Gold Monitoring Thread £ GBP only

[sovereignsteve]

HGM, out of sovereigns? Last time this happened was just before a big rise IIRC

[Paul]

why is it we have spiked nearly £20 higher ? in 24 hours

Bitcoin has had a near $500 variance spike in a day

Is the gold rocket setting off for the moon ??

[Clens92]

4 minutes ago, Paul said:

why is it we have spiked nearly £20 higher ? in 24 hours

Bitcoin has had a near $500 variance spike in a day

Is the gold rocket setting off for the moon ??

Because the Election polls have Labour within 5 points of the Tories; which would give a reduced majority of just 2 seats.  However, these polls were conducted before Corbyn decided to blame Britain for terrorism, and take no account of silent-Tory voters.

Then there's Trump's disastrous visit to NATO.

I wouldn't be surprised to see £1000/oz by the end of the day.

[vand]

Has to be said that spot gold is looking rather strong - only a couple of % away from the recent highs in USD terms. Of course the dollar has fallen so this offsets quite a lot of gain in GBP but it is encouraging nonetheless. 

Thr best thing is that sentiment is still rather poor in the PM sector, as if nobody trusts the recent gains. This bodes very well for the next few weeks.

Edited May 29, 2017 by vand

[vand]

USD price looking very good. Looks like it wants to have a go at $1300.

Dollar looks more and more like it is entering a bear market every session that it fails to meaningfully rally. 

[Pipers]

They are in a pickle about a few things all at once! 

I hope the Silver ratio is extended so i can trade. 

[SpacedMarine]

On 26/05/2017 at 13:11, Paul said:

why is it we have spiked nearly £20 higher ? in 24 hours

Bitcoin has had a near $500 variance spike in a day

Is the gold rocket setting off for the moon ??

I f corbyn wins the stock market will drop because of anticipated higher taxes people are just a bit nervous as the pound would probably drop also whereas May is in the cabal being ex bank of england so i guess she would be good for the pound and stocks but not so much for gold although any number of international factors could be affecting gold.

Id say its more to do with the qatar spat than anything else.I'd say it would be more beneficial for gold than silver.

Edited June 6, 2017 by SpacedMarine

[silversky]

I see that gold just closed its 3pm afternoon fix in USD terms above the recent highs in April.  I imagine that if there is anything short of an outright conservative win on Thursday the pound will fall pretty hard.  I personally think they will manage the win but if you have any doubt that the Tories can pull off a win then now is probably the last chance to pick up some gold at a decent price in pounds.  I'm actually surprised at how robust the pound has been this last two weeks leading up to this but it is now starting to look like just a bearish correction on the daily chart vs the USD.  It looks to me like it's teetering on the edge of indecision and any further polls that suggest a hung parliament or similar might just kick off a rout.

[SpacedMarine]

5 minutes ago, silversky said:

I see that gold just closed its 3pm afternoon fix in USD terms above the recent highs in April.  I imagine that if there is anything short of an outright conservative win on Thursday the pound will fall pretty hard.  I personally think they will manage the win but if you have any doubt that the Tories can pull off a win then now is probably the last chance to pick up some gold at a decent price in pounds.  I'm actually surprised at how robust the pound has been this last two weeks leading up to this but it is now starting to look like just a bearish correction on the daily chart vs the USD.  It looks to me like it's teetering on the edge of indecision and any further polls that suggest a hung parliament or similar might just kick off a rout.

Yeah i think a lot of people still think brexit wont happen hence the pound strength just a guess.

[silversky]

I think the pound will fair better in the long run through Brexit.  It may even eventually become a safe haven.  The Euro has many significant problems with negative rates, bank bailouts and Greek debt problems bubbling away just now.  We will also find out on Thursday the direction of the ECB with their policy meeting.  If the Labour party or a combination of them and the SNP get their hands on power then real concern will erupt in the pound is my opinion.  A possible two further referendums and tax rises on business will be taken very poorly imo.  A vote to reverse Brexit would not return the pound to any strength either.  The situation in Europe is not good and now that we are supposedly leaving the market has got used to that idea.  Threatening to rejoin would likely just damage it further along with all the damage from left wing tax and spend implications and the like.  I can see a lot of foreign money abandoning the UK if a combination of the left wingers get in.  Hence why gold is looking like not a bad trade to keep cash safe through all this indecision.

