creditcrunch Posted October 13, 2009 Report Share Posted October 13, 2009 Day after day gold just keeps breaking out... WOW. http://www.taxfreegold.co.uk/goldpriceslive.html Sooooo glad i have gold. Link to comment Share on other sites More sharing options...
TrueNorth Posted October 13, 2009 Report Share Posted October 13, 2009 jeepers, another morning vertical rise. is it pound weakness again today? Link to comment Share on other sites More sharing options...
markinspain Posted October 13, 2009 Report Share Posted October 13, 2009 jeepers, another morning vertical rise. is it pound weakness again today? Yep something afoot. Just broke through 1064! Link to comment Share on other sites More sharing options...
nicejim Posted October 13, 2009 Report Share Posted October 13, 2009 Hi nicejim , others may chip in with better answers here, but here's my understanding: If you're comparing it to paper then yes, it's done far better. Productivity has increased but only against 3rd world armies, and the price of the increase may be quite significant. When I calculated the gold relative to soldiers' wages I thought the factoid added more weight to the charts of gold falling in value over time than to the claim that it holds value. I doubt anyone here is hoping to hold gold for 500+ years though Anyway, it's been holding value today - $1064ish a new record? Edit: $1065.2 but it's doing the g/s ratio no favours! Link to comment Share on other sites More sharing options...
pyewackitt Posted October 13, 2009 Report Share Posted October 13, 2009 New record prices again.... this is not the October pullback i was expecting lol What interests me is when those shorting Gold are forced to cover... i mean any trader looking at seasonal patterns or going on the 'less bad news' will have been expecting Dollar to be strong and PM's to fall a little so i wouldve predicted a substantial number of hedgies etc shorting the Gold markets... when do they get into the the position of being forced to cover themselves? or is that what we are seeing now? Anyone with active trading experience of this sort of thing able to comment? Cheers - Pye Link to comment Share on other sites More sharing options...
TrueNorth Posted October 13, 2009 Report Share Posted October 13, 2009 It's odd to think of the move gold in GBP has made in just one day. Yesterday morning I was waiting for it to pierce £666. This morning it's up nearly £10 from that. Link to comment Share on other sites More sharing options...
pyewackitt Posted October 13, 2009 Report Share Posted October 13, 2009 1066.4 now... will this be the first time Gold goes $1070+ today? I wouldn't bet against it. Link to comment Share on other sites More sharing options...
alexreeve Posted October 13, 2009 Report Share Posted October 13, 2009 Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"? Link to comment Share on other sites More sharing options...
Pixel8r Posted October 13, 2009 Report Share Posted October 13, 2009 Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"? I am happy I have stayed fully invested. If a pullback happens I am not expecting it till April at around $1350. Link to comment Share on other sites More sharing options...
The Mad Hatter Posted October 13, 2009 Report Share Posted October 13, 2009 'Cos it's all getting a bit scary? Like the scenario for which we bought gold is happening? Link to comment Share on other sites More sharing options...
romans holiday Posted October 13, 2009 Report Share Posted October 13, 2009 Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"? A bit of a knife-edge. In the short term, it could break either way with the dollar. I am expecting another wave up in the market, and a weaker dollar, before things reverse for a bit. I doubt very much that gold is too vulnerable to a reversal. As for silver.... Link to comment Share on other sites More sharing options...
signofthetimes Posted October 13, 2009 Report Share Posted October 13, 2009 Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"? no-one dare post rockets anymore, just in case Link to comment Share on other sites More sharing options...
romans holiday Posted October 13, 2009 Report Share Posted October 13, 2009 'Cos it's all getting a bit scary? Like the scenario for which we bought gold is happening? The market has entered..... Link to comment Share on other sites More sharing options...
wren Posted October 13, 2009 Report Share Posted October 13, 2009 Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"? It's still well below the all time highs in euros, pounds etc. I'll get excited when it makes new highs in those currencies. Link to comment Share on other sites More sharing options...
pmaupoil Posted October 13, 2009 Report Share Posted October 13, 2009 Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"? TBH we haven't seen massive fluctuations, we have had steady and small rises in the past few weeks. I remember last year we had days where gold could go up or down by +/-100$! Link to comment Share on other sites More sharing options...
romans holiday Posted October 13, 2009 Report Share Posted October 13, 2009 TBH we haven't seen massive fluctuations, we have had steady and small rises in the past few weeks. I remember last year we had days where gold could go up or down by +/-100$! Gold is a lot more stable post QE. It has effectively been monetized and is being bought as a currency [or currency hedge]. As others have pointed out it is not making highs in a range of other currencies. The action in gold, as priced in dollars, is primarily reflecting dollar weakness here. Link to comment Share on other sites More sharing options...
