Bobsta

So Marceau, did you manage to load up in good time? I'd be interested to know your thoughts on the past week's trading.

I really didn't want that to happen so quickly. I intended to build a bigger position than I have now in silver and in fact had some buy orders in place at $16.45. They're pretty redundant now. I'm now struggling to work out whether buying in now is suicide or a last chance.

I quite agree. And let's not forget that both of these papers have previously run "win a £250,000 dream house" competitions in the past. When you see "free gram of gold for every reader" or "Win 100 gold sovereigns" offers you'll know gold has gone mainstream. -------- It's been a steady but cautious continuation on Friday's gains so far... any thoughts on direction as NY opens?

I completely agree. I think we have to face the fact that the long running gold/oil ratio has changed and will change going forward. There is no logical reason for it to stay the same when the demand and supply of each product are so different.

WOW! Someone in the PPT just pressed the wrong button again!

I thought it was down to the "better than expected" US Retail Sales figures - Bloomberg ... but it's bouncing back likely. It looks like the news may have lit a fire under Crude. Nearly $3/bl up from this morning.

Silver got a pasting too... and GBP rallying a little. Any news out there?

Magpie, I enjoy your contributions on here as it gives a sense of balance and allows us to continuously re-test the bullish arguments, etc. However.... Magpies are attracted to shiny metals, are they not? ... So why the skepticism?!

July futures expire 20th June... So nope. Maybe stats on reserves are due that day? ... Or maybe this is just Jim playing with us and making random predictions (like he did with the first week of May).

Strange. I have a friend with LloydsTSB (has a 30-xx-xx sort code) and I can transfer him cash instantly using online banking - the very same method used for BACS transactions but instant. BV have a 30-xx-xx sort code but the system says "Oh no, you're not paying another person, you're paying a COMPANY... please fill out this other form" and now it's sat in my pending transactions and will only go tomorrow. Oh well, now I get to enjoy the "I'll be really happy if the POG goes down as I'll be getting a bargain" feeling you guys often exude.

Thanks, you're right. I was being lazy... I like BVs style - easy to buy in, sort out the paperwork later.. Luckily I'm with LloydsTSB, they're with LloydsTSB so I reckon the transfer will be instant. Awesome.

Quick Bullionvault question for a "physical noob"... So, I openend a BV account last week. Can I just transfer across some cash (by BACS) and go buy a couple of kilos? Or do I need to go through the identity proof business before it'll let me buy?

I viewed it as a buying opportunity. Over the past couple of days I've shed around 10% of my G&S holdings at what look like clear tops ($888 Gold, $1700ish Silver) and then set up orders to buy it back (plus a bit more) 20 pts or so lower. It's been working quite well. Of course, when they really take off I'll potentially miss out on the upside. But during these fluctuations it strikes me as a good way to keep busy. Besides, if you consider what the pound's done today, all of us based in the UK have done rather well! It's taken a kicking.

Oil's relentless increase over the past week or so has been staggering. Mainly sideways movement with a big jump each day. Logic/history says this can't carry on. So yes, I don't think I'd have the cajones to short crude, but I fully expect it to be below $122 this time next week.

You live in NZ but hold most of your wealth in "stuff other than NZDs" right? .... So the beers are on you this weekend.

It's pleasing to see that Silver didn't immediately bounce down from $17.00 and appears to be holding above ... it'll be interesting to see if it can hold for the rest of today. A controversial view, I know, but if Silver does hold, could it provide support for Gold?...

Sorry if this seems like a dumb question... but could someone explain who/what "The Consolidator" is? Jim wrote about it/them yesterday... I'm slightly baffled.

I can't speak for volume but one thing that I find interesting is Royal Gold's increase today. It's been struggling for the past week or so and has shot up over 5% today(!) ... Is this a sign that investors feel the current gold retracement / bear run is coming to an end?

See Mr Jones.... KEEP THE FAITH! OK, given the steep rise we've had today there's bound to be little dip at some point so if you are feeling uncomfortable with how heavily you've filled your boat, then maybe comfort yourself with shedding a little with the hope of buying back at 860 or so another day. Or, if you're a bit like me, maybe you just needed a day like this to make you believe your own convictions and you'll be happy to keep your holdings as they are. Yen up, dollar down, FTSE flat, oil down .... G&S up ... bodes well.

Yet more media "everything'll be OK" spin. Oil is $122/bl and has risen 25% this year alone. This impacts real people in real ways - direct transport, freight and shipping costs for food and other items, heating and power, plastics, manufacturing, etc, etc. With the dollar devaluing imports prices are up. And try telling homeowners seeing prices fall around their ears that their housing costs are going down. OK, Bernanke's slashed rates so they can refinance at lower rates but somehow I don't expect them to see life as rosy right now. There isn't much gold to go round so I'm happy for those who want to believe such articles to stick to their "safe" Treasuries. BTW, speaking of oil, who else is having a dabble in the stuff? I must admit I've been too lazy to have much of a look but is there a specific thread on crude? I'm currently flat having been long crude from $112 to $118 and again $116 to $120. I got out at $120 and am considering diving back in.

Forgive me for being over-simplistic. But that's got to require a lot of silver, surely?!

Just hold! I took some profit on crude this morning ... it dipped about $1 from where I'd sold and I nearly jumped back in. Now I'm kicking myself. Don't make the same mistake with your gold. A generally good day for us "economic realists" though. Comm's up and GBP and USD both down.

You mean this one?

So you're trying to compete with the Silver Sammy Contra-Indicator eh?! ... The "Bloo Loo Barometer" has a nice ring to it. Incidentally I also sold a little G&S on this morning's strength, so just watch the price rocket now. I have a canny ability to get things completely wrong. I'll be interested to see if/when Marceau turns short-term bull.

Well Gold's putting up a darned good fight and Silver seems to be off on its own little mission. Here's hoping normality is returning. Will Jim be right about the magic second week in May?. . . .