Gold high spot price

[KDave]

For the first time in history gold will keep going up in a straight line forever. 

[KDave]

It's all my fault guys. I sold one ounce.

Back when I was buying you could tine the start of the dips with my purchases. How the gods continue to punish me. 

[vand]

37 minutes ago, HawkHybrid said:

 

yes, if a queen turns up I'll call lower every

time.

(banking a profit is still turning a profit)

 

HH

How's that working out for you? Care you show us which squiggle you successfully managed to negotiate?

[goldmember44]

If this isn't a bull market, then I don't know what is. This is a classic example of a bull market... in fact, only the beginning of one, which looks like it's going to be a significant one.

Buy any dips, or hold (my strategy now).

[sixgun]

The point is if you are buying and selling paper if you take a profit it's a profit. You won't get the maximum profit but you get some profit. i have never sold any of my precious metal (except once some vaulted gold and silver) but i have bought and sold a lot of paper. 

[HawkHybrid]

9 minutes ago, vand said:

How's that working out for you? Care you show us which squiggle you successfully managed to negotiate?

 

told you before

buy dec 2015 sell months later

buy dec 2016, sell months later

buy dec 2017, sell..

buy dec 2018...

 

trades don't have to be perfect, they only

need to turn a profit.

 

hows your gsr trade going , are you even

break even yet?

 

HH

[vand]

9 minutes ago, HawkHybrid said:

 

told you before

buy dec 2015 sell months later

buy dec 2016, sell months later

buy dec 2017, sell..

buy dec 2018...

 

trades don't have to be perfect, they only

need to turn a profit.

 

hows your gsr trade going , are you even

break even yet?

 

HH

 

So you claim to be trading, but I don't actually see any sells since Dec 2016 + a few months. 

You managed to take quick profits when it bounced around at the bottom but then had clairvoyance to hold on and not sell a single unit since... I sniff bullcrap. You would be much more believeable if you actually said that you've sold a few and not managed to buy back.


GSR trade is going fine. As I said, swapped a chunk at 91. Would welcome the opportunity to swap at 95 again, but don't know if the chance will present itself. The difference is that I'm not trading squiggles, I'm trading the major trend changes. 

[HawkHybrid]

1 hour ago, vand said:

 

So you claim to be trading, but I don't actually see any sells since Dec 2016 + a few months. 

You managed to take quick profits when it bounced around at the bottom but then had clairvoyance to hold on and not sell a single unit since... I sniff bullcrap. You would be much more believeable if you actually said that you've sold a few and not managed to buy back.


GSR trade is going fine. As I said, swapped a chunk at 91. Would welcome the opportunity to swap at 95 again, but don't know if the chance will present itself. The difference is that I'm not trading squiggles, I'm trading the major trend changes. 

 

you've never heard me say to buy in the winter of

the last few years?

 

this is not about me being right or wrong. I'm wrong

plenty of times. it's about you stop insisting that I'm

wrong because it doesn't make you right. you've been

having one losing trade after another and make lame

excuses to show that you are not wrong if you hold

the trade for up to 50 years. one right trade makes up

for all the wrong trades along the way? have you

worked out your losses? you choose to give up a

winning trade(gold) for a losing trade(silver)

without any additional data to back up a trend change.

 

trading is about turning a profit on price movements.

you said to not take profits so to wait for larger profits.

you just don't get it do you? people are wrong because

they took a profit and you are right. and being right is

more important than turning a profit.

 

HH

[BackyardBullion]

if anyone wants to come discuss high gold prices live we are having a live chat premiere on YouTube!

https://www.youtube.com/watch?v=1mbmsEBVfxk&lc=UgxyzaRPqqdcqyRuWkR4AaABAg

 

[Goldmick]

Latest price

[KDave]

8 minutes ago, Goldmick said:

Latest price

 

[Abyss]

4 hours ago, vand said:

How's that working out for you? Care you show us which squiggle you successfully managed to negotiate?

@vand you have posted monthly chart from Bullion by Post which no trader would use for speculative trading purposes. @HawkHybrid uses Elliott Wave theory IMHO very few people can master and devise a consistent winning trading strategy using Elliot Wave theory. But the same could be said about using harmonic patterns or Andrew pitchfork or 100 other technical analysis tools their will always be very small group individuals mastered the skill set and use it consistently extract profits from the markets and I have nothing but but admiration for those very small set of retail trades that can.

@vand forget a monthly chart I can post 15 minute chart of Gold on today's price action with two opportunities with good risk to reward ratios for long entries on GCZ9 December 2019 Futures. I know you are a long term holder and their is nothing wrong with that strategy but saying how someone has managed to negotiate squiggles shows that you have healthy skepticism but the comment reminded of interview on Real Vision by Milton Berg. Video 53 minutes long but it should demonstrate how Milton Berg managed to negotiate squiggles over his career.

