Bobsta

I'm no chartist either ... and whilst now looks like a great buying opportunity (and I have) ... I'm concerned that ~895-~898 ish was seen as a support level and we've clearly smashed down through it. If a move to $850 is on the cards I may have to re-think my position. I'm praying for a push back through to $900 by the end of play today which would be hugely bullish IMHO.

Oil being bashed (relatively) ... so maybe. Let's just see how far it bounces back. I note Bloomberg have just pulled this article: Gold May Gain in London as Oil Spurs Demand for Inflation Hedge

What the hell did you just press Steve?! G&S off a cliff!

OT ... but for those of us based in the UK, it looks like things are gonna get a whole lot worse... Dale Brings Fed Experience, `Hawkish Tilt' to Bank of England Oh jeez! RIP GBP!

Unfortunately my trading is driven by necessity. I simply cannot afford for my gold holdings to go down below $850 as I lost too much "loading the truck up" in the upper 900s earlier in the year. I am far more comfortable with the buy-and-hold strategy but I no longer have a cushion to ride through the hard times. Unfortunately this means you often end up selling at just the wrong moment. Once we're comfortably above 950 I'll be able to relax and just go with the flow. BTW, I note IG Index are now offering £1/point (a point being $1) trades on gold. Previously the minimum trade size was 10. A sign of Joe & Jane Public's interest in Gold perhaps?

Judging by recent performance today's movement is effectively over and we can expect a fairly flat evening/night. Are you holding on to that long Marceau or do you feel there's some risk to the downside tomorrow? I had a pretty poor day myself. I took on board some of the caution about a potential dip back to the 850s and wanted to lock-in some of the recent rises. As I was going to be offline for the day I set some stops around 17.20 silver and 889 gold. These tripped just before the moon-shoot resulting in my sitting at my screen willing the price back down this afternoon. I very nearly dived back into silver at 17.50 but held off in the end. As a few others have pointed out, judging by the recent trend, tomorrow's open of NY trading *could* be a great shopping opportunity.

Very. Many thanks. When I first started trading 9 months ago I was a real chart/TA skeptic. I went with the fundamentals (it was obvious USD&GBP were heading south) and looking back now I guess you could say I was lucky rather than smart. That luck ran out recently and I'm back to where I started with a bump. I now see how wide of the mark my views on charts were - when you think of them as the "footprints of the smart money" it makes no sense to ignore them - so I'm reading up on the topic as heavily as I can. That said, there's no substitute for experience so input from wise folk such as yourself is hugely valuable. Thanks again.

Marceau, I'd be very interested in understanding your trading strategy, if you're willing to share it. You saw today's action as "very bullish" but chose to place a "small" long.... What would it take to make you place a large one? Are you expecting to play out that long in quite a short range (e.g. closing it at around 900) with a view that Gold will pull back or....? I must admit I've struggled in recent months. I've tended to use a buy-and-hold strategy but have seen huge profits (in early March) turn to losses (last week). I've used stops and found them tripped out only for the price to head higher... Then not used them and seen my positions tumble. With the general view on this board regarding G&S being "hold it as insurance" I'm very interested in understanding if/how others are successfully trading it. Any insight would be appreciated, although I completely understand if you'd prefer not to disclose.

Ouch indeed. The only consolation is that I only sold about 10% at 1680 and another 10% at 1695 ... But that's 20% too much, clearly!

Guess which idiot tried to take some profits on Silver at 1680.... and is now watching it sail off into the sunset. Great day though, you'll get no complaints from me on Gold's performance.

Looks like the US gold bashers are up early today...... maybe Frizzers' prediction of another go at 850 is about to come true.

...and the current headline (in a very large font) on Google Finance is: BMO's Askari sees dollar recovery limited

Maybe I'm lazy - but I was more than happy with the due diligence carried out by others on this (and other) boards, so opted to use Bullionvault. I found the process extremely simple - opened my account online, transfered (via BACS) some cash and bought gold in the Zurich vault within 3 days of opening. I then uploaded proof of identity a week or so later (took pics of passport and bank statement using digital camera). Very easy. Would recommend.

