The day's price movements

rblong2us

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Well its looking like they want it capped at $1500
Yesterday it was suddenly dropped from $1532 to $1486 which is a big movement and doesnt seem to have received much comment.

Turd reckons $1520 is an important technical level that they will defend.
Yesterday looks like confirmation of this.

I have mixed views, as it all seemed to be ramping up rather quickly ( too quickly ) and needed time to consolidate.

Perhaps now is time to pause and let the volatility emigrate to the crypto playground ?
 

pmbug

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I have mixed views, as it all seemed to be ramping up rather quickly ( too quickly ) and needed time to consolidate.
...

Jim Rogers said in that video posted the other day that he is waiting for gold to have a correction before he resumes buying more even though he expects gold to rise further. I don't have a huge wad of cash waiting on the sidelines to pounce on a low price. I just buy when I can and I'm happy to never sell it in my lifetime if I'm lucky.
 

rblong2us

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So what happened?
Gold down £ 50 in a day...
Ok it went up £25 first but such a large drop in gold and silver apparently because of a rumor that the US and China will resume trade talks?
 

pmbug

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Well, you can't expect the metals to go straight up. There will always be some "corrections". I don't know what moves the paper markets day to day, but currency crises can only have one outcome, so I'm not worried about the future price of gold.
 

pmbug

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... precious metals were pummeled lower the last few days, breaking back down below $1500...

The question on many investors minds is...why?

The answer is surprisingly simple... China's Golden Week Holiday.
...
As of Tuesday, China will be on vacation for its Golden Week National Holiday and this weakness appears to be traders front-running the traditional chaos that the rest of the world plays when China leaves the playing field.

China will be back in business on October 9th, and that means the Shanghai Gold Exchange, which opened in 2015 to counter Western manipulation of precious metals, will likely help re-balance prices to where they were before this recent takedown.

We could be wrong, but something tells us gold and silver prices won’t stay this low for much longer and that they could well see a complete turnaround when China reopens on October 9th.

https://www.zerohedge.com/commodities/real-driver-golds-recent-weakness
 

rblong2us

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well its nearly back at $1500, so can we look forward to another push to 1550 when the Chinese are back in the market ?

and I smiled at this bit -

the Shanghai Gold Exchange, which opened in 2015 to counter Western manipulation of precious metals

really ?
 

pmbug

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ZH gonna ZH. In spite of their penchant for loading virtually every sentence with spin, there are nuggets in there worth considering. Yeah, it would appear that gold/silver are poised for some upside action next week.
 

pmbug

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Well, the Shanghai Gold Exchange should be open again (as of yesterday). Not seeing a big upside movement in the gold price...
 

rblong2us

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So should I be happy that POG is up ?
Those war drums are quite loud right now and any perceived Iranian response will likely push it up further .........

I dont feel good about benefiting from people dying though

So those who want a war with Iran seem to be in a strong position and a fairly simple false flag would probably be enough to tip things over into an invasion and even get approval from those suddenly anti war dems.....

I wonder if Trump has considered how much more danger he is in ?
Those deepstaters who want him gone can now organise a non US missile to hit his aircraft and easily have it look like an Iranian revenge attack .........
 

pmbug

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I buy physical gold/silver as insurance against a currency crisis. I have always expected the price to rise and exceed the peaks of 2008/2009 eventually, but I was envisioning the slow march of mathematical inevitability with compounding interest and market forces buckling.

This surge in interest in precious metals is being fueled by war fears, but it just might be the kind of shock that breaks the COMEX or paper markets for precious metals. Reports of stress in the COMEX system have been ongoing for several months now. If war fears are driving people to want physical metal instead of paper, things could get very interesting.
 

BigJim

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WW3 over before it started. Au back to $1550's
 

rblong2us

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Apparently a weekly close above $1550 is good
We had one on the 3rd Jan but that was the day the Iranian General got droned.

Lets see what happens tomorrow ...........
 

rblong2us

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funny how WW3 about to kick off and the 'markets' hardly blink but when someone sneezes in China, look out below !

Anyway in regard to price of gold we seem to be getting used to $1550, with the last 3 weekly closes above this apparently important number.
A post from Turd agrees and speculates how important $1600 will be ..........

but more interestingly he talks about a massive shift ( as a % of available ) of palladium from Comex to London and what this might be telling us -

https://www.tfmetalsreport.com/blog...urce=blog&utm_medium=rss&utm_campaign=content
 

pmbug

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Gold gets a rare compliment from the Financial Times:

Investors around the world are hurrying back to bullion.

Holdings in gold-backed exchange traded funds have risen to their highest levels in seven years, following $19.2 billon in inflows last year. Analysts say interest has picked up for a variety of reasons, ...

But chief among them is a giant mound of negative-yielding debt, now tipping the scales at more than $13 trillion. If buyers of bonds are being asked to pay for the privilege of holding them to maturity, then the appeal of gold -- which yields nothing but also costs nothing to hold on to -- is burnished.

"You're seeing flows into the metal. It's a global trend," said John Hathaway, co-manager of the Sprott Gold Equities fund. "The typical havens of safety are not that safe anymore and gold is getting a bid for that reason."
...

http://gata.org/node/19802

How long will the $1,580 remain?
 

rblong2us

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How long will the $1,580 remain?

Its starting to look like it could fail quite soon but in a good direction.........

And with sentiment beginning to move towards safety, $1600 doesnt look out of the question.

Slow n steady seems to be more tolerated by those who would control .
 

pmbug

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I see gold over $1600 this morning. I guess it finally broke through the $1580 resistance for good. Silver also well above $18.
 

rblong2us

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And with so much Ctrl+print from every direction .........

Just what will happen if / when sentiment shifts and the rush to the exit starts ?

I recall a quite severe selloff for p.m's back in '08 as it became the only source of liquidity and for some it had to be sold to meet margin calls.

But with sentiment so negative for gold for so long, I wonder if any of the current holders of all that paper will have gold holdings to sell ?

I guess if any do have investments in gold and its privately held as physical and the whole world of paper claims is burning, would they even consider selling, when they could liquidate the losses and start over when the dust has settled ?
 

rblong2us

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heh
that should push the pog up a bit

As we approached the recent all time high in £ sterling ( the £ recently climbed against USD because brexit no longer bad ) I opted to SELL some of my shiny, to create a bit of project funding ....... to the moon then (-:
 

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.
 

pmbug

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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 (-:
 

pmbug

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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.
 

pmbug

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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.
 

pmbug

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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 ........
 

shinnosuke

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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.
 

pmbug

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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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