Gold Monitoring Thread £ GBP only

[Gruff]

1 minute ago, Thelonerangershorse said:

I work for a german company, I hear lots of words that I don't understand also.

genau

[Bratnia]

Quote

This HMRC view in itself shows the true nature of an unallocated gold account since its essentially equivalent to a checking or savings accounts at a bank. Therefore a customer holding gold in an unallocated account as a store of value or as a safe haven is actual holding nothing of the sort since the holding is merely a claim on a bank that is engaged in fractional-reserve banking.

Even if a customer deposits real physical metal into an unallocated account, which is a normal process within the LBMA world and a scenario which is addressed within the ‘unallocated account agreement’, the deposited gold then becomes the property of the bullion bank, and the depositor ends up holding a claim on the bank for that amount of gold.

https://www.bullionstar.com/gold-university/bullion-banking-mechanics

Fundamentally London OTC gold trading is largely a unallocated trading (cash settlement) market. Selling claims on gold value rather than actual gold. Gold ETF's audits may include elements of claims on gold value rather than actual gold. In contrast gold coins in your own hands is gold that is yours.

[flyingveepixie]

1 hour ago, Thelonerangershorse said:

I work for a german company, I hear lots of words that I don't understand also.

Scheiße..!

[bobski]

Current Price

£1,815.09

Live Change

0.01% £+0.10

Live high £1,815.36

 

Live low £1,814.67

[Brit2023]

13 hours ago, Thelonerangershorse said:

I work for a german company, I hear lots of words that I don't understand also.

[9x883]

Fill yer boots or wait????!!!!!!!

[Paul]

7 minutes ago, Brit2023 said:

I don't want any nasty soggy chips 

[modofantasma]

51 minutes ago, 9x883 said:

Fill yer boots or wait????!!!!!!!

Great day to learn about slippage for those new to trading 🤣

[jultorsk]

22 hours ago, Chronos said:

French Bonds Plunge Amid Macron Resignation Rumors:

https://www.zerohedge.com/markets/french-bonds-plunge-amid-macron-resignation-rumors

Macron will likely remain president until 2027 when his term ends. But if Le Pen's party wins the parliament election, she will need to make good on her promise to expel all the radical Islamists, and close their mosques. Electing WEF Starmer for PM at this exact time is probably not ideal, as they'll all come to the UK seeking for 'sanctuary'. 

Anyway, gold GBP1817.

[HonestMoneyGoldSilver]

4 hours ago, jultorsk said:

Macron will likely remain president until 2027 when his term ends. But if Le Pen's party wins the parliament election, she will need to make good on her promise to expel all the radical Islamists, and close their mosques. Electing WEF Starmer for PM at this exact time is probably not ideal, as they'll all come to the UK seeking for 'sanctuary'. 

Anyway, gold GBP1817.

 

 

Edited June 12 by HonestMoneyGoldSilver
moved

[HonestMoneyGoldSilver]

I'm sure the "far-right" winning in the EU will set off major alarm bells in the local metals market, especially in light of the EU legislation on crypto which saw USDT (Tether) effectively banned form Europe, Tether being 70% of the stablecoin market and one of the biggest scams on earth:

Tether's USDT Gets Delisted on Crypto Exchange OKX in Europe (coindesk.com)

They will want to put their money somewhere safe and that is more likely to be gold and silver than any other fiat-based or crypto-based currencies

Edited June 12 by HonestMoneyGoldSilver

[Thelonerangershorse]

3 hours ago, HonestMoneyGoldSilver said:

They will want to put their money somewhere safe and that is more likely to be gold and silver than any other fiat-based or crypto-based currencies

#MeToo

[Chronos]

FOMC Holds Rates As Expected, Dot-Plot Shifts More Hawkish In 2024:

https://www.zerohedge.com/markets/fomc-17

[Gruff]

 

 

[Bratnia]

11 hours ago, Gruff said:

 

 

Meh! Either US$ (invested in US stocks) fiat currency, or non fiat commodity currency (gold) tends to do OK each year, and averaged out over a decade 50/50 yearly rebalanced of the two is like having half your money in something that does pretty well, and the other half in a more cash-like asset (return). Predicting which will be the best each year is ... unpredictable.

 

[BLOOMMAN101]

[avd98]

Any reason why its falling under 1800?

[Paul]

1 minute ago, avd98 said:

Any reason why its falling under 1800?

@James32 have you been buying gold again ??

[James32]

1 minute ago, Paul said:

@James32 have you been buying gold again ??

Yes this morning 😆 🤣 

[davejones]

Apparently China have paused purchasing, is their often a summer dip?

[Paul]

2 minutes ago, James32 said:

Yes this morning 😆 🤣 

little lots & often that's the way  

[HonestMoneyGoldSilver]

7 minutes ago, avd98 said:

Any reason why its falling under 1800?

Markets are more of a casino these days than a fundamental investment vehicle. So we've known all year and since 2023, or at least some of us have, that the Fed is either not cutting in 2024 or only making 1 cut. The Fed basically confirmed that yesterday. The price action is counterintuitive as markets knew or predicted a few months ago that this would be the state of play. During this period metals were appreciating. Basically it's volatility = none of it makes sense.

4 minutes ago, davejones said:

Apparently China have paused purchasing, is their often a summer dip?

Yes, China paused purchasing in May and appear to have successfully manipulated the markets lower. We usually blame the COMEX and LBMA for that! I believe the narrative is the Chinese are expected to continue their purchases again in June, they just didn't want to see the price getting out of hand and breaking $2500 during the summer. Yes, there is often a summer dip in metals, aka seasonality. The low point is generally the end of July/beginning of August and metal markets take off again in September

If you are China and have the intention of buying a lot of gold over a long period of time (required for BRICS currency), and you have the power to do so, you would encourage a summer dip and then buy heavily during this period. That appears to be what happened but we'll find out in a few weeks whether or not the Chinese re-engaged purchasing in June or have delayed for another month. Who knows what goes on in their heads, maybe they see $2200 as the level to buy big or perhaps they are satisfied with the price not continually appreciating and have already started buying the dips 🤷‍♂️

[Chronos]

Edited June 13 by Chronos

[BLOOMMAN101]

Last 7 days

 

[Chronos]

Powell Admits The Biden Admin Is "Overstating" Jobs:

https://www.zerohedge.com/markets/fed-chair-powell-admits-biden-admin-overstating-jobs