The Masked Tulip Posted November 5, 2014 Share Posted November 5, 2014 Russian central banks says it may sell some gold to pay for imports if Western sanctions over Ukraine continue. Quote Link to comment Share on other sites More sharing options...
R K Posted November 5, 2014 Share Posted November 5, 2014 Not me. I've always been on both sides - it could go to zero or to $10000+ (and probably both) depending on the circumstances. Neither price will have much impact on my thought process. The reasons to buy gold are the same as they were in 2000 - indeed, the circumstances are now considerably worse with the majority of governments trapped in a box of their own making. I've also warned on this thread that a zero price on the exchange (or at least no available price) is quite possible. People who aren't prepared for this or can't stomach it shouldn't be in the game. Lower prices just allow more people to buy more gold for less fiat units. Fine by me. Well of course it lost 90% of it's purchasing power from 1980 to 1999 so there's no reason to suppose it won't again. Quote Link to comment Share on other sites More sharing options...
warpig Posted November 5, 2014 Share Posted November 5, 2014 Nah, not a chance. Gold will do very well, just not yet. Well of course it lost 90% of it's purchasing power from 1980 to 1999 so there's no reason to suppose it won't again. Quote Link to comment Share on other sites More sharing options...
headmelter Posted November 5, 2014 Share Posted November 5, 2014 I'm with Errol & Warpig on this...Cheaper prices on the horizon but it worries me not.... Quote Link to comment Share on other sites More sharing options...
DiggerUK Posted November 5, 2014 Share Posted November 5, 2014 No amount of conspired 'dumping' could move the gold market down from $1900 to where it is now. ........... "Gold hit its lowest level since April 2010 in morning London trading after falling more than $10 in a few minutes in earlier Asian trade"...(Financial Times) Perhaps someone could also explain why the Hong Kong market sold enough to bear the gold price, aren't they supposed to be buying all they can??? The rekindled boom is still on the move and that is the reason gold is with the bears. Traders who view the 'trend as their friend' are selling gold to gravy train the equity rally. Wouldn't be surprised if some of the Hong Kong gold sold this morning bought in to Japans sugar rushed market. Follow the money trail, not the Gata tale. ..._ Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 5, 2014 Share Posted November 5, 2014 https://twitter.com/MktOutperform/status/530106219105886209?s=02 last time this low when gold was $700 Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 6, 2014 Share Posted November 6, 2014 It had crossed my mind that they are not only crushing Russia's main export, oil, but also devaluing its enlarged gold reserve that it has been building in preference to dollar denominated bonds. Most of the mines in Russia are owned by the Oligarchs who seem to live somewhere between Moscow and Knightsbridge & Chelsea. On a wider view lots of the small mines in the West have lots of debt and some, like ANV, need huge capital to expand their operations. The banks could be picking up a lot of mines in the coming weeks/months. Quote Link to comment Share on other sites More sharing options...
weaker Posted November 6, 2014 Share Posted November 6, 2014 "Gold hit its lowest level since April 2010 in morning London trading after falling more than $10 in a few minutes in earlier Asian trade"...(Financial Times) Perhaps someone could also explain why the Hong Kong market sold enough to bear the gold price, aren't they supposed to be buying all they can??? The rekindled boom is still on the move and that is the reason gold is with the bears. Traders who view the 'trend as their friend' are selling gold to gravy train the equity rally. Wouldn't be surprised if some of the Hong Kong gold sold this morning bought in to Japans sugar rushed market. Follow the money trail, not the Gata tale. ..._ BOJ. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 6, 2014 Share Posted November 6, 2014 US$ looks to be st peaking around here going into next week. Chance for bounce in PMs for a while. Remember the 0% on Bullish %age GDX. The level of bearishness is beyond extreme. Only seen 4 other times in GDX history - Oct 08 and 2013 (3 on the trot). Major bottoms can take a loooong time to develop. Miners at lows of 2008 while G is above highs of 2008... Perspective. $1000 still entirely possible. 1/3 off still potentially further to go on miners. Consider risk:reward. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted November 6, 2014 Share Posted November 6, 2014 The Ebola, ISIS and European sovereign debt panics of last week seem to be on the wane. It gave gold a further boost and taken it 6% or so off recent lows...just wonder whether we may be about to hit the buffers. I think this first capitulation was about as flagged as it can possibly have been. If we all saw it coming in the middle of last month then traders must have seen it like taking Candy from kids. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 6, 2014 Share Posted November 6, 2014 Don't forget, we are now in the US tax loss selling season. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted November 6, 2014 Share Posted November 6, 2014 (edited) I agree I think we have had the usual autumn panic done with. Gold going to $1150 now, FTSE 100 to 6750....prices will go where the Markets decide they are heading and it's about second guessing the bets. QE taper is the big thing that might scupper those numbers..but that really doesn't help gold either. Could be totally wrong but at least I have declared my hand and put my head on the chopper. Because I am criticised on here for being wise after the event, I have been more clear with my calls just lately to leave no one in doubt. The only trouble is if you put your head on the chopper on here you get it chopped even when you are spectacularly right. Edited November 6, 2014 by crashmonitor Quote Link to comment Share on other sites More sharing options...
