FWIW Posted April 2, 2009 Report Share Posted April 2, 2009 Great news if you have some dry powder and are convinced of the medium/long term performance of gold. I mean if gold just went straight up I wouldn't be able to increase my holding. Not being greedy.... just need enough for a house. No harm in wearing a traders hat at times. I don't know if you remember reading my earlier in the week post, where I thought GBP could not get stronger whilst Gold got weaker...but how wrong was I? No bother though, as you say keeping some dry powder around is a wise thing to do. Especially if you need to move fast. I am only 'trading' my gm account so as to get more gold per £. Link to comment Share on other sites More sharing options...
ologhai Posted April 2, 2009 Report Share Posted April 2, 2009 I sold some on 20th Feb, and I'm gingerly averaging back in. I bought a little on about 24th March, and I just bought a little more. I've still yet to buy back all I sold, and I have some more cash as yet unused waiting... Link to comment Share on other sites More sharing options...
romans holiday Posted April 2, 2009 Report Share Posted April 2, 2009 I don't know if you remember reading my earlier in the week post, where I thought GBP could not get stronger whilst Gold got weaker...but how wrong was I? No bother though, as you say keeping some dry powder around is a wise thing to do. Especially if you need to move fast. I am only 'trading' my gm account so as to get more gold per £. Yep, currencies are all over the place. Too many variables and imponderables. The approach I have settled on - besides having a core position in bullion of course - is to "juggle" a few currencies in super slo-mo; be positioned in a few currencies, wait and only buy weakness from strength with the proviso of accumulating the more desirable currencies, ie metal. Why chase the market when it may come to you. Link to comment Share on other sites More sharing options...
azazel Posted April 2, 2009 Report Share Posted April 2, 2009 Will we go lower from here though? Depends on the spin of the G20 meeting I guess and then whatever happens in the real world. Link to comment Share on other sites More sharing options...
FWIW Posted April 2, 2009 Report Share Posted April 2, 2009 Will we go lower from here though? Depends on the spin of the G20 meeting I guess and then whatever happens in the real world. My pnf charts are telling me that 885/875 are possibilities if 895 does not hold. Then I think the rocket pictures will be coming out again, as we have built a solid launch-pad! Link to comment Share on other sites More sharing options...
azazel Posted April 2, 2009 Report Share Posted April 2, 2009 My pnf charts are telling me that 885/875 are possibilities if 895 does not hold. Then I think the rocket pictures will be coming out again, as we have built a solid launch-pad! Im itching to buy 100 grams. If it goes below £2000. Thay useing the trillion word again, gold back up above $900, dooh. Come on, a quick dip down so I can buy, then back up will do me nicely thanks Link to comment Share on other sites More sharing options...
LauraB Posted April 2, 2009 Report Share Posted April 2, 2009 Is this correction on the back of the G20 meeting? IMF gold sale???? Is this manipulation on the back of the G20 meeting? -- ?? I had a dream last night that our wonderful limitless paper friends would have a real go at the POG Link to comment Share on other sites More sharing options...
lupercal Posted April 2, 2009 Report Share Posted April 2, 2009 Is this manipulation on the back of the G20 meeting? -- ?? Yes Gordon B and friends want money in a form they can control. I doubt they will either do what they say, just shout about and scare all the peoples money into equities. http://www.reuters.com/article/goldMktRpt/...296266920090402 Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted April 2, 2009 Report Share Posted April 2, 2009 Post QE could ironically see gold go a little lower. Gold previously went up on concerns of a collapse of the banking system. When the market was worried about deflation the premium in the price was due to fear. Now with inflation concerns in the ascendency, investors are thinking about other inflation hedges besides gold. Keep an eye on the commodity currencies as they look to have taken the place of the dollar's "anti-gold" role for the time being. I doubt we will see a massive sell-off in gold as QE and inflationary concerns will have put a bottom under it. Though that bottom could be a little lower than here. All good in the long run. No alarms, no surprises. agreed Link to comment Share on other sites More sharing options...
