Gold Monitoring Thread £ GBP only

[sixgun]

25 minutes ago, BackdoorBullion said:

Gold now at all UK high - broken the £1200 mark this morning 😀

Yes i just noticed - price zoomed the median line on my chart - the logical target is the other side of the median line set - which is over £1500.

[goluckystayhappy]

What about if no deal brexit looks likely and pound approaches parity with dollar.

[Martysmith]

Just now, goluckystayhappy said:

What about if no deal brexit looks likely and pound approaches parity with dollar.

Then higher gold prices in terms of sterling. 

[5huggy]

Last updated: 07/08/2019 02:31:00 PM BST

METAL	BUY	SELL	CHANGE
Gold	£1,231.76	£1,236.23	£27.15+2.25%
Silver	£13.93	£13.99	£0.50+3.72%
Platinum	£698.40	£701.66	£2.65+0.38%

  This is nice to see

---

Added 0 minutes later...

SO NICE TO SEE the above numbers

[Caratacus]

Several financial experts are suggesting "sell your gold etc now". Whilst other commentators are suggesting that's the response expected from the finance sector who prefer we remain in FIAT.  But, the wealthy and central banks (except the BofE) accumulate as fast as the unstable waivering debt mountains and negative yields fall further.

Whilst the pound is suffering the EU gangrenous mafiosa and continues to approach Europarity (directed by globalists), I cannot see any point selling my lone sovereign as the morality of wealth protection is not the same as "trading"; & should we have a bank run (if DM fails) it would be rather nice to have something left to spend on bread for the kids.

(I wish I'd bought them vat free platinum for Christmas)

[Pragmatist]

So basically is the word on the street sell or hang on. I’ve got £12k of gold and want to know my best strategy. 

[AuricGoldfinger]

18 minutes ago, Pragmatist said:

So basically is the word on the street sell or hang on. I’ve got £12k of gold and want to know my best strategy. 

All depends on what you bought gold for in the first place!

[Bullionbilly]

38 minutes ago, Pragmatist said:

So basically is the word on the street sell or hang on. I’ve got £12k of gold and want to know my best strategy. 

Hold tight

[Stu]

37 minutes ago, Pragmatist said:

So basically is the word on the street sell or hang on. I’ve got £12k of gold and want to know my best strategy. 

Gold is best measured in toz rather than fiat. That £12k could well be £10k or £14k next week but it will always be x toz.

[Bumble]

If you bought gold coins as a kind of insurance against governments screwing everything up, then you did well and you should continue to hold them. Selling them would be like selling your seat on the lifeboat of the Titanic. On the other hand, if you bought some gold assets with a view to making some profit, or at least preserving your worth, then you are in the tough position of having to judge whether a top has been reached. It is the same decision you face with any investment that goes up in value: do you let it run because it's doing well, or take profit? It is never bad to take some profit, but you may be able to do better if you can spot the signs of a bubble forming. When the proverbial shoe-shine boy tells you he is buying gold, or you see articles in non-financial magazines about gold, then it is time to get out.

[goldmember44]

10 hours ago, Bumble said:

On the other hand, if you bought some gold assets with a view to making some profit, or at least preserving your worth, then you are in the tough position of having to judge whether a top has been reached. 

In 9 out of 10 cases, people guess the ends of bull markets/bull runs too early... and get burned when going short. This is what experience has taught me. Calling a top can be very treacherous. The reality of the matter is that bull markets run for much longer than bear markets.

Edited August 8, 2019 by goldmember44

[goldmember44]

13 hours ago, Pragmatist said:

So basically is the word on the street sell or hang on. I’ve got £12k of gold and want to know my best strategy. 

The good thing about gold is that you don't normally see sharp drops in its value... it tends to retain the gains rather well. You'll have to ask yourself whether you feel more comfortable with holding paper cash currencies going into the potentially turbulent Brexit period, or not. There's a lot of uncertainty over the immediate future in the UK, and also internationally with US-Chinese relations, affecting global trade, and several other international concerns. In these scenarios gold is a safe haven, more so than treasuries actually. And it's these concerns that have been driving up the price of gold. These matters will not get resolved overnight, that's for sure. But at the end of the day, you have to do your own research and analysis, whether you want to hold, buy or sell gold...

As for me? I'm buying more gold.

Edited August 8, 2019 by goldmember44

[goldmember44]

10 hours ago, Bumble said:

When the proverbial shoe-shine boy tells you he is buying gold, or you see articles in non-financial magazines about gold, then it is time to get out.

This analogy is generally true of stocks, not of gold. 

[Guest]

15 hours ago, Pragmatist said:

So basically is the word on the street sell or hang on. I’ve got £12k of gold and want to know my best strategy. 

The word on the street? This week it's "WTF is going on?!, don't panic...I mean panic!!"

Best strategy?

This will depend on risk tolerance, what price you bought at and what profit targets you are looking for.

Personally, FWIW, I determined my Gold profit levels when I bought and have stuck to my plan, i.e I sold 10% @ £1040, 15% @ £1090, 25% @ £1150 and the final 50% at £1225 yesterday. Price could continue to rise, but I have hit my profit levels and am now sitting and watching. I wouldn't be out of ALL precious metals though, I continue to hold Silver and the first 2 batches of gold sales were swapped into Silver (GSR was at record highs) with the final batches being kept in cash for the time being.

