GOLD

[Pixel8r]

Rh ,I thought FOMC (according to Forex factory) meeting is on 3 NOV ,and QE2 to be announced then?

I think the FOMC is on the 2nd and 3rd of November with the announcements being made tomorrow.

[romans holiday]

Rh ,I thought FOMC (according to Forex factory) meeting is on 3 NOV ,and QE2 to be announced then?

Right you are. The announcement should be tomorrow.

 

The whole QE program is starting to look ridiculous with other CBs starting to raise rates in the face of excess liquidity. Somethings got to give soon.

 

I wouldn't be surprised if it was an anti-climax... with maybe just a 50-100 billion figure announced.

 

Aussie dollar at parity.

[G0ldfinger]

DOUBLE POST.

Ag just hit a new 30-year high. Is it time for a new silver thread yet? Gold gets one every month. [/b]

The new gold thread every month is bu11$h1t. It makes it more difficult to find older posts and is a sign of a short term mentality. It is also distracts from the fact that this (gold) is the by far most important thread on this topic.

[G0ldfinger]

I wouldn't be surprised if it was an anti-climax... with maybe just a 50-100 billion figure announced.

Then they could as well make no announcement at all.

[romans holiday]

DOUBLE POST.

 

The new gold thread every month is bu11$h1t. It makes it more difficult to find older posts and is a sign of a short term mentality. It is also distracts from the fact that this (gold) is the by far most important thread on this topic.

Errr... so which is it? Bu11$hit, as you so delicately doubly put it, or the most important thread?

 

Perhaps you're having a bad day today.... something to do with the elections?

[G0ldfinger]

Perhaps you're having a bad day today....

[romans holiday]

A bad grammar day. I see you meant "a new gold thread every month' not "the new gold thread..."

 

It would be interesting to do a survey and see who prefers just a single gold thread to unravel in perpetuity.

[malvern hills]

Then they could as well make no announcement at all.

 

This has been pre announced to death hasn't it?

 

My tuppence worth is that they will not go for 'shock and awe', but a monthly 100BN. This should keep the SM's from crashing while at the same time not allow Au to shoot higher immediately.

 

Maybe we even get some discount Au eh.. GF ?

 

edit to add there should be only one Gold thread, and I am a Centurion

[Pixel8r]

I think there should just be one gold thread, having loads of them makes it difficult to find what you are looking for. Also it doesn't really make any difference if there is one thread with hundreds of pages.

 

 

[nobla]

Interesting email from Goldmoney this morning:

 

"Dear Customer,

 

The quality and security of your assets have top priority at GoldMoney. You need to be assured that the metals you buy with us are 100% yours and only of the highest quality.

 

For this reason we have started using ultrasound technology developed by GE Inspection Technologies to test for foreign material and defects within the gold bars we store for our customers. It is the same technology used to assure personal safety in the medical and aviation industries. Any bar that fails the ultrasound test is melted down, assayed and then recast into a new bar.

 

We then audit the bars regularly and make the independent reports available to our customers. This is what we call the GoldMoney Standard."

 

[chazza]

As I said at the time (6th Oct '09) the is no chance gold will go back below $1000.

 

[G0ldfinger]

$950, weeeeheeee!!

[romans holiday]

Never say never.

[romans holiday]

IMF speeds gold sales amid soaring prices

 

http://www.ft.com/cms/s/0/92bc13ae-e5e1-11...144feabdc0.html

The International Monetary Fund has accelerated the rate at which it is selling its gold, taking advantage of the strong demand for the precious metal that has lifted prices to a series of record highs.

 

If sales continue at their current rate, the Washington-based lender could complete its planned disposal of 403.3 tonnes of bullion – or one-eighth of its total reserves – by the end of this year, ahead of earlier market expectations.

 

The IMF has been almost alone as a seller of gold from the so-called official sector, which includes central banks, governments and sovereign wealth funds as well as international organisations. As a whole, the sector is expected to be a small buyer of gold this year as purchases by Russia, the Philippines, Thailand and others outweigh the IMF’s sales.

 

Most analysts and advisers to central banks believe that buying will continue next year. Without the IMF’s sales as a counterbalance, the official sector could become a large net buyer.

 

“Barring something unexpected, central banks are going to be net buyers,” said Tom Kendall, precious metals analyst at Credit Suisse. “Net purchases could be quite significant next year: 100-120 tonnes or more.”

 

That would mark a sharp reversal from the trend of the past two decades, when central banks, mostly in Europe, sold about 7,500 tonnes of gold, equivalent to three years of mined output.

 

The IMF announced it would begin selling gold to the open market in February, after it had sold 212 tonnes in off-market deals with the central banks of India, Sri Lanka and Mauritius.

 

Between March and July, the IMF’s sales were fairly consistent, averaging about 25,000 ounces (0.8 tonnes) per trading day, according to a Financial Times analysis of the IMF’s monthly data. But in August and September the rate of on-market sales rose substantially. Moreover, the IMF sold a further 10 tonnes of gold in an off-market deal with the central bank of Bangladesh.