Apologies to all for the blatant off-topic cross post. BUT... Does anyone on here also have a view on the Japanese Yen? ... Over at the GBPJPY thread we're a touch confused by the current situation and would appreciate contributions from anyone with a view on the subject.

Gold & Silver often move/trade in sympathy with each other. But I've got to say I've never seem them so co-ordinated as they have been in the past couple of days... gold.tiff silver.tiff

So... we were all (well, mostly) very bullish on Friday. This week has been a disappointment so far. USD has rallied. GBP has rallied even more on the "woah inflation! Higher IRs on the way then" view. G&S both performing poorly Are folks still as bullish? Does this latest action just further strngthen the position, or is the much-talked-about "sideways summer" looking more likely. In particular I'm interested in your view, Marceau - always a good barometer, I find.

I just found this open letter to Henry Paulson regarding minting of Silver coins. Mildly interesting. But if you really want to waste some time reading some wacky stuff, take a browse around the rest of the David Icke forum. There's some seriously screwed up people in this world! (just noticed the article is taken from Silver Seek ... but the Icke forum is more amusing)

Matt, take a read of this article: http://www.321gold.com/editorials/schwense...nsen052908.html ... IMO, it provides a good common-sense explanation for the shortages of low-denomination gold/silver at mints. <slight rant alert> Jason Hommel has gone way OTT on the topic in my view and the argument put forward by Troy Schwensen makes a good deal of sense to me. I'm not sure what you guys think but I really don't rate Mr Hommel with his sensationalist approach and biblical references. NOI to any religeous folks on this board - each to their own - but I'm not religeous and I want to base my investment decisions on facts, not on prophecy and potentially twisted interpretation of biblical texts. When Hommel states "I've read the Bible, and studied it diligently, and I try to apply its wisdom" it really reduces any confidence I'd otherwise have in his writing. </slight rant alert>

RGLD up 87 cents today as well. Looks like folks *know* Gold is going higher... we just have to wait for the manipulators to tire. Does anyone have any info on how the cost of oil impacts the cost of gold mining/production? I know it has a reasonable impact on silver.

I've just done my bit to try and push us to a close over $900. Only £4.88 cash left in my BV account now. The rest is shiny yellow stuff in Zurich.

I might be speaking too soon... but it looks like someone's lit the silver touch-paper...

Took oil nicely through $130 as well. I'm slightly gutted to have missed the last mini ride. I had a speculative £1/point order to open on August crude at 12175 which didn't trigger (missed by about 30 pts from what I can see on the charts). Now trading at 13318 ... would probably have been the easiest £1k of my life! Ah well, I'm also expecting it to head back southwards at some point soon. There will be another chance. ---- Pound down today against EUR, SEK, CHF, NOK and many others ..... only really up against USD and JPY. In fact USD/JPY is pretty much unmoved for the day. Since when did USD and JPY move together?!

Steve, is there still a JPY thread running? I've been a little disappointed in the Yen this week. The pound's been falling against other ccys but gaining against JPY. Any views on why? (I note the NZD is falling faster, which is nice for you )

Please tell me that Gold and Silver's little sulk isn't down to the markets liking what they heard from Bernanke yesterday in Spain!? I haven't read the full transcript of his speech (I'm on holiday, after all!) but this dissection by Market Oracle makes great (but worrying) reading: http://www.marketoracle.co.uk/Article4939.html

Dr Bubb, Please don't panic. I'm currently on holiday in Thailand so am not in much of a position to help BUT I spent many years working in the hosting business and have a server hosted in London that may suit your needs. As I say, I can't do much now (the missus is nagging me about being on my phone at all) but if you keep the Good Ship GEI going for another 10 days and drop me a line, I'm sure I can sort something out to help. Bobsta