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If this is true, and vaults in Singapore are nearly full, where has all this gold actually come from? GLD? CBleasing? LBMA? hmmmm..

 

http://www.bloomberg.com/news/2011-09-21/bullion-vaults-running-out-of-space-as-gold-rally-accelerates-commodities.html

Bullion Vaults Run Out of Space on Gold Rally

 

Deep in the 7.4-acre Singapore FreePort next to Changi International Airport’s runways is the bullion vault of Swiss Precious Metals, behind seven-metric-ton steel doors built to survive a plane crash or earthquake.

 

The rooms are almost full after demand rose fivefold in the year since the Geneva-based company opened the facility. The firm plans an extension, and relocated Chief Executive Officer Jean-Francois Pages to Singapore last month to cope with the surge of investors willing to pay as much as 1 percent of the value of their holdings each year to keep them secure.

 

The skeptic in me reacts badly when i see phrases like "investors willing to pay as much as 1 percent of the value of their holdings each year to keep them secure." (... That old 'gold doesn't pay a dividend' nugget again...), and the subtext that there's so much gold it's coming out of our ears...

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If that's any help, I reckon that if we reach sustainably reach it, 1750 would be a critical level. it sounds like it's a support level (see horizontal line). Also, it's nearing the "buy zone" of the Bollinger band.

Also, it looks like we're closing to C on an Elliot wave...

 

That said, I've also added in red the 144d MA for reference, and it's still a long way down...

 

post-3709-0-65097100-1316171864_thumb.jpg

 

Just punctured through the 1750... Let's see if that holds!

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Gotta hand it to the manipulators, they have played it absolutely perfectly with gold just going decisively downwards through the 50 day EMA. It looks like being a deep correction now down to around 1550-1600 and I think that the yearly top is in at 1920.

 

Edit: The next target would I guess be the 150 day EMA which is at around 1620. It hasn't closed below that since April 2009.

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Gotta hand it to the manipulators, they have played it absolutely perfectly with gold just going decisively downwards through the 50 day EMA. It looks like being a deep correction now down to around 1550-1600 and I think that the yearly top is in at 1920.

 

Edit: The next target would I guess be the 150 day EMA which is at around 1620. It hasn't closed below that since April 2009.

It could easily go lower but I expect to see it fill the gap from August 5th at around 1660. Anywhere around that level looks like a good buying opportunity to me.

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Gotta hand it to the manipulators, they have played it absolutely perfectly with gold just going decisively downwards through the 50 day EMA. It looks like being a deep correction now down to around 1550-1600 and I think that the yearly top is in at 1920.

 

Edit: The next target would I guess be the 150 day EMA which is at around 1620. It hasn't closed below that since April 2009.

 

 

Manipulation or not, Gold is not an isolated case. Commodities, indices, shares are all taking a massive pounding as we speak.

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Certainly could do, but looking back to summer 2008 gold fell from 1030 to 680 or around 34 percent. A similar fall this time around would be take it to 1300 or below, though I don't think it will fall that far. This dip is certainly good news for physical buyers.

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Gold's doing fine... It's because U$D is on the rise. USDX@78.50

 

Gotta hand it to the manipulators, they have played it absolutely perfectly with gold just going decisively downwards through the 50 day EMA. It looks like being a deep correction now down to around 1550-1600 and I think that the yearly top is in at 1920.

 

Edit: The next target would I guess be the 150 day EMA which is at around 1620. It hasn't closed below that since April 2009.

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Good call, and good job I was patient and following it carefully. Now crossing my fingers the rubber rocket will bounce off the 144d MA and not crash through the floor as I load myself up with physical and various gold related options :P

I am watching that too - the 144d MA (near GLD: $154)

 

Meantime, I will take profits on some of my hedges if GLD :

 

+ Retests today's low at $167.48,

+ Tests the gap near $162.50

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Certainly could do, but looking back to summer 2008 gold fell from 1030 to 680 or around 34 percent. A similar fall this time around would be take it to 1300 or below, though I don't think it will fall that far. This dip is certainly good news for physical buyers.

 

Remember the rules of what happened last time with regard to Gold and to a lesser extent Silver do not apply now.

The M3 money supply was levered up at an incredible trajectory following the Lehman Brothers collapse.

 

Also as the main fear is of contagion following Greece defaulting on its debts, preceding a Fiat currency collapse, then there is only one source of protection from that (especially when contagion spreads to the US) GOLD!!

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Also in GBP, we're only down £9/t.oz this week and it's a similar story in nearly everything else but USD. This is really about the dollar, not gold.

Yep, confirming that the dollar is the next best currency to gold.

 

Case in point. I had to cash in a brokerage account this morning in order to buy a property. Oh dear, gold has come off, but then I saw that the NZD had come off even more.... my purchasing currency. It was interesting to see how those gold certificates were now worth more in NZD than they were before this correction.

 

Bottom at 1650?

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Also in GBP, we're only down £9/t.oz this week and it's a similar story in nearly everything else but USD. This is really about the dollar, not gold.

 

Hate is a strong word, but I come close when it comes to Mervyn King for what he and his crooks are doing to sterling at the moment. Their QE2 jawboning is utterly criminal. This gold correction is not presenting much of an opportunity for Brits.

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Hate is a strong word, but I come close when it comes to Mervyn King for what he and his crooks are doing to sterling at the moment. Their QE2 jawboning is utterly criminal. This gold correction is not presenting much of an opportunity for Brits.

 

For Brits it still looks okay; just shot through 50 dma at 1080.

Next stop down 144 or 200?

Don't be too downhearted yet :)

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For Brits it still looks okay; just shot through 50 dma at 1080.

Next stop down 144 or 200?

Don't be too downhearted yet :)

 

Perhaps we have a date with the 144 at around £1000 in a week or so's time?

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This is excellent stuff. The correction I've been waiting for. Buying GDX, GDXJ and silver/gold as it falls - in small quantities. Shall continue to do so.

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This is excellent stuff. The correction I've been waiting for. Buying GDX, GDXJ and silver/gold as it falls - in small quantities. Shall continue to do so.

 

 

Strange to feel relief at a fall like this, but that's exactly my sensation at the moment. Maybe, just maybe, I'll be able to buy under £1000 just one last time.

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Strange to feel relief at a fall like this, but that's exactly my sensation at the moment. Maybe, just maybe, I'll be able to buy under £1000 just one last time.

 

+1

 

It's nice to see some of the froth blown off and have the price action approach good solid tech support. I always get nervous when I see spikes up (although I do enjoy them....:-))

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If you want to know why gold and silver sold off have a look at this. Silver has been consolidating and yet they hike the margins... Curious I wonder why they'd do this...? :rolleyes:

 

http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv11-345.pdf

Good spot, Warpig. I hope they make it a 100% cash market.

It will be interesting to see how the CME registered silver stocks look soon....

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Good spot, Warpig. I hope they make it a 100% cash market.

 

Before all of this is over all precious metal markets will be cash only.

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