warpig Posted July 30, 2008 Report Share Posted July 30, 2008 IMO anything is possible. I've a funny feeling we might dip into the $880's-$890's one more time. Anyone else feel the same? Link to comment Share on other sites More sharing options...
Steve Netwriter Posted July 30, 2008 Report Share Posted July 30, 2008 Just a thought. The EURUS$ shows that the US$ dropped since Sep 2007, but has been fairly stable since March. So we are still in a bit of a holding pattern. Relative to the US$, obviously the NZ$ has slid since March: So after the initial subprime shock and recovery, it's now in a down trend. Likewise, gold has risen since Sep, but been in the same holding pattern since March: And the same for silver: Maybe a slightly different way of looking at it, and maybe helpful. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted July 30, 2008 Report Share Posted July 30, 2008 The least clear picture ? The GBP gained after the subprime breakout in Sep 2007, but then fell back. Now in a holding pattern ? This knocked the GBPNZ$ rate right down, from which it is only slowly recovering: A real issue for anyone emigrating from the UK to NZ. From the subprime breakout, the GBP slid and the Yen went up. Since March, the Yen has been pushed back down. It it necessary for the Yen to fall in order for the US$ to be supported ? This still seems a bit odd to me. Link to comment Share on other sites More sharing options...
id5 Posted July 30, 2008 Report Share Posted July 30, 2008 ... This still seems a bit odd to me. I keep on seeing this pattern of the EUR/GBP/USD/Gold/Silver in lockstep since the beginning of April. The majors are keeping it all hanging together by working together. I think that they are trying to use Gold and Silver as a kind of life raft to slow the sinking of the currencies. In the same way that tying boats together provides a more stable platform and creates areas of calm between the boats. Other currencies are starting to be drawn to this more stable area and as they drift in to these calmer areas their rate against the majors is stabilising but the pull on the life raft gets stronger as the weight of more currencies gets added to it. If they succeed then at some point equilibrium will be established. If they let go of that life raft it is going to go shooting up and they are going to go to the locker of Davy Jones. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted July 30, 2008 Report Share Posted July 30, 2008 What a fascinating description. I like it Link to comment Share on other sites More sharing options...
romans holiday Posted July 30, 2008 Report Share Posted July 30, 2008 Somewhere between $910 and $920 would be the next major support. Personally I think if it dips below $950 (or $947) it's more likely to be a bear trap than an extended correction. But don't bet your life on it. Good call two weeks ago Marceau! Look where we are now! I responded that I would bet the ranch if it hit 910. Lucky I do not have a ranch! But I will tip my virtual hat to you. I got a little bit enthusiastic at the time.... should have remained with my earlier prediction that gold will track sideways for the summer. Now, come Autumn....... Link to comment Share on other sites More sharing options...
Gatesy Posted July 30, 2008 Report Share Posted July 30, 2008 What a fascinating description. I like it The GBP gained after the subprime breakout in Sep 2007, but then fell back. Now in a holding pattern ? Another way to put it might be that there is only so much room for more than one turd in a toilet bowl before someone decides the toilet has to be flushed.... Link to comment Share on other sites More sharing options...
Gatesy Posted July 30, 2008 Report Share Posted July 30, 2008 Another way to put it might be that there is only so much room for more than one turd in a toilet bowl before someone decides the toilet has to be flushed.... Talking of sh*t floating, here is a great track which will ring true to most on here I would have thought. Time for a few updated graphics though, Bernanke, Paulson, Brown etc, etc.. http://www.youtube.com/watch?v=anb8cobd5N4 Link to comment Share on other sites More sharing options...
Pixel8r Posted July 30, 2008 Report Share Posted July 30, 2008 James Turk of GoldMoney.com latest commentary. More Than a Helping Hand One of the basic functions of a central bank is to act as the 'lender of last resort'. This facility is used to keep banks liquid during a period of distress. For example, if a bank is experiencing a run on deposits, it will borrow from the central bank instead of trying to liquidate some of its assets to raise the cash it needs to meet its obligations. In other words, the central bank offers a 'helping hand' by providing liquidity to the bank in need. The following chart is from the Economic Research Department of the St. Louis Federal Reserve Bank. Here is the link: http://research.stlouisfed.org/fred2/series/BORROW. This long-term chart illustrates the amount of money banks have borrowed from the Federal Reserve from 1910 to the present. This chart proves there is truth to the adage that a picture is worth a thousand words. It's one thing to say that the present financial crisis is unprecedented, but it is something all together different to provide a picture putting real meaning to the word 'unprecedented'. It is an understatement to say that the U.S. banking system is in uncharted territory. The Federal Reserve is providing more than just a 'helping hand'. This chart should alert everyone to the perils of putting your wealth on deposit in a bank. The magnitude of the borrowing by banks shown on this chart is signaling that the banking system is suffering from more than a lack of liquidity. The real question we need to be asking ourselves is whether the banking system is solvent, i.e., whether the assets of banks in the aggregate have greater value than the banking system's liabilities. I distinguish 'liquidity' from 'solvency' in an article I wrote last year for my monthly column on Kitco.com. Here's the link: http://www.kitco.com/ind/Turk/turk_nov122007.html. In this article I quote Ludwig von Mises as follows: "Finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. The crack-up boom appears. Everybody is anxious to swap his money against 'real' goods, no matter whether he needs them or not, no matter how much money he has to pay for them." The above chart indicates to me that we are on the cusp of a crack-up boom. Owning gold and silver and avoiding the dollar are now more important than ever. Link to comment Share on other sites More sharing options...
MattFC Posted July 30, 2008 Report Share Posted July 30, 2008 Taking a good hammering in the last hour.. down over $10 Link to comment Share on other sites More sharing options...