FWIW Posted April 2, 2009 Report Share Posted April 2, 2009 They announce this: $1.1tn (£748bn) in resources made available including: $250bn extra in loans and guarantees to the IMF $250bn extra in "special drawing rights" to support at least $100bn by development banks $250bn in support for trade finance $50bn from IMF gold sales in "concessional finance" for poorer countries By the end of next year a "concerted fiscal expansion" of $5tn ... raising output by 4% That $50bn IMF gold sales is worth investigating. Link to comment Share on other sites More sharing options...
Pixel8r Posted April 2, 2009 Report Share Posted April 2, 2009 Gold To Gain As Currency, Inflation Play-Fund Manager NEW YORK (Dow Jones)–Gold prices appear set to rise over the short to intermediate term as investors buy the metal as an alternative currency, and there may be more gains in store longer term if inflation increases when the economy exits its recession, a precious metals fund manager said Thursday. Even though he sees prices rising, Mark Johnson, portfolio manager with the USAA Precious Metals and Minerals Fund (USAGX), said gold mining stocks are likely to outperform the commodity itself as input costs decline, boosting margins. “We’re anticipating much wider profit margins in 2009,” Johnson told Dow Jones Newswires in an interview. “This is the year for the stocks rather than the commodity.” In the short to intermediate term, gold prices are likely to be strong as the amount of paper currencies grows with government financial and economic stimulus efforts, he said. Investors often buy gold as an alternative currency. As the Federal Reserve’s quantitative easing continues, the effective printing of money will likely lead to higher inflation in the longer term whenever the U.S. emerges from its recession, Johnson said. After that, he does not see the Fed draining money out of the system quickly because the central bank will want to make sure economic strength has taken hold and avoid a “double-dip” recession. In addition to its role as an alternative currency, investors buy gold as a hedge against inflation because they see it holding its value more strongly in an environment of rising prices. In recent years, gold as a commodity has outperformed stocks of the companies that explore for and produce the metal because company margins were squeezed by rising input costs, such as those for oil, and by tightening credit. But that is changing as the metal’s price rises while input costs fall, Johnson said. As for companies, Johnson said AngloGold Ashanti Ltd. (AU), the world’s third-largest producer of the precious metal, is probably the best-valued senior gold company. “It’s a management turnaround story,” he said. Some of his smaller picks include Anatolia Minerals Development Ltd. (ANO.T) and Great Basin Gold Ltd. (GBG.T). He expects that smaller exploration companies, known as juniors, will reverse their recent underperformance of larger producers. “Value is at the smaller end of the spectrum,” Johnson said. Link to comment Share on other sites More sharing options...
Pixel8r Posted April 2, 2009 Report Share Posted April 2, 2009 Did the ECB Save COMEX from Gold Default? April 02, 2009 On Tuesday morning, gold derivatives dealers, who had sold short in the face of a fast rising gold price, faced a serious predicament. Some 27,000 + contracts, representing about 15% of the April COMEX gold futures contracts remained open. Technically, short sellers are required to give “notice” of delivery to long buyers. However, in reality, buyers are the ones who control the amount of gold to be delivered. They “demand” delivery of physical gold by holding futures contracts past the expiration date. This time, long buyers were demanding in droves. In normal times, very few people do this. Only about 1% or less of gold contracts must be delivered. The lack of delivery demand allows the casino-like world of paper gold futures contracts to operate. Very few short sellers actually expect or intend to deliver real gold. They are, mostly, merely playing with paper. It was amazing, therefore, when March 30, 2009 came and passed, and so many people stood for delivery, refusing to part with their long gold futures positions. On Tuesday, March 31st, Deutsche Bank (DB) amazed everyone even more, by delivering a massive 850,000 ounces, or 850 contracts worth of the yellow metal. By the close of business, even after this massive delivery, about 15,050 April contracts, or 1.5 million ounces, still remained to be delivered. Most of these, of course, are unlikely to be the obligations of Deutsche Bank. But, the fact that this particular bank turned out to be one of the biggest short sellers of gold, is a surprise. Most people presumed that the big COMEX gold short sellers are HSBC (HBC) and/or JP Morgan Chase (JPM). That may be true. However, it is abundantly clear that they are not the only game in town. Closely connected institutions, it seems, do not have to worry about acting irresponsibly, in taking on more obligations than they can fulfill. Mysteriously, on the very same day that gold was due to be delivered to COMEX long buyers, at almost the very same moment that Deutsche Bank was giving notice of its deliveries, the ECB happened to have “sold” 35.5 tons, or a total of 1,141,351 ounces of gold, on March 31, 2009. Convenient, isn’t it? Deutsche Bank had to deliver 850,000 ounces of physical gold on that day, and miraculously, the gold appeared out of nowhere. more Link to comment Share on other sites More sharing options...
