Not very often when it comes to gold.
For gold it was 1978 that was a worse November and 1980 that was a worse year, so you could be waiting a long time for a better one, 20 years maybe.
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I have just been reading all bearish news in Gold from massive exodus from Gold ETF,long /short skew slanting towards bearish side etc etc. And with the Non Farm Payroll showing strength which should have guided Fed to early trimming, gold still bob higher . I think something from left field might just push gold higher over the next few days with unrest in Thailand ( 1997 Asian Crisis) even in Singapore the had a riot! I will be watching this metal closely over the next few days.
Haha staying at these levels or lower and there won,t be much of a PM sector within couple years let alone 20yrs,,,
What I hope happens and what I think will be forced to happens would be a bottom to form here with move higher early 2014 but just us likely
a spike much lower thanks to funny money kings paper shorting mutiables of yearly PM produced overnight
I,m sure we all remember during the GFC the governing bodies of the markets stopping all shorting of the banking
Sector ... These massive hedge/finance/retirement just love to gang up and munipulate sectors to there favour
Interesting thoughts JB. I made a call just after we bounced of the $1180 lows last time that we had seen the lows & I still stick by that, however as Moosie says pays to be cautious on these things. Debt ceiling is probably first cab off the rank in regards events that could effect gold. I see specs now have the biggest short position since June 2007, so there is an opportunity here for a massive short covering rally just need something to spark it. The Indian election I agree could be massive for gold next year.
Global financial uncertainty, sub-continent unrest, China / Sth Korea / Japan territorial disputes, Equity profit-taking, 2nd hand gold being bought at a $900/oz premium in India, physical demand now outstripping supply, etc, etc all provide increasing support for gold.
It's no wonder that without any defineable spark that the prices of gold and silver are gradually recovering (PoG up $15 overnight). The tinder is very dry and any spark will create a firestorm (at least initially to the downward trendline sitting at ~1300). Bottom feeders will be arriving on masse when the ASX opens later today. Today is not the day to sell PM digger stocks - it's the time to buy and hold.
BC
Edit: PoG now up $20 but with confirmed resistance at 1,243USD. It's established another higher low (new support) at 1,234USD. Each spike off new support (1220, 1228, 1234) has been more aggressve than the previous one, which is encouraging.
Nothing at all to do with Gold, Moosie, but yes interesting nonetheless - guilty by distant association, Paladin (PDN) is also getting dragged down by the negative sentiment now surrounding Australian uranium diggers. Both however have great medium-long term value IMO (China is building many reactors).
Discl: was holding ERA until I sold last week (thank-G) but still holding PDN.
Bobcat,
TRY .92.
What happened to $1.10?
Read your rant on HC daytr on hedging ... I have to agree pure madness to hedge round these levels .. Poor old PM producers are getting stiffed ,,,one side you have the major bear paper traders screwing the price in their favour of their positions --- on the other side you have the Major PM Bulls buying the real metal like never before ,,,major refiners are working
24/7 to fill orders with Asian , Russian , Germany pop. the biggest importers (India of course on the black market) ,,,,
It,s time the Major PM producers got together and formed a OPEC type body to work In their favour ...just go look at the 10 yr oil price major traders drove it to 140 then down to 40 in a blink of a eye not on fundamentals but paper trading least the Oil producers had OPEC to stand up and tell the traders to piss off quick smart by reducing production ...A gold cartel could do the same price gets under certain margin gold production could be reduced
Free market capitalism is long gone ,,if you don,t have some teeth
Your get walked all over just look at the masters of new phony capitalism
JP Morgan they get fined 10,000,000,000+ for their trading actions but as they
Made way more in profits ,,, its a profit .. No one goes to jail
Like I stated before your never see the ASIC/markets stop the shorting of PM producers like they did With the financial sector(the 80s PM crash come about with the stopping of long orders )or bail out if tens of thousands of jobs are on the line same for every sector really outside the auto/wall street type guys
What could give the international PM sector some teeth would be a OPEC type body,,,,, otherwise we could well see it hard to come by
The PM anywhere near spot prices ....as production hits the wall ..we will be told no one wants it that's why it hard to come by bollocks from the media ... Even see governments try stopping the sale of bullion like their doing in India ...yeah real free market capitalism