 

The acceleration came as gold prices rose sharply from about $1,180 at the start of August to a new nominal high of $1,387.10 in mid-October. “The appetite for gold was such that the market could happily absorb more than what they were selling over the summer,” Mr Kendall said.

 

As of the end of September, the IMF had just 52.2 tonnes of gold left to sell.

[romans holiday]

Even South Korea, with the world's fifth largest foreign exchange reserves..... and generally with a "blind spot" towards gold, is coming to the party.

 

South Korean central bank looks to gold

 

http://www.ft.com/cms/s/0/74576bd6-da90-11...144feabdc0.html

South Korea, holder of the world’s fifth-biggest foreign exchange reserves, is considering buying gold to diversify its dollar-heavy portfolio, the country’s central bank said, adding it would be cautious in making any final decision.

 

Even a small realignment of South Korea’s reserves would have a powerfully bullish effect on the gold market. With just 14 tonnes of gold – or 0.2 per cent of its $290bn reserves – Seoul is one of the smallest holders of gold among large economies. The world average is 10 per cent, according to the World Gold Council, while countries such as the US, Germany and France hold well over 50 per cent of their reserves in gold.

 

Kim Choong-soo, governor of South Korea’s central bank, told a parliamentary committee on Monday that Seoul would have to tread carefully because of record gold prices and market volatility. “We need to give careful consideration to the matter of increasing gold volumes in the foreign reserves,” he said.

 

Nonetheless, his statement marks the first time the possibility of buying bullion has been seriously discussed in public by the Bank of Korea, which has in the past been dismissive of gold.

 

It comes as other Asian countries including China, India, Thailand and Bangladesh are stocking up on gold amid concerns that an escalating global currency war and a fresh round of quantitative easing in the US will drive the value of the dollar lower. South Korea holds 63 per cent of its reserves in dollars.

 

With emerging market countries buying and central banks in Europe halting their sales of bullion, central banks are set to become net buyers of gold this year for the first time since 1988, according to GFMS, a precious metals consultancy. That shift helped drive prices to a new nominal record of $1,387.10 a troy ounce on Thursday, up 27 per cent since the start of the year.

 

Philip Klapwijk, chairman of GFMS, said: “In a currency war situation where there are beggar-thy-neighbour policies being put in place, gold stands out as an entirely neutral asset that’s probably going to go up in price in such circumstances.”

 

South Korea’s central bank stressed any moves would have to be “cautious” and “prudent”. One person who has advised the Bank of Korea on its gold holdings said it was “receptive to the idea” of buying gold, but added that there remained “differences of views” within the central bank.

 

.......

Lee Ji-pyeong, senior researcher at the LG Economic Research Institute, said South Korea should have started building up gold stocks last year. Increasing its holdings now would be difficult but worthwhile, he said: “The bank is likely to remain hesitant, waiting for gold prices to come down, which is unlikely.”

....

 

It has to make sense for investors to follow suit.... diversify at least some of their "reserves" into gold.

[chazza]

$950, weeeeheeee!!

 

My point is: there is never no chance. Gold, equities, football, whatever.

 

 

[romans holiday]

My point is: there is never no chance. Gold, equities, football, whatever.

Shame the rolling eyes smiley can't be used upsidedown.

[Rosco]

As I said at the time (6th Oct '09) the is no chance gold will go back below $1000. We took over a year and half to break through it, a massive inverse head and shoulders was built. When the break out from it happened it was the last we will see of sub $1000 gold.

 

There is always to much talk of pullbacks on here, it stops people buying when they should have IMO.

 

 

 

I agree it's unlikely. Looks like the market is pricing in a 20% probability that we hit 1000 within the next 12 months.

[G0ldfinger]

IMF speeds gold sales amid soaring prices

IMF = RB.

 

Just do the opposite!

[warpig]

Gold's fallen off a cliff.... Is this a hint that there's no more QE or just a routine smackdown?

 

EDIT: It looks like a smackdown to me....

[G0ldfinger]

Gold's fallen off a cliff.... Is this a hint that there's no more QE or just a routine smackdown?

 

EDIT: It looks like a smackdown to me....

10 more of these, and we are closing in on a nice correction.

[CIGA]

just one gold thread please, monthly threads make it cumbersome to follow at the beginning of every month and i agree so what if we have hundreds of pages on one thread? proves its popularity.

[Eiji]

Gold's fallen off a cliff.... Is this a hint that there's no more QE or just a routine smackdown?

 

EDIT: It looks like a smackdown to me....

 

Do you still stick by your prediction of sterling gold rising to about £2000 t.oz in 12-18 months?

[Pixel8r]

Volatility can be guaranteed at a time like this. IMO the cartel are trying to run all the traders stops so they can cover their shorts on the cheap. Be interesting to see where gold and silver will be on Friday.

 

 

 

[azazel]

just one gold thread please, monthly threads make it cumbersome to follow at the beginning of every month and i agree so what if we have hundreds of pages on one thread? proves its popularity.

 

Gold and especially Silver have bounced back nicely/badly after the smackdown.

 

Yeah, whats the point in a new thread each month?