The day's price movements

ancona

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Silver feels sort of range-bound. It's like an epic battle between the forces of evil and the forces of...well......evil.
 

pmbug

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The metals just feel cheap right now. I couldn't resist swinging by my LCS today and getting some shiny. I also finally pulled the trigger on a few Niue Island silver bars.
 

DoChenRollingBearing

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...

To an extent, I have been taking advantage of the gold price drop to buy a little.

My last purchase (and first "numismatic" one, although my coin is not rare at all) is a US $5.00 gold piece, 1898-S, about VF condition, cost me $375. Just to get a toe in, maybe I will collect some more...
 

11C1P

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Just placed a small order and will probably place a little larger one tomorrow. Just like with ammo, I go with the theory of buying it cheap and stacking it deep. When it gets back to $50/ozt again I'll be bummed that I can't get as good of deals, but I'll at least know the value of all my sunken boats have more than doubled.
 

pmbug

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Watching the metals move higher today, I'm thinking I should have bought a little more than I did yesterday.
 

ancona

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You know 'Bug, I have watched the Boyzz and their silver/gold action for a number of weeks now, and for some reason they seem to want it capped in a tight range. It's like they know someone holding a huge position that they want to put to sleep, so they're capping the metals between two tight numbers to shove one up someone's ass.

Silver especially, has been kept in a tight range between about 19.00 and 20.25. this is a long time as far as i am concerned without any significant movement on either side of those numbers.
 

pmbug

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Any obvious reason for todays big drop ? :flushed:

Eric King: “James, what are your thoughts on the gold and silver smash today?”

Turk: “Well, it’s another option expiry day, Eric. Today just repeats the pattern that we’ve seen time and time again over the past couple of years. At the end of the month in order to make as many of the call options expire out of the money as possible, you always see the price of gold and silver slammed on option expiry. And these are call options that are sold by the bullion banks....

More: http://kingworldnews.com/kingworldn..._&_Silver_Plunge_&_History_In_The_Making.html
 

rblong2us

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Thanks Bug.

There was a time when we got all excited about biggish price movements and discussed them in great detail.

Are we now reaching a point where we no longer care ?

And does this indicate a turning point ?

or have we already discussed this ad nauseum ..........
 

pmbug

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Yeah, I don't stack as an investment, so near term spot movement doesn't really matter to me. Nothing I've seen in the news has dispelled my view that our current monetary system is on borrowed time and hard assets will be essential to weather the coming storm.
 

CoinExplorer

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Bug has it right. We'd worked our way WAY into the tight corner of a triangle pattern, and almost all the DMAs were within $15 of each other. I called it last Friday that we'd see a bust out AFTER the options expired, and that's what happened.

Curiously enough, I saw reports that the gold ETFs bought the dip yesterday. That leads me to conclude that someone, at least, sees this as a short term drop. $1262 was the 62% Fib retracement from the March high, btw, and seems to be holding this morning.

There are some that have been calling for a retest of the December low before we can take off, but market opinions are like shopping for ice cream at Baskin Robbins - you can always find a flavor you like.
 

benjamen

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ancona

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I find this new range to be interesting, since we've been stuck at just over 19 for so long. I wonder if they are trying to habituate us to lower prices by jerking the price down and holding it there long enough to cause some paper holders to bail out. I can't really see the reasoning behind this other than to allow shorts to get the hell out before an inevitable explosion in price.
 

DSAbug

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I find this new range to be interesting, since we've been stuck at just over 19 for so long. I wonder if they are trying to habituate us to lower prices by jerking the price down and holding it there long enough to cause some paper holders to bail out. I can't really see the reasoning behind this other than to allow shorts to get the hell out before an inevitable explosion in price.

Well.. if we make a new low for the move, i'd be prepared for a move down to 1000.. I don't think that happens though. Usually we put in a low by the end of June. Might have already bottomed on this decline but it's clear that something is weighing on the metal.