mattyboy Posted October 13, 2009 Report Share Posted October 13, 2009 Gold is a lot more stable post QE. It has effectively been monetized and is being bought as a currency [or currency hedge]. As others have pointed out it is not making highs in a range of other currencies. The action in gold, as priced in dollars, is primarily reflecting dollar weakness here. what is interesting tho - and this may have been discussed on the gold stocks threads - is that my (mostly Australian) gold stocks seem far more responsive to the USD price of gold than in AUD. At the moment there is effectively a double effect of rising prices of these stocks in AUD whilst the currency itself is strengthening against the USD and GBP. It doesn't really make a lot of sense to me. Link to comment Share on other sites More sharing options...
romans holiday Posted October 13, 2009 Report Share Posted October 13, 2009 what is interesting tho - and this may have been discussed on the gold stocks threads - is that my (mostly Australian) gold stocks seem far more responsive to the USD price of gold than in AUD. At the moment there is effectively a double effect of rising prices of these stocks in AUD whilst the currency itself is strengthening against the USD and GBP. It doesn't really make a lot of sense to me. Think of capital flow. The money is flowing from the centre to the periphery on the risk trade. This pushes up commodities, commodity currencies, and stocks in especially emerging countries and "commodity" countries such as Australia. The high [uS dollar] price of gold is just reflecting a weakened dollar as capital moves out of it. Priced in Austrlian dollars, gold is down a little. Link to comment Share on other sites More sharing options...
InternationalRockSuperstar Posted October 13, 2009 Report Share Posted October 13, 2009 That's why it is faith based. Either you believe gold has the value that people say it has - or not. nothing has value; people attach value to things. This is also why I don't share Romans holiday's notion that we would go back to a gold backed currency. It doesn't work, except in gold-pushers mythologies... the problem with a gold standard it the same as the problem with all imposed monetary standards. it doesn't matter what you impose as a currency; it is the imposition itself that is the problem. ... It has serious structural issues of it's own (relating to base growth vs. real economy growth for example) and its policy flexibility is far worse than that of paper currencies. all imposed monetary systems place arbitrary contraints on the money supply that are damaging to economic productivity. Link to comment Share on other sites More sharing options...
halcyon Posted October 13, 2009 Report Share Posted October 13, 2009 the problem with a gold standard it the same as the problem with all imposed monetary standards. all imposed monetary systems place arbitrary constraints on the money supply that are damaging to economic productivity. BINGO! We have a winner! Link to comment Share on other sites More sharing options...
Schaublin Posted October 13, 2009 Report Share Posted October 13, 2009 BINGO! We have a winner! CONGRATULATIONS! You have won MY first prize in how to demonstrate smugness/condescension/stupidity in the fewest number of words possible. Link to comment Share on other sites More sharing options...
littledavesab Posted October 13, 2009 Report Share Posted October 13, 2009 CONGRATULATIONS! You have won MY first prize in how to demonstrate smugness/condescension/stupidity in the fewest number of words possible. Its a mark of genius, didnt you know I try hard but always seem to end up with too much stupidity or not enough words.... Link to comment Share on other sites More sharing options...
TrueNorth Posted October 13, 2009 Report Share Posted October 13, 2009 'Cos it's all getting a bit scary? Like the scenario for which we bought gold is happening? exactly. Link to comment Share on other sites More sharing options...
Schaublin Posted October 13, 2009 Report Share Posted October 13, 2009 Its a mark of genius, didnt you know I try hard but always seem to end up with too much stupidity or not enough words.... I remember years ago I was driving in Spain when a car overtook an oncoming vehicle and almost forced me off the road. I was flashing my lights -horn etc - and the driver just smiled and gave me a wave! That nonchalant wave made me so angry it was a wonder I did not burst a blood-vessel - but in a zen-like moment, I realised that the driver understood how to react - and I, like a fool, did not. So, I resolved that next time in such a situation, I would wave too Link to comment Share on other sites More sharing options...
halcyon Posted October 13, 2009 Report Share Posted October 13, 2009 This one from BoA/ML (dated Oct 5th): They also note: 10y T-Note deeply-shorted (maybe too much already). 30yr T-bond getting there in shorts, not there yet. USD Index net short, not overly crowded. Yen net long, very crowded. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now