GOLD

[Perishabull]

[Perishabull]

 

 

From KingWorldNews

[drbubb]

Nice chart.

 

Back to $1374 now, so we may touch the Low end of the channel soon... on Lighter Volume

[Jake]

If it is a question of "them" "whacking" gold, then how far can gold be whacked?

 

I notice Prechter's recent gloating about his recent charts, without telling about his failures since 2001. Are we going to see his 200 call?? And silver in single digits any time soon??

[Manual labourer]

Cheap Gold

 

http://www.bbc.co.uk/news/science-environment-22546875

 

Big hoover required

 

Regards

 

ML

[Errol]

More interesting developments ...

 

Gold Bug Hedge Funds Collectively Report Over $183mm In New Call Option Positions On Miners

 

While mainstream news sources continue the war against gold and gold-related investments, three of the world’s top performing hedge fund managers have been busy at work building speculative gold positions during the first quarter. George Soros, John Paulson, and Steve Cohen, who in aggregate control over $60 billion dollars, have been aggressively buying the most speculative vehicles associated with gold: call options on gold mining stocks.

 

Bottom Line: While gold and gold mining equities in particular have become the world’s most hated investment, three of the top hedge fund managers of our generation are not only holding firm their previous gold holdings—but they are quietly accumulating tens of millions of dollars in call options on gold mining stocks.

 

http://bullmarketthi...ions-on-miners/

[electroweak]

Is this really what I think it is? A gold default???

 

http://www.commodities-now.com/news/14514-hkmex-voluntarily-surrenders-automated-trading-services.html

The Hong Kong Mercantile Exchange (HKMEx) announces today it has decided to voluntarily surrender the authorisation to provide automated trading services (“ATS”) granted by the Securities and Futures Commission (“the SFC”). With immediate effect, no new orders may be placed and all open positions will be financially settled at the settlement price determined by HKMEx and its designated clearinghouse.

[Manual labourer]

Could it be the Chinese beating the price of the paper market down with the mountain of Dollars they own, whilst another arm takes delivery of physical at settlement dates, thus converting Paper Dollars for ounces of gold at market manipulated low price?

 

Also if you could manipulate the price to below the price of production you could pick up the physical miners at very cheap prices again below true value?

 

Just a thought, if I owned loads of Dollars and Dollar debt like the Chinese do, I would do this to insure against further QE by the Fed using this postion you could soon corner the physical market and the production market, then when you switched off your paper market beating machine you would be in a very strong position should the dollar go down and a gold back currency be wheeled out?

 

Regards

 

ML

[drbubb]

Could it be the Chinese beating the price of the paper market down with the mountain of Dollars they own, whilst another arm takes delivery of physical at settlement dates, thus converting Paper Dollars for ounces of gold at market manipulated low price?

 

Also if you could manipulate the price to below the price of production you could pick up the physical miners at very cheap prices again below true value?

 

Just a thought, if I owned loads of Dollars and Dollar debt like the Chinese do, I would do this to insure against further QE by the Fed using this postion you could soon corner the physical market and the production market, then when you switched off your paper market beating machine you would be in a very strong position should the dollar go down and a gold back currency be wheeled out?

 

Regards

 

ML

 

That sounds more like the Zionists (and the Rothschild - they are "better organised" perhaps),

since I haven't seem the Chinese acting so deceptively in the Gold market

[Bosworth]

The swings today have been incredible - from hk opening to now...

[Perishabull]

Quite a spike in volume too;

[Perishabull]

Well it didn't test the low bit it did test a low;

 

[happy]

Will be interesting to see how price behaves from here. Gold is currently bumping against a (short term) 38.2% fanline:

 

[happy]

Will be interesting to see how price behaves from here. Gold is currently bumping against a (short term) 38.2% fanline:

 

 

 

[electroweak]

I'd just like to say, that for one brief moment (well about 30minutes) my GDXJ purchase was actually green.

Mind you, I must be the only plonker who managed to lose money (ok not a lot!) shorting the yen.

lol.

[Perishabull]

Going deeper;

[Manual labourer]

I think we will see another big drop soon !

[happy]

 

 

Gold Skeptics Have Peaked but Gold Prices Haven’t: Paul Schatz

 

It didn't take much to bring beleaguered gold traders back from the brink. Jitters in Japan and fear over the Fed have stoked a reversal in gold that follows a seven month, 25% slump.

 

While the most widely traded metal is still only about $25 away from the two and a half year low it hit in April, Paul Schatz, president of Heritage Capital, thinks there's currently a lot more upside than downside in gold.

 

"This is probably only half or three-quarters of the way done," Schatz says in the attached video of the long-term rally in gold. In fact, in a recent note to clients he wrote, "I do not believe there is enough evidence at this time to conclude that the secular bull market in gold has ended."

