Time to buy Gold?
Discussion
twinturboz said:
All this "markets in turmoil" talk and Gold couldn't even take out 1110. What is going to make it go up?
The two most important economies in the planet, the US and China are growing. India is growing, the U.K. Is growing. Even the EU is sorting itself out. I don't think there is any reason at all for gold to reverse its downward trend to fair value. Just revisited this. On a 5yr chart gold actually looks like it may start to make a move higher if it can break above 1132ish.
It would be breaking a down trend started October 2012 with a potential to test $1350 and then $1400+ on a much longer timeframe
On a 1 yr chart, since October could be setting up a cup and handle pattern, one to keep an eye on I guess.
Don't ask me about the fundamental reasons why gold would go up hah no idea.
It would be breaking a down trend started October 2012 with a potential to test $1350 and then $1400+ on a much longer timeframe
On a 1 yr chart, since October could be setting up a cup and handle pattern, one to keep an eye on I guess.
Don't ask me about the fundamental reasons why gold would go up hah no idea.
Edited by twinturboz on Tuesday 2nd February 13:15
twinturboz said:
Just revisited this. On a 5yr chart gold actually looks like it may start to make a move higher if it can break above 1132ish.
It would be breaking a down trend started October 2012 with a potential to test $1350 and then $1400+ on a much longer timeframe
On a 1 yr chart, since October could be setting up a cup and handle pattern, one to keep an eye on I guess.
Don't ask me about the fundamental reasons why gold would go up hah no idea.
I've always been interested in charts, but have no idea about them. With a cup and handle pattern would you expect the "cup" bit to form fully ie, currently there looks to be upside to around the 1200 mark?It would be breaking a down trend started October 2012 with a potential to test $1350 and then $1400+ on a much longer timeframe
On a 1 yr chart, since October could be setting up a cup and handle pattern, one to keep an eye on I guess.
Don't ask me about the fundamental reasons why gold would go up hah no idea.
Edited by twinturboz on Tuesday 2nd February 13:15
Gold is on the verge of testing the $1,131 to $1,134 area which is the crossover zone of the 200 day moving average - it might break higher in the short term but I'd expect to see some profit taking come in and keep a lid on things.
Looking at equities and energy today, gold hasn't exactly rallied hard on a 'safe haven' style trade, so if that's not a catalyst to go long, I guess the other option for upside would be an inflation hedge - again looking at 5yr5yr inflation, its at its lowest level for ages...
Sorry can't get too positive gold at the moment but then again I have been wrong every now and then
Looking at equities and energy today, gold hasn't exactly rallied hard on a 'safe haven' style trade, so if that's not a catalyst to go long, I guess the other option for upside would be an inflation hedge - again looking at 5yr5yr inflation, its at its lowest level for ages...
Sorry can't get too positive gold at the moment but then again I have been wrong every now and then
Edited by W99KSY on Tuesday 2nd February 15:56
Three things I can't stand,
1. You can't eat it,
2. Someone else will stab you to get hold of it.
By the way, did you see the recent TV program about gold? I was previously unaware but apparently all of the gold ever mined would fit in three Olympic swimming pools. However, the amount of gold people THINK they own is much bigger than that. Apparently it's a bit like "fractional banking" or whatever. You buy your gold and think it's held safely in a bank vault somewhere but actually the bank is "making customers deposits work" (just like when you deposit cash money) and they lease it out to other people for a profit. What do those other people do with it? Turn it into jewellery for H.Samuel etc who then sell it. But so long as the lease payments get made the merry-go-round continues. I was astounded.
^^^ If the above paragraph is complete nonsense I would be very interested to hear the true story. As I said, simply seen on TV recently.
- Gordon Brown
- Gold
- Gordon Brown and gold!
1. You can't eat it,
2. Someone else will stab you to get hold of it.
By the way, did you see the recent TV program about gold? I was previously unaware but apparently all of the gold ever mined would fit in three Olympic swimming pools. However, the amount of gold people THINK they own is much bigger than that. Apparently it's a bit like "fractional banking" or whatever. You buy your gold and think it's held safely in a bank vault somewhere but actually the bank is "making customers deposits work" (just like when you deposit cash money) and they lease it out to other people for a profit. What do those other people do with it? Turn it into jewellery for H.Samuel etc who then sell it. But so long as the lease payments get made the merry-go-round continues. I was astounded.
^^^ If the above paragraph is complete nonsense I would be very interested to hear the true story. As I said, simply seen on TV recently.
