Gold high spot price

[Goldmick]

Going up 

[JunkBond]

I bet if I stick an oz in the post to HGM it crashes...

[Guest]

.

[AuricGoldfinger]

👀

[DrKarlMoneys]

The price dropped a bit today but I suspect it'll go up again in the next few weeks with the Conservative leadership contest. Whoever wins will be the next PM-and it could well be Borris! This would mean more Brexit turmoil as he's a hard Brexiteer. There's also the possibility Trump might be impeached, on top of the trade war I think there's a strong political driver to rising gold prices.

[AuricGoldfinger]

Woahhh

[Zhorro]

33 minutes ago, AuricGoldfinger said:

Woahhh

Hopefully, all those people taking short positions in the gold paper market will be getting their fingers burnt!

[HawkHybrid]

2 hours ago, Zhorro said:

Hopefully, all those people taking short positions in the gold paper market will be getting their fingers burnt!

 

this a very biased view.

you should take the 'manipulation by evil people' theory

put out by physical precious metal sellers with a big

pinch of salt.

the romans used to call all non-romans 'barbarians',

with propaganda to rid romes borders of these

uncivilised people.

 

(it's interesting how nobody says that pm long positions

should have their fingers burnt on down days,

or how stock market shorts should get their fingers

burnt on up days?)

(there is nothing wrong about going long the stock

market or short pm's, it's just another trading position.

what is wrong is those who try to convince people that

it is evil to do so.)

 

just for the record, stock market shorts deserved to get

their fingers burnt on yesterdays rally. not because they

are evil. but because they made the wrong move and

were playing with fire. picking up pennies on the train

line when the odds were stacked against them.

maybe they'll learn for next time.

https://www.youtube.com/watch?v=sB1UXTQU7zM

 

 

HH

[Guest]

On 03/06/2019 at 13:32, RichRock said:

Personally I unloaded some this lunchtime (spot at £1044). The rise is too far, too fast for my liking, feel a smash down around the corner. 

 

And since then the market has said...

[goldmember44]

4 hours ago, Zhorro said:

Hopefully, all those people taking short positions in the gold paper market will be getting their fingers burnt!

I agree. I think we're probably in part also seeing a short-covering rally here. Put options getting burnt on gold, we have almost a perfect storm driving gold prices higher, big money fleeing stocks and all going for gold as a safe haven... even bitcoin is tumbling down on this move, because it's not considered safe enough as a hedge in these turbulent times. Gold is the only thing that has history behind it.

Factors driving up gold prices:

US-China trade war, which is escalating and threatening to affect the global economy negatively, likely driving it into a recession. This has numerous side-issues in development, like Chinese and US companies getting caught in the middle, like Huawei. That will lead to US companies losing market share in China, such as Apple, and many others.

US political drama, with Trump facing Democrat calls for impeachment (although it's unlikely to get there since Republican Senate is backing Trump). 

US society fractured along political lines, the most divided it has been in a generation.

Brexit jitters continuing with no end in sight, at least until later this year, and with Boris Johnson a likely new PM, being a hard Brexiteer, this causes some panic in Europe. 

Trump visiting the UK, making a US-British economic deal more likely, and a deal with Europe perhaps less likely, given the US's aggressive approach towards economic competition, even with allies.

There are only the most visible issues, there are other factors having an influence too, like the US economy looking like it will need a rate cut from the Fed, which favours gold prices and inflation. The dollar likely to lose more value against precious metals due to inflationary powers.

[Pipers]

Gold has to push through the  $1350-$1375 for me.  $1350 is a big number for the yellow metal  I am of the mind this may be a massive short squeeze because of the open interest positions on comex.  The banks will make their money out of the hedge funds. 

The £ is a shita mainly because of the Tory boys. 

[HighlandTiger]

52 minutes ago, Pipers said:

The £ is a shita mainly because of the Tory boys. 

If you think that's bad, wait and see what happens if Corbyn gets in. 1:1 with the dollar is a guarantee. 

[Goldmick]

Update over £1050 now 

[vand]

On 31/05/2019 at 23:03, sixgun said:

Remember this guy - sold 8oz of nice gold coins off after listening to the fake news media and thinking Brexit would send the price of gold down.

 

 

Now you're just being mean.... 

Anyway, I'm sure he's tripled his money in BTC since then 

 

[vand]

20 hours ago, Pipers said:

Gold has to push through the  $1350-$1375 for me.  $1350 is a big number for the yellow metal  I am of the mind this may be a massive short squeeze because of the open interest positions on comex.  The banks will make their money out of the hedge funds. 

The £ is a shita mainly because of the Tory boys. 

 

Agreed. But giving how early we are into what should be an intermediate term cycle, I think there's a very good chance that'll happen sooner rather than later.

[sixgun]

14 minutes ago, vand said:

 

Now you're just being mean.... 

Anyway, I'm sure he's tripled his money in BTC since then 

i was being mean but at the same time i sincerely hope he did triple his money in BTC and then buys 24 oz of nice gold coins.

[AuricGoldfinger]

Back in the game!

[Goldmick]

Oh yes check it out 

[AuricGoldfinger]

Phrooaarrrr lol

[Paul]

Time to sell 10oz i, reap some profits!   It'll be £1100 very soon after if past experience is right (sigh!) 

 

[AuricGoldfinger]

I’ll give you £224 for every sovereign you have 😝

[ilovesilverireallydo]

21 minutes ago, AuricGoldfinger said:

I’ll give you £224 for every sovereign you have 😝

I will,give £224.50

[AuricGoldfinger]

Just now, ilovesilverireallydo said:

I will,give £224.50

Im out.

[AuricGoldfinger]

Just breached a 5/6 year high!

[silenceissilver]

24 minutes ago, AuricGoldfinger said:

Just breached a 5/6 year high!

We had our fun but now it's time for a 5 year low. I don't give up my hope.