Gold Monitoring Thread £ GBP only

[5huggy]

10 minutes ago, AuricGoldfinger said:

I probably will. There will be a day when £1200 is a low that we will never see again

👍

[AurumArgenti]

1 hour ago, Nick1368 said:

Are we seeing £1300 soon ? 
who would buy gold today ? 

I'd probably still purchase if there's something that tickled my fancy. 🤔

[Nick1368]

2 hours ago, AuricGoldfinger said:

I probably will. There will be a day when £1200 is a low that we will never see again

I think so too 

[AuricGoldfinger]

When sovereigns were £240 I thought blimey - not paying that. Lol

[DarkChameleon]

3 hours ago, 5huggy said:

👍

I recall buying at $1200 not so long ago...now it's almost hitm $1600...who wouldnt, at this rate I'll be scrapping all my jewelry buys just for melt price..lol.

[silvernewbie]

Gold Jewellery will inevitably become unaffordable for most (especially 22ct in Asia) how much of an impact will this have on the Gold prices, or is it etfs etc pushing up prices?!

[Caratacus]

I guess under Basel 4, the more currency produced for QE to support the banks means that the value of currency falls and banks need to buy more gold to offset the probability of further currency devaluation?

[DarkChameleon]

47 minutes ago, silvernewbie said:

Gold Jewellery will inevitably become unaffordable for most (especially 22ct in Asia) how much of an impact will this have on the Gold prices, or is it etfs etc pushing up prices?!

 

2 hours ago, Caratacus said:

I guess under Basel 4, the more currency produced for QE to support the banks means that the value of currency falls and banks need to buy more gold to offset the probability of further currency devaluation?

If only, the banks don't care about gold, they just devalue their curency, America right now is upset because other countries have devalued theirs more then a erica has so we end up with a strong currency we don't want just by being the one who dedint weaken it's currency enough.

[Caratacus]

I take your point about America being left behind as others devalue.

Ironically the UK's devaluation has been forced on us by the EU's obstinacy at not playing cricket over Brexit; but hopefully the pound will recover after  the January 31st celebrations......

There is an interesting video about China's position on gold and its likely ownership due to persistent accumulation   by Dominic Frisby   Money, Markets and other Matters   https://www.youtube.com/watch?v=70MhywXK2pg  

[RoughDog]

 looking at the charts it seems sterling went downhill in 2007 and by end of 2008 it was down.  no idea why, but that was way before brexit.

[sixgun]

On 06/01/2020 at 23:17, DarkChameleon said:

If only, the banks don't care about gold, they just devalue their currency, America right now is upset because other countries have devalued theirs more then a erica has so we end up with a strong currency we don't want just by being the one who didn't weaken it's currency enough.

The US has positive interest rates and bonds with positive rates. They aren't positive in real terms - inflation is really 10% but the controlled media, government and the banks pretend otherwise.
There are many negative yielding bonds and accounts - this makes the USD more attractive. 
There is also a massive amount of USD denominated debt in the world. Huge amounts created outside the US banking system, in the Eurodollar system. As the Fed increased interest rates this increased the payments on this massive amount of debt which in turn increased demand for the USD. On one hand a large proportion of the world is de-dollarising but the attachment of many countries to the dollar is not the flick of a switch b/c there are still these USD denominated loan repayments. So as the world drifts away from the trade dollar, the Eurodollar debt repayments pull it back. If on balance there is a positive demand for the dollar the price of the dollar rises. 

Trump may make noises about the strength of the USD but does he know what he is talking about or is he just making noises? A high dollar means there is demand for the dollar. The US consumer funny money economy relies on demand for the dollar. The US creates paper out of thin air and exchanges it for real goods. A weak dollar would mean more dollars were needed buy the goods, would mean even high interest rates needed to prop up the dollar and ultimately a weak dollar means the world isn't taking dollars - the US living is creating USD or else the USD system crashes. The US has invaded countries and killed the leaders for not selling their oil in dollars. 

