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Bobsta

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  5. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    The spread in NY is $16 as opposed to $5 or so in London/Zurich.

     

    Wouldnt it make sense for them to buy in London/Zurich or are they wedded to the dollar?

     

    Can someone elucidate?

    On what market?

    Who's "them"?

     

    If you're referring to BullionVault then the spread changes all the time based on activity. If only one buy offer and one sell offer are on the table and they're $50/oz apart, then the spread will be $50.

  6. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    is the instability and uncertainty now providing a floor regardless?

    Jim Sinclair certainly thinks so.

     

    I was quite stunned that given the torrent of abuse he apparently got during the last pullback that he's now opening himself up for more by categorically stating there's a hard floor under gold. I note he wasn't foolish enough to specify exactly where that floor was. But still, the guy's got balls!

  7. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    This is why you shouldn't play the gold market on margin. It will kill you.

    Yup, I know. It did.

     

    I was young and reckless.

     

    When I look back now at the size of some of the positions I held back in February it scares me. It sure was a piece of cake to make a shed-load of cash on the way up. Unfortunately it was darned near impossible to hold onto it.

     

    I don't play that game any more (well I do, just with tiny amounts and with a completely different attitude).

     

     

  8. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Given the likely fall of the dollar, is it better to hold gold in $ or £ or euros?

    :)

     

    You don't hold gold in any currency. Gold is gold. It is its own currency. Sure, it's priced in different currencies (and the FX rates change constantly) - but it is *just* gold.

     

     

  9. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    So Gold's struggling to punch through $900, and Silver's stuck at $13.33333

     

    Does anyone think that maybe, just *maybe* in the TA world we've got here a little too quickly?

     

    I appreciate there was a blip over $900 last week - but it didn't last long.

     

    The fundamentals are there, stronger than ever, but I fear in the eyes of traders a pullback is needed before we can advance further.

     

     

    Or maybe I'm spouting utter tosh. :rolleyes:

     

  10. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Are we calling this a win for fp, then?

     

    I think we have to wait for New York trading to kick in. So far G&S aren't up a great deal from last night's open. (yes, I know, if they "only" went up like this every day, it'd be great...). But let's not get ahead of ourselves! :)

     

    (back in January I would've said "hell yeah!" and bought another £100k of Silver ... but I found out the hard way that bulls sometimes get stroppy and reverse over you! :D)

  13. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    I'm not liking this rising wedge on the EUR / USD chart. We need to break out of this. A break above 1.46 here would be nicely bullish for gold.

    I was reading (or at least looking at the pictures) some Tom Bulkowski last week. I must say, that's a fine example of a rising wedge.. will be interesting to see if it breaks out and confirms the pattern. Fundamentals and technicals combining - could be powerful.

  14. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Financial planner has posted his view on gold. He has often made some accurate calls.

    ...

    It'll be strongly positive on Monday and next week.

     

    So, Monday will be "FP vs Ker" :) ... Ker's predicting a pullback. See post 1383 earlier in this thread

     

    Personally I think FP made a lucky call t'other week. I haven't been hugely impressed with his forecasts (and attitude, TBH) in the past. Much prefer the input from folks over here. :)

  16. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    In trying to understand if the "no more naked shorts" announcement had a role to play in yesterday's events, it'd be good to get figures on COT open orders.

     

    Does anyone have access to that data? Was there a significant reduction in short positions just before the price took off?

  17. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Wow, what a day!

     

    My heart goes out to those folks who liquidated Gold and Silver ETFs yesterday due to the AIG crisis. That's gotta hurt!

     

    Unfortunately for me, I'm writing this on my BlackBerry in the middle of nowhere in France. I'm here on holiday for the week with no real Internet access.

     

    The last time I went away on hols (to Thailand) Gold had a bad time and I got cleaned out for a load of cash. So, in anticipation this time I reduced my holdings considerably. Given the fall below $740 and with Silver sniffing around $10 it seemed like the only sensible thing to do.

     

    How wrong I was?!!

     

    It's great to see Gold doing what it needed to do and my BV account will be looking much healthier now. But it's unfortunate that with such a sharp move, those of us trying to do the right thing but doing it the wrong way (ie using paper) have been royally toasted. I've lost a small fortune on the way down and have only made back a 20th of it with today's move.

     

    Not looking for condolence though. Today is.a day to celebrate and realise the markets aren't quite as nuts as some were beginning to fear. And, as I said above, my thoughts are with anyone who failed to fully benefit from today's move due to timing issues and/or loss of nerve due to recent performance.

     

    Onward and upward!

  19. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    If this was any of the "hated" assets (property, cash, equities) their would be "black xxxday" threads. Why the difference? It just looks like denial to me.

    I do think this is the danger of the conspiracy theories around gold. There is such a ready made excuse for any fall in the price.

    I think we all know both of your views on PMs. I don't see any new arguments here.

     

    Can you not see that:

    - Gold & Silver going up is not what any western governments want

    - Gold & Silver going up is not what any major investment banks want

    - Oil going up is not what any western governments want

    - Stock markets going down is not what any western governments want

    - House prices going down is not what any western governments want

    - House prices going down is not what any major investment banks want

     

    ?... they're so publicly working on the latter, what makes you think they're not working equally hard on the others? The PPT is an acknowledged entity. 3 US banks together set up 10x the level of gold shorts in July compared to June - to them, it's easy, they make money, and in return for their assistance the Fed looks after them.

     

    I say again, listen to Ian MacDonald's "testimony" on this week's Financial Sense Newshour. He's a respected gold market expert employed by the government of the United Arab Emerates and (almost) speaking on their behalf. And if you're fed up with the american bias, it should please you to know he's a Brit.

     

    This is a dirty, painful game. But after wavering for a bit, I really don't believe that there are more GENUINE sellers of REAL gold than buyers.

     

     

  20. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Layman,

    I'm downloading it now. Will listen later, cheers :D

    Cool.

    If you're short on time, the piece with Ian starts at 38:50

    If you're not short on time, listen to the whole thing, and also take in "3b" (Part 2 of 3rd hour) - which has a great explanation on the velocity of money and its impact on inflation; an increase in velocity will bring into play money previously created by money supply increases but currently lying dormant.

  22. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    After witnessing the last few weeks' trading, and having taken on-board articles from all over the place, I see Gold & Silver continuing to be manipulated downwards, and the USD upwards, until the US elections. There's a small chance that things could blow up before then and we get our "event". But I believe the forces are strong and that until November, this isn't likely.

     

    I raved about Saturday's Financial Sense Newshour First Hour yesterday. Today it's time to rave about the Third Hour. It's awesome!

     

    For anyone with any doubts about all this talk of manipulation, physical shortages, etc... take time out to listen to "3a" (the first part of the third hour) with Ian MacDonald. I defy you to listen to him and think "this guy's an Internet crackpot who has no idea" - and yet he explains how interest in physical gold has never been higher, and how central banks are beginning to reconsider their policy of selling gold.

     

    MP3 here or, as I prefer, log into iTunes and search for "Financial Sense" in the iTunes store. Subscribe, sync it to your iPod and enjoy your commute like you've never enjoyed it before.

     

    (Others have previously pointed out how good this podcast is - thank-you to them - I 100% concur)

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