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Realistbear

Gold Futures Down $37.50 5.15%

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Last Trade: 691.50 $

Trade Time: 12:04PM

Change: 37.00 (5.08%)

Prev Close: 728.50

Buying opportunity or time to sell? Has some stability been brought into the currency markets with China's announcement earlier today about willingness to let the Yuan revalue upwards thereby stabilising the dollar and addressing some of the imbalances?

Price is moving just a tad faster now:

Last Trade: 688.90 $

Trade Time: 12:13PM

Change: 39.60 (5.44%)

Prev Close: 728.50

Last Trade: 687.50 $

Trade Time: 12:16PM

Change: 41.00 (5.63%)

Prev Close: 728.50

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Suits me. I'm buying into gold this week; I am relieved I didn't buy at $725 but I think Gold still has a long way to go up.

$1000 by the end of August, bet yer.

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Last Trade: 686.20 $

Trade Time: 12:22PM

Change: 42.30 (5.81%)

Prev Close: 728.50

Almost 6% down--nothing serious yet unless it breaks 10%?

http://wireservice.wired.com/wired/story.a...storyId=1525000

Gold had been supported of late by the weak U.S. dollar, high oil prices and anxieties stemming from tensions between the U.S. and Iran over Tehran's nuclear ambitions. Prices had jumped 12 percent since the beginning of May, hitting a 26-year high of $730.65 on Friday.
"Metals have looked overextended for a while and were overdue
Edited by Realistbear

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A lot of markets are correcting, and gold is certainly no exception. I've been having arguments with the gold bulls on ADVFN saying that what goes up so quickly can just as easily come back down, but most of them didn't want to listen.

Made a tidy packet on my gold shorts this morning, and miraculously managed to make some money being LONG on the FTSE from last night to this morning's open! B)

Edited by Van

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http://www.telegraph.co.uk/money/main.jhtm.../15/ixcity.html

Unsustainable gold on the brink of crash, says US metals guru

By Ambrose Evans-Pritchard (Filed: 15/05/2006)

An American metals guru has warned that gold could crash within hours or days after a speculative "blow-off" last week to a 26-year high of $727.75 an ounce.
Peter Grandich, publisher of the closely-watched Grandich Letter, told The Daily Telegraph he expected gold to plummet up to $150 an ounce after reaching the most extreme levels of speculative excess he had ever seen.
"I think there will be a very short, sharp correction of 10 to 15pc, in the worst case reaching a floor of around $575 an ounce," he said.
Gold is now 37pc above its 200-day moving average, the sharpest spike since the explosive - and fleeting - rally of 1980.

Copper doing badly:

COPPER JUN 06 (NYM:HG6M.N)

Last Trade: 3.68 $

Trade Time: 12:13PM

Change: 0.30 (7.54%)

Prev Close: 3.98

Edited by Realistbear

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Unsustainable gold on the brink of crash, says US metals guru

By Ambrose Evans-Pritchard (Filed: 15/05/2006)

Always trust a man called Ambrose Evan-Pritchard.

Especially if he's a metals guru (cue T-Rex...)

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i stated at the weekend on here it will fall back this week, before carrying forward again.

gold was over bought and a correction was foregone

but fundamentals are still strong its just a profit taking shakeout

ps: im off on holiday till the end of the month, if anyone wonders where ive got too.

Edited by homeless

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im off on holiday till the end of the month, if anyone wonders where ive got too.

Homeless: Hope your holiday cardbox box will be very comfortable... :D

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Copper doing badly:

COPPER JUN 06 (NYM:HG6M.N)

Last Trade: 3.68 $

Trade Time: 12:13PM

Change: 0.30 (7.54%)

Prev Close: 3.98

Copper Futures are still trading in the vicinity of Fridays price range, but I'll be done with the other 50% soon anyway, one way or the other; http://www.housepricecrash.co.uk/forum/ind...pic=1935&st=540

It's been swell, but it's getting a bit scary.

Copper June Future, Friday close; 3.85 ...last price; 3.82

---

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The last correction which occurred around February saw gold drop from a high of $575 to a low of $535 before going back up again to a high of $730 last week, a $195 rise!

$575 to $535 is a nearly 8% drop. I can see gold going down to the low $600's, say $630, before going back up again.

The last price I paid for a Krugerrand was £353, which seems a much more sustainable price, as it had crept up to that point fairly slowly over about 2 months, before exploding almost overnight to £400 a Krugerrand. I considered buying at £363, but it seemed too expensive at the time. I think I’ll be able to buy again at that price in the not too distant future.

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The Elliott Wave guy on Kitco has called it pretty much perfectly so far, and he is forecasting a 9-10% correction (so, back down to around $655), followed by a FURTHER rush up to $768, before a big setback in the order of 20-25%. I'm not a EW disciplinarian, but I do think some methodologies have better uses for certain markets than others, and this guy has clearly put the EW to work brilliantly on Gold.

http://www.kitco.com/ind/Field/may082006.html

Silver lost 7% today, too. Silver is not so overbought anymore, and still miles off its historic highs in comparison to Gold. I will start looking to build some long positions in Silver soon.

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$685 at the close

http://www.iii.co.uk/news/?type=afxnews&ar...&action=article

SAN FRANCISCO (AFX) -- June gold fell $26.80, or 3.8%, to close at $685 an ounce Monday, its lowest closing level since May 8. "To say that such a correction was overdue is to state the obvious," said Jon Nadler, an analyst at Kitco.com. "On the other hand, nobody should label today's events as an 'exodus' from precious metals or the start of a bear trend."

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Guest Bart of Darkness

Good link Van. It'll be interesting to see how his predictions of an 9-10% further correction pan out (I wouldn't be surprised if it did indeed go that way).

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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