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Gold Falling Fast...

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Not trying to make a point, just an alert for anyone interested that it's been going down pretty fast over the last half hour or so.

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Not trying to make a point, just an alert for anyone interested that it's been going down pretty fast over the last half hour or so.

Money leaving gold to buy undervalued $?

1 U.K. £ =

1 1.8715

Almost 1.90 at the recent top. Warren Buffett was warning about a commodities bust a few days ago.

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About time: we could do with a good crash to knock the froth out of the market.

Then again, I've been expecting a gold crash since it hit $500, so what do I know :) ?

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Not trying to make a point, just an alert for anyone interested that it's been going down pretty fast over the last half hour or so.

http://www.jsmineset.com believes that the last of the BoE's gold has been leased to save the bankers at the LME. Gold is usually pushed down on a friday to make investors stew over the weekend. If Jim is correct, it'll be interesting how far leasing out the last of our nation's reserves can push the price down before trading stops for the weekend.

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Guest Riser

Gold and Silver falling fast but could bounce back just as fast, I knew I shouldn't have bought those June 07 Silver calls this morning :rolleyes:

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John Snow of the US Treasury apparently redcently said on TV that inflation is under tight control and will not be a problem. No inflation = less gold attraction.

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

NEW YORK (AFX) --
U.S. inflation remains under control, said Treasury Secretary John Snow. "I think inflation is well contained and will be and inflationary expectations are well contained," Snow said in an interview on CNBC.
Snow said global central bank governors have inflation figured out much better than in the past. Asked if the U.S. statements in favor of a strong dollar have become "less forceful," Snow replied: I don't think so. It is the policy. But we always say as well that currency values should be set in open, competitive currency markets to be in alignment with underlying demand and supply market forces." Asked if Japan followed the same policy, Snow noted that Japan has signed on to the G-7 statement favoring open and competitive currency markets.
Edited by Realistbear

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No inflation = less gold attraction.

And we would believe a politician because...?

The real issue, IMHO, is that a lot of speculative money has been going into gold and other commodities in the last year. If that money finds a better place to go, or interest rate rises mean the money has to be paid back, then the price of gold will drop.

I'd say somewhere between $500 and $600 is a more sensible level for gold prices right now.

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Is this the time to buy or will the drops continue Monday? Some thought it was time to buy a the beginning

of this week but gold price has been dropping for the last 7 days! :unsure:

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Is this the time to buy or will the drops continue Monday? Some thought it was time to buy a the beginning

of this week but gold price has been dropping for the last 7 days! :unsure:

buy now sell monday :) (in a large enough volume)

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Im loving it.......... Bought a small amount just to get into it two weeks ago and watching it fall like this is an experience, im not afraid to buy some more when it suits me........

Could have been worse......... Could have bought a house two weeks ago :P

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If it’s any consolation, if half of the 20,000,000 households in the UK decides to buy 1 Krugerrand each (30 grammes), that equals to 300 tons of gold, which is equal to the UK’s total gold reserves!

In the USA (I’m assuming 5 times as many household), if half bought 1 Krugerrand each, that would be 1500 tons, 18.75% of the USA’s stated reserves.

In China, if 10% of households decided to buy (I’m assuming 20 times as many households in China as in the UK), that would equate to 1200 tons, or twice China’s gold reserves and that’s probably conservative considering they value gold far more in the Middle East and Far East than they do in the west.

So you see, only a slight pickup in the buying of gold could easily exhaust available supplies. Have a look on Ebay and search for 'Krugerrand'. Also see these articles on South African gold:

http://www.mineweb.net/sections/gold_silver/367811.htm

DEMAND for the South African Krugerrand is outstripping expectations as investors stock up on the coins as the prices daily breach 25-year highs

http://www.miningmx.com/gold_silver/316373.htm

South African gold mines produced 68 tons of gold in the first quarter of 2006, 10.9% lower than the same period last year, according to data released from South Africa’s Chamber of Mines.

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buy now sell monday :) (in a large enough volume)

Your Joking, I think I will just sit this one out and wait till the water settles, interesting times ahead!

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Gold has bounced off the 50 day moving average seven times since last August. The current EMA50 is $631. It will be interesting to see what happens this time. ;)

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And we would believe a politician because...?

The real issue, IMHO, is that a lot of speculative money has been going into gold and other commodities in the last year. If that money finds a better place to go, or interest rate rises mean the money has to be paid back, then the price of gold will drop.

I'd say somewhere between $500 and $600 is a more sensible level for gold prices right now.

This is why I bought some gold the other week - if our govt don't raise interest rates, house prices stay high, but my gold will appreciate. If they do raise rates, my gold will fall, but interest rates will go up and property prices will fall (by much more, too).

If there is no inflation and no ir rises, then I'm a dutchman and I'll have to give up buying property ever!

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Gold should not be viewed as a commodity but as money of last resort.

Or as a pretty, shiny, yellow metal.

The US$ clearly has considerable support around the world - don't underestimate it.

JY

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This is why I bought some gold the other week - if our govt don't raise interest rates, house prices stay high, but my gold will appreciate. If they do raise rates, my gold will fall, but interest rates will go up and property prices will fall (by much more, too).

If there is no inflation and no ir rises, then I'm a dutchman and I'll have to give up buying property ever!

Gold is a great property hedge. It's also the most fun investment i've ever made. Will be buying more when this downturn has run its course. We've only had 2 big sales today; there must be a couple more in the pipeline on a friday? How low can 'they' get it? 620? 550?

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Or as a pretty, shiny, yellow metal.

The US$ clearly has considerable support around the world - don't underestimate it.

JY

And that is (partly) why a 100% gold portfolio is reckless.

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And that is (partly) why a 100% gold portfolio is reckless.

100% gold portfolio is best when bought at really cheap prices. Buying £100K worth of bullion at $600 is very brave but adding 1 or 2 shiny nice looking coins won't break the bank.

Awesome!!! Selloff today. I hope to see it go down to $575 when I will send my last outstanding funds to buy physical coins.

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LONDON (AFX) - Gold 651.50

At 4:15 p.m.

That is down substantially from its highs. If it breaks $650 perhaps we will see a panic sell off? Too many sheeple bought in too late perhaps. It would be interesting to know if the big traders have left the market after taking profits leaving the gambling to the little guys?

I wonder if Dr. Bubb took some money off the table? :blink:

Edited by Realistbear

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LONDON (AFX) - Gold 651.50

At 4:15 p.m.

That is down substantially from its highs. If it breaks $650 perhaps we will see a panic sell off? Too many sheeple bought in too late perhaps. It would be interesting to know if the big traders have left the market after taking profits leaving the gambling to the little guys?

I wonder if Dr. Bubb took some money off the table? :blink:

Doesn't look like there's much more insight from the traders:

CNN

Bullion dealers were braced for choppy trade.

"Take out a coin and toss. Whatever it says just follow it... I will stick to my trading range of $670 to $730 for the moment until proven otherwise," said a bullion dealer in Singapore.

Protect yourself. :P

JY

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Take out a coin and toss. Whatever it says just follow it...

Great, I'm glad to know it all makes sense to those in the know. :blink:

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Great, I'm glad to know it all makes sense to those in the know. :blink:

Greenspan once said that tossing a would have outperformed the currency strategists going by past performance. :ph34r:

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  • 301 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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