 

 

[HawkHybrid]

'bottoms in stocks are always v-bottoms, tops in

commodities are always v-tops, the question is

why?' (milton berg)

 

HH

[vand]

1 hour ago, Abyss said:

@vand you have posted monthly chart from Bullion by Post which no trader would use for speculative trading purposes. @HawkHybrid uses Elliott Wave theory IMHO very few people can master and devise a consistent winning trading strategy using Elliot Wave theory. But the same could be said about using harmonic patterns or Andrew pitchfork or 100 other technical analysis tools their will always be very small group individuals mastered the skill set and use it consistently extract profits from the markets and I have nothing but but admiration for those very small set of retail trades that can.

@vand forget a monthly chart I can post 15 minute chart of Gold on today's price action with two opportunities with good risk to reward ratios for long entries on GCZ9 December 2019 Futures. I know you are a long term holder and their is nothing wrong with that strategy but saying how someone has managed to negotiate squiggles shows that you have healthy skepticism but the comment reminded of interview on Real Vision by Milton Berg. Video 53 minutes long but it should demonstrate how Milton Berg managed to negotiate squiggles over his career.

 

Wave theory is about as useful as any other TA technique... which is to say works some of the time, most of the time you're better off ignoring it or at best using it in conjuction with other techniques too.

There are people who can successfully short term trade, but they are in the vast minority; less than 5%. If you are one of the lucky 5% then what are you even doing on this forum? you don't need to own precious metals... you can just be your own cash machine. My advice is for the 95% who will lose money or end up with worse results than if they take a long term approach to things. 

All the studies show that most fortunes in the $1m-$10m range are made from buying and holding for long periods. 

[richatthecroft]

Sometimes it’s good to take note of a simplistic view of investing.  

My wife’s observations of investing, and something she said to me long ago: ‘people are never happy, whatever the outcome’.  

Made me realise long ago, to take responsibility, be autonomous, and be happy that what I did was what I thought to be right at that time, with the information available and notwithstanding circumstances at that time. 

 

 

[DarkChameleon]

7 hours ago, vand said:

 

So you claim to be trading, but I don't actually see any sells since Dec 2016 + a few months. 

You managed to take quick profits when it bounced around at the bottom but then had clairvoyance to hold on and not sell a single unit since... I sniff bullcrap. You would be much more believeable if you actually said that you've sold a few and not managed to buy back.


GSR trade is going fine. As I said, swapped a chunk at 91. Would welcome the opportunity to swap at 95 again, but don't know if the chance will present itself. The difference is that I'm not trading squiggles, I'm trading the major trend 

1 hour ago, richatthecroft said:

Sometimes it’s good to take note of a simplistic view of investing.  

My wife’s observations of investing, and something she said to me long ago: ‘people are never happy, whatever the outcome’.  

Made me realise long ago, to take responsibility, be autonomous, and be happy that what I did was what I thought to be right at that time, with the information available and notwithstanding circumstances at that time. 

 

 

I use my gut, it's big, it's got a pulse and it has to put up with the dodgies if it's wrong...it says, buy on fear, sell on greed, ignore all the experts cos they make money when you lose it and if they know where the gold mine is they are never going to tell you.

[DarkChameleon]

I s,aid it would go up,it went up, I said it would go down, it went down...I am a genius, so give me 20% of your profits and 2% of your pension....isn't that the way it works?.

[Abyss]

9 hours ago, vand said:

There are people who can successfully short term trade, but they are in the vast minority; less than 5%. If you are one of the lucky 5% then what are you even doing on this forum? you don't need to own precious metals... you can just be your own cash machine. My advice is for the 95% who will lose money or end up with worse results than if they take a long term approach to things. 

All the studies show that most fortunes in the $1m-$10m range are made from buying and holding for long periods. 

Financial regulators UK now require any broker to display on their website percentage of clients losing and yes in short term trade less than 5% consistently successful. Buying and holding for long periods (depends what holding) has worked in the past but we are living in a completely different market after financial crisis 2007. All the PM gurus were initially right that QE cause inflation and would send Gold price to soar higher and self fulfilling prophecy drew in larger pools capital sent Gold $1900 in late 2011. A lot of people in late 2011 that held Gold with the mindset long term investor had to endure six years bear market in Gold. A lot of people got caught up in the hype and bought Gold in 2011 between $1600-$1900 have yet to break even. Timing market cycles difficult and challenging but it is not impossible.