InternationalRockSuperstar Posted April 3, 2009 Report Share Posted April 3, 2009 That $50bn IMF gold sales is worth investigating. I think Injin hit the nail on the head: The insiders are selling it from the state to themselves as private individuals. Things will unravel quickly from now on. http://www.housepricecrash.co.uk/forum/ind...t=0&start=0 Link to comment Share on other sites More sharing options...
drbubb Posted April 3, 2009 Report Share Posted April 3, 2009 GOLD - RELATIVE CAUTION My own relative caution on Gold has been rewarded "Gold falls on optimism crisis may have bottomed By Moming Zhou, MarketWatch Last update: 3:48 p.m. EDT April 2, 2009Comments: 411NEW YORK (MarketWatch) -- Gold futures fell 2% Thursday to end below $910 an ounce on optimism that global leaders meeting in London are taking measures to tackle the financial and economic crisis, which left investors more inclined to move into riskier assets. Adding to the bearish gold tone, the Group of 20 leading and emerging nations said a statement released after the meeting that it endorses 403 tons of gold sales by the International Monetary Fund. The proceeds will be used to provide finance for the poorest countries over the next two to three years. See full story on IMF gold sales. Gold's losses came amid big rallies in global stocks and in crude-oil futures. Industrial metals such as copper also made gains on speculation that the economic crisis may have bottomed or is close to doing so. "With the markets pricing in the thought that we may be seeing some upside movement out of this recession, I think that some of the flight-to-quality trade is leaving gold and bonds," said Zaharay Oxman, managing director at TrendMax Futures. Gold for April delivery fell $18.70 to end at $907.40 an ounce on the Comex division of the New York Mercantile Exchange. The more active June contract also lost ground, down $18.80, or 2%, to $908.90." /more: http://www.marketwatch.com/news/story/gold...amp;sid=3219852 = = = = = Larry P. is talking about how a drop thru $900, could be followed by a plunnge to $790-800. My own technique shows likely support near GLD-$85 / Gold-$865 Yesterday's decent bounce after a $28 selloff, was somewhat encouraging, but I still believe that gold is "overowned", especially for this time of the gold season (the Indian "wedding season" is over.) Link to comment Share on other sites More sharing options...
headmelter Posted April 3, 2009 Report Share Posted April 3, 2009 Anyone buying now or is the anticipated dip likely to go low enough to hold on for a while? I thought it might have dipped further on recent developments but it has been quite resilient. Link to comment Share on other sites More sharing options...
drbubb Posted April 3, 2009 Report Share Posted April 3, 2009 Mysteriously, on the very same day that gold was due to be delivered to COMEX long buyers, at almost the very same moment that Deutsche Bank was giving notice of its deliveries, the ECB happened to have “sold” 35.5 tons, or a total of 1,141,351 ounces of gold, on March 31, 2009. Convenient, isn’t it? Deutsche Bank had to deliver 850,000 ounces of physical gold on that day, and miraculously, the gold appeared out of nowhere. more What's "mysterious" about that? Do some people really think that Deutsche Bank was punting such huge amounts of gold for its own account? Of course, they had someone on the other side. Now we know who it was : someone who kept their gold with the ECB, and maybe the ECB itself Link to comment Share on other sites More sharing options...
