Gold high spot price

[DarkChameleon]

1 hour ago, KDave said:

I say again, the charts are worse than the 2011 style price action - its either going to be a bloody interesting bull market this being the start, or we can soon look forward to some £700 an ounce gold 

Gold futures have gold at almost $1600 by the end of this year so unless Trump really nessus up we should see a rise but I think if it gets to that it's time to shake off the non collectables as a breather will almost certainly ensue which might not cost hundreds an ounce but might stall any run for months while the pre election settles out.

[Zhorro]

1 hour ago, KDave said:

I say again, the charts are worse than the 2011 style price action - its either going to be a bloody interesting bull market this being the start, or we can soon look forward to some £700 an ounce gold 

Gold is only really back to where it started the week.

It had a really good day yesterday with the melt down in Argentina, growing worries about Hong Kong, the potential of negative interest rates, etc., etc., etc.

Today, Trump realised that Christmas comes but once a year (IN DECEMBER) and institutional “investors” celebrated this by piling into the stock market and throwing away their gold.

Today has been interesting – and as the saying goes: “May you live in interesting times.”

[KDave]

What did gold futures say in 2011

What did gold futures say in May 2019. The past two and a half months have been crazy, perhaps this is the start, perhaps not we will see. 

[Goldmick]

Just now

[Tickety]

Higher and higher but I am a bit nervous, I think there may be a squeeze by the financier's to push it back down again..

[DarkChameleon]

On 13/08/2019 at 15:13, KDave said:

What did gold futures say in 2011

What did gold futures say in May 2019. The past two and a half months have been crazy, perhaps this is the start, perhaps not we will see. 

The tarrif delay hasn't helped because we are getting close to the cyclical recession and now its reached a time that means the longer we delay one the eorse it will be.

[5huggy]

2 hours ago, Tickety said:

Higher and higher but I am a bit nervous, I think there may be a squeeze by the financier's to push it back down again..

 @Tickety my friend - - whats to be nervous about  - - if you physically "HOLD" PM's - then you have a store of value that CANNOT go to ZERO! IMHO

Just enjoy the ride that has only just started

[RoughDog]

Gold price predictions for Monday?

Another rise or a dip?

Seems like a very interesting time for gold.

[JunkBond]

Just sold some so probably a rise. 🙄

[Gildeon]

6 minutes ago, JunkBond said:

Just sold some so probably a rise. 🙄

Sold my only palladium coin just before the race upwards... 😕

[Fastnick]

It looks as though Gold has got "That Friday Feeling" - it's enjoying somewhat of a modest rally this afternoon

[Fastnick]

Not so modest - the price of Gold is up by around £13 since midday......

[Martysmith]

The pound has clawed back a bit against the dollar this week too, if it was at last week's levels we would be at £1260 again. 

[goldmember44]

First of all, China announced a retaliation of tariffs against American products, effectively worsening the trade war and driving gold higher. Secondly, we will hear from the Fed today I believe, and what they say is expected to create further bullishness for gold. So, a double whammy today that is gold price sensitive. 

[vand]

It’s behaving as you’d expect in a bull market; the corrections to the bigger uptrend in the last 3 months have been small and very difficult to trade, while it’s reacting strongly to any bit of bullish news. 

Confirmed by silver price action and miners, which look very much like they want to take out the 2016 high.

 

This intermediate cycle is now getting quite mature however, and the people are getting quite complacent. Nothing goes up in a straight line and I think it has potential for another 4-5% before we see the bigger correction. 

[KDave]

Yes August is a strong month for Gold, into winter it normally declines hopefully combined with bottom in Sterling we should be golden so to speak. 

[Frenchie]

With a close above 1540 USD, next stop for Gold at 1600 $ + ,  and silver at 18,50$. The way geopolitcal and trade wars tension escalate exponentially, negative interest rates bonds growing , add the currencies war growing and I would not be surprised to see gold around the historical highs at 1900 USD  and silver at 20/22 USD by year's end.

I don't sell anything except for flipping and get more PM at spot

[KDave]

I would be surprised if gold reaches all time highs in USD by the years end, that would quite some run. It would not be good long term for gold if it does that. 