I wouldn't be selling simply because this decline is in the top 5 in duration since the 1860s. No, that isn't a typo. We should see a rally to the 150 week moving average at the very least. That is around 1530 right now.
 

pmbug

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It has been nearly two weeks since we have had an updated report of what the current gold holdings are in the large gold ETF, GLD. We finally got one today.

The new number came in 4.2 tons below the last reported tonnage. GLD is now holding 782.88 tons.

That this is occurring against a backdrop of events in Iraq tells me that large traders/investors are using the current geopolitical rally in the yellow metal to sell.

I had remarked some three weeks ago that the first sizeable jump in gold holdings ( nearly 8.4 tons back on May 27th) was the first good news that gold has had in some time. What I wanted to see was whether or not this was the start of a new trend among Western-based investors or more or less a flash in the pan brought on by some value-based buying that was a one-off type of transaction.

From that point, GLD only added another 1.8 tons before today's fairly sizeable drop.

I do not think it coincidental that the drop occurred as gold hit a resistance zone on the price chart centered near the $1280 region. Obviously big sellers were lying in wait to take advantage of the short-lived spike in price set off by the running of buy stops in Asian trade Sunday evening here in the West.
...

http://traderdannorcini.blogspot.com/2014/06/gld-loses-42-tons-of-gold.html
 

rblong2us

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Hey a good week and gold above $1300 but the Kitco chart at the top of these pages showing $1252, pretty much stuck there for a couple of days ............ well since june 6th now I look more closely

Is the kitco chart no longer relevant ?
 
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rblong2us

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Thanks Jim.

Its not a refresh thing. I dont leave tabs open due to a poor internet service and a very slow computer but visited PMB to check out comments a few times over the last few days and wondered why there was no obvious price movement so its probably to do with my old laptop not getting shut down, just left on standby for a few days .......

A total shutdown and a cold start has it displaying current prices again.
 

pmbug

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Oh.. also, going back to what Trader Dan said (post #138) about GLD inventory being a leading indicator for gold trading... GLD has been adding gold for the last couple of days (per Harvey Organ).

July 8: 2.09 tons
July 7: 1.8 tons

We'll see if this continues ...
 

DSAbug

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The monthly MACD on both gold and silver are now firmly on buy signals. Gold was on a sell since January of 2012. Silver has been since September of 2011.

GDX has been on a monthly buy signal since March 2014. Went on it's last sell in June 2011.

GDXJ went on a monthly buy signal in January 2014. I can't find any monthly sell signals since it's not old enough.

So basically.. the order in which I would expect leadership is as follows..

GDXJ
GDX
Silver
Gold

I wouldn't put as much stock in GDXJ as an indicator since we don't have as much data though.
 

DSAbug

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I'll find it very ironic if what gets this market to finally "give up the ghost" is the Holy Ghost (Espirito Santo).

http://www.zerohedge.com/news/2014-...urges-europe-broken-again-espirito-santo-halt

Then things went from bad to worse after Espirito Santo Financial announced it has suspended trading in its shares and bonds due to its exposure to ESI, adding the decision was taken due to “ongoing material difficulties” at its largest shareholder Espirito Santo International, according to regulatory filing. ESFG says it “is currently assessing the financial impact of its exposure to ESI”. ESFG also suspends bond issued by fully owned subsidiary Espirito Santo Financiere. We will have the full, convoluted, org chart of Espirito Santo shortly.
 

pmbug

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Yeah, this looks to be a huge domino. It's causing some huge ripples in markets already.
 

DSAbug

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Yeah, this looks to be a huge domino. It's causing some huge ripples in markets already.

Hehe.. i might have jinxed it as far as the SPY is concerned. Gold is still loving it though.
 

rblong2us

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ok its an old thread but the title seems to cover my interests

So we are seeing some real upward movement in precious metals and in the past we all got excited when this happened, a wave of newbies showed up and we all felt good.

What is different about the current upward movement that no one seems prepared to comment ?

