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Paul

Gold Monitoring Thread £ only

714 posts in this topic

Anybody predicting a dip this week? I sure hope so. Last gold I bought was two weeks ago, just can't quite justify buying at spot £850+. Of course - if this is the "new norm" before prices climb then in a few months we will be kicking ourselves for not buying when gold was "cheap at £850"!

I have given up predicting it....and I admire those on the Forum who stack it away every month regardless, very disciplined bunch.

 

I know what you mean, I am more comfortable buying sovereigns around the 180/190 level.

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1250 is currently support in US$. However sterling is up today but imo not for long. So best buy soon cos the pound is gonna drop to at least 1.46 within the coming months. Then gold will be expensive in sterling terms even if gold remained at 1250 dollars

Edited by goldfinger999

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That could happen.But i see obstacles. Today was the US unemployment which was better than expected. Drove the pound down. I expect a little further downside in the pound which will keep the price of gold in sterling high. Also expect to see further downside in the pound as we near the UK elections and then further downside when the US puts up interest rates in the 3rd or 4th quarter of the year.I then expect the pound to rise as I believe the UK will also put up rates towards the 4th quarter or whenever they do.

We are not going mid 700s unless Gold goes well down below $1200 and the pound stays where it is. But if the pound is going down with the $, as is the norm, Gold could go higher, even if Gold goes down in $s at the same time. Remember gold is priced in US$. The $ is very strong at the moment and anything currency also against it are all going down. All its going to do is hedge it out. However since gold is a safe haven if any geo political risks arise in the meantime could spike it up. And with the pound forecast for the year Gold could in sterling terms can well go much higher.

Edited by goldfinger999
K_theepan likes this

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We can breathe easier. £809.45 and silver < £11. Mind you - now I don't have any spare cash to buy more gold! Timeout for a few weeks. Hope its stabilises at/under £800! Bit worried also about the pressure on the GBP keeping prices artificially high up to May 7.

Happy buying all - I will probably come back in a few weeks, after I have paid taxes and sorted a few other real life things.

L'man

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I cant see any chance of a rate rise goldfinger. Not out of choice anyway.

Big chance of more QE though.

 

I agree with this. I think the Fed will continue to put off the rate rises as it would make the ridiculous amount of debt unserviceable, and will more than likely have to fire up the printers again.

 

The recent unemployment figures show how easy it is to manipulate the marketplace . In reality real unemployment is 4 times higher than the figure announced as they exclude those who have been 'discouraged' to look for work and are long-term unemployed. So basically the government has given up on these people and no longer considers them part of the workforce.

 

Good news for us gold bugs though!

MikeOxlong likes this

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yes, this is why we have our PM as insurance. In case, in case, in case. Im not gonna bet on my speculation, I already have my PM insurance. Still though the pound is no where near the $1.70 we enjoyed 6 months or so ago. That was when we had Gold at around £750 odd. Wont be seeing that for a while. The pound has been falling one way only still more to come. this will keep gold prices high in sterling.   

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UK inflation report tomorrow 10.30am. If not good pound could well dip.

I think our current government will make sure it will good.

They need good report to reflected.

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If the report says we have inflation the government will say ''we are on track to meet the BofE target inflation level''

If the report says we have low inflation/deflation the government will say ''it proves that we are on track to give the public back the purchasing power they need''

K_theepan likes this

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We broke £780.  Now how much further will it go!

Hopefully we will see 750 mark this year. I think you will end up buying more gold before summer :-)

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Yeah I was hoping to pick up a coin or 2 but I'm not interested in krugerrands unless I can get them at spot. or 1/2 sovs.

Edited by Pipers

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I love half Sovs the premiums on them on eBay are much higher proportionally to Sovs. Its the adage of smaller the coin the higher the premium. I'd take half Sovs over Sovs any day of the week if they are the same equivalent price like they are on hgm

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I suppose your right HT, It's just that 4% I don't like to pay, it's the extra 1% when my exit strategy won't be for 25-30 years.  

 

Then selling one at a time when I'm old or if I die my wife and kids having to sell one at a time doesn't ring right to me, I know I am in a minority on here but I believe in buying as cheap as possible then when selling in 25-30 years sell the best way for your pocket and health. looking at a computer screen at 70 all week long is not what I want to do when I'm retired.

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I'm not too worried about the odd 1%. With prices going up and down over the years its hard to judge whether that 1% can be clawed back either through premiums on an auction site are because dealers always pay more for Sovs and UK coins over the foreign stuff

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