Gold Monitoring Thread £ GBP only

[HonestMoneyGoldSilver]

Just now, flyingveepixie said:

I've been wondering about that myself.

The Trump assassination attempt seemed to only affect it by a small amount for a short time when it briefly went up a bit. Now Biden has dropped out and Kamala is the new darling of the democrat party and still no upward movement. To me the fact that Kamala, the giggling human hand grenade, is now almost certainly the candidate is highly disturbing. Add that to a YT headline (might've been fake news) I saw this morning that put her ahead of Mr T in the polls, and a worldwide ELE in a nuclear storm when she bungles in her dealings with Putin/Xi/Kim Jong, or whoever, becomes even more likely, yet gold is falling still.

Discuss....

China are engineering a brief dip before the BRICS go ham with buying gold before the Russian summit in October, when they are scheduled to release the new BRICS currency. The last time we had a dip this large was when the Chinese said, "gold is too expensive", and paused buying for a month. They started buying again and gold shot back up towards £1900 and set a new ATH in USD (intraday of $2484, highest close is $2480)

I would have thought the recent German actions and Iran's response would have some influence on gold too, considering Germany is the largest buyer of gold in Europe and the Iranians also like gold. If you haven't seen it, I don't think I'm allowed to discuss these things anymore apart from in certain threads, but, here's a video:

 

[BLOOMMAN101]

12hr chart, not a lot holding this up if 1800 fails imho

[Gruff]

[gji25]

6 hours ago, HonestMoneyGoldSilver said:

China are engineering a brief dip before the BRICS go ham with buying gold before the Russian summit in October, when they are scheduled to release the new BRICS currency. The last time we had a dip this large was when the Chinese said, "gold is too expensive", and paused buying for a month. They started buying again and gold shot back up towards £1900 and set a new ATH in USD (intraday of $2484, highest close is $2480)

I would have thought the recent German actions and Iran's response would have some influence on gold too, considering Germany is the largest buyer of gold in Europe and the Iranians also like gold. If you haven't seen it, I don't think I'm allowed to discuss these things anymore apart from in certain threads, but, here's a video:

 

As the old saying goes. Do in Rome as the Romans do or get the Fork out of Dodge

Edited July 25 by gji25
typo

[Thelonerangershorse]

I don't really see that China could cause a dip just with a pause in their buying,

Now, Gordon Brown, there was a man who could engineer a dip...

[flyingveepixie]

4 hours ago, Thelonerangershorse said:

I don't really see that China could cause a dip just with a pause in their buying,

I can see how that might work. The Chinese have been buying up and stockpiling a lot of gold in recent months - multiple tons, although I don't have the exact figures ...🤔 @HonestMoneyGoldSilver can probably provide some stats on that.

Spot seems to be rising again fairly steadily from last night's low point. My chart shows a low of £1827.95 at 18.28 yesterday evening.  Currently on £1843.93

Edited July 26 by flyingveepixie

[BLOOMMAN101]

imho just following the market sell-off during the week

[Paul]

With every dip in price the cheaper it is for more to flow out to the east 

[modofantasma]

Nothing as yet but waiting for sells unless we get a 30m close above $2381 

US PCE at usual time today folks 

Edited July 26 by modofantasma
Smelling mistake

[Thelonerangershorse]

50 minutes ago, modofantasma said:

US PCE at usual time today folks 

Followed by the Friday smackdown?

[bobski]

Current Price

£1,844.26

Live Change

0.02% £+0.35

Live high £1,844.79

 

Live low £1,843.64

[flyingveepixie]

44 minutes ago, Thelonerangershorse said:

Followed by the Friday smackdown?

Well I hope not because that could push it below £1800, and if that happens, well who knows.....before long it might be back at £400 again. 🤮

Edited July 26 by flyingveepixie

[Darr3nG]

11 minutes ago, flyingveepixie said:

before long it might be back at £400 again.

[9x883]

Could be worse:

[Bratnia]

16 minutes ago, flyingveepixie said:

Well I hope not because that could push it below £1800, and if that happens, well who knows.....before long it might be back at £400 again. 🤮

Nah! Everyone who can legally do so is printing money. All assets are correlating to the up-side, coz fiat currencies are all debasing in lockstep.

