Jump to content
  • The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world, established since 2014. Join today for FREE! Browse the sponsor's topics (hidden to guests) for special deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking/collecting. 21,000+ forum members and 1 million+ forum posts. For the latest up to date stats please see the stats in the right sidebar when browsing from desktop. Sign up for FREE to view the forum with reduced ads. 

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/

 

Recommended Posts

£700  holy gee batman

yes robin , pass me the anti gold price drop spray     as ht said   touched £699 .95  

mind you it means little if premiums go a lot higher

I struggle with less than 1  0z to calculate wether theyre hiking them up

but it will be interesting to see  what a 1 oz bar or krug will cost at atkinsons

Edited by craig12
Link to comment
Share on other sites

$1000oz is on the cards, 

 

China is unwinding USA treasury's and have not bought any for a long time, its full on financial war.

 

China  will make more and more statements about Gold holdings over the next months, the asia bank is also starting up backed by Gold this is pissing off the USA.  

Edited by Pipers
Link to comment
Share on other sites

I'm going to hold cash now I have just bought a sovereign from ebay with the 20% discount, that works out at £660 spot if I was buying at normal prices of 4% above spot.

 

So I'm going to sit this out if spot goes down good for me in a few months, if spot goes up so what I have already bought some, if spot stays the same I have a choice what to do.     

Link to comment
Share on other sites

I have been thinking about this today, and to be honest the lower it goes the better for me as I am accumulating for the next 20 years.  So if it goes to a 15 year low like copper then good I'll just buy more (double down as it were) in a few months I then hope it bumps along for a few years at that level.

 

I don't think China will support Gold either they will just accumulate and so will Russia, Saudi and the rest until there is next to nothing left. The same thing happened in 2013, when savers think about going into gold gold gets hit hard.  

 

Remember a lot of the big players will come back into Gold at $950-$1000 you me and average joe may not get any when that happens or the margins will go up considerably.   

 

As my Gold has gone down in value my house and other investments have gone up this is what is supposed to happen!   

Link to comment
Share on other sites

I'm with you on this Pipers this is about hedging for retirement for me. Buy buy buy all the way down! :P

 

Plan A is to stack gold for the next 40 years to supplement retirement income along side my pension. Plan B is to rely solely on the gold at much higher values if the fiat pension becomes worthless. 

 

If in the next 40 years gold becomes so expensive that it only makes sense to stop buying and sell some I will look at moving some of it into other assets. For example, I don't own a house and this would be first on the list to reduce overheads in retirement. I will never sell all of my gold and be left without any though. 

 

If fiat sterling manages to maintain itself for the next 60 years then I will have a solid pension that will be generously supplemented by selling gold. 

 

If gold becomes worthless then my children will inherit a safe full of useless shiny metal lol.  

Link to comment
Share on other sites

I read there's technical support at ~$1088/oz.

 

HH

 

I'm no expert but I've just been drawing some lines on the gold chart and $1088 looks about right, I believe we hit that today before bouncing back, if it goes through that then $1000 could be when a lot of people buy back in.

 

Saying all that who really knows? It's all just a guessing game really but the general feeling seems to be lower...

post-135-0-08785700-1437598782_thumb.jpg

Link to comment
Share on other sites

I'm no expert but I've just been drawing some lines on the gold chart and $1088 looks about right, I believe we hit that today before bouncing back, if it goes through that then $1000 could be when a lot of people buy back in.

 

Saying all that who really knows? It's all just a guessing game really but the general feeling seems to be lower...

 

All depends on where you draw the line. It could be said that we have already dropped below the support level. 

 

post-140-0-72105100-1437608030_thumb.jpg

Link to comment
Share on other sites

A very interesting article written 31/12/14 regarding gold price forecast for 2015

 

http://www.marketoracle.co.uk/Article48824.html

 

The guy doesn't seem to be too far off the mark 

 

Gold Price Forecast Conclusion 2015

My forecast conclusion is for the Gold price to trend lower into August 2015, targeting a low of $1050 before Gold finally makes a low for the year that propels the Gold price to above $1300, probably spiking to approx $1350 during November before correcting during December

Edited by HighlandTiger
Link to comment
Share on other sites

All depends on where you draw the line. It could be said that we have already dropped below the support level. 

 

 

 

 

Obviously it's all objective ht, I was relplying to hh and trying to find the next support level, a lot of traders would have drawn that line and set their buy orders at $1088, so for now that's the new support level.

Link to comment
Share on other sites

well that $1088 has been well and truly smashed. $1050 next?

 

not yet, it needs to smash through $1080 on high volume

to accomplish that(reference lines are not exact lines

but a small range barrier, this is partly due to the spread

in trading at that point)

 

the $1088 is a figure calculated from the retracement of 50%

from it's bull run 2000-2011. although there is variation it's not

done by randomly lining up the ruler.

