GOLD

[Errol]

http://www.321gold.com/editorials/thomson_...n_s_120809.html - Gold Battlefield: Think Less. Buy More

[Garincho]

I am not sure why you would want to pay a premium for proof coins - I did not know coininvest sold them. As for being worried about them (or any company for that matter) try a google search with something like company x cheats/liars/beware/ etc - should give you an idea. I only used coininvestdirect because I know someone who had used them. If you are nervous, try them with a small order and see how it goes. I agree with your caution but at some point, trust has to be given or no trading of any sort would take place.

 

True and looking on the net the only problems people seem to have had have been with delivery times and the quality of the coins they had received (some were scratched). I am going to buy a few at first, sell one to reassure myself and then buy the rest if everything has gone ok.

 

How many coins would you buy before looking for a discount from the seller (I will probably be buying the gold sovereigns currently priced at around £180) and what discount is normal (i.e. £5 off for each coin for every 25 you buy or whatever). I know it will be different for every dealer and I am going to enquire about a discount for my larger order anyway but want to check how hard I should be negotiating.

[fitkid]

Bank of Korea sees 'illusion' in gold, no cash return

 

The Bank of Korea, diversifying foreign-exchange reserves away from a falling dollar, said that additional gold holdings aren't attractive as most other central banks aren't buying and the metal offers no cash returns.

"There's an illusion in gold," Lee Eung-baek, head of the bank's reserve-management department, said in an interview. "We follow the big trend. Gold isn't the trend. Out of more than 200 nations, how many countries have bought bullion?"

 

Gold surged to a record this month after central banks including India added more of the metal to reserves, while funds and individuals boosted purchases to protect their wealth against the weaker dollar and potential increase in inflation.

 

"Holding gold as part of reserves makes sense in terms of diversification, but I don't think many central banks want to balloon their holdings with it," said Jerry Yoshikoshi, a senior economist with Sumitomo Mitsui Banking Corp.

 

Gold for immediate delivery, on course for a ninth annual gain, touched an all-time high of $1,226.56 an ounce on Dec. 3, and has gained 32 percent this year as the dollar has dropped 6.9 percent against a basket of six currencies.

 

 

Korea's reserves -- the world's sixth-largest after China, Japan, Russia, Taiwan and India -- rose to a record $270.9 billion in November as the central bank intervened in the foreign-exchange market. Central banks intervene by arranging purchases or sales of foreign exchange.

 

"Like other central banks, we have been increasing the types of currencies consisting of the reserves outside the dollar," Lee said by phone, without identifying the currencies. Gold "offers little value, with ?o cash returns," he said.

 

The Asian nation holds 14.4 metric tons of gold, equivalent to 0.03 percent of total reserves, according to figures from the Bank of Korea. That compares with the average of 10.2 percent held by central banks worldwide, according to data from INTL Commodities DMCC in October.

 

The dollar has weakened this year as the Federal Reserve kept benchmark interest rates near zero percent since December 2008 to revive lending after the worst financial crisis since World War II. Record U.S. government borrowing has also driven investor concern that the currency may be debased.

 

"Since India and Russia with large reserves bought gold, there's speculation that Korea might buy it too," Lee said. "But we are not classified in the same category. There's a slim chance that we will buy gold" from the IMF, he said.

 

Since the end of September, India, Mauritius and Sri Lanka bought more than half of the 403.3 tons of gold that the International Monetary Fund plans to sell to bolster its balance sheet. Bank Rossii, Russia's central bank, also increased its gold holdings by 2.6 percent in October.

 

"The volatility on gold is too big," Lee said. "And once gold is purchased, it's just kept in a safe and is not put up for sale even if prices rise."

 

Many central banks "remember bullion's ultra-bearish trend in the nineties," Sumitomo Mitsui's Yoshikoshi said. Gold tumbled as low as $251.95 an ounce during the decade, in August 1999. "The recent rally is, for me, too much in an environment where aggravated inflation is hardly expected in the coming years," he said.

 

Korea has reduced its holdings of Treasuries to $38.8 billion at the end of September from as high as $72.8 billion in February 2006, according to U.S. Department of Treasury data. This year, its holdings climbed $7.5 billion as the nation's reserves increased.(Bloomberg)

 

 

 

[fitkid]

The risks have been common knowledge for ages - buy on the rumour sell on the news.

 

Give gold a break!

 

it's been busy recently.

 

Yeah BUSY SELLING oFF AT THE MoMMENT.

Absolutely no rhyme or reason in this totally illogical market.

