capital to pile into other investments quickly if a rate rise happened (silver and gold had been showing signs of a bit of a drop for a few days before hand), when it didn't pan out that we were getting an interest rise, they stuffed the cash back into the nearest safe asset, i.e. gold.

[CANV]

All the main central banks are more dovish than the markets expected them to be.  Rates lower, perceived inflation higher Gold up.
Exacerbated as mentioned by the BOE’s surprise non hike today causing sterling to fall. 

[dicker]

I suspect it’s a bit of a blip up for a short while.  Nothing fundamental has changed. Watch good go right up just after I post this!

[chrisdobb]

No interest rate raise today but  a very clear indication the rate WILL rise very soon. The indicators could not be clearer.

[GBStacking]

20 minutes ago, dicker said:

I suspect it’s a bit of a blip up for a short while.  Nothing fundamental has changed. Watch good go right up just after I post this!

Dont worry, I'm looking to buy a few bits for xmas prezzies, so if your comment makes it go up, me confirming an order should bring it straight back down again! 🤣

[James32]

7 minutes ago, GBStacking said:

Dont worry, I'm looking to buy a few bits for xmas prezzies, so if your comment makes it go up, me confirming an order should bring it straight back down again! 🤣

😭😭 hope me and you never buy on the same day or it will be worthless lol.

[sixgun]

Gold and silver rose in all currencies - it rose in dollar terms on a day the Dollar Index rose. So both gold and the dollar rose today.
The BoE and GBP are insignificant with respect to the gold price.
Markets digested what was said following FOMC yesterday - that the Fed was only reducing the minimum amount of buying it would do in the markets, which in reality is meaningless - it is a pathetic gesture. The $trillions of reverse repo and the upper limit of its market intervention was not being tampered with. The Fed will continue hosing liquidity into the system. All the taper talk was as thinking people had long realised, just empty words. The Fed PUT continues. So we see another All Time High in the US equity markets. 

The Let's Go Brandon administration has been talking about capital gains taxes on unrealised gains. As a result there has been LARGE movements of funds into gold in the US. Silver is always a favourite State side. We know Turkey has been on the buy for gold and silver. Indeed there has been significant sovereign sized demand in the physical markets. 

End result is gold and silver are up - there is capping going on ahead of Non Farm Payroll tomorrow. There may well be the obligatory gyrations around that announcement but a push up in price and through the $1800 barrier is highly likely.

Edited November 4, 2021 by sixgun

[swanky]

57 minutes ago, sixgun said:

The BoE and GBP are insignificant with respect to the gold price.

@Bixleyis referring to £ gold price ($ price did not move 3%), to which BoE is very much relevant and significant.

58 minutes ago, sixgun said:

Markets digested what was said following FOMC yesterday

It's worth cross-correlating price chart with time of announcements. The FOMC digestion was done before BoE spoke - $ price sharply dropped 1% immediately after FOMC briefing, then clawed it's way back to pre-FOMC price by the time BoE began speaking.
Immediately on BoE's rate announcement a, £ price sharply jumped 1.7-1.8%, that's clearly triggered by BoE.

[sixgun]

3 minutes ago, swanky said:

@Bixleyis referring to £ gold price ($ price did not move 3%), to which BoE is very much relevant and significant.

It's worth cross-correlating price chart with time of announcements. The FOMC digestion was done before BoE spoke - $ price sharply dropped 1% immediately after FOMC briefing, then clawed it's way back to pre-FOMC price by the time BoE began speaking.
Immediately on BoE's rate announcement a, £ price sharply jumped 1.7-1.8%, that's clearly triggered by BoE.

Agreed the BoE influences the relative price of GBP which influences the gold price in GBP. For most on the forum this is what is important (but not me).
However the days that the price of gold in GBP mattered have long gone.
The 'absolute' price of gold is the USD price and this keys off what is happening in the US markets, the COMEX and what the Fed is saying. This influences the gold around the world in all currencies - including GBP.

[CollectForFun]

4 hours ago, Bixley said:

Two questions:

does anyone have any idea why the gold price has surged up about 3% today, and 

why does the silver forum ticker show it down in price?

Regarding the second part of your question, that's what I also used to wonder but then just started accepting that down means up and up means down in TSF ticker

[Pete]

You can fit anything you like to explain a shift in spot prices, mostly BS but coming from the "experts" it must be right of course, but it could also be attributed to the early release of the John Lewis woke Christmas TV advert.

[frugalman]

Could be the confidence in cryptocurrency has been badly knocked due to that squid coin scam.

People are returning to the real money.

Edit...I had six of them😆

 

Edited November 5, 2021 by frugalman
added joke

[swanky]

5 hours ago, frugalman said:

 

Could be the confidence in cryptocurrency has been badly knocked due to that squid coin scam.

 

Nah. That’s like saying Nigerian gold scams badly knock gold investor  sentiment.

[frugalman]

8 hours ago, swanky said:

Nah. That’s like saying Nigerian gold scams badly knock gold investor  sentiment.

When you look at the digital cash involved and the very large number of those affected all in one go. 

Not to mention the media coverage surrounding it.

A gold scam involving a few gullible naive people that probably wont even make it to the local paper bears little to no comparison.

