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The battle really starts now. The media have a $1000 gold plastered everywhere. I would like to think its going to bring out the sellers in there droves and push the price back down to $850 for the summer lull, but im really not sure. Nothing but bad news and inflation.

 

I've been sitting on powder since January, waiting for a good pull back so that I can add, but so far its only been going in one direction.

 

Has anyone here had experience with coininvestdirect.com, i have always been a bit worried about them as they are not BNTA members and you have to transfer funds direct into there account.

What quality are there bullion coins, are they all scratched and dinged or in good condition ???? How long till delivery ???

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I believe Eastern time has just switched from EST to EDT (ie, gone back by 1 hour). NYSE general market hours are 0930 - 1630, although there are of course pre and after market sessions. In UK time NY open would be at 1330, but early morning Fed dumps can happen in the premarket up to an hour earlier.

 

I'm pretty good with most things, but when it comes to timezones I just keep getting confused.

That's why I never bought a TARDIS :rolleyes:

 

This is the one I was looking at last night:

 

gold.gif

 

Here in NZ it's now 10:38am. The time on that chart is 17:36 (which is yesterday to us here).

And it's just got to the end of the NY period.

 

The first pullback seemed to coincide with the start of the marked NY time.

 

Aww, what the heck, we all know it's going up anyway :D

 

Thanks for the info.

 

Steve (always confused of NZ :D )

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The battle really starts now. The media have a $1000 gold plastered everywhere. I would like to think its going to bring out the sellers in there droves and push the price back down to $850 for the summer lull, but im really not sure. Nothing but bad news and inflation.

 

I've been sitting on powder since January, waiting for a good pull back so that I can add, but so far its only been going in one direction.

 

Has anyone here had experience with coininvestdirect.com, i have always been a bit worried about them as they are not BNTA members and you have to transfer funds direct into there account.

What quality are there bullion coins, are they all scratched and dinged or in good condition ???? How long till delivery ???

 

Well im not selling and I would think that the media coverage will bring out buyers. Regarding coininvestdirect.com I received my coins in about a week from doing the transfer. They are cheaper especially for silver as they only charge 7% VAT on coins. A one ounce philharmonica from them was £13.00 and from ATS £18.80. Wish I had known about them sooner. I got a large order due to be delivered so I will let you know when it arrives.

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Hi Steve,

 

Have you found any charts that do a live gold spot in NZD rather than USD?

 

Cheers

 

I wish :rolleyes:

 

Talking to Michael at the NZ Mint, when I quered the difference between the spot price he was quoting and my calculation suggested this Kitco price was probably the most accurate free one:

 

https://online.kitco.com/sellprice/selling_pools.html

 

The pool accounts at the bottom.

 

But even then, you apparently can't use the live exchange rate exactly !

 

The best I can think of, (I haven't actually done it yet) is this:

 

which looks like this:

 

gold_in_NZ.gif

 

From: http://stockcharts.com/h-sc/ui?s=$GOL...id=p14074351595

 

You can pick the chart size that suites.

 

Hmmm, that works :D

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What happens next week if the Fed does not cut 75bp ?? Maybe it will only cut 25bp.

 

If this happens wont the dollar recover and gold fall, which will present a good buying oppertunity ?

Isnt Benanke under a lot of pressure at the moment to save the dollar ??

 

Not sure what effect that would have on stocks tho. It wouldnt be pretty tho :rolleyes:

 

Any thoughts ??

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Gold Tops $1,000 an Ounce as Dollar Drops, Credit Losses Widen

http://www.bloomberg.com/apps/news?pid=206...&refer=home

 

March 13 (Bloomberg) -- Gold rose above $1,000 an ounce for the first time as mounting credit-market losses spurred demand for bullion as a haven from the sagging dollar and equities.

 

Silver and platinum also advanced as the dollar dropped below 100 yen for the first time since 1995 and to a record against the euro. Standard & Poor's increased its forecast for bank writedowns related to subprime mortgages to $285 billion. Gold is up 37 percent since the Federal Reserve began cutting interest rates in September, sending the dollar tumbling.

 

``There is more monetary reflation in the pipes, more interest rate cuts and more flushing of money at the system,'' said Martin Murenbeeld, chief economist at Toronto-based DundeeWealth Inc., which manages $60 billion in mutual funds and brokerage accounts. ``The easiest thing to say about gold at the moment is to stay long.''

....

``The dollar weakness is systemic and interest rates are headed lower,'' said Robert Gottlieb, managing director and global head of precious metals at Bear Stearns Cos. in New York. ``As long as there's a great deal of financial uncertainty, gold can go higher.''

...

``The financial system's in trouble, and people are going to the safety of gold,'' said Mario Innecco, a futures broker at MF Global Ltd. in London. ``You can't create gold so easily as you can create dollars or euros or pounds.''

....

Once gold goes over $1,000, it will continue rising, said MF Global's Innecco.

 

They seem to be pretty bearish on the US$

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Two gold articles on the front page of the BBC website today (Ethiopia's gold is the other). If I were the cartel I'd try to hold it below 1000 for a while longer, then let it go up to 1040, say, and then keep smacking it down below 1000. Plenty of headlines "Gold Back under $1000" and frighten people into thinking it's a top.

 

In euros and yen it didn't make a new record today.

 

Nor in Pounds or far from it in terms of CHF :rolleyes:

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Has anyone here had experience with coininvestdirect.com, i have always been a bit worried about them as they are not BNTA members and you have to transfer funds direct into there account.

What quality are there bullion coins, are they all scratched and dinged or in good condition ???? How long till delivery ???

 

They gave me good and quick service.

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Interesting article in the Telegraph today. This should encourage the masses into a gold rush.

 

Gold closed at $995.40 on the London PM Fix after falling back. Adjusted for inflation, it is still far below the $850 peak reached in 1980 at the height of the second oil crisis and the Carter malaise. That spike would be near $2,500 in today's terms.

 

 

 

http://www.telegraph.co.uk/money/main.jhtm.../bcngold113.xml

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I'm looking for a correction back to around the $800 mark. At least, I'm hoping for one.

 

 

What are the arguments for a correction as opposed to a continued rise ?

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Does anyone here buy coins smaller than 1oz in size, e.g. 1/10oz krugerrands?

 

Or is the 1oz size the best to go for?

 

Was just wondering, since if 1oz of gold skyrockets and fiat collapses, would it be of any benefit having smaller denominations of coin values, or would you expect to be given those as loose change when you spend your 1oz coin? :rolleyes:

 

Might be quite nice to have a coin collection with "more" coins in it (i.e. more quantity, even if they're the same value).

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I am away for a day, and what happens? Gold almost at $1,000. Of course mainly due to Dollar selling.

 

Gold_GBP.png

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Does anyone here buy coins smaller than 1oz in size, e.g. 1/10oz krugerrands?

 

Or is the 1oz size the best to go for?

 

Was just wondering, since if 1oz of gold skyrockets and fiat collapses, would it be of any benefit having smaller denominations of coin values, or would you expect to be given those as loose change when you spend your 1oz coin? :rolleyes:

 

Might be quite nice to have a coin collection with "more" coins in it (i.e. more quantity, even if they're the same value).

 

 

Sovereigns are a nice size coin. Exempt from CGT to if that might effect you. I picked up a 1/2 soverign today on ebay for £57, nice.

 

Goldfinger, you missed the party! Perhaps we could fight the cartel with you. Every time they dump we can send you off somewhere as a countermeasure :D

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Might be quite nice to have a coin collection with "more" coins in it (i.e. more quantity, even if they're the same value).

I understand the feeling but the premium per ounce gets a lot higher.

 

In fact GF was saying a while back that he's getting keen on half-ounce coins.

 

Speaking of whom, good evening, GF, nice to see you in. :rolleyes: People were asking after you here and "there".

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DrBubb - why the pull back to $850 prediction?

What will potentially drive this, massive profit taking if it does hit the $1050 mark?

 

SafeBetter

 

Yes. Something like that.

Good and look at alot of charts.

You will see that each area of trading almost always gets retraced at least once.

 

If you look at the Gold charts, the trading above $930 needs retracing.

Once that retarcement starts, it could easily pullback to support at $850, the old high.

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What are the arguments for a correction as opposed to a continued rise ?

 

Nothing goes up in a straight line :rolleyes:

 

1. Everyone and his dog are bearish on the dollar. Jim Rogers was quoted before xmas saying that when everyone is on one side of the trade, its a good idea to move to the other.

 

2. If the cartel do exist then are they really going to give up without a fight ?? Their best weapon is to allow the price to go to $1000 and then smack it down to $750 or even $650, which will scare all the newbie goldbugs right out of the market and running to the hills crying its the 80's all over again. This would also allow the likes of Goldmans to hoover up all the cheap gold.

 

3. Round numbers arguement, human nature

 

4. If the $ is doomed then $1000 is nothing. There are a lot of people out there that are brighter and richer than me. If they bellieved in Financial doom and gloom then the price would be in the tens of thousands.