[Thelonerangershorse]

37 minutes ago, flyingveepixie said:

Well I hope not because that could push it below £1800, and if that happens, well who knows.....before long it might be back at £400 again. 🤮

New tudor beast dragons just released, so if we could have a brief dip to £400 at some point this afternoon before returning to £1800 for the weekend I wouldn't mind.

[DisplayName]

Deep concerns about liquidity of a Japanese bank and the Olympics. 

[HonestMoneyGoldSilver]

6 hours ago, flyingveepixie said:

I can see how that might work. The Chinese have been buying up and stockpiling a lot of gold in recent months - multiple tons, although I don't have the exact figures ...🤔 @HonestMoneyGoldSilver can probably provide some stats on that.

Spot seems to be rising again fairly steadily from last night's low point. My chart shows a low of £1827.95 at 18.28 yesterday evening.  Currently on £1843.93

 

11 hours ago, Thelonerangershorse said:

I don't really see that China could cause a dip just with a pause in their buying,

Now, Gordon Brown, there was a man who could engineer a dip...

Gold Slumps as China’s Central Bank Halts 18-Month Buying Spree - Bloomberg  (paywall)

• PBOC stockpiling has been key to precious metal’s rally

China’s central bank didn’t buy any gold last month, ending a massive buying spree that ran for 18 months and helped push the precious metal to a record high in May. Spot prices for gold fell 1.5% after the People’s Bank of China said its bullion holdings were unchanged at the end of May.

China's central bank paused gold purchases in May after 18 months of buying (zawya.com)  (no paywall)

China's gold buying break seen as fleeting given its long-term needs | Reuters  (no paywall)

It took China nine years to raise the share of gold in its total reserves to 4.9% from 1.8% in 2015.

China holds 72.8 million ounces of gold worth about $170 billion. If it eventually lifted the share of gold in its reserves even to 10% at current reserve levels and prices, the purchases would total another $170 billion.

For comparison, Russia's central bank stopped active buying of the precious metal in 2020 when gold reached 20% of its total reserves. Gold's share has since grown due in part to its rising price.

The PBOC has sometimes reported past gold purchases well after they occurred, according to the World Gold Council, leading analysts to caution the latest statistics may not provide the full picture.

 

Central Banks Gold Reserves by Country | World Gold Council   (said statistics)

[HonestMoneyGoldSilver]

4 hours ago, Bratnia said:

Nah! Everyone who can legally do so is printing money. All assets are correlating to the up-side, coz fiat currencies are all debasing in lockstep.

Since 1999 the western financial world has operated under the "closest to the faucet" principle

They create "money" (debt=money) or value (share issuance, IPOs) and use these alongside central bank and Treasury activities, to purchase real assets at neutral or negative real-terms cost (they are paid to borrow money)

More money chasing the same amount of goods and services leads to inflation, which requires more new money to buy the same assets, which causes more inflation

The net result is those who owned assets prior to the inflationary cycle under favourable or zero/negative real-terms debt structures, have accelerated their wealth relative to those who did not own assets (stocks, property, farmland, technologies, IPRs, gold, silver, crypto, etc). The folks without assets pay the real-terms debt burden of the folks with assets, either through higher interests, higher inflation, or both. 

It is the above dynamic that has created the largest inequalities and the highest concentrations of wealth since before World War I.

We imagine and are told that our society, our financial systems, are evolving, getting stronger, smarter, better. No. In 1999 we turned back the clock to 1928 by creating universal banks, arguably it's much worse than the 1920s or before WWI due to modern connectivity and integration throughout various sectors across countries and continents. The tentacles of the universal banks stretch out into every aspect of industry and commerce, they have created stealth monopolies and unbridled private wealth and power that dwarfs all governments on earth (see KCIII's famous speech about private capital vs government power)

This conglomerate of non-government power is whom we refer to as the globalist elite and they are present in every market from San Francisco to Shanghai. They used insider knowledge and insider privilege to shape the law of nations to suit their agenda (gaining more money and power until they were unassailable). The goal of the WEF is to have only peasants and Kings, zero middle classes. Those who eat steak and fly on private jets supported by populations who eat bugs and live on subscription

This is why regular people, money managers and central banks are buying gold. It's obvious to those who care to look that the above system has a fundamental limit when debt overwhelms everything on the planet, causing "The Great Reset", our WEF friends are so fond of

The gold price in May 1979 was roughly the same as the gold price in May 2001 (approximately $265). Since 2001, the price of gold has increased by almost a full order of magnitude (10x). Prior to 1999 the universal banks had been constrained by living memory of the Great Depression, WWI and WWII, and strong legal safeguards were in place to ensure the universal banks were never allowed to assemble again.

It is literally like a comic book, the Infinity Stones from the Avengers. No man or entity should ever be in control of them all - every time, without exception, that one man or entity has gained control of a nation's or continent's infinity stones, the net results have been catastrophic. Today we don't just have one country or one continent whose stones have been united, but we have two major global superpowers - NATO and the BRICS - who are in the process of consolidating their own infinity stones and also have an eye on the jewels held by their rival. Their scramble to further consolidate power via digital entrapment will only increase the rate at which fiat is debased (debt is created) along with the necessity for us all to hold real assets - gold, silver, farmland, property, water, weapons - to protect ourselves from the inevitable outcome. 

Edited July 26 by HonestMoneyGoldSilver
gold price

[Chronos]

Fed's Favorite Inflation Indicator Unexpectedly Jumped In June:

https://www.zerohedge.com/personal-finance/feds-favorite-inflation-indicator-unexpectedly-jumped-june-savings-rate-slumps

African Countries Are Turning to Gold:

https://www.moneymetals.com/news/2024/07/25/african-countries-are-turning-to-gold-003338

'Bank Failures Are Almost Certain To Follow':

https://www.zerohedge.com/markets/bank-failures-are-almost-certain-follow-cre-crisis-has-gone-nowhere

 

Edited July 26 by Chronos

[Bratnia]

4 hours ago, 9x883 said:

Could be worse:

True to its word, that £1000 crypto hard wallet currency investment that promised to return a six digit outcome has finally paid off .... now stands at £0.00001 

d(-_^)

[gji25]

 

[BLOOMMAN101]

[bobski]

Current Price

£1,856.25

Live Change

-0.07% £-1.18

Live high £1,857.64

 

Live low £1,856.25

Live Gold Price

Current	High	Low	Change
1,855.00	1,913.22	1,817.87	30.12 (+1.65%)

Intrinsic Values (£)

Sovereign	Half Sovereign	1oz Gold	1oz Silver
£436.67	£218.33	£1,855.00	£21.70

Gold:Silver Ratio

85.480

> View Metal Ratio Graphs

Foreign Exchange Rates

[Bratnia]

12 hours ago, gji25 said:

 

Gold nowadays, like US dollars, can be created out of thin air. The US National Debt Clock indicates recent 127.5 times more paper-gold than physical gold, compared to 124.5 times a couple of months back (compared to 83 times at the end of 2021, but down from 133 times at the end of 2023). In effect three times more paper gold than physical gold just created out of thin air compared to a couple of months back. Like QE where at other times there's QT so that might cycle up/down over time.

It's not the Fed "scamming", it's just business-as-usual, management. What others are exploiting is that when it comes to physical delivery where obtaining physical gold to meet/supply may be 'awkward' so a cash premium may be offered/accepted instead. I'll give you $50/ounce more in cash if you'll accept that cash rather than having physical gold delivered to you, and where for big players such as the Fed - those $50 bills can just be printed/created out of thin air.

The BRICS and alternative to the USD are just another form of a EU, that predominately serves just one master - Germany, but where for the BRICS it will be China, along with being much larger than the EU. Consolidation into three majors, US, EU, BRICS. Where the USD is no longer the sole dominant international trade settlement currency - so much less able to do the likes of sanctioning Russia.

The major risk is that of a large outfit such as the BRICS opting to apply large/rapid delivery of physical gold, nothing else, perhaps as a form of financial warfare. Each ounce of physical gold including the gold in Fort Knox/elsewhere might have 127 claims of ownership that if that came to a head and there was massive/rapid demand for delivery then having that physical gold in hand (such as the US does for the gold in Fort Knox) goes a long way in defining whoever of each of the 127 claims to each individual ounce is actually the 'winner'. The US will continue to generally align gold and the dollar and under such warfare conditions the dollar would be up-there amongst the winners. As might those who held gold in expectation of perhaps seeing a $10,000/ounce price lose via controls/rules-changes. The more likely losers will be the weaker/poorer states, who in establishing the BRICS bought up gold, only to subsequently see that being 'spent' buying Chinese products/services, a progressive transfer of all their gold over to China. Similar to how many EU countries 'benefit' from becoming members - but in effect gave up their sovereignty to become bound/controlled by Germany, typically via debt.