LauraB Posted July 30, 2008 Report Share Posted July 30, 2008 I resisted buying another chunk (?) yesterday. Anyone want to call the bottom? Date, rather than price? I'd rather spend my time baking, it's so much better for the soul Link to comment Share on other sites More sharing options...
MattFC Posted July 30, 2008 Report Share Posted July 30, 2008 I resisted buying another chunk (?) yesterday. Anyone want to call the bottom? Date, rather than price? I'd rather spend my time baking, it's so much better for the soul You have US crude inventory data today.. and unemployment on Friday.. very hard to call, will see what the 14:45-15:30 period today holds.. got to be close to the low, as the sun is shining at the moment but storm clouds are brewing.. trade talks fall apart etc. Link to comment Share on other sites More sharing options...
kernull Posted July 30, 2008 Report Share Posted July 30, 2008 I resisted buying another chunk (?) yesterday. Anyone want to call the bottom? Date, rather than price? yes, I want. the 905 was the bottom. It is more than clear than oil is bottomed, the dollar just toped on europe session open, everything is set up to go 130 oil, just a matter of time when it happends. looking to pick some at 906 if I can in a few minutes. I'd rather spend my time baking, it's so much better for the soul cool, I am actually learning to make my own bread, very interesting Link to comment Share on other sites More sharing options...
romans holiday Posted July 30, 2008 Report Share Posted July 30, 2008 Seems to me now is a phenomenally good time to buy.... just a shame I have to wait three weeks for pay day. ..... and that I could not wait last payday. oh well.... dollar cost averaging and all that right. Link to comment Share on other sites More sharing options...
CIGA Posted July 30, 2008 Report Share Posted July 30, 2008 How about some sympathy for the guy with Yen. I'm not seeing low prices at all Despite my requests to the PPT It's possible I suppose, but there must be quite strong support at $910 I'm starting to get the impression that negative thinking is growing again. Last time that happened it started up Is Gold Chasing the 885 - 910 gap? That also looks like a head and shoulder pattern to me. Gold at 885? Maybe. To those looking for a bottom to buy in or MMM and RRRR ing. What would Jesse Livermore say about whether or not to buy? The top and bottom 5% are the most expensive. Do not try and reach them before making a decison. Gold and Silver are Cheap Now. Buy Now. Buy More if it drops more. When gold turns it can happen quickly and violently leaving you still looking for the bottom. Link to comment Share on other sites More sharing options...
kernull Posted July 30, 2008 Report Share Posted July 30, 2008 yes, I want. the 905 was the bottom. It is more than clear than oil is bottomed, the dollar just toped on europe session open, everything is set up to go 130 oil, just a matter of time when it happends. looking to pick some at 906 if I can in a few minutes. just remove stops at 10:35 NY time, so crude inventories will not action the stop in case of high volatility Link to comment Share on other sites More sharing options...
wrongmove Posted July 30, 2008 Report Share Posted July 30, 2008 I am getting a discrepancy between the price of gold reported by Kitco and IGIndex, which I haven't noticed before. At the time of posting, Kitco says around $910, whereas IGIndex says around $901 Does anyone know which is more reliable, or can suggest a 3rd party than is better than either? Link to comment Share on other sites More sharing options...
MattFC Posted July 30, 2008 Report Share Posted July 30, 2008 I am getting a discrepancy between the price of gold reported by Kitco and IGIndex, which I haven't noticed before. At the time of posting, Kitco says around $910, whereas IGIndex says around $901 Does anyone know which is more reliable, or can suggest a 3rd party than is better than either? http://www.goldprice.org/live-gold-price.html its closer to the 900 mark Link to comment Share on other sites More sharing options...
wrongmove Posted July 30, 2008 Report Share Posted July 30, 2008 http://www.goldprice.org/live-gold-price.html its closer to the 900 mark Cheers - it seems that the Kitco price is just delayed - but I hadn't noticed this before. Link to comment Share on other sites More sharing options...
Bobsta Posted July 30, 2008 Report Share Posted July 30, 2008 Cheers - it seems that the Kitco price is just delayed - but I hadn't noticed this before. I think it's just broken today. It should be live, not delayed, and whilst the silver price is spot on, Gold is stuck at 909.10 on my Kcast ticker, whereas it should be down nearer 901. Link to comment Share on other sites More sharing options...
wrongmove Posted July 30, 2008 Report Share Posted July 30, 2008 I think it's just broken today. It should be live, not delayed, and whilst the silver price is spot on, Gold is stuck at 909.10 on my Kcast ticker, whereas it should be down nearer 901. Seems to be the case - I think Kitco was down briefly earlier. As I say, I have never noticed a delay before. Thanks. Link to comment Share on other sites More sharing options...
Bobsta Posted July 30, 2008 Report Share Posted July 30, 2008 Silver's taking a spanking @$16.81. Bloomberg's commidities homepage also doesn't make great reading right now: http://www.bloomberg.com/news/markets/commodities.html Link to comment Share on other sites More sharing options...
romans holiday Posted July 30, 2008 Report Share Posted July 30, 2008 One wild bull ride this one. Volatilty seems to be the only certainty these days. Can someone remind me why the summer period is called the doldrums? Nothing doldrummy about this one. On a brighter note; Happy anniversary credit crisis! Link to comment Share on other sites More sharing options...
ChrisP Posted July 30, 2008 Report Share Posted July 30, 2008 uuuggh. My energy stocks have been viciously murdered lately and now gold is getting the knife. Is there anything that won't escape the carnage? Link to comment Share on other sites More sharing options...
sossij Posted July 30, 2008 Report Share Posted July 30, 2008 Bargain gold and silver everybody! Grab it while you can. Thanks Uncle PPT Link to comment Share on other sites More sharing options...
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