Gold Silver

[counter_violent]

Gold ain't looking too good as a store of wealth. Down triangle might suggest a significant drop ahead.

$250.00 drop wouldn't surprise me !

 

[Atilla]

Gold ain't looking too good as a store of wealth. Down triangle might suggest a significant drop ahead.

$250.00 drop wouldn't surprise me !

Cost of production is said to be around $800/900 and some mines are said to have higher costs.


Why would anyone dig it out only to sell it at a loss?


Perhaps $900 but $250


More likely to see three fold increase imo.

 

[scholfield]

Perhaps $900 but $250

$250.00 drop wouldn't surprise me !

250 drop as opposed to a 250 target, I think

 

[Atilla]

250 drop as opposed to a 250 target, I think

Ooopsy :cheesy:


Thank you for pointing that out.


In that case at worst scenario yes. Wouldn't rule it out.


However, considering Fed publicly announcing 2% inflation and with -negative interest rates I can't see that happening.

It's not simply rates but also inflation that is a key factor for holding gold.

 

[jsc]

Gold is a play against the strength of the dollar atm. Long Dollar, short Gold. With the Euro weakening this trade is still ongoing.

If Europe starts to completely implode Gold will look cheap at these levels.

 

[Jason101]

In the heat of the equity markets dropping when the poop hit the fan on the Greek referendum news.
I made a point to look at where the money was going. The biggest increase was bitcoin which advanced 11% in the following two days. But gold only increased by 1%.
At first glance it looks like there has been a switch in the flight to safety trade, at least at the initial panic stage.

 

[jsc]

All still long USD/EUR mate. When that ends and ppl start working out Italy and Portugal are catching a cold you should see a reversal. With implied volatility at these levels options are not really viable and with most experienced traders long gone, this market will be up and down like a fiddler's elbow in the short term. I am staying well out of it until the poop really hits the fan. Can't be long now...

 

[Jason101]

Hopefully, I am getting itchy fingers sitting on the side-line. Hope it does not drag on to long.

 

[jsc]

Wonder when we'll break the wedge?

I was banking on mid-November but maybe we won't have to wait that long

 

[counter_violent]

Looks like this weekend will be significant.....gold looks horrible right now, whichever way you look at it !

Short from $1162
Stop..... @ $1172
Target ..@ $1012

 

[Atilla]

Looks like this weekend will be significant.....gold looks horrible right now, whichever way you look at it !

Short from $1162
Stop..... @ $1172
Target ..@ $1012

Well.. not whichever way you look at it. Just my opinion fwiw...

http://www.marketwatch.com/story/ch...-market-reins-from-new-york-london-2015-07-09

China is looking to embrace gold standard and there is more and more talk about this. Building vaults to store gold etc. http://www.forbes.com/sites/kenrapoza/2015/05/11/china-goes-after-dollar-with-gold-fix/


What we have at the moment is currency wars with trillions of debt. So there may well be an upside to gold sooner or later.

If we have a second dip and CBanks only respond with printing money as interest rates are negative anyway - it could lead to a rise in gold as money loses value.

US also sees Russia and then China as two biggest threats. China may wish to move away from the dollar standard as it grows.


Can't see global economy improving just yet. :whistling

 

[counter_violent]

Looks like this weekend will be significant.....gold looks horrible right now, whichever way you look at it !

Short from $1162
Stop..... @ $1172
Target ..@ $1012

Stop to BE, possibly too soon, but if it breaks down then it should be a quick decent.

 

[counter_violent]

Stop to BE, possibly too soon, but if it breaks down then it should be a quick decent.

Stopped BE

 

[Atilla]

Looks like you may have had your finger on the pulse with your short CV.

The 40s always significant R/S and 1140 like to be key S imo.

I'm now thinking 1130-1150 may play out with 1140 perhaps as PP.

Does look over sold to me and hold the view global risks still on the table.

Some analysts quoting 1050. A little OT perhaps but with rate increases, Iran deal and improvements in global economy - it does look like a possibility.

If 1130 is breached may have to re-evaluate my long bias.

 

[mike.]

If 1130 is breached may have to re-evaluate my long bias.

My long term bias would be short Atilla, and here's why.

Lots of pension funds invested heavily in gold as it was seen as a safe haven, lots of the pre-war baby boomers reach retirement age this year and next thus cashing in, I recon gold will steadily drop now all the way to $500 before this time next year. I'll bump this post up next year to see if I was right..

 

[counter_violent]

That store of wealth keeps on bombing....buy more while it's cheap

 

[darktone]

Diary of a trade.

Diary of a trade.
Ding!

No doubt soon to be followed by 'Diary of another trade'.
Ding!

But what about support!!
Ding!

Ah you fecking serious!?
Ding!

You F................
Ding Ding Ding!

 

[Atilla]

http://www.marketwatch.com/story/ch...-nobody-believes-it-2015-07-17?dist=afterbell

Fishy - China finally says how much gold it has, but nobody believes it

:whistling

 

[counter_violent]

Oh dear, what happened there

Ding !

 

[paszkman]

Oh dear, what happened there

Ding !

great call :smart: