electroweak Posted January 4, 2011 Report Share Posted January 4, 2011 JPM sure got back to work today, did you notice? Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 4, 2011 Author Report Share Posted January 4, 2011 JPM sure got back to work today, did you notice? This would be a nice start for a correction. Would, could, should. Let's see. Link to comment Share on other sites More sharing options...
ecoface Posted January 4, 2011 Report Share Posted January 4, 2011 3.6% drop in GBP today. Gold GBP and USD Other than just sheer manipulation (or paranoia), surely someone can give a good reason? Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 4, 2011 Author Report Share Posted January 4, 2011 3.6% drop in GBP today. You mean gold went down in GBP and EUR as well, showing that these was a move of gold and not of the USD. Link to comment Share on other sites More sharing options...
VictorBroom Posted January 4, 2011 Report Share Posted January 4, 2011 3.6% drop in GBP today. Gold GBP and USD Other than just sheer manipulation (or paranoia), surely someone can give a good reason? I see GBP was up 1-2% against quite a few other currencies today. Strong Manufacturing PMI perhaps? Maybe the rest was just Gold having a bad day - perhaps it had to go back to work today as well... Link to comment Share on other sites More sharing options...
VictorBroom Posted January 4, 2011 Report Share Posted January 4, 2011 I see GBP was up 1-2% against quite a few other currencies today. http://www.oanda.com/currency/strength-heat-map Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 4, 2011 Author Report Share Posted January 4, 2011 http://www.oanda.com/currency/strength-heat-map Sweet! Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 4, 2011 Author Report Share Posted January 4, 2011 I see GBP was up 1-2% against quite a few other currencies today. Strong Manufacturing PMI perhaps? Maybe the rest was just Gold having a bad day - perhaps it had to go back to work today as well... Look at this chart. The biggest turds have performed best today, while the "harder" currencies (gold, Swissie, Loonie) got punished. http://www.kitco.com/gold_currency/charts.htm?EUR Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 5, 2011 Author Report Share Posted January 5, 2011 It looks a little like some capping efforts are being made in gold, which looks a little as if ready to correct upwards. Link to comment Share on other sites More sharing options...
aliveandkicking Posted January 5, 2011 Report Share Posted January 5, 2011 It looks a little like some capping efforts are being made in gold, which looks a little as if ready to correct upwards. Which is probably why the price will go lower. It is irrational to think the correct price is higher when against all expectations of the gold bugs economies are better than they were and monetary tightening is already happening in many parts of the world and might be only 6 months away from happening in the UK and USA. Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 5, 2011 Author Report Share Posted January 5, 2011 Which is probably why the price will go lower. It is irrational to think the correct price is higher when against all expectations of the gold bugs economies are better than they were and monetary tightening is already happening in many parts of the world and might be only 6 months away from happening in the UK and USA. They're all going to have a surplus suddenly! There will be real austerity! Come on, you can't be serious. Link to comment Share on other sites More sharing options...
aliveandkicking Posted January 5, 2011 Report Share Posted January 5, 2011 They're all going to have a surplus suddenly! There will be real austerity! Come on, you can't be serious. You talk like nobody ever had to suffer thru a difficult recession. Link to comment Share on other sites More sharing options...
G0ldfinger Posted January 5, 2011 Author Report Share Posted January 5, 2011 You talk like nobody ever had to suffer thru a difficult recession. Look, they UK's current "austerity" still means a huge deficit while the economy is just in pain and retail price inflation is well and alive. Now you expect me the pound to strengthen against gold? I'd rather believe in Santa. Link to comment Share on other sites More sharing options...
aliveandkicking Posted January 5, 2011 Report Share Posted January 5, 2011 Look, they UK's current "austerity" still means a huge deficit while the economy is just in pain and retail price inflation is well and alive. Now you expect me the pound to strengthen against gold? I'd rather believe in Santa. Gold is always going to strengthen against a currency that is constantly being devalued by design. The issue here is whether gold is overbought and due for a significant correction as better news comes thru and higher interest rates or at least monetary tightening is easily possible within 6 months time. If a currency does not correct it creates irrational belief amongst buyers who committ more and more resources to speculate for higher and higher profits with greater and greater risk that a painful correction will eventually come. Link to comment Share on other sites More sharing options...
