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Gold Monitoring Thread £ GBP only


Paul
Message added by 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/

 

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2 minutes ago, mr-dead said:

Or they all have a big hug behind closed doors after declaring "everything is going to plan"

No truer words said in jest Ha Ha. 😀 

But I still think it will hit 1k on Thursday😎 

Edited by Kritika
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That video is very good, looking forward for another crack at the oil market. Nice to hear that gold is likely to go lower again in the short term (maybe), hopefully it will time well with the QB release in March fingers crossed. Paying over a grand an ounce as it is at the moment is psychologically difficult for some reason. £950 is fine though. :P

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Yesterday the Fed raised interest rates 0.25%. Gold rose into the announcement and then the paper market sold off. It bounced right back.

Gold does well on interest rate rises. The logic should be that gold will sell off as bonds and cash deposits look more attractive. This does not happen in practice, i have seen this with the previous rate increases.

i can see a big cup forming on the charts with the other side being prices in Spring 2018. Price needs to get through the $1365 level. There may be a bit of a knock back as there is a scramble to keep a lid on price. A pullback from $1365 would form the handle, of the cup and handle and then i expect price to breach $1365 in the Spring of next year and then we could be off to the races.

i see mining stock not doing as well as they should with the gold price - often the powers that should not be lean on miners as well as silver to keep a lid on the gold price. This is the primary reason why the Gold Silver Ratio has been over 85.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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3 hours ago, sixgun said:

 

i can see a big cup forming on the charts with the other side being prices in Spring 2018. Price needs to get through the $1365 level. There may be a bit of a knock back as there is a scramble to keep a lid on price. A pullback from $1365 would form the handle, of the cup and handle and then i expect price to breach $1365 in the Spring of next year and then we could be off to the races.

 

I see things slightly different here sixgun, i think all being equal unless there is war etc Gold will advance to $1360-$1370 then retreat again to a low of around $1100- $1078 before its next wave.  I may be well out, i have been many times before but i make predictions because do not buy every month.  Whats your next wave 2019 top and low prediction?   

Edited by Pipers
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1 hour ago, Pipers said:

I see things slightly different here sixgun, i think all being equal unless there is war etc Gold will advance to $1360-$1370 then retreat again to a low of around $1100- $1078 before its next wave.  I may be well out, i have been many times before but i make predictions because do not buy every month.  Whats your next wave 2019 top and low prediction?   

There is resistance at $1365 - there will be stops to defend above there. Price has been turned back before so there is strong resistance.

There was a video posted on the forum the other day where the narrator was making a case for a rise - i don't recall where it was up to and then a pull back to the sort of level you are talking about. This was on the basis of a trend line which had been broken and price was returning up to it. The trend line was a multi-year line which had only two points supporting it - so in my view it was hardly convincing.

For me gold going to $1100 and lower seems out of the question - at least in the physical market.

Price can go anywhere in the paper market b/c it has no relationship to physical. The COMEX is all but a non delivery market so price can literally go to zero when the metal is never delivered.

The UK has done a trade deal with Switzerland in case of Brexit. This is b/c of the billions in gold that flow out of London to the Swiss refiners and then onward to Asia. The amounts distort the trade balance. Last time i looked there were a few ounces mined in Wales. The £billions are coming out of the vaults and they aren't being replaced. i know we have covered this ground before and we hear that the supply is very tight and the vaults in London are almost empty. At $1100 all the big miners are losing money.

We see stock prices falling. We see bond prices falling. We see interest rates going up which will ramp up debt repayments. We see a host of reasons to be in gold. In May the Kinesis currency will start - i expect this to suck up £billions in metal. There are lots of reason for price not to tumble to $1100 but there have been lots of reasons before and it has.

i don't know where price will be in 2019 - i see demand increasing in the face of falling new supply. Miners will be signing up with Kinesis so gold which would have ended up in London won't even get there. More and more gold is going into strong hands which will not sell almost at any price.

Edited by sixgun

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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Seasonal factors favour the gold price in the first quarter. My own guess would be $1300 to £1350 by the end of March. After that, either a fall back in the summer, or possibly further gains if the stock markets are making serious falls.

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Yep! -  because it might be a year high - relatively it is still under priced IMHO!

You only have to look at the movement upwards in the last 3 days - - The markets are nervous as hell and one twitch could send squillions flocking for safety!

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21 minutes ago, CorvusCorax said:

As the price in GBP is at year high are people on the forum still buying gold?

https://www.bullionbypost.co.uk/price-ratio/gold/silver/sixmonth/

just purely based on the Gold/Silver ratio being at a near all-time high, I have been buying a little bit of the cheapest/best value silver possible past few months 

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