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Gold Monitoring Thread £ GBP only

ChrisSIlver

This topic is to discuss price action in GBP, to discuss price action in $ USD, please see this topic: https://thesilverforum.com/topic/19962-gold-monitoring-thread-usd-only/

 

Message added by ChrisSIlver

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23 minutes ago, Miganto said:

Are they actually seperately valued and you can actually make money off of buying it in 1 currency and selling it in another, or has the value of the 2 currencies changed so greatly in the last 2 hours?

That basically is how futures traders in "PAPER " pm's can make a packet and manipulate pricing - - I know cos I do! 😉

You are quite right as to how the price in different FX can vary considerably

check these out!

https://www.usagold.com/cpmforum/goldpricemajorcurrencies/

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14 minutes ago, AuricGoldfinger said:

Gold is yo-yoing and so is the Pound against the dollar. 

This is why the two don’t always correlate. Gold in GBP has reached ATH but In dollars there’s still some way to go. This is because the pound is so weak at the moment.

This will probably only get worse the closer we get to 31 October (Brexit day)...

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5 minutes ago, goldmember44 said:

This will probably only get worse the closer we get to 31 October (Brexit day)...

The gold price has dropped a fair bit since the last votes in parliament. Since prorogation it has continued the rise a bit and then fall. What is your best guess for the next eight weeks?!

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I'd say it's based on the uncertainty of a no-deal ('worse case' for businesses).  The more likely it is, the higher the price of gold as investors chuck money that way and when/if a deal is struck, the price of gold should drop a fair amount as the investors that've been holding gold release some, as well as the value of the £ rising a touch.

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1 minute ago, AndrewSL76 said:

The gold price has dropped a fair bit since the last votes in parliament. Since prorogation it has continued the rise a bit and then fall. What is your best guess for the next eight weeks?!

It's hard to say, but my guess would be that this correction would bottom out soon, and gold and silver prices will start rising again, continuing the uptrend that started a few months ago. But because of some very important dates ahead, nothing can be said for sure. Things could be very volatile. I'm still bullish on gold/silver medium and longer term, though.

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2 minutes ago, Miganto said:

I'd say it's based on the uncertainty of a no-deal ('worse case' for businesses).  The more likely it is, the higher the price of gold as investors chuck money that way and when/if a deal is struck, the price of gold should drop a fair amount as the investors that've been holding gold release some, as well as the value of the £ rising a touch.

Yes, but it should be understood that it's not only Brexit that has boosted gold prices -- but rather a combination of diverse factors. Such as US-China trade war, global economic slowdown, diverse geopolitical issues, US economy in general.... and the status of the dollar as global reserve currency, also the status of the petrodollar.

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5 minutes ago, goldmember44 said:

Yes, but it should be understood that it's not only Brexit that has boosted gold prices -- but rather a combination of diverse factors. Such as US-China trade war, global economic slowdown, diverse geopolitical issues, US economy in general.... and the status of the dollar as global reserve currency, also the status of the petrodollar.

Oh for sure, I think we are a smallish drop in the global pond, but I think it'll have this kind of impact, even if small and even if only on the exchange rate :)

My reply was only in relation to his comment about Brexit affecting the price somewhat, rather than it being a major player/reason behind the changes.

Edited by Miganto

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Cheers @goldmember44 I’m going to be hesitant and see out the month. I bought some gold at the top end a few weeks ago and am tempted by the ‘lower’ price but will keep an eye on things. I think it will reduce down to sub 1100 next week...I may reevaluate my position then. 

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1 hour ago, goldmember44 said:

This will probably only get worse the closer we get to 31 October (Brexit day)...

.......... but which October 31st ........?

29th March 2019 was going to be freedom day "0" in the new Brexit calendar......  year 0 AB (after Brexit) but like the change to the Gregorian  calendar they stole many days from us simple folk

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34 minutes ago, Caratacus said:

.......... but which October 31st ........?

29th March 2019 was going to be freedom day "0" in the new Brexit calendar......  year 0 AB (after Brexit) but like the change to the Gregorian  calendar they stole many days from us simple folk

I googled days until brexit the other day most websites come up with 0 days, leave happened 29 March. 

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Started to rebuild my gold ETF portfolio yesterday , as the POG is showing some resilience. I am hoping prices will rise in anticipation of what the fed will do later next week...will probably sell half the day before to hedge my bets!

The next opportunity for gold to get slammed will probably be tweets about a great trade deal with China....although I really can’t see that happening any time soon!

OR

If The Fed only cuts rates by 25 basis points...I think the market wants 50 minimum...will soon see.

On the Brexit front, most people aren’t stockpiling toilet rolls like last time, (apart from me!)  so I guess the majority don’t think it will happen...!

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41 minutes ago, goluckystayhappy said:

I didn't think we would be in the £11XX range after hitting £1239 yesterday.

Gold has just dipped below £1200, £1196 as of 5pm today.

https://www.bullionbypost.co.uk/gold-price/gold-price-per-ounce/

Seems a bit odd considering the latest news from the ECB on rate cuts and bond buying!

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5 hours ago, AuricGoldfinger said:

Gold is yo-yoing and so is the Pound against the dollar. 

This is why the two don’t always correlate. Gold in GBP has reached ATH but In dollars there’s still some way to go. This is because the pound is so weak at the moment.

The gold record is $1800 but right now it's under 1500...so it's 20% off its high...Silver is under 18 and it's record is 48, so it's about 35%of its former high...so there's a lot more room for silver to go before even getting close to golds ratio to its record high, one reason I'm more silver right now then gold.

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9 minutes ago, universalcurrency said:

Gold has just dipped below £1200, £1196 as of 5pm today.

https://www.bullionbypost.co.uk/gold-price/gold-price-per-ounce/

Seems a bit odd considering the latest news from the ECB on rate cuts and bond buying!

It's because right now two of the largest countries in the world cannot let gold fall too far or rise too far, they are not so severe on silver but the China Russia stash of gold is important enough for them to manipulate the gold market as much as they can.

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1 minute ago, DarkChameleon said:

It's because right now two of the largest countries in the world cannot let gold fall too far or rise too far, they are not so severe on silver but the China Russia stash of gold is important enough for them to manipulate the gold market as much as they can.

It seems highly probable that some manipulation of the gold & silver markets is going on as in a 'free market' traders would be going long to protect themselves form currency devaluation and potential slowdown / fall in the stock market, poor returns in the bond market etc.

Where is gold going now.....

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I’m hoping it drops even further as it’s bonus time at the end of the month and I’m planning on buying.  A pair of running shoes for the missus and a couple of oz for me.

I had my eye on a gold buffalo from HGM, the price has gone up more than a new one at overpriced Atkinsons. 

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