The day's price movements

rblong2us

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ooeerr I'm feeling quite giddy (-;

And wondering if the control monkees have been overwhelmed, or re tasked as other aspects of 'managing' the markets get priority ?
 

pmbug

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It certainly seems like people might be waking up the reality that the economic impact of the coronavirus/China shutdown has started to take hold. Equity markets are stupidly bubblicious. Debt (bond) markets are also iffy. Where does the smart money go for a flight to safety? I'm also seeing that bitcoin is rising again. It's not just gold/silver seeing interest.
 

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It looks like $1650 is the new resistance level for gold - at least for now. Gold climbed to around $1680 yesterday before getting monkey hammered back to the line.
 

rblong2us

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blimey

I sold some and now the price is lower ........... oh well

It allows me to smile which ever way the price goes (-:
 

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Back under US$1,580. I didn't expect that. We'll see if it holds by the close of the market.
 

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Financial news says the sell off in gold was for institutions needing cash to cover margin calls on stock losses. If so, it likely explains gold getting hit harder than silver. Then again, I watched some CNBC today and some hedge fund guy was saying he's buying gold and Treasuries right now. Another analyst on Bloomberg tv was saying Treasuries are currently oversold. Where's big money going to go?
 

pmbug

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...
Perhaps Friday’s Comex price fall had something to do with the CME Group on Thursday 27 February, where they raised maintenance margins on the Comex 100 oz gold future (GC) by 10% from 5000 to 5500, claiming it was a “normal review of market volatility to ensure adequate collateral coverage“. Those margin changes went into effect at close of business on Thursday 27 February (effective as of Friday 28 February). So the stress of higher margin requirements could be a contributing factor to the Comex selloff.
...
https://www.bullionstar.com/blogs/r...at-record-levels-paper-gold-price-disconnect/

We've seen this before. It really shouldn't be surprising.
 

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Looks like $1,580 is now the lower bound resistance. Will gold break through $1,650 again?
 

rblong2us

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Well it made 1640 an hour ago (-:

So we had margin calls, the usual beating whenever gold shows its true colours, plus end of month shenanigans that have always occurred to try and mess up the various bets on the metals.

My view is that its inevitable that these kinds of setbacks will happen but that a genuine black swan has arrived and things are not going to go back to how they were.

Where we go will likely not be to the liking of most but they might still be able to hold back real money for a good while.
 

rblong2us

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And a quick look at $1690 ..........

GSR 96.7 so much for silver showing the way )-:

This site and a few others evolved around a time of the metals doing well and we all knew it was only a matter of time before paper showed its true weakness.
That was 12 years ago for me.
Then from 2011 - 2015 we suffered terribly but the community held together although not so optimistic regarding the failure of fiat.

And now finally we seem to have the 'careful what you wish for' scenario.
Even if the woo hoo floo is overhyped the effect of the collective response to it will devastate commerce everywhere and surely no amount of helicopter money can fix this.

So finally its the time for real money to shine (-:

Curiously though we are not seeing much of an uptick in traffic here in bugland.
I wonder how long it will be before we are inundated with new interest and if this would be a sell signal ?
Heh
 

pmbug

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Right on every aspect.

Happy to see my "investments" realize some return, anxious that my "insurance" might be paying out.

And yeah, interest in the forum will likely pick up as people start to realize there is something terribly broken with the global economy. Sell signal? Depends on whether or not you think there will be an orderly recovery. If the debt bomb explodes, I'm not so sure about that.
 

rblong2us

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the 'sell signal' is kinda equivalent to the shoe shine boy or the Taxi driver getting into stocks n shares ........
 

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I've been wrong for years (and I'm kinda proud of it). I never believed the mountain of debt we've accumulated would grow this high. "Precious metals are the answer!" I have taught for decades. (I'm 60.) So no matter what gyrations the economy and the country go through over the next few years, I'm not selling. I'm hodling. When things calm down, then I'll see if there is a place for my PMs in the marketplace...or I give them to my wife and kids if I'm gone.
 

rblong2us

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Gold just popped to $1700 at the open ........

All time high in USD this week ?

hmmm

22 Aug 2011 - ... Early Tuesday, prices hit an all-time high of $1,917.90 an ounce,

probably not but maybe by end of March (-:
 
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shinnosuke

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We're getting to the point where one can look at the price of gold (around $1700) and the price of silver (around $17) and easily calculate the Gold/Silver ratio in one's head. Be sure and tell your kids about this some day when you're sitting around the campfire.
 

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Oil down 25% tonight because of Saudis.
US Pre/overnight futures markets are in freefall.
US Treasury yield curve from 3 months to 30 years are all under 1% for first time in history.

I believe this is what a bloodbath looks like.
 

pmbug

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Gold testing US$1,700 this morning.

Update (0952ET): Cash indices have reopened after their 15-min circuit-breaker halt and are extending losses. The Dow is down 2000 points!

* * *

As we noted pre-open, S&P futures were locked limit-down 5%, but as we noted SPY was trading down 7.5% in the pre-open...

and now that the cash S&P 500 has opened and tumbled 7%...

...it is now halted for 15mins as the first major circuit-breaker has kicked in. As a reminder:
  • If the S&P 500 declines 7%, (208 points), trading will pause for 15 min
  • If declines 13%, (386 pts) trading will again pause for 15 mins
  • If falls 20%, (594 pts) the markets would close for the day.

Additionally, Canadian stocks are down 7% at the open, the most since 2008; and Brazilian stocks are down 10% at the open, triggering their circuit breaker.

This has entirely erased all the Fed liquidity-add gains...
https://www.zerohedge.com/markets/sp-opens-down-7-immediately-halted-15-mins-trigger-circuit-breaker
 

rblong2us

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$100 days and nary a comment here ...........


My silver losses seem to increase on a similar % basis to my gold gains
Delighted with my GSR though.

If I was a bit braver I would sell some gold and buy more silver but 10 years of it being a hopeless loss ( I bought when it was near the top ) makes it hard to be truly rational.
 
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