R K Posted November 6, 2014 Share Posted November 6, 2014 (edited) Nah, not a chance. Gold will do very well, just not yet. The evidence is against you. But then youre always wrong as a look at your posting history reveals. The only hyperinflation is in Errols beloved Rouble. Edited November 6, 2014 by R K Quote Link to comment Share on other sites More sharing options...
quibble Posted November 6, 2014 Share Posted November 6, 2014 (edited) I think you should wait. Get as many ounces for your money as you can. You should at least wait for confirmation of the bottom and we're possibly months away from that. The yearly closing for gold is important, if it closes below $1,227/t.oz the price is going lower. Oil is at key levels and looks like it will also press lower. I think you're probably right, but I got impatient. Bought half my allocation (may well be last ever) half an hour ago when kitco chart was $15.30 typo: $15.03 => $15.30 Edited November 6, 2014 by renewable Quote Link to comment Share on other sites More sharing options...
warpig Posted November 6, 2014 Share Posted November 6, 2014 Have a better look, because I'm not "always" wrong. The world wasn't facing a financial crisis of today's magnitude was it? The situations are poles apart and the quality of money wasn't called in to question, but I don't expect you to concede that point. I could search back through your previous posts to find all the wrong calls you've made, but I don't have that much free time. The evidence is against you. But then youre always wrong as a look at your posting history reveals. The only hyperinflation is in Errols beloved Rouble. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 6, 2014 Share Posted November 6, 2014 US jobs report tomorrow. Good numbers will strengthen the dollar and send gold lower. Might even get someone in the know dumping a big pile of gold overnight as on Tues/Wed if they know the numbers are good. Quote Link to comment Share on other sites More sharing options...
weaker Posted November 7, 2014 Share Posted November 7, 2014 US jobs report tomorrow. Good numbers will strengthen the dollar and send gold lower. Might even get someone in the know dumping a big pile of gold paper overnight as on Tues/Wed if they know the numbers are good. good? what can possibly be good about this??? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 7, 2014 Share Posted November 7, 2014 good? what can possibly be good about this??? I didn't say the numbers would be good or bad. I was merely making an observation. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted November 7, 2014 Share Posted November 7, 2014 (edited) Drama again overnight with a run at $1130....it's a bit like the Amityville horror playing out at 3am each night. I guess the fact that this didn't stick in spite of the continued equities rally in Europe this morning might offer some hope. Edited November 7, 2014 by crashmonitor Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted November 7, 2014 Share Posted November 7, 2014 US non-farm payrolls out at 13:30GMT today. We could see another leg down this afternoon. Silver bounced up quite well by 40cents after touching 15.00. I expect that level to be tested again. Quote Link to comment Share on other sites More sharing options...
weaker Posted November 7, 2014 Share Posted November 7, 2014 I didn't say the numbers would be good or bad. I was merely making an observation. Yeah, I know... Still, looks like a victory for the master-planners, with only 92.4M (of 300M population) out of the workforce. Participation Rate Rebounds From 36 Year Low, Only 92.4 Million Americans Not In Labor Force 13:50 Following last month's total collapse in the participation rate, dropping to 36 year lows, this month there was a modest improvement in the composition of the labor force, with the Household Survey suggesting the ranks of the Employed rose by 683K people, while the Unemployed actually declined by 267K, leading to a drop of the people not in the labor force to 92.378MM from 92.584MM. In other words, a little over 101 million Americans are unemployed or out of the labor force. Still, if only looking at this metric, the Fed would likely have no choice but to proceed with a rate hike in the first half of 2015. Quote Link to comment Share on other sites More sharing options...
weaker Posted November 7, 2014 Share Posted November 7, 2014 Someone riddle me this... when did they ***EVER*** halt silver futures on the way down??? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 7, 2014 Share Posted November 7, 2014 Mr. Putin has apparently sent his tanks out for a drive in the country - the country next door. But, so far, gold and silver appears to be saying "Blah!". I suspect that he is just testing the waters though. See what reaction there is from the West. Reminds me of Hungary where the Russian troops had orders to retreat if NATO had shown any hint of a back-bone. NATO didn't. Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted November 7, 2014 Share Posted November 7, 2014 Short squeeze in gold at the moment? P Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 7, 2014 Share Posted November 7, 2014 Swings Quote Link to comment Share on other sites More sharing options...
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