 

 

Price/oz Gold

Chg Gold

Chg%

US Dollar -- 12/08-14:58 -- -- 1127.20 -30.40 -2.63%

Australian Dollar -1.06% 12/08-14:50 1.1065 0.9038 1247.19 -20.21 -1.59%

Brazilian Real -1.82% 12/08-14:57 1.7605 0.5680 1984.44 -17.17 -0.86%

British Pound -1.04% 12/08-14:57 0.6147 1.6269 692.83 -11.39 -1.62%

Canadian Dollar -1.39% 12/08-14:58 1.0667 0.9375 1202.33 -15.53 -1.27%

Chinese Yuan +0.04% 12/08-05:04 6.8226 0.1466 7690.43 -210.19 -2.66%

Euro -0.97% 12/08-14:58 0.6808 1.4690 767.34 -13.11 -1.68%

Hong Kong Dollar -0.12% 12/08-14:24 7.7549 0.1290 8741.32 -225.10 -2.51%

Indian Rupee -0.34% 12/08-11:02 46.6250 0.0214 52555.70 -1232.18 -2.29%

Japanese Yen +1.17% 12/08-14:57 88.3450 0.0113 99582.48 -3895.38 -3.76%

Mexican Pesos -2.26% 12/08-14:57 12.9693 0.0771 14618.99 -62.27 -0.42%

Russian Ruble -2.34% 12/08-14:51 30.6202 0.0327 34515.09 -121.46 -0.35%

S.African Rand -1.52% 12/08-14:57 7.5705 0.1321 8533.47 -99.33 -1.15%

Swiss Franc -0.87% 12/08-14:57 1.0286 0.9722 1159.44 -21.02 -1.78%

 

 

[fitkid]

 

WoW That would win a GoLD medal at any diving championships.

 

Not as pretty as a vertical lift but still a pretty site ERRoL ARE YoU GETTING EXCITED NoW.????

 

 

 

[FWIW]

WoW That would win a GoLD medal at any diving championships.

 

Not as pretty as a vertical lift but still a pretty site ERRoL ARE YoU GETTING EXCITED NoW.????

 

 

 

 

Patience is a virtue!

 

A couple more days and things may be clearer!

[fitkid]

Patience is a virtue!

 

A couple more days and things may be clearer!

 

Please enlighten us with your copius knowledge

 

SIR FWIW.

 

 

Divulge the contents of your briefcase GREAT KNIGHT.

[Errol]

WoW That would win a GoLD medal at any diving championships.

 

Not as pretty as a vertical lift but still a pretty site ERRoL ARE YoU GETTING EXCITED NoW.????

 

More excited, yes. This correction is what I expected - I'm just wondering how much lower it will go.

[fitkid]

More excited, yes. This correction is what I expected - I'm just wondering how much lower it will go.

 

Seems to have turned now.Trading slightly up were you expecting it to break out below 11oo before it retraced.???

 

Come on SIR FWIW bring forth your news.!!!

[301ouncer]

Hope to come back down to £329. Any chance of that. Miss not buying pandas and maples for cheap. £5k used to get me 15 shiny 24k coins.

[Schaublin]

True and looking on the net the only problems people seem to have had have been with delivery times and the quality of the coins they had received (some were scratched). I am going to buy a few at first, sell one to reassure myself and then buy the rest if everything has gone ok.

 

How many coins would you buy before looking for a discount from the seller (I will probably be buying the gold sovereigns currently priced at around £180) and what discount is normal (i.e. £5 off for each coin for every 25 you buy or whatever). I know it will be different for every dealer and I am going to enquire about a discount for my larger order anyway but want to check how hard I should be negotiating.

Sorry, I cannot give any advice on this - there may be others here who have experience of how much discount for bulk can be expected but each case is different. The current price correction may work in your favour though - if you are quick!

 

Good luck.

[301ouncer]

Just used coininvestdirect just in the last month. Used to deal with London dealers as the volume of purchase was very high so delivery was a no no.

 

They very quick. The Lunar tiger arrived in less then 2 weeks with fedex online tracking.

 

I would hold any buying till prices down to 800 - 850. If you are 100% invested then you can take your time to shop around.

 

[fitkid]

Hope to come back down to £329. Any chance of that. Miss not buying pandas and maples for cheap. £5k used to get me 15 shiny 24k coins.

HEY WHAT THE HELL ANYTING IS PoSSIBLE IN THIS CRAZY ILLoGICAL MARKET

.

DREAMS CAN CoME TRUE

 

From: http://www.youtube.com/watch?v=ix317lBjNgY

 

http://www.youtube.com/watch?v=ix317lBjNgY

 

 

[signofthetimes]

 

http://www.greenenergyinvestors.com/index....st&p=142022

 

 

[routemaster]

Hope to come back down to £329. Any chance of that. Miss not buying pandas and maples for cheap. £5k used to get me 15 shiny 24k coins.