The demand for US Treasuries is very low - foreigners don't want them. This in part is what is causing the Repo crisis. US banks are having to buy up what would be failed Treasury auctions which is drawing down dollar liquidity so there is a greater need for liquidity by the banks and at the same time less interbank liquidity, so the Repo rate goes up reflecting its scarcity. The Fed has to step in to hose in the dollar liquidity to keep the ship afloat. 

Edited January 9, 2020 by sixgun

[DarkChameleon]

6 hours ago, sixgun said:

The US has positive interest rates and bonds with positive rates. They aren't positive in real terms - inflation is really 10% but the controlled media, government and the banks pretend otherwise.
There are many negative yielding bonds and accounts - this makes the USD more attractive. 
There is also a massive amount of USD denominated debt in the world. Huge amounts created outside the US banking system, in the Eurodollar system. As the Fed increased interest rates this increased the payments on this massive amount of debt which in turn increased demand for the USD. On one hand a large proportion of the world is de-dollarising but the attachment of many countries to the dollar is not the flick of a switch b/c there are still these USD denominated loan repayments. So as the world drifts away from the trade dollar, the Eurodollar debt repayments pull it back. If on balance there is a positive demand for the dollar the price of the dollar rises. 

Trump may make noises about the strength of the USD but does he know what he is talking about or is he just making noises? A high dollar means there is demand for the dollar. The US consumer funny money economy relies on demand for the dollar. The US creates paper out of thin air and exchanges it for real goods. A weak dollar would mean more dollars were needed buy the goods, would mean even high interest rates needed to prop up the dollar and ultimately a weak dollar means the world isn't taking dollars - the US living is creating USD or else the USD system crashes. The US has invaded countries and killed the leaders for not selling their oil in dollars. 

The demand for US Treasuries is very low - foreigners don't want them. This in part is what is causing the Repo crisis. US banks are having to buy up what would be failed Treasury auctions which is drawing down dollar liquidity so there is a greater need for liquidity by the banks and at the same time less interbank liquidity, so the Repo rate goes up reflecting its scarcity. The Fed has to step in to hose in the dollar liquidity to keep the ship afloat. 

Americas debt has risen and its income has dropped, all for giving the most money to the least in need of it and much of that money has left the country...for 8 years the gop were screaming about Americas debt...now they ignore it as they spend through the roof and then reduce income...the exact opposite of what you should be doing but as long as they get their cut, personally or politically they don't give a bad, leaving the dems to once again be the bad guys when they next get ion power.

[sixgun]

5 hours ago, DarkChameleon said:

Americas debt has risen and its income has dropped, all for giving the most money to the least in need of it and much of that money has left the country...for 8 years the gop were screaming about Americas debt...now they ignore it as they spend through the roof and then reduce income...the exact opposite of what you should be doing but as long as they get their cut, personally or politically they don't give a bad, leaving the dems to once again be the bad guys when they next get ion power.

As David Icke would say there is an agenda running in the background and all the parties are the same. The differences are superficial. Choice is an illusion but it keeps the masses happy and is a useful tool to distract, divide and rule.
Back in my teens i remember thinking there are things not right in the world - i would be 13 or 14 i suppose and starting to take more notice of so called adult things - i noticed we were being told stuff which wasn't true. People didn't really agree with it but they were going along. It was the beginnings of political correctness.

i remember thinking that politicians don't answer the questions - well a lot of them don't. i closely watched a BBC interview with a leading politician - i don't remember who but that doesn't matter, they are all pretty much the same. The politician didn't answer a single question - it was like two different interviews had been edited together. At the end the interviewer thanked the politician and the programme moved on. The controlled media goes along with the politicians to create an illusion - this is part of the reason i virtually always call it the controlled media. It is not there to educate and inform - it is there to create an illusion. Most of the people go along with it. i think Americans go along with it more than most.

Edited January 9, 2020 by sixgun

[DarkChameleon]

I found a way to figure out politicians which is the paradox phllosophy, when they can lie they do...so do a 180 of anything they say and then move it to the nearest possible reality like when they say they do t have plans it means there are plans but they asked to to have them delivered to them until after the media statement.

