AUSSIE rates decision any minute now ...lower AUD = Higher Gold AUD great for my PM holdings
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AUSSIE rates decision any minute now ...lower AUD = Higher Gold AUD great for my PM holdings
Gold was thumped about an hour before traded down to around $1195 from 1210.
Lucky I had jobbed out of my long.
Bought back at average of $1199 & sold out again with 30 minutes.
Great day!
I think we saw a producer hedge go through, but its just a guess.
Obviously no rate change out of Aussie
NFP tonight, GS put out a note to expect a weaker number. ness its substantially weaker I suspect it will be viewed as positive, well short term anyway.
Even a weak number will be spun as positive i.e. zero interest rates for longer.
Gold overnight tested recent lows below $1200. Managed to pick some up, expect a decent bounce today.
Tonight is unknown due to NFP
The US$ index is making new highs at 96. A year ago it was 80. So a considerable head wind for pog.But the index will surely fall soon. It is going parabolic;). Skol's favourite word.
Daytr, what happen to RRL?
Poor operational update & they were hammered.
Hadn't been watching them to be honest as they were well over valued imo.
Probably fair value now after a 30% drop!
I know the MD very well, very nice guy & sharp as well.
They have had a bad run in the last 18 months or so, interesting to see how they travel.
Gold hammered on NFP, par for the course.
Seems like a complete over reaction to me.
Equities also down which says what an upside down world we are in.
Ccys lower as well cushioning gold's fall in Aussie terms.
I can see the Fed raising interest rates causing all sorts of issues particularly in the energy sector.
I picked up some gold at $1166 & still long silver which didn't get punished as much.
It will be interesting to see if Asia buys gold Monday.