Gold high spot price

[Goldmick]

1 hour 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! 

Just for you. Gunna try change title 

[Goldmick]

Oh well cant seem to te name it lol. Update while im here. 

[Martlet]

1 hour 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?

As noted, the £ makes gold risky in the short term. A positive outcome of Brexit, from point of view of the market, could see pre-Brexit level in range 1.40-1.55.  With a modest pull-back on gold, could be looking at £900.  But then the short term upside is strong too, if bad brexit and gold continues to rise. 

[KitboyE17]

2 hours 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?

Like everything you invest in prices can go up and down. Is gold a good short term investment? If you bought earlier this year when gold was 950 you could be selling today at 1200. If you bought 3 years ago when it was 750 you would be looking at much greater return.

[DarkChameleon]

2 hours ago, Zhorro said:

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!

Only if you have a million to invest.

[RoughDog]

2 hours ago, Zhorro said:

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!

Should by some miracle brexit turn out OK and the pound does gains against the dollar. 

Would mean that the dollar falls in value?

As gold is priced in dollars would that mean the investors with dollars would purchase gold to preserve there dollars making the price in gold rise?

 

[AuricGoldfinger]

4 hours ago, Zhorro said:

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

So true, my thoughts exactly. I turned down 20 sovs at £235 each not too long ago as I thought that was a bit pricey.

Now that would be a deal, a steal, the sale of the f*ing century!

[KDave]

17 minutes ago, AuricGoldfinger said:

So true, my thoughts exactly. I turned down 20 sovs at £235 each not too long ago as I thought that was a bit pricey.

Now that would be a deal, a steal, the sale of the f*ing century!

If gold goes to £800 an ounce £235 a sov is a rip off! 

[Stu]

Seeing a few billboards for shops wanting to buy used gold now, a very good sign. Didn't advertise the rate they were paying but I was reliable informed they were "top prices" 😀

[DarkChameleon]

27 minutes ago, Stu said:

Seeing a few billboards for shops wanting to buy used gold now, a very good sign. Didn't advertise the rate they were paying but I was reliable informed they were "top prices" 😀

Aka, about 70% spot.

[KDave]

https://news.gold-eagle.com/article/gold-forecast-gold-correction-looms-big-picture-still-bullish/1146

[Tn21]

On bullion by post home page there is a banner on the top stating that there has been high demand and they can not guarantee next day delivery. 

 

People are on the offensive purchasing pms

[JunkBond]

Just popped over £1250

[KDave]

I keep getting emails from various dealers asking me to sell my gold. Bullion dealer crystal balls must all be saying higher.  

[Tn21]

1 hour ago, KDave said:

I keep getting emails from various dealers asking me to sell my gold. Bullion dealer crystal balls must all be saying higher.  

Are these UK dealers ?

[AuricGoldfinger]

Same! Uk dealers!

[RoughDog]

1 hour ago, KDave said:

I keep getting emails from various dealers asking me to sell my gold. Bullion dealer crystal balls must all be saying higher.  

Did they say how much for?

I assume they can still purchase from the mints.

[ilovesilverireallydo]

Demand must be high. Bullion by post have a notification up that they can’t guarantee next day delivery as they can’t keep up 

[Fastnick]

Gold moving rapidly towards £1,260 this morning....

[richatthecroft]

Up

[Goldmick]

Wow keeps going up. This is mad lol

[Goldmick]

Gold is gunna be double the price of platinum soon. Now that would be strange 

[Goldmick]

Just now 

[Fastnick]

Looks as though there's every chance it will break through £1,265 at some point today......

[KDave]

Looking at the long term charts for comparison this move over the last couple of months is massive, a straight line up, in £ its bigger than the last push into blow off top in 2011.