 

HH

Edited by HawkHybrid
Link to comment
Share on other sites

I reckon its $1000 before any big players even look at paper Gold, as I said it suits China Russia Saudi etc that Gold is Cheap they will just buy more physical for the long term. 

Link to comment
Share on other sites

Just look at the commodities prices today!!!!!!

 

http://uk.investing.com/commodities/real-time-futures

 

I'm going to hold cash, something big is about to happen when everything is going down in commodities there will be money to be made in the long run the markets will over sell big time.  

Edited by Pipers
Link to comment
Share on other sites

Link to comment
Share on other sites

  • 3 weeks later...

Gold and silver have made some gains today , presumably on the back of the Chinese Currency devaluation. Copper fell quite sharply after yesterdays gain presumably because of the same announcement.  

 

Some are predicting further devaluation to follow - if this is about trade, a devaluation makes Chinese exports more competitive. The Singapore, S. Korea and Taiwan currencies are all competitors of China so will likely follow suit. The next logical step is further devaluation in a long predicted currency war. I do not think this is what is happening. 

 

I think this is not about trade but about the Chinese currency being included as a reserve currency part of the IMF's special drawing rights (SDR's). If this is the goal then there will likely not be further devaluation. Instead this is about introducing volatility in an attempt to make the exchange rate more market based, so as to meet the criteria set out by the IMF for SDR reserve currencies. The IMF are conducting a review of the reserve currencies used in SDR's and the Chinese wish for their currency to be included.

 

In conclusion, despite the rally, all of the metals are likely to continue falling going forward IMO! 

Link to comment
Share on other sites

The currency previously traded 2% either side of a fixed value. The fixed value was always decided by the central bank (Peoples bank of China). Now China is going to base the fixed value on the previous days closing value, effective allowing the market decide the currencies value. This is how some of the other major currencies work. This change makes Chinas currency look like it is more market controlled, but in reality the bank can influence its value at the close of play and effectively still control the price. The devaluation we saw today was the banks attempt to reflect market forces as they hand over the reigns. If they had not devalued it and just let it float, the value could have risen which would cost China in exports. They do not want that, they just want the illusion that currency is not centrally controlled so that they can join the IMF's reserve currency basket of SDR's. The devaluation will encourage the currency to move in 'right' direction for some time as many people are now expecting further devaluation going forward (not likely in my opinion). This was not about boosting trade and making the currency weaker for exports. They only wanted to prevent damage to exports by stopping the currency rising with market forces on float.

 

Going forwards, the real test will be if market forces manage to beat central bank interference at the close of play. If this happens and the currency strengthens too much, then I imagine China will be pushed to interfere with further devaluation. The devaluation today makes this scenario unlikely for the short term in my opinion and the currency will now naturally fall on its own as people expect and price in the further devaluation that will never come. 

 

Now that I have said all of this, you can guarantee China will devalue their currency again tomorrow!  :P

 

At least gold and silver should strengthen if that does happen  :)

Link to comment
Share on other sites

SDR, China should of been allowed in last time I believe the USA stopped them. This may be China last attempt at joining the SDR, if she fails I believe we will see more integration with Asian and brics using the I think shanghai int bank consortium.

The currency wars are stepping up!!!

USA have the next big move on the Chess board.

Link to comment
Share on other sites

SDR, China should of been allowed in last time I believe the USA stopped them. This may be China last attempt at joining the SDR, if she fails I believe we will see more integration with Asian and brics using the I think shanghai int bank consortium.

The currency wars are stepping up!!!

USA have the next big move on the Chess board.

 

don't you mean draughts :) 

 

HH 

Link to comment
Share on other sites

has no one noticed that gold has steadily been

going up a little this week? or are people not

meaning to jinx it? this could be the beginning

of a bull run.( I know I've been wrong many

times before, but I 'could' be right this time  :huh:  )

 

HH

Link to comment
Share on other sites

Silver's gone from £9.30 back to just under a tenner as well, I put it down to the China QE over the last couple of days.  Maples are now dearer than Britannias, Phillies and Funnel Web Spiders as well on STG, hows that come about?

 

I was hoping to buy some of the gold Lunar Sheep from Bairds before prices started rising again but I'm still putting the cash together.

Edited by Scuzzle
Link to comment
Share on other sites

I was hoping to buy a sheep from Bairds too but spot has been steadily rising. If I'd bought, spot would have dropped like a stone but because I wanted to wait to see if it'll drop lower, it's going to the moon.

If it reaches £750, I'm not going to hang about and just buy it. Did they lower the mintage of the sheep to 8888? If they did, can't be that many left.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Cookies & terms of service

We have placed cookies on your device to help make this website better. By continuing to use this site you consent to the use of cookies and to our Privacy Policy & Terms of Use