Errol Posted September 21, 2011 Report Share Posted September 21, 2011 LBMA campaigns for gold to be Tier 1 asset for banks under Basel III http://www.arabianmoney.net/gold-silver/2011/09/20/lbma-campaigns-for-gold-to-be-tier-1-asset-for-banks-under-basel-iii/ Link to comment Share on other sites More sharing options...
electroweak Posted September 21, 2011 Report Share Posted September 21, 2011 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... Link to comment Share on other sites More sharing options...
Kapouillax Posted September 22, 2011 Report Share Posted September 22, 2011 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... Just punctured through the 1750... Let's see if that holds! Link to comment Share on other sites More sharing options...
stunlee Posted September 22, 2011 Report Share Posted September 22, 2011 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. Link to comment Share on other sites More sharing options...
Pal Posted September 22, 2011 Report Share Posted September 22, 2011 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. Link to comment Share on other sites More sharing options...
Kapouillax Posted September 22, 2011 Report Share Posted September 22, 2011 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. Link to comment Share on other sites More sharing options...
stunlee Posted September 22, 2011 Report Share Posted September 22, 2011 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. Link to comment Share on other sites More sharing options...
warpig Posted September 22, 2011 Report Share Posted September 22, 2011 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. Link to comment Share on other sites More sharing options...
drbubb Posted September 22, 2011 Report Share Posted September 22, 2011 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 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 Link to comment Share on other sites More sharing options...
Errol Posted September 22, 2011 Report Share Posted September 22, 2011 This is looking very nice now. We might get to $1600 or so if we're lucky. Link to comment Share on other sites More sharing options...
shawth Posted September 22, 2011 Report Share Posted September 22, 2011 Gold's doing fine... It's because U$D is on the rise. USDX@78.50 Agreed. Gold is rocketing in developing countries currenies and also in swiss franc due to recent devaluation. Gold rocketing in developing currencies. Link to comment Share on other sites More sharing options...
nigel2012 Posted September 22, 2011 Report Share Posted September 22, 2011 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!! Link to comment Share on other sites More sharing options...
warpig Posted September 23, 2011 Report Share Posted September 23, 2011 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. Agreed. Gold is rocketing in developing countries currenies and also in swiss franc due to recent devaluation. Gold rocketing in developing currencies. Link to comment Share on other sites More sharing options...
romans holiday Posted September 23, 2011 Report Share Posted September 23, 2011 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? Link to comment Share on other sites More sharing options...
50sQuiff Posted September 23, 2011 Report Share Posted September 23, 2011 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. Link to comment Share on other sites More sharing options...
electroweak Posted September 23, 2011 Report Share Posted September 23, 2011 I think we got our (first??) $100 day. And, on top of that the price of an ounce at CID is Higher than it was this morning Link to comment Share on other sites More sharing options...
ecoface Posted September 23, 2011 Report Share Posted September 23, 2011 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 Link to comment Share on other sites More sharing options...
50sQuiff Posted September 23, 2011 Report Share Posted September 23, 2011 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? Link to comment Share on other sites More sharing options...
gavinspoon Posted September 23, 2011 Report Share Posted September 23, 2011 Perhaps we have a date with the 144 at around £1000 in a week or so's time? Anyone buying in bulk yet, or are people waiting for the 144 mda? Link to comment Share on other sites More sharing options...
Errol Posted September 23, 2011 Report Share Posted September 23, 2011 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. Link to comment Share on other sites More sharing options...
marceau Posted September 23, 2011 Report Share Posted September 23, 2011 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. Link to comment Share on other sites More sharing options...
jinbal Posted September 23, 2011 Report Share Posted September 23, 2011 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....:-)) Link to comment Share on other sites More sharing options...
warpig Posted September 23, 2011 Report Share Posted September 23, 2011 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...? http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv11-345.pdf Link to comment Share on other sites More sharing options...
electroweak Posted September 23, 2011 Report Share Posted September 23, 2011 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...? 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.... Link to comment Share on other sites More sharing options...
Errol Posted September 23, 2011 Report Share Posted September 23, 2011 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. Link to comment Share on other sites More sharing options...
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