Bobsta

Shopping time? Currently $916/oz. Silver down at $17.09/oz.

I'm slightly confused by this. The current near-term Gold future is "August" for which the last trading day is 28 July. The current near-term Silver future is "September" for which the last trading day is 25 August according to Cantor Index, and 15 August according to IG Index. The next Gold future is "December" (LTD 24 November) according to Cantor Index, but "October" (LTD 25 September) according to IG Index. According to IG their product is based on "the official closing price of the Gold futures contract as reported by Comex" ... so they seem to imply that there is an October future for Gold traded on Comex. A quick check at: http://futures.tradingcharts.com/marketquo....php3?market=GC shows that sure enough October Gold futures contracts trade on Comex. So, is it just Comex offering this product, and the other exchanges skip it and go straight for December? I'm not that clued up on the various markets.

Looks like they've achieved their aim.

And you're helping the shorters...

I don't think you can say that. G&S are both down against the USD compared to (say) 1st March. Yen is also down against the USD compared to 1st March. Therefore a graph plotting G or S against JPY will show more modest falls than one against USD... But it doesn't necessarily follow that JPY has fared worse than G or S.... just that they've BOTH fallen vs the USD. JPY has had a shocking week since 16th July though, I have to agree!

I had a total of £89/pt on Silver just stop-out around 1800. Came out of a meeting and turned my phone on - bosh! That hurts, trust me. Still, we know the risks, don't we?! Play with fire n all that.

That would be a great situation to be in... but that's not what Sossij said: "the ratio of the total amount money I've paid into gold to that of the value of my total gold holding (denominated in GBP) goes to 1" That description means "my holdings are worth what I paid for them". Which for any non-yielding investment isn't a great situation to be in! I'd recommend looking to keep the ratio falling. Although that's difficult because any dips in the POG will result in your ratio going UP, and that, to me, is a good time to buy. Personally I may pick a target (say $1200) and aim to keep buying until the average cost of my holdings reaches $1200 (so in theory I could keep buying at $1400 and higher - assuming I bought enough down in the $800s and $900s). However, I think we all agree that you need to continually re-evaluate your position.

In a word, yes! Firstly, if gold keeps going up your ratio will never reach 1. Secondly, if your ratio does reach 1 your total holdings are only worth what you paid for them. So what was the point in buying all that gold, and why would you want to now sell it? I think you need to reconsider your strategy.

Yeah, I watched that when it was first released - thought it was pretty good. It's definitely worth noting that it was recorded before the push from $920s that we've seen in the last 7-8 trading days though.

I guess we'll never know... but I honestly feel that there cannot be one outfit manipulating the market each and every day. It would just get too expensive and would mean you'd never get bull runs. My feeling is that, as per cgnao's other thread, we're seeing a bit of a dead cat bounce in world stockmarkets: - Citi losses not as bad as feared - Various other data not as bad as feared - Freddie and Fannie looking to secure their own funding (previously prevented by SEC ruling) - Big bull runs the last two days on Wall St and London - Evidence of carry trade re-igniting - Gold & Silver down ... the last two days just look to me like a flight away from the safety of gold and silver and back into the stock markets. We all know the money will come back one day, and probably quite soon. But I feel it's a bit naive thinking *every* drop in the POG and POS is due to the PPT. Then again, it could be me being naive in thinking the market is in the slightest bit free. A good week for me on the physical gold front but I must confess to getting very badly burned by being heavily long silver today. Hoping for a better week next week. If anyone feels silver may go significantly lower from here, I'd appreciate your input - otherwise I'm holding out for some upwards movement off the back of us losing over $1.20 from this week's peak.

And according to that discussion (and Dr B's chart) the ratio is around 14:1, not 10:1.

Smackdown in Silver has been spectacular. I know CC follows Silver closely - would be interested in your views Dominic.

10.20pm (BST) IIRC ... See the coloured bars at the bottom of http://www.kitco.com/charts/livegoldw.html

Where's the buying though? I would've expected to see at least a small push up. We got one in Silver.

Massive swing in sentiment going on right now. SM's up. Yen down. Swissie down. G&S down. Panic over people, the world is going to be fine.

You're having a good run bigtbigt! I've also "lucked in" today as I forgot I had some buy orders around 955 ... they went and triggered. I wasn't so lucky with my Bullionvault account though. I set up some cash to transfer earlier this week. One lot on Tuesday, another on Weds. I thought the first transfer would've completed yesterday but it hadn't. I checked this morning at 9.30am ... nothing. And then I get an email at 11am (when I was offline / offsite) to say that BOTH transfers had arrived. Only now am I online (from a train) but I've missed that lovely little buying op window. Grrr... I think BV have some human intervention in their cash handling process which causes this strange effect.

Check out Trader Dan from Jim Sinclair's www.jsmineset.com

Ben Bernanke: "I couldn't agree with you more. Inflation is a tax." Wow.

Gotta love the timing. I feel like I've just been on a trolley-dash around a supermarket full of gold!... If we get one of these every day I'm not sure I'll be able to cope.

Nice floor beginning to build for Gold at $970?

I think gold got off lightly and is pretty much level with yesterday's close. Silver, on the other hand, lived up to its volatile reputation and took us below Sunday evening's open.

Excellent. I didn't want to allude to it earlier... but I was kinda "under invested".

This must be very painful for anyone sat on the sidelines... ...there's just no sign of any significant pullback.

I'll apologise now if this is "schoolboy thinking" but felt it worth asking..... We know that central banks can, to a certain extent, print their way out of a situation. However, they do need to be slightly careful with that approach. So, if they had a need to obtain funds very quickly (e.g. as part of a bail-out plan) is there also a likelihood of them selling some gold to raise funds? They need cash. They have gold. It's knocking on the door of $1000/oz and they really don't want it to rise... so why not offload some of it and use the $s to prop up the banking world? I know there are agreements in place to prevent massive dumping of CB gold - but in a critical situation (such as we're in now) could this play out?

Yeah, I noticed it has been getting slower and slower and thought that might be load-related... But potentially not: Looks like Kitco's (and jsmineset's) usage peaked back in March.