Also most gold & silver stackers/investors are a different type of person compared to the crypto kids IMO. So less daunted by such events.

I think Nigerian gold scams DO badly knock gold investor sentiment because I wont be buying any gold direct from Nigeria or many other countries in Africa unfortunately.

But for us both to compare the individual cryptocurrencies with gold purchased direct from individual African countries is perhaps a little harsh. What country would bitcoin be? lol

 

 

 

  

Edited November 5, 2021 by frugalman
.

[dicker]

As someone involved in fraud and scamming prevention, I would honestly not class people who get defrauded as gullible.  Individuals as well as market professionals (lawyers, companies and banks) have been scammed.  This is a matter of record.

I am not sure many people in the U.K. would buy gold for delivery from Nigeria for delivery.  Gold is traded at relatively tight margins to spot in the U.K. and US so why pay for gold importation with delivery risk?

West Africa may be famous for 419 (advanced fee fraud), but does it impact investor confidence in gold sales? My opinion is absolutely not. 

Best

Dicker

 

 

[HerefordBullyun]

11 minutes ago, dicker said:

As someone involved in fraud and scamming prevention, I would honestly not class people who get defrauded as gullible.  Individuals as well as market professionals (lawyers, companies and banks) have been scammed.  This is a matter of record.

I am not sure many people in the U.K. would buy gold for delivery from Nigeria for delivery.  Gold is traded at relatively tight margins to spot in the U.K. and US so why pay for gold importation with delivery risk?

West Africa may be famous for 419 (advanced fee fraud), but does it impact investor confidence in gold sales? My opinion is absolutely not. 

Best

Dicker

 

 

Correct - only people who believe that if you say the word gullible really quickly it sounds like oranges!

[frugalman]

18 minutes ago, dicker said:

As someone involved in fraud and scamming prevention, I would honestly not class people who get defrauded as gullible.  Individuals as well as market professionals (lawyers, companies and banks) have been scammed.  This is a matter of record.

I am not sure many people in the U.K. would buy gold for delivery from Nigeria for delivery.  Gold is traded at relatively tight margins to spot in the U.K. and US so why pay for gold importation with delivery risk?

West Africa may be famous for 419 (advanced fee fraud), but does it impact investor confidence in gold sales? My opinion is absolutely not. 

Best

Dicker

 

 

hi Dicker, I agree. That's what the middle man is for. Gold is not crypto. Crypto sentiment is changed by a man that builds electric cars getting up out of the wrong side of bed in the morning. Gullible just came out.

 

Best F. 

Edited November 5, 2021 by frugalman

[dicker]

With respect, I disagree that scammers impact sentiment.  The market is vast…absolutely dwarfing any scammer activity on the market.

We also need to be really careful about badging folk from Nigeria as gold scammers.  In my experience it’s not entirely the case - West African cams really specialise in 419 scans but there are so many others like romance scams.

I detest scumbag scammers, but it’s important that we don’t blame on a single nation or folk based on their skin colour.

Best

Dicker

 

[HerefordBullyun]

7 minutes ago, dicker said:

With respect, I disagree that scammers impact sentiment.  The market is vast…absolutely dwarfing any scammer activity on the market.

We also need to be really careful about badging folk from Nigeria as gold scammers.  In my experience it’s not entirely the case - West African cams really specialise in 419 scans but there are so many others like romance scams.

I detest scumbag scammers, but it’s important that we don’t blame on a single nation or folk based on their skin colour.

Best

Dicker

 

Dont worry mate - my female cousin who large breasted and single wants to marry a man call Dicker, shes also Bill gates 2nd neice removed. DM me your bank details mothers maiden name adress phone number and passwords and pin numbers and your bank card details. I can assure you will live in nirvana forever.

All for the princely sum of $5000 - non refunable T and C's apply....

 

Edited November 5, 2021 by HerefordBullyun

[frugalman]

4 minutes ago, HerefordBullyun said:

Donyt worry mate - my female cousin who large breasted and single wants to marry a man call Dicker, shes also Bill gates 2nd neice removed. DM me your bank details mothers maiden name adress phone number and passwords and pin numbers and your bank card details. I can assure you will live in nirvana forever.

All for the princely sum of $5000 - non refunable T and C's apply....

 

 

13 minutes ago, HerefordBullyun said:

Donyt worry mate - my female cousin who large breasted and single wants to marry a man call Dicker, shes also Bill gates 2nd neice removed. DM me your bank details mothers maiden name adress phone number and passwords and pin numbers and your bank card details. I can assure you will live in nirvana forever.

All for the princely sum of $5000 - non refunable T and C's apply....

 

 

20 minutes ago, dicker said:

With respect, I disagree that scammers impact sentiment.  

 

With respect, it impacts mine. 

[HerefordBullyun]

Just now, frugalman said:

 

 

With respect, it impacts mine. 

So good you quoted me twice

[frugalman]

Just now, HerefordBullyun said:

So good you quoted me twice

i live under a rock mate. this is the closest thing to social media I get. my nonconformity with society has left me unable to retaliate online. I therefore grasp your humor with both hands.

When people mention skin color for no reason it plays havoc with my sentiment 😃