 

 

Instead of DVDs, I hope gold coins are given away free with the weekend newspapers.

[fitkid]

http://www.greenenergyinvestors.com/index....st&p=142022

Thanks SoT for the reminder but i was really interested in what SIR FWIW had to say.

[301ouncer]

Instead of DVDs, I hope gold coins are given away free with the weekend newspapers.

 

They used to be free in 2005 "Nearly free" compared to today's prices. BUT no one cared and mocked at the old relic. Only the few who listened and put thier trust paid off massivley for them.

 

I remember the days. They used to say put only 5% of your cash in physical. How stupid this now sounds to all the people who did just that and lost big on the rest 95%.

 

As My motto then was " to win it all. You need to be in it all"

[G0ldfinger]

http://gold.approximity.com/gold-silver_watch.html

[fitkid]

The dollar being described as a safe haven in my opinion is like describing the titanic as the safest place to be as it was sinking.

What are these people on.?

 

 

PRECIOUS METALS: NY Gold Falls As Dollar Draws Safe-Haven Bid

 

By Allen Sykora

Of DOW JONES NEWSWIRES

 

Gold futures closed lower Tuesday in reaction to strength in the U.S. dollar that was encouraged by soft European economic data and ratings concerns.

Much of the selling was described as an unwinding of bullish positions ahead of the approaching year-end.

Most-active February gold fell $20.60 to $1,143.40 an ounce on the Comex division of the New York Mercantile Exchange. March silver fell 55.3 cents to $17.807.

 

"The dollar has been rallying pretty much since we opened up this morning, and that's been the story," said Andrew Montano, director of precious metals at Scotia Mocatta.

 

Investors tend to move into gold as a hedge against dollar weakness, but then sell when the dollar recovers. As the Comex gold pit was closing, the December dollar index was up 0.445 point to 76.255.

 

The greenback, in turn, drew "safe-haven" buying, said Ira Epstein, director of the Ira Epstein division of The Linn Group. Factors that he cited include a downgrade of Greece's debt by ratings agency Fitch, a warning from Moody's Investors Service that the U.K. and U.S. need to rein in their deficits in order to hang onto their triple-A credit ratings, and concerns China may cut back its stimulus program.

 

Still other events supporting the dollar included a Moody's downgrade of Dubai government-controlled companies and soft industrial production data in Europe.

Prior to late last week, the dollar had been on a mostly weaker course, enabling gold to hit a record high on Thursday.

"So with some strength in the dollar here, we're starting to weakness in gold," said Craig Ross, vice president of ApexFutures.com. "It's a good reason for guys who had a good year in gold to take some money off of the table before year-end."

Thus, these traders are selling to exit long positions. At last week's peak, February gold was up 38% for the year.

 

Gold was probably due for a pullback after a steady string of record highs in recent weeks, Epstein said. "Gold and the silver got ahead of themselves and are pulling back but not necessarily changing the longer-term picture yet," he said.

Support in February gold lies around $1,135, roughly the low around the time when credit problems at Dubai World were reported on Nov. 27, Ross and Epstein said.

 

Ross put nearby support for March silver at the Nov. 27 low of $17.72. Epstein put further support in the area from $17.50 to $17.

Meanwhile, January platinum fell $4.20 to $1,440.40 an ounce, while March palladium managed a 10-cent gain to $375.35.

 

These metals held up better than gold on an apparently improving outlook for the automobile sector, said George Gero, vice president with RBC Capital Markets Global Futures. Platinum and palladium are used in the production of catalytic converters.

General Motors Co.'s North American chief said the company plans no further job cuts and aims to stabilize through improved sales and revenue.

 

Settlements (includes open-outcry and electronic trading):

London PM Gold Fix: $1,146.75 versus $1,142.50 on Monday

Spot gold at 1:40 p.m. ET: $1,143.35, down $14.65 from previous day; Range: $1,141.25-$1,169

February gold: $1,143.40, down $20.60; Range $1,141.80-$1,170.20

March silver: $17.807, down 55.3 cents; Range $17.755-$18.385

January platinum: $1,440.40, down $4.20; Range $1,430.80-$1,463

March palladium: $375.35; up 10 cents; Range $373.55-$381

-By Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

[Perishabull]

Linear regression trendlines appear to be a very useful tool;

 

Exhibit A

 

Gold futures

 

 

Down to $1090 then a bounce there, earlier if China/India intervene

 

 

 

Exhibit B

 

GDX

 

 

also my original post from the "it's all about the dollar thread"

 

A counterpoint;

 

Gold Futures Feb 2010

 

[Perishabull]

Surely gold should be up today what with the perceived risk of sovereign default increasing;

 

From Marketwatch;

 

QUOTE

A day after a warning from Standard & Poor's on Greece, Fitch Ratings followed with a downgrade of Greece to BBB+ from A-, news that sent Greek stocks down by over 4%.