In short:

Sell if you have made a good profit and think price will get smashed down, and then buy in again at discount, 

Or:

Hold if you think price will continue on full afterburners for a moon shot.

However, always know this...when you sell price will go up, when you buy price will go down 😄

Good luck.

 

 

Edited August 8, 2019 by Guest
typo

[KDave]

26 minutes ago, RichRock said:

However, always know this...when you sell price will go up, when you buy price will go down 

Can't agree enough on this one. Only those blessed by the gods will be able to time it perfectly. The reason for selling and buying are more important than price sold or the price bought.

[Bumble]

@goldmember I remember an interview with Peter Hug of Kitko, who is a professional trader, in which he recalled how back in 1979/80 he was trading gold for a firm in Toronto, and people would queue up in the street to buy gold coins. One day he looked out the window and saw their mailman in the queue and he turned to his assistant and said: that's the top, we should sell now. That was right on the peak in 1980. Similar things happened with Bitcoin in December 2017. I started to find articles in general interest magazines about this wonderful new craze called cryptocurrency. People on forums said they were borrowing money on their credit cards to buy Bitcoin. When things like that happen, the bubble is in and it's time to sell. You don't need to short, and you may miss the exact top, but there's no need to be greedy, just be long for the main part of the run-up.

[goldmember44]

30 minutes ago, Bumble said:

@goldmember I remember an interview with Peter Hug of Kitko, who is a professional trader, in which he recalled how back in 1979/80 he was trading gold for a firm in Toronto, and people would queue up in the street to buy gold coins. One day he looked out the window and saw their mailman in the queue and he turned to his assistant and said: that's the top, we should sell now. That was right on the peak in 1980. Similar things happened with Bitcoin in December 2017. I started to find articles in general interest magazines about this wonderful new craze called cryptocurrency. People on forums said they were borrowing money on their credit cards to buy Bitcoin. When things like that happen, the bubble is in and it's time to sell. You don't need to short, and you may miss the exact top, but there's no need to be greedy, just be long for the main part of the run-up.

That's true. But I really do think this current move in gold/silver is just the beginning. We really are far away from a top... we've only just started! It really is premature to sell at this point, unless to reposition/sell one thing to buy another. Most people sell too quickly and miss out on the big move. Also known as "overtrading" if they buy and sell too much, instead of buying and holding. Remember buying gold is not short-term trading, it ideally should be for longer term investment, or for hedging/safe haven refuge during economic and political uncertainty. And that, we certainly have at the moment. If you show me that Brexit worries have effectively been averted, and the US and China made friends again, along with Russia and Venezuela, Iran, India and Pakistan, etc... then I might agree it could be time to sell gold and buy stocks.

Edited August 8, 2019 by goldmember44

[Zhorro]

I think we have just had another high point - £1,240.84 - the fun continues!

[Midasfrog]

Between £1270.00 - £1280.00 by the end of August in three weeks time 😲

[AuricGoldfinger]

Over £40 a gram makes things nice and easy to work out 😁

[Caratacus]

6 hours ago, goldmember44 said:

That's true. But I really do think this current move in gold/silver is just the beginning. We really are far away from a top... we've only just started! It really is premature to sell at this point, unless to reposition/sell one thing to buy another. Most people sell too quickly and miss out on the big move. Also known as "overtrading" if they buy and sell too much, instead of buying and holding. Remember buying gold is not short-term trading, it ideally should be for longer term investment, or for hedging/safe haven refuge during economic and political uncertainty. And that, we certainly have at the moment. If you show me that Brexit worries have effectively been averted, and the US and China made friends again, along with Russia and Venezuela, Iran, India and Pakistan, etc... then I might agree it could be time to sell gold and buy stocks.

I broadly agree with Goldmember44's sentiments; but I think this particular event is unusual not only in that for the majority of us we never saw recovery from the  2008 recession,  but that never before has there been a period of sustained interest rates below 4%, or large scale negative interest rates! or global extreme GDP debt (except during sustained war). Devaluation of currency by Governments has historically resulted in economic collapse and shifts of power (Spain/Roman/British Empire/2nd Reich Germany/France & I guess now the US). This is compounded by a global slow down in manufacturing/commerce etc which seems to be independent of the finance markets; and global overexcited housing markets. Then there's the derivatives issue and the fact that Ag/AU seem to be held back artificially (pre Basle)

The uncertainty of Brexit has escalated the price of Gold to the highest recorded in national currency in the UK, (but also I believe Australia/Japan/Canada/India/NZ),  although not yet the states. I guess this suggests room for manoeuvre and a little more growth....

[5huggy]

OOOhhhh  It keeps trying! 😉😉

 

Edited August 14, 2019 by 5huggy

[Au79]

Do remember to take profits by Christmas 🎄 

[5huggy]

BUT! what if  we getz a "Santa Rally"???  😉😂

[KDave]

Wasn't the market moves yesterday related to trumps tweet about tariffs and Christmas. Didn't he think about Christmas before announcing the tariffs? 

Christmas gets earlier every year it seems.