romans holiday Posted January 5, 2011 Report Share Posted January 5, 2011 Gold is always going to strengthen against a currency that is constantly being devalued by design. The issue here is whether gold is overbought and due for a significant correction as better news comes thru and higher interest rates or at least monetary tightening is easily possible within 6 months time. If a currency does not correct it creates irrational belief amongst buyers who committ more and more resources to speculate for higher and higher profits with greater and greater risk that a painful correction will eventually come. Gold had run up a bit fast there, and a correction to 1350 would be a good buying op. I don't think it will go much below this [if at all] due to the economic and monetary instability and uncertainty that's built into the system. This is the very reason why gold should continue to climb steadily on the long term trend. This "remonetization" [informally by the market for now] is necessary if gold's required to reballast, rebalance, and recapitalize the international monetary system. Link to comment Share on other sites More sharing options...
lyb Posted January 5, 2011 Report Share Posted January 5, 2011 I would be tempted to start adding up now. The reason is that Eurogold support at 1040 seems to hold i.e. eurogold has started increasing although the price in dollars declines, currently at 1375$ Link to comment Share on other sites More sharing options...
warpig Posted January 5, 2011 Report Share Posted January 5, 2011 Most commodities are down, it's not just G&S. Link to comment Share on other sites More sharing options...
romans holiday Posted January 5, 2011 Report Share Posted January 5, 2011 I would be tempted to start adding up now. The reason is that Eurogold support at 1040 seems to hold i.e. eurogold has started increasing although the price in dollars declines, currently at 1375$. Looks a reasonable place to start buying. A few times now in various currencies, gold has consistently bounced off the baseline/ trendline. Looking at the Euro, pound and dollar, the price is near to the trend. This same trend line was used to identify 750 pounds as a good buying op in June last year. Link to comment Share on other sites More sharing options...
marceau Posted January 5, 2011 Report Share Posted January 5, 2011 Looks a reasonable place to start buying. A few times now in various currencies, gold has consistently bounced off the baseline/ trendline. Looking at the Euro, pound and dollar, the price is near to the trend. This same trend line was used to identify 750 pounds as a good buying op in June last year. I'll be buying a fair chunk of physical gold over the next couple of days, although to be honest a deeper correction to £650 wouldn't surprise me at all. Still, have a good cash percentage at the moment, so there's plenty of dry powder to take advantage of further falls. Link to comment Share on other sites More sharing options...
romans holiday Posted January 5, 2011 Report Share Posted January 5, 2011 I'll be buying a fair chunk of physical gold over the next couple of days, although to be honest a deeper correction to £650 wouldn't surprise me at all. Still, have a good cash percentage at the moment, so there's plenty of dry powder to take advantage of further falls. If I had pounds, I'd be confident of buying here.... even if I thought there would be a deeper correction. The reason being is say gold corrects deeply against the dollar, you'd have to ask what sort of general conditions would hold sway at the time. I reckon you'd see the dollar spiking against nearly everything else, which would include a currency such as Sterling. So there's a good chance that the Sterling price of gold might stay high, or go slightly higher, even as the dollar price of gold dropped. My native currency is NZD, which can easily fall from 0.80 odd to 0.50 against the dollar. I wouldn't be surprised to seee the gold price to explode from NXD 1800 odd where it is now to something like 2500 on a correction in the US dollar price. The other thing is the dollar and gold may well strengthen together at the expense of near all else at some point. Link to comment Share on other sites More sharing options...
