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Gold Monitoring Thread £ GBP only


Paul
Message added by ChrisSilver

This topic is to discuss price action in GBP, to discuss price action in $ USD, please see this topic: https://thesilverforum.com/topic/19962-gold-monitoring-thread-usd-only/

 

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I was looking to buy next week as well, but checking the price chart today has put me off. I was eyeing up a kilo coin bar but as silver is pushing £10 an ounce again I am going to hold off. I have been spoiled by the recent low PM prices I think.

Hopefully Yellens talk of rate rises will take its toll as it did before - I am not confident either way, as I am not sure anyone in the market believes what she says any more, especially after that stroke or nervous breakdown, whatever it was she was doing in her briefing. If her goal was to scare people into thinking the wrong person is in the job and that the fed is incapable of doing anything but talk, I would say she has ticked the box.

13 out of 17 are in favour of rate rises in December so I expect the market to use that as the expectation, unless all confidence in this game has been lost. If it does get priced in, PM's should fall closer to the time, just like last time. Then rates will not rise. Honestly I do not know. Which do you think is more likely - the FED's will they/wont they game continues or will the market ignore what they say and PM's keep rising into December?  

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  • 1 month later...

That paper gold figure has fairly shot up recently, does not seem like all that long ago it was 100 - 1 ratio, surely all it takes is 2 or 3 millionaires to ask for their gold in physical at the same time to bring this all down,

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12 hours ago, Scuzzle said:

That paper gold figure has fairly shot up recently, does not seem like all that long ago it was 100 - 1 ratio, surely all it takes is 2 or 3 millionaires to ask for their gold in physical at the same time to bring this all down,

comex will just refuse to settle in physical, rumour is

that that has happened before. it may/may not lead to

a rush to accumulate physical.

 

HH

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Again they think interest rates are going up in December so commodities are getting smashed across the board, i don't think i've seen copper this low for like a decade or something, the picture looks bleak if industrial demand is falling that much.

The stock market and real estate market are only holding on by their teeth because of the search for yield (no place else to go for income) , the stock market is fickle where people don't know if rates going up is good or bad, instead of being focused on real numbers it instead just moves up or down based on what the fed says which seems ridiculous to me.

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£708 :) . Not long until sub £700 although I'm a little gutted I bought a few items last week at £725 and again this week at £718.

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There is resistance at $1065 and $1050  major resistance at $1000 miners are cutting costs to survive they must be expecting below $1000.  A few miners are hedging but not many, if the price goes low just carry on buying as normal if you have a long term plan (10-20 years) then you will be fine. comex opened and gold has just rallied   

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I think Gold has a lot more to drop yet, before it fires up that rocket.

I can see us buying sovs for £140-£150 before the countdown starts back up

I hope so, I'd be digging into savings if that was the case, and probably spending most of my wages on it too.

Stacker since 2013

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26 minutes ago, HighlandTiger said:

Now he mentions about an opinion on gold falling further if rates do indeed rise, however the whole reason it has fallen back from $1190 only a month ago is because they expect a rate rise in December, so if the rates actually do rise i'd expect gold to also rise "sell on the rumor and buy on the fact" or stabilize  if rates do not rise then it would probably rally back towards $1190.

 

Rates rising isn't going to boost the economy, rate rises are meant for when an economy is booming and to control inflation, well everything is tanking look at Rolls Royce today it nearly tanked 25% at one point and ended the day down 20%, this is a big name industrial blue chip heavyweight on its 4th consecutive profit warning.

Mining companies like glencore only came back from lows on the back of copper moving back up and sentiment presuming no rate rises , that will go south fast if metal prices continue to fall and rate rises happen given their debt pile.

Companies like Lonmin who are basically already broke will be sure to go into administration, that's the state of the economy its so bad that big blue chip companies will be destroyed by a 0.25% rise.

You would normally cut rates in this environment. 

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@HighlandTiger so you think £570 an ounce, bold prediction, that $850 at £1 - $1.5 but I think with the  EU  election coming and the $ strengthening, Sterling may weaken.  If the UK exits the EU we could even see £1 -$130 that blows your perdition out of the water.   That would make it around £650 (I think) A sovereign would cost £160.  Thats why most quote in US Dollars 

I do think we will see below $1000, all in costs at most mines are below that so they could sustain below $1000.  How low it goes I'm of a mind $950 but I am looking at sterling all the time.   

WE will see    

Edited by Pipers
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You may be probably right in Dollar terms. The BOE have said they want to peg with the $ at 1.5 but with idiot Carney as the Governor anything can happen as long as the housing market and stock market are propped up.  Have you sold most of your Gold holdings with bullionvault then buy back at the lower price? I have a different strategy with Gold I don't sell unless I make a big profit and I have only ever sold once.  

  

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On 11/13/2015, 12:12:19, HighlandTiger said:

My thinking is that as we now have Base metals sitting at 50% of their 2011 highs, gold and silver may follow that trend. Hence my thoughts about £600 an ounce.

Silver might because it is more seen as industrial, gold isn't affected as much by industrial demand, its industry which is collapsing and taking the prices of most metals with it.

Longer term governments will likely debase currency further in order to stop the bleeding (QE, negative rates) if that doesn't work then currencies may start to hyperinflate due to confidence being lost, and thats the only thing that holds up the paper game is confidence , confidence in banks and confidence in government.

The stock market is always a confidence game based on what future earnings are likely to be, lately its just been a joke where even though earnings are obviously going down people are still buying or holding based on what Janet yellen says rather than what the reality is.

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