Gold Monitoring Thread £ GBP only

[Scuzzle]

I'm not sure if that figure is true or a mistake and that's the number of proof coins minted, there's a few sites quoting it but I don't think it's .  If it is then they should be getting snapped up sharpish.

[KDave]

This is somewhat off topic a bit but still relevant to the gold price and the probable reason gold is rising;

 

The value of Chinas currency fell again today. A few of the less informed media (including the BBC) are reporting it as 'Chinas central bank devalues for second day' or the equivalent. While this is technically true, the reasons behind the devaluation are important. Yesterday China effectively floated the value of its currency and has said it will set its value based on close of day price as determined by the market. Today the market decided the Yuan was worth less than yesterday and so the closing price was lower. This is not the central bank devaluing the currency to become more competitive aka 'currency wars' (although that will likely be a future consequence). This is the Yuan finding market value so it can be included as a reserve currency (I think  ). The IMF have stated that they support the move by the Chinese, lending further weight to the theory that reserve currency status is the main goal here.

 

While the means of lowering the currencies value may be irrelevant to the many people (they only seem to care the price is up or down, not the mechanism behind the move) I think this is an important detail. Effectively, the market will decide the true value and so theoretically there is nothing to stop the market taking the value lower for a sustained period. If the bank is no longer fixing the price, there is a very real chance this devaluation could continue for some time and the accumulative effect of all these falls could add up to a significant devaluation. If this happens, the deflationary effect on the rest of the world will be considerable.

 

I do not expect the central bank to step in to stop market devaluation as this can only help their export based economy. They are more likely to step in if other countries devalue their currencies in response and the Yuan strengthens. I guess it all depends on how much they want their currency to achieve reserve status IMO.

 

The problem for us is that the market is about as predictable as the Chinese central bank. Gold and silver should theoretically rise for as long as the Yuan keeps falling but how long that will continue is anyone's guess!

[silverin]

[DRooster]

...  Maples are now dearer than Britannias, Phillies and Funnel Web Spiders as well on STG, hows that come about?...

I put in a hurried STG order just incase the slight pricerise was an actual slope,

I was looking at the cheapest 1oz coins but at that moment Britannias were cheaper than some others which aren't as 'nice',

so I ordered some.

It's all a bit random.

[KDave]

Gold back up at £727 probably in response to falling stock markets, FTSE 100 is at 6371 atm. 

[KDave]

Gold £734 an ounce. Dead cat bounce or is something happening other than all the obvious stuff we have already discussed on this forum? 

[Pipers]

Not sure, though a bear squeeze is due.

[HawkHybrid]

Gold £734 an ounce. Dead cat bounce or is something happening other than all the obvious stuff we have already discussed on this forum? 

 

I think this gold rally is not done yet. if it

turns out to be the beginning of a bull trend

then we've barely started 

 

HH

[HawkHybrid]

the fed is likely to post positive comments to

help calm the markets this coming week. gold

could end this rally above $1200, but it may

take 2 months or more to get there.

 

HH

[Pipers]

Maybe the forecast was wrong and the bottom was 1085 for now. Don't right off a bear squeeze plus the US markets fell 10% last week And its the shemitah in September (if you believe or not lots of Jews and Christians do and they will move their money)

Then China has problems with debt and I reckon next year or earlier the Greeks will elect a fascist party that will put the Euro in a spin.

So does that mean the Gold price will go back above 1400 I don't think so maybe 1250 -1350 before another bear market starts in metals.

One thing is for sure I will not be keeping large amounts of cash in the bank. There is a small possibility of a bail in in the UK and I do not want that to be with my money.

[SilverPirate]

One thing is for sure I will not be keeping large amounts of cash in the bank. There is a small possibility of a bail in in the UK and I do not want that to be with my money.

This worries me as i have an inheritance in my bank now,all these rumbles of thunder in the distance gives me the colly wobbles.

My son is in the proceeds of buying a buy to let flat with his money,and i am sorely tempted to do the same with my money

[Lindeman]

This board is very quiet! I guess we are all just sitting watching now...after the drama of July. A few £ here and there around £730 don't seem too dramatic nowadays. Roll on a bit of a dip in price to give us another buying opportunity, I say...

[HawkHybrid]

I've read somewhere that there is about a 25%

chance of a bullish wedge happening with a

bounce from $1100-$1120 which could head

towards $1200 sometime october.

 

http://www.gold-eagle.com/article/technical-analysis-major-markets-6

 

it helps to explain why there is little range as we

approach the tip of the wedge. something should

happen by the 17th september, or may be a little

after. it could go either way though.

 

HH

[HelpingHands]

There will be a 'going for gold' section on bloomberg today at 9:30am about mining and the gold market.

[Paul]

[Pipers]

big hit on Gold 

[HawkHybrid]

http://www.gold-eagle.com/shanghai-gold-exchange-allow-physical-gold-collateral

 

are we getting closer to payment by gold?

 

HH

[HelpingHands]

I'm thinking that we'll get some dips running up to the Sept US rate rise decision. (Sept 17th ?)

[HelpingHands]

If we assume the Fed announcement tomorrow is a 'not yet' on interest rates what will we see in pms?

 

A spike up then a drop back as the talk moves to a possible (read impossible) December rate move?

[Pipers]

I am looking to buy in november

[HawkHybrid]

If we assume the Fed announcement tomorrow is a 'not yet' on interest rates what will we see in pms?

 

A spike up then a drop back as the talk moves to a possible (read impossible) December rate move?

 

I wouldn't make that assumption. either way is

a tough choice. there's only so many times that

you can cry wolf before people stop believing

you.

 

HH

[Cornishfarmer]

What is the thoughts will happen this week?  If they drop rates is it this week?

[HelpingHands]

Since the Tories have been against J.C's QE for infrastructure idea it would look like a bit of an own goal if QE for the banks is ramped up.  So I suspect they may hold off cutting rates for the moment (that's assuming these people can think two moves ahead).

[Scuzzle]

It would be a damn cheek if the QE was done once more for the banks while Corbyns peoples QE was ridiculed.  I dismissed Corbyns QE as heading towards Zimbabwe style banknotes but I would actually like to see projections now of what could be achieved before inflation went too out of control.

[HelpingHands]

I can't decide whether to put in an order before Monday or wait.

Shemitah, moon stuff, number repeating thingys - you can guess what I think of this but it's what traders think of it that has me thinking.