drbubb Posted April 3, 2009 Report Share Posted April 3, 2009 Mysteriously, on the very same day that gold was due to be delivered to COMEX long buyers, at almost the very same moment that Deutsche Bank was giving notice of its deliveries, the ECB happened to have “sold” 35.5 tons, or a total of 1,141,351 ounces of gold, on March 31, 2009. Convenient, isn’t it? Deutsche Bank had to deliver 850,000 ounces of physical gold on that day, and miraculously, the gold appeared out of nowhere. more What's "mysterious" about that? Do some people really think that Deutsche Bank was punting such huge amounts of gold for its own account? Of course, they had someone on the other side. Now we know who it was : someone who kept their gold with the ECB, and maybe the ECB itself OF MORE INTEREST to me is... What will the Buyer do with all that Gold? Anyone buying now or is the anticipated dip likely to go low enough to hold on for a while? I thought it might have dipped further on recent developments but it has been quite resilient. I fear that most people here have done their buying already Link to comment Share on other sites More sharing options...
romans holiday Posted April 3, 2009 Report Share Posted April 3, 2009 Anyone buying now or is the anticipated dip likely to go low enough to hold on for a while? I thought it might have dipped further on recent developments but it has been quite resilient. With a resurgent kiwi dollar [gone from 0.50 to nearly 0.59 against the US.... 15% gain], gold as priced in those dollars has fallen from $1800 to $1500. I am hoping to buy at around $1300. Go kiwi! Gold looks to be very resilient against the US dollar at the moment as they are both considered safe haven currencies at the moment. Investors are looking for a little risk and will no doubt get more than they bargain for. Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted April 3, 2009 Report Share Posted April 3, 2009 I fear that most people here have done their buying already yes, maybe here, on a site dominated by mostly UK and Commonwealth residents but what about all of those Americans sitting on dollar cash piles thinking that the $ is looking a bit 'toppy' at present and have not seen much of an upside in pog over the last year or so. what about their buying? also, what happens when it 'clicks' with many middle class professionals across the world, that nearly every major central bank is printing (QE) and IR's can't get much lower. 'we' on 'here' are the tip of the iceberg, and there's a boat called the fiat-titanic heading our way at full speed! Link to comment Share on other sites More sharing options...
FWIW Posted April 3, 2009 Report Share Posted April 3, 2009 Last time Brown announced selling of our gold it was the absolute bottom! Same again? You can fool some of the people some of the time, but not all of the people all of the time. Is the trend really your friend? After reading Martin Armstrong I think we are destined to repeat history. 1 Year view 5 Year view 10 Year view Link to comment Share on other sites More sharing options...
electroweak Posted April 3, 2009 Report Share Posted April 3, 2009 Well, CID once again out of 1 Oz Maples, Krugs Link to comment Share on other sites More sharing options...
tinecu Posted April 3, 2009 Report Share Posted April 3, 2009 OF MORE INTEREST to me is... What will the Buyer do with all that Gold? I fear that most people here have done their buying already Protecting themselves I guess, like myself. I've bought more today. Link to comment Share on other sites More sharing options...
G0ldfinger Posted April 3, 2009 Author Report Share Posted April 3, 2009 ... I fear that most people here have done their buying already I think if most people had done their necessary buying, there would be not gold at all available, or only at a price of +$20,000/oz. Link to comment Share on other sites More sharing options...
marmite Posted April 3, 2009 Report Share Posted April 3, 2009 Its getting to that time of the day, are we going to have a NYC smack down. It must be a oppertunity to good for them to miss Link to comment Share on other sites More sharing options...
FWIW Posted April 3, 2009 Report Share Posted April 3, 2009 Its getting to that time of the day, are we going to have a NYC smack down. It must be a oppertunity to good for them to miss About to enter The Twilight Zone - hold on! Link to comment Share on other sites More sharing options...
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