[sixgun]

Price is finding resistance at the current level which was previously support and prior to that resistance. If you look at the weekly chart you can see the levels of horizontal support/resistance. Price has gone parabolic since the end of May - so i would not be surprised to see a breather and a bit of a pull back. There are however a lot of factors in play which are bullish for gold. There is a growing optimism - members will remember back to the end of 2015 when price bottomed out and the mood was negative for gold. Manipulation of the gold price is mainly to create negative sentiment. i was aware there was a lot of physical buying going on with sovereign funds at that time which infact turned the market. You cannot suppress the paper price without enough physical at something like that price. The low prices were too much of a drain of physical reserves. There was a wall of sovereign size buying going on and we have seen a continued demand since then.

There is global de-dollarisation. The Petro-dollar is effectively dead with the euro and yuan making very significant inroads. The US is powerless to stop this - they have sanctioned China to the max, they are sanctioning vast areas of the world and making no progress in stopping what is now innevitable. Governments are swapping out USD for gold - they are preparing for what i see as a gold backed currency system. We see Carney talking about cryptos in terms of the new currencies. Libra which was mentioned by name is backed by a basket of fiat. It is just more of the same - it smacks of despiration and panic in the Western banking cabal. Government bonds have negative rates, the Fed is on a path to zero rate Federal Funds rates and then probably negative. It is theft and can only be good for gold. Bond auctions are in reality failing. China holds a massive stash of Treasuries which are there like a sword of Damaclese over the dollar system. If it is necessary to dump Treasuries they will be dumped and the reset will occur. With estimates of over 40 000 tonnes of gold as a sweetner, a collapse in USD instruments will eventually be the best outcome.

Could we see all time highs in USD terms for gold by year end? We have seen all time highs for plenty of other currencies. Trump wants a weaker dollar. Falling interest rates are generally a drag on a currency value. The dollar would be playing catch up with other major currencies. From a chart point of view $1800 looks like a barrier - get through that and the next resistance line is the all time high. Price was going up very fast on the way to the all time high so there are no obvious checks to progress on the charts once $1800 is breached. We could be at that level for so many reasons and very quickly. When there is panic in DC (nothing to do with the Q psyop) and the dollar is dying, anything could happen. Stay long and stay strong, the journey has only started.

[Kookaburracollector]

Bullion Star released a graph Tuesday that showed Switzerland exported 90 tonnes of gold to the London gold market (U.K.) in July, which dwarfed exports to India and China.  Bloomberg’s spin on the data was that the gold was needed for ETFs.   Of course, as is typical, the Bloomberg “journalist” likely regurgitated “information” that came from a  source rather than fact-check.

But fact-checking shows that the number of tonnes of gold in GLD, by far the largest gold ETF, increased by only 23 tonnes during July from 800 to 823.  Assume the much smaller gold ETFs took in the same amount collectively – an estimate that is more than generous, and ETF gold flow accounts for less than 50% of the gold  exported to London.

Alternatively, a more likely explanation is that large quantities of physical gold are needed on the LBMA to feed an enormous buyer or buyers in London. This would explain what has become routine “V” shape moves in overnight gold futures trading, as the price of gold shrugs off repetitive attempts to push the price lower after Asia closes and LBMA forward and Comex futures trading replaces the physical gold markets in the eastern hemisphere.

This amount of gold imported by the London gold market also reflects the tight supply that has persisted for quite some time. The presence of a large physical buyer(s) would explain the relentless move higher in the price of gold (and silver).

The above situation may be supported by the amount of TFP (Transfer for physical) requests from the COMEX..they pass these on to the LBMA to deal with..if true..someone is taking delivery of huge amounts of physical gold, and effectively calling the bluff of the paper market...

An interesting situation is arising, as the Commercial banks currently have a huge short position in paper gold...either the levee will break and gold continues higher, or they will win and smash the price down...I wish I knew which side of the fence to be on..but I don’t. ☹️ 

 

[Fastnick]

The "wall of Sovereign-sized demand" has just grown again!