My guess is that the few that remain must be feeling pretty beaten down by 8 years of going nowhere with prices crawling up over time only to get smashed down in after market trading on globex.
I know that I have felt like this at times and pondered where I would be if I had stuck my stash in stocks n shares, or whatever it is that the 'market' sells us but every time I have fallen into this gloom, I have quickly convinced myself that I would be the last to get out ( classic bag holder ) and any theoretical gains would be gone with a good chance of the principal going the same way.
So I default to a feeling of safe n secure even though theres always an 'expert' telling me that just because you are stored in GoldMoney and Bullionvault, doesnt mean the gold or silver is real ........ Cos a safe deposit box in a bank or buried somewhere feels a lot less safe.

Well we finally seem to have a situation where everything is lining up positive for gold n silver and I would see the only negative as the controllers need to hold it back, which makes me feel good and want to share the feel good :wave::cheers:
 

pmbug

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Yeah, I think investors/speculators are still happy playing with equities and or crypto for short term gains. Central bank intervention is pretty much the only thing people can rely upon any more.
 

rblong2us

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Central bank intervention is pretty much the only thing people can rely upon any more.

as in setting interest rates, or the more sneaky manipulation of markets ?

somehow it feels a bit different at the moment and the expected nock down hasnt yet occurred .......
Continuous gentle movement upwards and $1400 in the rear view mirror ?

In UK£ we are but a good up day away from an all time high in gold and this is without any real drame in the ME .... so far.
 

pmbug

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With the USA specifically, folks can count on the Fed to prop up the equities market. It seems like, despite whatever rhetoric is published, their only real mandate at the moment is to put an ever rising floor to the US stock market. So, in spite of every fact, indicator or math that tells one that equities are in dangerous territory, money will continue to chase returns there because of the Fed. It will continue working until it doesn't I guess. And when it doesn't, there will be blood.

I am glad to see gold and silver starting to move upwards. I mean, I enjoy buying shiny at a deep discount to what I think they are really worth, but it nags at my sense of right and wrong to see it so low for so long.

On the other hand, if folks like Rickards are right, and the price of gold is actually being depressed by actors like China so they can acquire physical on the cheap, does a rising price indicate that they are nearing the end of their accumulation goals? And if so, could major changes in the global financial order be closer on the horizon than we think?
 

rblong2us

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24 August 2011 all time high in £ sterling - £ 1132.10

2 July 2019 new all time high in £ sterling - £ 1138.63
which probably triggered a few sell orders and didnt hold for long )-:

these numbers are according to the Bullionvault price chart https://www.bullionvault.com/gold-price-chart.do

Why thats only 8 years for breakeven, if you dont include purchase, storage and insurance costs ..........

Yay !

now what ?
 

pmbug

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Trump is pressuring the Fed to cut rates and weaken the dollar. Should give gold a boost, right? We'll see.

Meanwhile, foreign central banks (China, Poland, et. al.) are still reporting accumulations of gold.

... Swiss Bank UBS ... sees the potential for the price to rise as high as $1,580 by the end of next year. That's around 14% higher than its current price.

Recent Heavy Buying

Late last month saw some extremely heavy buying in the gold market that likely came from multiple sophisticated investors.

What we know is that the holdings of the SPDR Gold Shares ETF jumped by 34.93 metric tons, or more than 1.1 million troy ounces, on June 21. The increase, which was worth almost $1.6 billion, represented an increase of approximately 5% in the holdings of the fund.

While these figures might seem relatively small for other parts of the financial market, they are enormous when it comes to bullion, meaning it was likely the result of multiple buyers.

"It's huge and very significant," George Milling-Stanley, head of gold strategy at State Street Global Advisors, told TheStreet. "I believe there were a lot of different buyers that day."

He says the June 21 increase in holdings of the fund was one of the "largest creation days we've ever seen" and that "people who are buying gold at this level are probably smart."

In other words, the buying wasn't the result of small-time day traders jumping into the market.
...

https://www.thestreet.com/investing/why-the-gold-rally-is-set-to-run-15006116
 

rblong2us

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:judge: I thoroughly approve of todays price movements in silver and gold:cheers::clap::wave:

Long may it continue
 

pmbug

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Yeah, China's move to devalue the Yuan is definitely adding more fuel to the fire that was already burning on lowering interest rates.
 
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