This is where the gold going East is going - back to the West.
Google 'China's rich flee the country.'
Printable View
This is where the gold going East is going - back to the West.
Google 'China's rich flee the country.'
All (not just some but all) of the major Gold ETFs posted higher prices overnight:
http://etfdb.com/type/commodity/prec...tals/gold-etf/
Thanks to the Iranian nuclear/Oil deal, people are now buying, and once momentum builds those 'trusts' without proper physical backing will start to panic and have to buy even more.
Agree about the US petrol dollars -but you havent quite given the full story about Irans threat.
They threatened to wipe them off the face of the map Should the state of Israel attack them.
How would Israel respond (or the US for that matter) if they thought someone was going to attack them?(or even assassinate some of their top scientists)
I dont buy that someone with an address is going to start lobbing nuclear missiles around (its a great scare tactic though)
They may be getting most of their oil offshore but thats not the point-if theres some in Palestine-they will take it,just like the land.
Lets face it -they are being sponsored by the US.
Meanwhile Pakistan with probably the most Alkaida presence ,has Drones overhead 24hr day and is sitting on min 104 nuclear Missiles(food for thought for those that are worried about that sort of thing) (not so much oil in the mix though so who cares)
But i suppose as far as the gold discussion goes - The US needs to keep the petrol dollars game going to keep the dominoes from falling,so they will be happy with this outcome.
Gold needs to hold $1250 tonight otherwise its heading back to the $1180 lows imo. The market is short so if we do see gold recover more we should see some short covering.
Hey there D,
I hear what you're saying but I'm thinking it may be OK to drop under 1250 to support at around 1240 so long as it bounces sharply from there to go through 1253 to a higher high. 1275 is seen by some chartists (e.g. Kitco's) as the next signficant resistance level.
Tonight's trading will be interesting for Gold (and Silver which is now holding well at just above $20 and tends to follow Gold).
Which reminds me, did you hear about the goldbug's wife who told him in bed one night that she'd wish he instead traded silver so that he would cum second for a change.
BC
haha I reckon even as low as 1233 would be acceptable within the terms of my Fibonacci parameters. Good to see a bounce off the 1235 (Au) and 19.80 (Ag) level though (the 78% retracement fib of the rise since late June)
NCM smashed again today. I predicted $7.50 as value for a take over etc. Now just 25c away. Recon there will be a few majors looking pretty closely at it around now. 80+ million ounces of reserves!
I'm disagreeing with you on this one, Moosie. There is far too much consensus for my liking that PM prices will continue to plunge - a sure sign that a surprise is in store. About the same number of bears were all nodding heads knowingly June 26, i.e. the week the price of Gold pivoted from 1180 to head north for a few weeks to 1420.
Whilst it's true that Gold digger production has not decreased in US and Australia, it's also true that demand is not waning. Here for example is China's net gold imports from Hong Kong 2013 to date. Notice last month's increase:
Month (tonnes)
January 20
February 61
March 136
April 77
May 106
June 102
July 113
August 110
September 111
October 131
Year to date 967
There is an increasing amount of evidence that China also imports gold through other routes, notably Shanghai – and that total import figures now look likely to be nearer 2,000 tonnes - some analysts put them even higher. Together with China’s likely domestic gold production this year of 420-430 tonnes, Chinese annual consumption this year, on the more conservative estimates, now looks like being in the order of 2,400-2,500 tonnes, or well over 80% of the latest estimates of world new gold output this year of an increased 2,900 tonnes (i.e. the rise in global production over last year largely due to higher grading by the world’s major producers to compensate for lower gold prices).
http://www.mineweb.com/mineweb/conte...9660&sn=Detail
I'm picking a consolidation from here on, with buyers this week and next coming into gold stocks. Some diggers are claiming that all things considered they are at 30 year lows.
Discl: I'm still buying. EVN, OGC, TGZ, PGI, GRY, etc are my targets for tomorrow.
Could be a good buying day today, but gold is not being cut a break. Would have thought we would have position squaring for Thanks Giving weekend, another words short covering & I think we did early on, only to be reversed & some. I saw Citi has turned bullish, but they are one of the few. Still think we have seen the lows at $1180, but you can't rule out revisiting them.
I just posted this on another site re Bitcoins, though I may as well post here as well for a laugh.
I'm launching a new currency. Its called Lottacoin, see its a lot-of-coin not a bit-of-a-coin, so it must be worth multiples of a bit-of-a-coin. I personally guarantee I will only issue 1 million of them (that's enough to make me a motza!) & if you ask me nicely when you have paid a 1,000 times what they are worth & you have that deranged look in your eye, I will allow you to break them in half. Yes they are valuable & one day they will be priceless, but hey I'm not sentimental, (I'm a shark) break them into pieces so everyone can get a slice. Oh & by the way I don't own any Lottacoin any more, as I now have Megacoins, want any of those? Only 1 million available...
Oh I crack myself up! LOL
I do believe a consolidation in PM pricing is underway.
ETF outgoings have slowed considerably, and the reason why we see the price of Gold drift down overnight is mainly technical. See in the following graph how the price last night touched (for the fourth time) the Bear's downward trendline. What I find encouraging is that unlike the other three times the price has fallen away very little.
http://www.kitco.com/news/2013-11-27/template_jimw.htm
Again, volume continues to rise and now so does the RSI - both positive to a chartist.
If and when the downward trendline is broken (i.e. now sitting at 1250) and a climb through resistance at 1256 is confirmed, that for me is a Buy signal...regardless of what the nay-sayers have to sqwark about.
BTW, over the past week, the AUD has fallen away 4% against the USD and more against the EUR, CHF and GBP. That has to be good news for ASX gold diggers, and RBA Governor Stevens understandably is quite determined to talk it down further and keep it low.