 

What that means, Schatz predicts, is that "if you give gold 3-5% on the downside, I think your upside is probably 15%," which would push gold north of $1500 again. Not only does he think it is "way too early" to give up on gold given what's happening in Japan and Europe, Schatz thinks most investors have it wrong.

 

"I'm a very big believer in the masses being embarrassingly wrong at major turning points," Schatz writes to clients, adding that the skepticism about the metal's future has gotten ahead of itself.

 

"The sentiment right now in gold is worse, more negative from 'mom and pop,' or the average person, than it was when gold was $235 an ounce," he says. "This is the all-time most bearish sentiment ever in gold. You can't find any time where people were more negative on gold," says Schatz.

 

His contrarian advice is simple.

 

"If you give it a little room I think the next big move in gold is to the upside."

[drbubb]

Is history repeating? : http://www.caseyresearch.com/cdd/buy-gold-stocks-when

 

[aliveandkicking]

This might interest people here. I look at this report regularly to follow the iron ore price.

 

http://www.commbank....aily-alert.html

 

Commonwealth bank of Australia 29th May commodities report

 

"Gold premiums in India and Hong Kong have collapsed in

the past week or so, reflecting lower physical demand

despite very strong buying interest immediately following the

fall in the gold price in the past month or so. Premiums paid

by jewellers in India to banks to secure prompt physical gold

have fallen from USD10-12/oz last month to USD3-3.50/oz

this week, while premiums paid in Hong Kong have fallen

from USD5-6/oz last week to USD3/oz this week. Should

physical demand reduce, we struggle to see who the

marginal buyer of gold will be.

 

In that environment, the gold price may fall further in coming months."

[electroweak]

http://www.bloomberg...on-in-etps.html

 

Gold demand in India, the world’s largest buyer, is heading for a quarterly record as imports reach 300 to 400 metric tons, the World Gold Council said in a report today. That’s equal to almost half of the total shipments for all of last year.

 

“Physical buying in Asia remains strong,” Miguel Perez-Santalla, a vice president at New York-based BullionVault, said in a phone interview. “Today’s news out of the World Gold Council is very positive.”

 

Trading was 55 percent higher than the average for the past 100 days for this time of day, according to data compiled by Bloomberg. Assets in exchange-traded products backed by the metal have shrunk 18 percent this year.

 

 

 

 

oh please, pretty please.....

 

[drbubb]

I am confused by the last two posts:

 

+ "Gold premiums in India and Hong Kong have collapsed in the past week or so, reflecting lower physical demand"

 

+ "Gold demand in India, the world’s largest buyer, is heading for a quarterly record as imports reach 300 to 400 metric tons"

 

They cannot BOTH be true, UNLESS they are talking about very different time frames - in which case the "past week" information may be the most important

[electroweak]

I am confused by the last two posts:

 

+ "Gold premiums in India and Hong Kong have collapsed in the past week or so, reflecting lower physical demand"

 

+ "Gold demand in India, the world’s largest buyer, is heading for a quarterly record as imports reach 300 to 400 metric tons"

 

They cannot BOTH be true, UNLESS they are talking about very different time frames - in which case the "past week" information may be the most important

 

Yes, I am a little confused as to why ALK comes up with this kind of post, I mean it's pretty obvious a price dip brings out buyers, and that buyers are then subject to

loss of inspiration when their local gold seller has run out / takes orders for weeks in advance of delivery.

Also, could be buyers are waiting for more cash to deploy, or for another dip into the low 1300's.

 

I note this article from ZH today (seems Singaporeans havn't run out of $$$ yet!):

http://www.zerohedge...record-premiums

Gold Bar “Supply Constraints” In Singapore Sees Record Premiums

 

BTW, my junior mining GDXJ levered bet has ~doubled in the last few days.

I am wondering whether to just close out here. Any thoughts?

It was a fairly big bet for me, and to be honest, the GDXJ has been decimated over the last 18months (I had no mining shares over that period at all).

I doubt I could have picked the absolute bottom bar a few percent, but I am tempted to let it ride and feel the power!!!

[aliveandkicking]

The World gold councils report appears to be for the last 3 months. The Commonwealth banks observations are apparently for the last week.

 

In the context of an apparently improving US economy why are people going to be buying Gold in New York?

[electroweak]

The World gold councils report appears to be for the last 3 months. The Commonwealth banks observations are apparently for the last week.

 

In the context of an apparently improving US economy why are people going to be buying Gold in New York?

 

$$$ coming home? Big holders are scrambling for tangibles, like the $5bn about to be paid for Smithfield by China's Shuanghui?

By many accounts there isn't much actual gold to buy in NY anyway, lol.