[goldking]

Another climb today to £1216.56.  Up over £15 toz in 48 hours. 

Edited January 28, 2020 by goldking

[Paul]

2 hours ago, goldking said:

Another climb today to £1216.56.  Up over £15 toz in 48 hours. 

" To infinity and ..........beyond! " Buzz

[goldking]

Going on another rampage today.  Up through £1218 and climbing.  Asian stocks and yields are in the weeds on a 7 week low due to Corona.

[goldking]

Annnnnnnd, back down again .  I expect the news of the BoE holding the interest rate played a big part as the pound strengthened.  Also with Brexit going through tonight it will boost confidence and theoretically should see the gold price drop even further, but then there's all the Corona uncertainty pulling it in the other direction so who knows.  :shrug:  

[5huggy]

Gold Price Testing Support as US Dollar Strength Trumps Coronavirus Fears For Now!

 

Gold has moved lower this week after printing a short-term high of $1,592/oz. over the weekend session and currently traded around $1,568/oz. as renewed US dollar strength dampens the recent rally. The greenback’s rally has been helped by recent better-than-expected US data releases and is now within striking distance of levels last seen two months ago. The US dollar basket (DXY) positive outlook is now supported by all three moving averages in the short-term, and this evening’s US State of the Nation speech and Friday’s US Labor Report (NFPs) will be key for the greenback’s short-term direction.

The Chinese coronavirus outbreak shows no sign of abating with over 20,000 confirmed cases of the flu in and 420 fatalities reported in China. China’s leader Xi Jinping overnight said that the outbreak had shown up deficiencies and shortfalls in the country’s handling of the crisis and said that the country must improve its ability ‘in handling urgent and dangerous tasks’.

With the coronavirus expected to dominate headlines in the short-term, any weakening of the US dollar could see gold push higher again and test the January 11 near seven-year high above $1,611.5/oz. Gold is currently trading on the 20-day moving average and there are various supportive price points and a cluster of recent trades down to $1,546/oz. The last two days ranges have broken the series of short-term higher lows and need to be watched for further evidence of current market sentiment.

From here - - > > https://www.dailyfx.com/forex/market_alert/2020/02/04/Gold-Price-Testing-Support-as-US-Dollar-Strength-Trumps-Coronavirus-Fears-For-Now.html

[Guest]

yep, the range is 1520 - 1560 - it is waiting for a breakout above this area but who cares really, in the long run as Voltaire so correctly said, all fiat returns to its intrinsic value - zero...that is why stackers are stackers

[goldking]

Another week of wild ups and downs.  Just broke through £1220 an ounce a few mins ago - a new high for this month - but was £35 the other way, down at £1185 just 48 hrs ago.  The trend continues to edge upwards week by week.  If we ignore the £40 rise at the start of the year and start with the average of ~£1185 for that first week of Jan, the price of an ounce has risen by roughly £4 every week as the average for this week has been approx £1205.  If that trend continues, £1230 baseline by the end of Q1?

https://uk.tradingview.com/symbols/XAUGBP/

[sixgun]

My guess is there are a number of members who believe the price of the metals will fall - there is a lot of stuff coming onto the selling forum - i see this when gold gets high and members think about taking some profit.
Often times it is a good tactic until it isn't.

[goldking]

Sixgun: if we end up in a deep recession it's likely that the prices will tumble in the short-term.  History is a certainly a good indicator there.  But with the insane levels of fake money printing still going on with no end in sight, I'm feeling like it's not going to see the big dip down like many seem to be expecting/hoping for.  Looking at the charts for last week, it averaged around £1212 in our money.

[5huggy]

well the charts are looking good today! 😉 👌

[goldmember44]

I'm definitely expecting a gradual rise in the gold price, even with a strengthening pound. This is only the beginning. However, I hope the rise will be gradual enough to allow me to still be able to load up on bullion...