[vand]

Don't make the mistake of thinking that the tail is wagging the dog. PMs prices are set in USD as the world reserve currency and it is the strength of the dollar which primarily provides head or tailwind for PMs. USD has fallen against the GBP but it has also fallen against the basket of currencies. GBP is just a sideshow in the overall scheme of things, and I doubt that the market really cares too much which party forms a government on Friday. 

FWIW I am anticipating a short term bounce in USD sooner rather than later, but also that we are at the start of a longer term downtrend that will see USD going much lower in the next few years.. although I think Sterling will also be quite weak, we had our cataclysmic year in 2016 from that point of view.

[vand]

Depending on your precisely you draw the line, there is argument to be made that at the current price of $1295 we are currently ABOVE the very long term downtrend line that goes back to the 2011 peak. Next couple of sessions will be interesting and should confirm/deny it one way or another, either we hold here or even inch higher, in which case it would confirm the break of the downtrend... or we go back down (yet again).

[mr-dead]

Got some tinder lined up for a 10 oz gold purchase.

Grab pre or post election result for best bang for buck?

[SilverTanner]

Just now, mr-dead said:

Got some tinder lined up for a 10 oz gold purchase.

Grab pre or post election result for best bang for buck?

I have a similar issue, but on a much smaller scale?

I have to pay for a coin just won at a US auction and another at a French auction this week so which way are USD and euros going to go???

[vand]

Long term Breakout attempt #768 now in progress.

Will it succeed this time? We'll probably know by this time next week.

[KDave]

Is this the breakout we have been waiting for? Looks like we just needed some talk of nuke slinging to start gold running.

[vand]

13 hours ago, KDave said:

Is this the breakout we have been waiting for? Looks like we just needed some talk of nuke slinging to start gold running.

Another few sessions needed imo. 

Also it depends if you are looking at the trend from a linear scale chart or a log scale chart. The breakout looks confirmed on the linear scale, but imo the more meaningful chart is the log chart resistance which hasn't yet been decisively breached.

[Bumble]

The main resistance point seems to be about $1300 or £1010 per Toz. I would wait to see these levels hold for a few days running before calling a breakout.

[vand]

PMs flying today. Could be looking even more promising after today's action. 

[Gradius]

So what does a gold breakout mean for someone that's about to start investing in gold? Hold out on buying until it drops?

What does it mean for people that are heavily invested in gold, start selling?

[sixgun]

5 minutes ago, Gradius said:

So what does a gold breakout mean for someone that's about to start investing in gold? Hold out on buying until it drops?

What does it mean for people that are heavily invested in gold, start selling?

A breakout means price has been in a range and decisively moves out of that range. This year price has been capped at $1300. A breakout [decisive move] means price is not going to fall back into the range. Price might well fall back given time but you could be waiting for ever. If there is a breakout it means hang on tight expecting higher prices.

[Gradius]

16 minutes ago, sixgun said:

A breakout means price has been in a range and decisively moves out of that range. This year price has been capped at $1300. A breakout [decisive move] means price is not going to fall back into the range. Price might well fall back given time but you could be waiting for ever. If there is a breakout it means hang on tight expecting higher prices.

So it wouldn't be foolish to keep buying?

[sixgun]

2 minutes ago, Gradius said:

So it wouldn't be foolish to keep buying?

No. Keeping looking for and buying good value quality coins like the proof half sovereign Arshimo2012 just sold on the selling side of the forum. 

[Myblueheaven]

Wondering this myself. I was just going to order some silver form Goldsilver.be with backyard bullion but considering another sovereign or two now instead.

[sixgun]

13 minutes ago, Myblueheaven said:

Wondering this myself. I was just going to order some silver form Goldsilver.be with backyard bullion but considering another sovereign or two now instead.

If gold may be breaking out then silver will be doing the same. Generally silver [percentage wise] moves more [up and down] than gold.