silversky

Sorted...

I think it's just a sales technique. Advertise something worth £240 at £360. Give bullion dealers a great price and tell them to sell at £340 (or leave the correct margin in price to force them to sell at that price). People who buy from the dealer will think they've had a £20 discount. People who know no better and buy from the mint direct, make RM a fortune.
OUTCOME: The mint always wins

A nice eight hour snooze at this rate should get us back to £2000oz by wake up surely 

I always think when you chart watch through tumultuous times and then go back a few weeks later, how normal all this stuff looks on a daily or even more so, a weekly basis. 
The proverbial storm in a teacup. 
 
Just an observation  
 
 
 

Well it nearly blitzed straight through to 24 last week, without a even a single day in 23.  A bit premature.

Reported on 3 counts!
I dont sniff curtains but you should if I've been lurking.
Reported for being Scottish.
Reported for defamation of character theres only one thing I sniff at is the current prices of the sales page because I cant afford to buy...
 
Story of my life...

As opposed to the Western Free market.

Ross Norman, much ado about nothing

 
At first glance Iran using 300 drones to attack Israel on Saturday had the hallmark of a major war escalation event … there are some hot heads in the Middle East and things could rapidly spiral out of control.
Gold responded with a knee-jerk rally, gaining $30 - ahead of events - on the Friday NY close to notch up a fresh all time high at $2430, before shedding nearly $100 and now sits comfortably above those lows.
And that's the thing … gold rallied BEFORE the strike, and that's because Iran gave Israel a 72 hour warning of the attack. Meanwhile the US had prepared its press release to de-escalate things as the drones took to the sky. 
One has the sense of being 'played' here. 
I would bet this passes without significant repercussions. What kind of war is it that requires such careful choreography ? Meanwhile all sides come away with a win … Iran can claim pride restored following recent harms (Gaza and taking out of Hamas leadership), Israel can trumpet its wider international support and its military competence, the UK can herald its undying love and support for anything the US does (while the US looks about 3 inches above the UK's head to see if there is anyone more interesting in the room to talk to) while the US can declare itself the grown up in requesting restraint while seeking to regain some credibility in the Middle East - a region much looking East for leadership. Meanwhile scores have been settled … no one died … and Israel will have a few holes to fill. And arms dealers can looks forwards to some fresh orders ... what a great war. Sorry - full bore cynicism today !
Yes, this is meant to be about gold, I know that. 
Oil scarcely blinked, but gold was unusually reactive. In the old day (2 months ago +) it would have been the other way around. But gold is not itself these days.
While those travelling on the little financial lifeboat that gold provides will be delighted by recent price action, gold has moved a very long way in a short space of time from its core and traditional buyers. Gold ETFs continue to bleed-out, net speculative positions have crested, central bank demand in February shows signs of waning and physical coins and bar demand in the West (outside of China) remains deeply moribund. 
I suppose if there is any take-away it is to be careful what you wish for. The scale and speed of the movement in gold has not really reinforced gold's quality as the steady, reliable long term store of value and instead it seems to have borrowed some clothes from its rather more excitable cousin, bitcoin. It wasn't supposed to be this way. 
 

If they want will consolidate, if they want it will grow, if they want will dive.
The free market it's a lie, anything above a coffee shop is manipulated, distorted or corrupted. 

Surely Iran's attack was already factored into the price of gold, I mean, we all knew it was coming.

Lol I'm rationing my reactions given today, as may run out quickly tomorrow. 
Dull man fact, I noticed it's a rolling 24 hour period for reactions to renew here on the forum, not midnight to midnight in a calendar day
( I'm great company at parties 🥳 🎉 ) 

More concerned about the cost of diesel than gold if this c**p escalates. 

i don't doubt that but % wise my money is still on oil,,depends on whether Iran has finished or it's going to bugger around with shipping in The Strait of Hormuz, imho

Week on week, we are still up +£40oz / +2.17% despite the speedy smackdown end of day shenanigans yesterday 
Can't complain. Slow and steady rises win the race 

Exactly.  The majority were of the belief that it would remain in the trading range between 1830-1872 which up until the last 24 hours was not ungenerous in size.  Breaking above that really wasn't expected, so even though its been a huge rollercoaster its still up by any standard measure.

Just to rub a bit of silver into the wound, Gold up 2.1% on the week, Silver up 3.35%

If we look at the underlying USD chart, the candle produced is not too dissimilar to the one in December when the massive spike and dump occurred during illiquid Sunday night trading.
That December spike occurred at the end of an 8 week move upwards, and it heralded a little fall before range trading sideways for three months.  It then broke out from the inverse dollar relationship 6 weeks ago, rising relentlessly before making this big spike in the last 24 hrs.  The question is whether this is it? Or whether it will drop back towards 2300 area and enter another range trade type of pattern?  Is there any likelihood of further strong declines in precious metals? Or is the downside reasonably protected by past inflation?  I can't see it but I didn't see this spike either, or is there is any fuel left from whoever the secret source is that's bidding up gold like this?  This isn't Central Bank buying, unless one has declared war on the others or something outlandish....
There is talk of big hidden OTC trades exceeding the size of China's Central Bank, but that all sounds a little bit crazy to me.  Then again what else explains the rise when actual sales aren't enormous?  It's not exactly transparent.  I suspect a period of reflection a bit like after December is what's coming for a bit.

Hard to see it, but it has exceeded the highs of 2020

Can’t have all the worldwide electronics costing a lot more to make.

Just to rub a bit of silver into the wound, Gold up 2.1% on the week, Silver up 3.35%

And where would gold be with that? 

He's on at ten. Live link below free on YouTube. 
 
I hope he talks about Tommy Johns undies. 

link?