(Well, put it this way - I've thrown caution to the wind and nabbed myself another half Sov )

[sixgun]

2 hours ago, Kookaburracollector said:

Alternatively, a more likely explanation is that large quantities of physical gold are needed on the LBMA to feed an enormous buyer or buyers in London. This would explain what has become routine “V” shape moves in overnight gold futures trading, as the price of gold shrugs off repetitive attempts to push the price lower after Asia closes and LBMA forward and Comex futures trading replaces the physical gold markets in the eastern hemisphere.

This amount of gold imported by the London gold market also reflects the tight supply that has persisted for quite some time. The presence of a large physical buyer(s) would explain the relentless move higher in the price of gold (and silver).

The above situation may be supported by the amount of TFP (Transfer for physical) requests from the COMEX..they pass these on to the LBMA to deal with..if true..someone is taking delivery of huge amounts of physical gold, and effectively calling the bluff of the paper market...

An interesting situation is arising, as the Commercial banks currently have a huge short position in paper gold...either the levee will break and gold continues higher, or they will win and smash the price down...I wish I knew which side of the fence to be on..but I don’t. ☹️ 

 

Normally what has happened is gold has been sent to the Swiss refineries to be refined and made into kilo bars for the Asian market. We have seen a large amount of contracts from the COMEX booted out to London when they have not been filled (cannot be filled) by the COMEX. What happens then is not visible as it is not on an exchange. Is the gold need to settle EFP contracts? Where does the gold go then? Will we see a big blip in exports from the UK as the ultimate buyers take possession and take the gold home?

[DarkChameleon]

3 hours ago, Kookaburracollector said:

Bullion Star released a graph Tuesday that showed Switzerland exported 90 tonnes of gold to the London gold market (U.K.) in July, which dwarfed exports to India and China.  Bloomberg’s spin on the data was that the gold was needed for ETFs.   Of course, as is typical, the Bloomberg “journalist” likely regurgitated “information” that came from a  source rather than fact-check.

But fact-checking shows that the number of tonnes of gold in GLD, by far the largest gold ETF, increased by only 23 tonnes during July from 800 to 823.  Assume the much smaller gold ETFs took in the same amount collectively – an estimate that is more than generous, and ETF gold flow accounts for less than 50% of the gold  exported to London.

Alternatively, a more likely explanation is that large quantities of physical gold are needed on the LBMA to feed an enormous buyer or buyers in London. This would explain what has become routine “V” shape moves in overnight gold futures trading, as the price of gold shrugs off repetitive attempts to push the price lower after Asia closes and LBMA forward and Comex futures trading replaces the physical gold markets in the eastern hemisphere.

This amount of gold imported by the London gold market also reflects the tight supply that has persisted for quite some time. The presence of a large physical buyer(s) would explain the relentless move higher in the price of gold (and silver).

The above situation may be supported by the amount of TFP (Transfer for physical) requests from the COMEX..they pass these on to the LBMA to deal with..if true..someone is taking delivery of huge amounts of physical gold, and effectively calling the bluff of the paper market...

An interesting situation is arising, as the Commercial banks currently have a huge short position in paper gold...either the levee will break and gold continues higher, or they will win and smash the price down...I wish I knew which side of the fence to be on..but I don’t. ☹️ 

 

One reason you invest in  gold, silver and paper, you don't make a fortune but you don't lose one either....billionaires are made from all their eggs in one basket but brough down by the same action.

[DarkChameleon]

30 minutes ago, sixgun said:

Normally what has happened is gold has been sent to the Swiss refineries to be refined and made into kilo bars for the Asian market. We have seen a large amount of contracts from the COMEX booted out to London when they have not been filled (cannot be filled) by the COMEX. What happens then is not visible as it is not on an exchange. Is the gold need to settle EFP contracts? Where does the gold go then? Will we see a big blip in exports from the UK as the ultimate buyers take possession and take the gold home?

If gold is being refined into kilobits then it's probably private buyers and not countries or banks even, they prefer the 400 oz bars...smaller size means smaller buyers...think of the russian plane accident with their gold, they were 400oz bars so we're a transfer for banks or countries...to pay for goods when roubles just won't do or to hide a paper trail.

[sixgun]

Looking back at the data, gold has gone from the UK/US to Switzerland and then on to Asia. This is to the refineries in Switzerland. i have heard Maguire often mention that the Swiss are refining good delivery bars from London into 999 kilo bars and then they go to Asia. That this is the preferred size.