 

Meanwhile Dubai stocks also plummeted as Moody's downgraded all six Dubai government-related issuers.

 

And Moody's didn't ignore the major economies either, saying that the U.S. and Great Britain may test the boundaries of their AAA sovereign ratings due to deteriorating public finances.

 

Does anyone have a comment to make on this, my post was ignored earlier (it was amongst a debate, I think that's why)

 

Aren't people holding gold on concerns of a Sovereign default? Yet when these concerns surface the dollar catches a bid and gold goes down.

 

Perhaps hedge funds would prefer to own treasuries rather than gold if such a scenario develops further? 2, 5, 10 and 30 yr treasuries all up over the last couple of days

[warpig]

You will get a much better price from Richard@Weighton. Crap website, great service and great offers. He was extremely upfront with me and just offered me a very good deal per coin off the bat, no haggling nothing, I'm that impressed I can't recommend them enough. In my experience he will offer a much better deal than sonia@coininvestdirect.

 

http://www.weightoncoin.co.uk/coins/

 

True and looking on the net the only problems people seem to have had have been with delivery times and the quality of the coins they had received (some were scratched). I am going to buy a few at first, sell one to reassure myself and then buy the rest if everything has gone ok.

 

How many coins would you buy before looking for a discount from the seller (I will probably be buying the gold sovereigns currently priced at around £180) and what discount is normal (i.e. £5 off for each coin for every 25 you buy or whatever). I know it will be different for every dealer and I am going to enquire about a discount for my larger order anyway but want to check how hard I should be negotiating.

[grumpy-old-man]

You will get a much better price from Richard@Weighton. Crap website, great service and great offers. He was extremely upfront with me and just offered me a very good deal per coin off the bat, no haggling nothing, I'm that impressed I can't recommend them enough. In my experience he will offer a much better deal than sonia@coininvestdirect.

 

http://www.weightoncoin.co.uk/coins/

 

 

Hi warpig,

 

plus you have to ship the stuff to Germany if you sell through CID (unless they have changed very recently?)

I only found out when they shipped the wrong silver bars but oiffered to take them back. I would have had no insurance either. When I sell I would never do it by post, that just seems illogical to me.

[warpig]

What's the 'true' value of your old gold?

 

With the price of gold near a record high, it's an offer that's hard to ignore: send us your unwanted jewellery and we'll send you a cheque straight back. Over the last year there's been an boom in the number of shops and websites offering to take those old rings and trinkets off your hands.

 

But Newsbeat's found out that some of the biggest names in the industry are paying just a fraction of the amount that gold could be worth if it was taken to a jeweller or pawnbroker.

 

What's it worth?

 

We wanted to try it out for ourselves so asked Tony Jarvis, an independent gold bullion dealer in Mayfair, London, to value a bunch of old earrings, chains and lockets.

 

He told us that a "fair price" for the nine carat scrap gold would be around £300, although daily variations in the gold price could push that number up or down slightly.

 

So how did Cash4Gold compare with our "fair valuation" of £300?

 

The firm sent us a cheque for just £63. When we called to ask for our jewellery back that offer was increased to £100.

[DoctorSolar]

An unexpected turn of events means I now have a significant sum of cash in GBP. I have a solid core position in Gold but this weakness just screams buy! None of this waiting for a further dip which might not materialise. Remember when gold was done at 950USD? I am starting to buy more here right now. Pyramid buying a la Stewart Thomson:

 

Gold Battlefield: Think Less. Buy More

 

the buying weakness and selling strength in a pyramid formation, and no gold writer can compete with that when they begin to execute on the strategy repeatedly

 

9. Your only proven-over-time market weapon, is to buy weakness and sell strength. If you are a gold player, well, as the Brain said to me yesterday, "gold price weakness here is a gift to you from the gold gods." Take it.

 

10. The problem with the idea of trying to pick the bottom of the gold correction is that the gold-negative news accelerates in volume along with price.

 

11. Therefore, if price did fall down to your targeted buy point, you may or may not be emotionally capable of executing your buy orders. Worse, what if gold fails to fall to your buy point and then turns up and goes to 1400 or higher, how will you feel?

 

12. If you can't buy any gold now, but you felt you were missing out at gold 1225 and silver 19.50, my suggestion is to take immediate action on the buy side. Not a price plop, but you have to step up to the buy plate here with something.

 

Even our dear friend Bob Hoye seems to agree with me:

 

Gold and the US Dollar Index

A corrective rally in the Dollar Index to 76.90 should offer a buying opportunity in gold.