 

5. Seasonal adjustment. According to historic graphs the price dips in the summer.

 

 

To be honest, I really dont know ( im not sure anyone does ) but since September the gold train has been going up like a rocket. There has been hardly any breathers. I just want a chance to load up some more.

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Also this video link from Kitco:

 

http://www.marketwatch.com/tvradio/player....5E-EB14FDFB8669

 

States that gold has risen $250 on the back of the current credit crunch losses of approx $500billion - and he states that much of the remainder of potentially losses are a known quanity and therefore priced into gold or implying it won't rise much further.

 

Any comments on this from those with more knowledge than I as I don't know enough to qualify his statements.

 

Thanks, SafeBetter

 

Haha. Another Wall Street apologist?

 

"subprime writedown - end in sight!"

 

What's Next:

+ Prime mortgages

+ Credit Insurance writedowns

+ Credit derivatives writedown

+ Credit cards, auto, corporate loan problems

+ Municipal meltdown (as tax revs fall)

 

Why would anyone listen to: ?

- Standard & Poors

- Greenspan

- Washington Insiders

- Other Wall Street apologists

... who may tell you "an end is in sight"?

 

They have missed every obvious risk

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Nothing goes up in a straight line :lol:

 

2. If the cartel do exist then are they really going to give up without a fight ?? Their best weapon is to allow the price to go to $1000 and then smack it down to $750 or even $650, which will scare all the newbie goldbugs right out of the market and running to the hills crying its the 80's all over again. This would also allow the likes of Goldmans to hoover up all the cheap gold.

 

Any links to what the 'cartel' might be ?

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Fake fears over Ethiopia's gold

 

By Elizabeth Blunt

BBC News, Addis Ababa

Thursday, 13 March 2008, 15:20 GMT

 

http://news.bbc.co.uk/1/hi/world/africa/7294665.stm

 

Ethiopia's national bank has been told to inspect all the gold in its vaults to determine its authenticity.

 

It follows the discovery that some of the "gold" it had bought for millions of dollars was gold-plated steel.

 

The first hint that something was wrong reportedly came when the Ethiopian central bank exported a consignment of gold bars to South Africa.

 

The South Africans sent them back, complaining that they had been sold gilded steel.

 

An investigation revealed that the bank had bought a consignment of fake gold from a supplier, who is now under arrest.

 

Other arrests followed, including business associates of the main accused; national bank officials; and chemists from the Geological Survey of Ethiopia, whose job it is to assay the bank's purchases of gold and certify that they are real.

 

It seems that it wasn't bad enough for Gordo to sell off 1/2 the UK's gold, but that some of the gold we do have left may not even be the real deal

 

All that glisters may not be gold

 

I came across this when researching fake tungsten coins. Tungsten has almost the same specific density as gold and it looks like the BoE may have ended up with some dud bars...

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IMO in this volatile choppy environment gold and silver should be analysed using P&F (point &Figure) charts, if you don't know how to understand these, stockcharts.com explains and it only takes 5 mins to learn.

 

Learn:

http://stockcharts.com/help/doku.php?id=su...ding_pnf_charts

 

 

Basically we have reversed the downtrend and started a new uptrend, if this really is the last push up before a correction, look to take some money off the table as soon as the next column shows 000's. Notice the bullish price objective of 1065, near jim sinclairs near term target high of 1050.

 

post-1612-1205453811_thumb.png

 

The support levels can clearly be seen in this chart.

 

The long term P&F's from 2000 onwards are very interesting viewing for gold/silver.

 

Bubb, being a master of TA, what do you think of P&F's?

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The cab driver from the airport today told me "that people were fearing the house market was tumbling".

 

Hmmm, I thought, and told him of paper money and that all this could end very badly.

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Does anyone here buy coins smaller than 1oz in size, e.g. 1/10oz krugerrands?

 

Or is the 1oz size the best to go for?

 

Was just wondering, since if 1oz of gold skyrockets and fiat collapses, would it be of any benefit having smaller denominations of coin values, or would you expect to be given those as loose change when you spend your 1oz coin? :lol:

 

Might be quite nice to have a coin collection with "more" coins in it (i.e. more quantity, even if they're the same value).

 

I've got sovereigns too, also because of the CGT exemption. In fact I ONLY have sovereigns. Just as well really because even accounting for the quite high buy/sell spread, I'm over the CGT threshold already and I only started buying in August last year!. Britannias (1oz) are also CGT exempt but more difficult to get hold of and so seem to command a higher premium.

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