Very small percentage population can run a marathon in under 3 hours and by the same token only minority people can short term trade and be consistently successful it is challenging but it is not impossible. Anything worthwhile in life takes time from building good relationships, pursuing career raising children that are well balanced.

[KDave]

Timing the market is everything. Time in the market is important but is still secondary to that. Buying silver at $50 in 1980 and holding would not have done you any favours. 

[vand]

7 hours ago, Abyss said:

Very small percentage population can run a marathon in under 3 hours and by the same token only minority people can short term trade and be consistently successful it is challenging but it is not impossible. Anything worthwhile in life takes time from building good relationships, pursuing career raising children that are well balanced.

The problem with this analogy is that running a 3hr marathon does not preclude anyone else from doing so. So if the whole population trained diligently, I would hypothesize that a great number of people could run that fast. The problem with trading is that you are not buying/selling for growth (pie getting bigger), you are speculating based on short term sentiment so its a zero sum game where your profit is someone else's loss (pie is constant size). Ergo, there can never be a plurality of winners.

[AuricGoldfinger]

This thread should be re named.

When the thread was started the “high” gold price was £1025 an ounce. 

Now its over £1245.

£1025 seems pretty damn cheap now! 

[Zhorro]

On 07/08/2019 at 09:02, Zhorro said:

In terms of UK factors, since the installation of the new Prime Minister, the chances of a “No Deal” Brexit have increased and consequently the Pound has fallen (pushing up the price of gold in Pounds).  It could fall more, but equally, if there was a successful Brexit or no Brexit it could substantially rise.

In international terms, it has become very clear that Central Banks are buying substantial amounts of gold.  Part of this is due to countries like Russia and China wanting to move away from their dependence on Dollars for international trade (in particular the Petrodollar).  Other Central Banks seem to be buying gold to strengthen their reserves.  Add to this:

·         the reclassification in April by Basel III of gold as a Tier I asset for banks’ balance sheets, and

·         the possibility of gold backed crypto-currencies,

and so it would seem that gold is getting a new lease of life as a medium of exchange – thus contributing to the increase in the Dollar price of gold.

We then also have increasing trade tensions and geopolitical tensions, falling/negative interest rates, ballooning debt bubbles and house price bubbles and fears of a recession, all contributing to the flight to the “safe haven” of gold – but from what I’ve stated above, it can be seen that gold is now becoming much more than just a safe haven, it looks to be on the verge of regaining its status in international trade and banking.

And because there is so much talk about gold, it seems that even the wiz kids in the City have started to appreciate it!

It seems as if not all members of the financial community are convinced by gold.

On Bloomberg TV this morning (11.07am) Ron Temple of Lazard Asset Management was asked: “What about gold?”  He responded: “I cannot get my intellectual arms around gold, if you can tell me how to value gold, I’ll, we’ll talk more about that…”

And then at 11.53am, also on Bloomberg TV, Lionel Laurent was interviewed - he had just written an article titled “Bitcoin and Gold are Monuments to Irrationality”.

I do fear that the mainstream news is missing the bigger picture regarding gold and doesn’t seem to be able to move beyond “safe haven”.

[Zhorro]

5 minutes ago, AuricGoldfinger said:

This thread should be re named.

When the thread was started the “high” gold price was £1025 an ounce. 

Now its over £1245.

£1025 seems pretty damn cheap now! 

And how long will it be before we are saying £1245 seems pretty damn cheap now?

[RoughDog]

What do you think is the worst that could happen with a big OZ gold purchase today?

Worse case, maybe a crash could drop it to £1,000. in the next year?

Best case it could be £1,500 in next year?

[Zhorro]

26 minutes ago, RoughDog said:

What do you think is the worst that could happen with a big OZ gold purchase today?

Worse case, maybe a crash could drop it to £1,000. in the next year?

Best case it could be £1,500 in next year?

In the UK, analysts are talking about a further fall in the Pound against the Dollar (which would push up the price of gold in Pounds), however, if there is a successful Brexit or no Brexit, the Pound would probably rise against the Dollar (which would push down the price of gold in Pounds).

On the international front, Russia and China are wanting to be independent of the Dollar and so have been buying gold (along with quite a number of other central banks).  Gold could again become important in international trade.  So, it is unlikely that these buyers are going to want to "crash" the price of gold.  Speculators can make money when prices go up as well as when prices go down, but I'm not sure they are going to have the power to make gold crash.  And all this is before we start to talk about a possible global financial downturn in which people will want a "safe haven" (i.e. gold).

So, subject to the vagaries of the Pound, my outlook on gold is positive.  But as to where it will be next year, if I knew that, I'd be a millionaire!