crushtherents Posted January 5, 2011 Report Share Posted January 5, 2011 If I had pounds, I'd be confident of buying here.... even if I thought there would be a deeper correction. The reason being is say gold corrects deeply against the dollar, you'd have to ask what sort of general conditions would hold sway at the time. I reckon you'd see the dollar spiking against nearly everything else, which would include a currency such as Sterling. So there's a good chance that the Sterling price of gold might stay high, or go slightly higher, even as the dollar price of gold dropped. My native currency is NZD, which can easily fall from 0.80 odd to 0.50 against the dollar. I wouldn't be surprised to seee the gold price to explode from NXD 1800 odd where it is now to something like 2500 on a correction in the US dollar price. The other thing is the dollar and gold may well strengthen together at the expense of near all else at some point. maybe better to buy dollar Link to comment Share on other sites More sharing options...
LauraB Posted January 5, 2011 Report Share Posted January 5, 2011 maybe better to buy dollar Bloomberg reveals the reason for dollar strength; & why I made the wrong career choice Federal Reserve officials signaled they’ll probably push ahead with unprecedented stimulus until the recovery strengthens and many of the 15 million unemployed Americans find work. http://www.bloomberg.com/news/2011-01-05/f...rate-falls.html Link to comment Share on other sites More sharing options...
Pixel8r Posted January 5, 2011 Report Share Posted January 5, 2011 Gold hits another record high level of 45,800 per tola * PGJDC director says gold’s attraction as an alternative investment had helped boost its price by over 25 percent in 2010 By Razi Syed | Tuesday, January 04, 2011 KARACHI: Gold lovers have once again been burdened with a steep rise in the yellow metal rates as it hit another record-high level of Rs 45,800 per tola in the local bullion market following the trend in the international market in which it touched the highest-ever level of $1,420 an ounce, analysts said on Monday. The reasons for the increase in the gold rates in the international market are - euro dipped against the dollar and surge in inflation in the developing countries, they added. Around Rs 155 per tola increase was recorded in the local bullion market while in dollar terms, the increase was $15 per ounce, gold traders said. Gold prices in the international market gained 18 percent in 2010, supported by investors and hedgers. Gold has always been a top priority for investors on back of better returns on securities besides hedging, Pakistan Gems and Jewellery Development Company (PJGDC) Director Shafi Choksi said. He said, “This is the serial increase as international investors are relying on gold buying due to its continuous increasing price,” he added. China and India also have sped up their buying and made difference in the market, besides new entrants in the gold market have also pushed its price at an all-time high level, Choksi said. He said gold would likely touch $1,460 to $1,480 on higher demand by leading gold consuming countries like India and China by the mid 2011... Link to comment Share on other sites More sharing options...
Pixel8r Posted January 5, 2011 Report Share Posted January 5, 2011 India gold buying resurfaces as prices steady near 2-wk low (Reuters) - India gold buying resurfaced on Wednesday afternoon as prices steadied near their lowest level in two weeks offsetting a weaker rupee even as the wedding season drew to a close in the world's largest consumer of the yellow metal, dealers said. "There is renewed enthusiasm in market after markets crashed by $40 yesterday, I booked deals for 200 kgs from yesterday evening from $1,417 and below," said a dealer with a state-run bank in Mumbai"... Link to comment Share on other sites More sharing options...
huntergatherer Posted January 5, 2011 Report Share Posted January 5, 2011 More shine taken off gold in India: Glitter gone from contest, cricket cup loses gold G.S. RADHAKRISHNA Hyderabad, Jan. 5: The Moin-ud-Dowla Gold Cup, once India’s premier domestic cricket tournament but long banished to the fringes, has suffered a humiliating blow in its centenary year. A laboratory test has shown that the winners’ trophy is not made of pure gold as always claimed but is an alloy of silver and copper with less than 10 carat gold. The State Bank of Hyderabad now says the cup is worth just Rs 90,000 rather than Rs 4-5 crore as was believed. Man Singh has demanded a government probe. http://www.telegraphindia.com/1110106/jsp/...ry_13399056.jsp Link to comment Share on other sites More sharing options...
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