Justin Thyme

Trading in this stock's been halted at the issuer's request "pending information".

Wonder if the finalization of the Greek bailout will have any detrimental effect on gold ?

This should get you guys salivating.

Dubai Crisis Gives China Chance to Buy Oil, Gold: Report

http://abcnews.go.com/Business/wireStory?id=9205569

BEIJING (Reuters) - Dubai's debt crisis could be China's opportunity to snap up gold and oil assets, a senior Chinese official said in remarks published on Monday.

 

No Chinese banks have yet reported exposure to debt from Dubai World, a flagship firm that last week said it was seeking to delay debt payments by six months. Some Chinese real estate and construction firms have limited exposure to projects in the emirate, state television reported this weekend.

Guess investors are beginning to realize there are two safe-havens after all - one real, the other bogus.

I think Rick Santelli on CNBC explained the dollar oil-pricing issue perfectly.

Along the lines of "If you had a hugely in-demand product that you'd been selling in a currency with fundamentals as flawed and unstable as the USD, wouldn't YOU be having secret meetings to find an alternative means of pricing it ?"

Dunno if this was posted somewhere else on the forum. Chinese news report on the government silver investment initiative. Applies to gold too, I think.

Think i'll throw my lot in with the chinois

It broke above 1000 in Asian trading and was knocked below 1000 in NY trading. Highly predictable.

 

In a few hours we go back to Asia.

 

I'm just pleased that it broke 1000 as I have got bored waiting for that.

 

It may be a battle of even weeks to come at around 1000.

I reckon that if this was a clean out in the vein of the last breach of the $1000 level, then we'd be looking at a $980 number by now. The profit-taking's probably tachnically-led and I'm sure the buyers'll be back mid-week. Besides, I think it might be time for the Asian markets to have a go at runnin' this show for a bit . . .

Nice price action in gold but it appears to be happening on weak volume according to GLD chart.

Sub-$500 gold ? Get a grip !

Who was that GEI poster calling $400 a few months back ? Produced all sorts of weird and wonderful charts to support his waffle.

Well if it's a smackdown, it isn't much of one so far. The gimp anchors on CNBC are on their usual poo-poo-gold crusade. "Aw yeah, this gold play's a crowded trade an' as soon as there's a rally in stocks, I think we can expect a lotta money ta come outta gold". Notwithstanding the fact that they never say that crap about US Treasuries, it's worth noting that ever since Timothy Geithner unveiled his "plan" to save the banks, equities have been down, down, down and, moreover, there doesn't appear to be much in the way of positive newsflow to effect a reversal of that trend.

I mean, come on; after two weeks of the market complaining about a lack of clarity in his plan, one would imagine that if Geithner had any idea of the details, he would've made them public by now if only to calm the markets.

I could forgive this attitude from the anchors if it was being aimed at day-traders but let's face it, most of the guests they have on CNBC tend to have a long-term bias reflecting the nature of the audience.

The fact is that EVERYTHING these anchors say is bullshit. That muppet, Bob Pisani, with his second-rate Mr Byrite double-breasted suits is the worst of the lot. I remember him standing their whining about the fact that no one was getting in to the financial stocks when they were sucking in TARP money. These anchors are nothing but salesmen - Rick Santelli excepted

Will it be the smackdown ???

Doubt it. If they could've smacked it, they would have done so long before we got so close to a grand, methinks. Having said that, there could be a few sell stops out there given the psychological figure and after what happened last March.

Now how did I know this thread would be buzzin' ?

Thought we'd've had a sharp pullback but hey, I'm not complaining

But don't delude yourself into thinking that we have been here before. Because one thing is for sure: we haven't.

. . . and the truth shall set them free

No one seems to get this and yet it's staring them right in the face - equities is where the money will go next. Stocks are down a massive 45%, inflation is very low and interest rates are very low - as Adam Hamilton from Zeal says, this wasn't a stockmarket crash it was a panic and the two are different as crashes begin with overvaluation. We didn't have an overvalued stockmarket in in 2007/2008 - panics tend to reverse themselves when the dust settles.

 

So what happened at the end of 1974 when stocks had crashed by around 45% and gold was at a new all time high?. They traded places for the next 18 months - gold fell by 43% and the Dow went up by around 73% in that period up to August 1976.

So you see fundamental justification for equities to rally 50% or more despite a recession, a debt-laden consumer and global monetary and fiscal policy aimed solely at devaluing fiat currencies ?

I have seen the value of my gold stash drop lower that what I have paid for...

but then its shot up way above my original sterling investment... this has happened a few times already,

I am no longer nervous about these dips.

Hear, hear ! Gave up being concerned as soon as price in sterling blasted through £500. Who cares about the buck ? All this chop is largely irrelevant.

http://news.bbc.co.uk/nol/ukfs_news/hi/new...500/7799541.stm

Dunno if this has been posted already but it's heavy sh*t !

China has said it is to allow some trade with its neighbours to be settled with its currency, the yuan. The pilot scheme was announced in a package of measures designed to help exporters hit by the global downturn. It means if the two parties to a trade have yuan available, they need not enter world exchange markets to pay.

 

Most of China's foreign trade is settled in US dollars or the euro, leaving exporters vulnerable to exchange rate fluctuations.

 

The yuan is not yet a freely convertible currency.

Don't the Chinese have a huge presence in almost every market in Asia ?

I'm surprised the CRIMEX are able to have the significant effect they're having today given the Fed's stark admission that they're effectively going to throw everything at the reflation effort. Shouldn't this have been the news the gold market's been waiting for ?

Whilst I heartily welcome the rate decision insofar as my physical gold stash is concerned, I've got this sneaking suspicion that the aggressiveness of the Fed's action suggests there's something brewing that no one else knows about just yet.

Too early for the rockets, though

have any of you got gold stored in Switzerland still?

 

Switzerland the next Iceland ?

 

surely not. :unsure:

er . . . yes . . . thru GM . . .

What's the major problem here . . . they can't just nick it . . . can they ?

Whether we see 650 again would surely depend on whether we see another bout of deleveraging by the hedgies and another panic sell off in the DOW.

Agreed although I don't know if the hedgies etc have very much left to offload . . .

. . . depends on your imagination only. technical analysis is an art, there are no _fixed_ rules here, and my views are only for sharing ideas, you don't have to believe what I chart.

Quite.

I certainly wouldn't base any entry point decisions on the imagination of a bloke on the internet. Having said that, ol' Philip Manduca at ECU reckons gold could pull back to as low as $650 as well. I presume he's based that on someone's imagination too but then again, he did blush when a Bloomberg presenter beat him over the head with his $80 oil price bottom call . . .

Corr $640 would be a blessing, I can't see it happening from a fundamentals point of view, but if it did I'd be tempted to sell mrs warpig.

Not to slate Ker but, frankly, the levels he's talking about aren't going to happen. I still don't think technical analysis means as much in this environment . . .

Others may have more "direct" comments given the failure of silver to collapse to the $6.60 he forecast recently

just broke $10/oz

It was nice seeing silver ignore the traditional daily smackdown that gold got slapped with today. Just carried on going . . .

Great charts and I think you will be proved right - with the stockmarkets at a bottom as they were in early December 1974 when gold peaked, I think gold is likely to fall further as a new cyclical bull market in stocks begins.

Hmm . . . If it transpires that the Citi does sleep after all, then I'd expect gold to sell-off. Don't get me wrong here - I'm not nailing my colours to Ker's mast here as I happen to think that TA is largely irrelevant in this more news-sensitive gold market. No, assuming the usual suspects actually have anything left to be forcibly sold, I think the drop is certain if only because gold has been one of the few winning plays in the commodities complex and because its price has been ironed out, big time, in recent forced-selling.

Still, the nationalization of a hugely symbolic name like Citigroup's may just be enough to send the buck down to where it belongs. Pork scratchings and Babycham for everybody. Hurrah !

PS a cheeky buy stop entry on GBP/USD on a break of £1.53 for the next couple of days might be entered into my dusty old trading platform . . .

I think now that we have seen such a big move upward in gold -in the midst of a deflationary scare - some of those nagging doubts, about how gold might perform in the coming months, are easier to put to rest. That said, if we get another bout of forced liquidation we could [hopefully] see gold down again.

 

It would only be a great buying opportunity as it is becoming increasingly obvious, even to the sceptics, where gold is heading.

The WSJ just reported that Citigroup's been in talks with the Fed and the Treasury. Could be that, come Monday, we could be looking "Morgan Stanley-Citi" and another round of CDS auctions. Makes me think that Paulson didn't deploy the remaining $350bn of the TARP because he knew he was going to need it to nationalize Citigroup.

If Citi goes over the weekend, gold might sell off a bit.

Just heard that GM board members are "willing to consider Chapter 11 bankruptcy" . . .