Alpinestars said:
I've always been interested in charts, but have no idea about them. With a cup and handle pattern would you expect the "cup" bit to form fully ie, currently there looks to be upside to around the 1200 mark?
Perfect pattern yes but they don't always work like that, the usual characteristics your looking for is a cup and handle formed over 3-6 months, with the top of the cup to the bottom around the 12-15% range.With the handle your looking for say 2 weeks or more for it to form with it staying in the upper half of the cup, if that makes sense. The other thing is there should be a decline in volume when the handle is forming.
If your interested have a read of "technical analysis of the financial markets"
W99KSY said:
Gold is on the verge of testing the $1,131 to $1,134 area which is the crossover zone of the 200 day moving average - it might break higher in the short term but I'd expect to see some profit taking come in and keep a lid on things.
Agree which if it does turn out to be a c&h pattern works great to form the handle. See if we get a pullback to 1100-1080 in the handle formation over the next few weeks.Edited by twinturboz on Tuesday 2nd February 19:05
Ozzie Osmond said:
Three things I can't stand,
1. You can't eat it,
2. Someone else will stab you to get hold of it.
By the way, did you see the recent TV program about gold? I was previously unaware but apparently all of the gold ever mined would fit in three Olympic swimming pools. However, the amount of gold people THINK they own is much bigger than that. Apparently it's a bit like "fractional banking" or whatever. You buy your gold and think it's held safely in a bank vault somewhere but actually the bank is "making customers deposits work" (just like when you deposit cash money) and they lease it out to other people for a profit. What do those other people do with it? Turn it into jewellery for H.Samuel etc who then sell it. But so long as the lease payments get made the merry-go-round continues. I was astounded.
^^^ If the above paragraph is complete nonsense I would be very interested to hear the true story. As I said, simply seen on TV recently.
This is my understanding too, if the paper claims were all requested there would not be enough physically to supply, just like cash/money. Seems odd that a commodity can be sold this way but loads of financial instruments etc seem a little out there to the 'simple' man on the street. Sometimes I can't work out if I'm being think or its all just what needs to be done in a capitalist economy, or if there is some generally greed/manipulation going on etc either way it doesn't always seem to be inline with common sense.- Gordon Brown
- Gold
- Gordon Brown and gold!
1. You can't eat it,
2. Someone else will stab you to get hold of it.
By the way, did you see the recent TV program about gold? I was previously unaware but apparently all of the gold ever mined would fit in three Olympic swimming pools. However, the amount of gold people THINK they own is much bigger than that. Apparently it's a bit like "fractional banking" or whatever. You buy your gold and think it's held safely in a bank vault somewhere but actually the bank is "making customers deposits work" (just like when you deposit cash money) and they lease it out to other people for a profit. What do those other people do with it? Turn it into jewellery for H.Samuel etc who then sell it. But so long as the lease payments get made the merry-go-round continues. I was astounded.
^^^ If the above paragraph is complete nonsense I would be very interested to hear the true story. As I said, simply seen on TV recently.
If you were a Syrian refuge right now walking out of your country leaving all your possessions behind, then a kilo of gold would really help out wherever you end up.
Ozzie Osmond said:
Three things I can't stand,
1. You can't eat it,
2. Someone else will stab you to get hold of it.
By the way, did you see the recent TV program about gold? I was previously unaware but apparently all of the gold ever mined would fit in three Olympic swimming pools. However, the amount of gold people THINK they own is much bigger than that. Apparently it's a bit like "fractional banking" or whatever. You buy your gold and think it's held safely in a bank vault somewhere but actually the bank is "making customers deposits work" (just like when you deposit cash money) and they lease it out to other people for a profit. What do those other people do with it? Turn it into jewellery for H.Samuel etc who then sell it. But so long as the lease payments get made the merry-go-round continues. I was astounded.
^^^ If the above paragraph is complete nonsense I would be very interested to hear the true story. As I said, simply seen on TV recently.
Don't forget that most of the unregulated gold deposits don't actually exist. The buyers just gave their money to a random bloke who now lives in Monaco and they even pay him a monthly fee for storing the imaginary gold they own. - Gordon Brown
- Gold
- Gordon Brown and gold!
1. You can't eat it,
2. Someone else will stab you to get hold of it.
By the way, did you see the recent TV program about gold? I was previously unaware but apparently all of the gold ever mined would fit in three Olympic swimming pools. However, the amount of gold people THINK they own is much bigger than that. Apparently it's a bit like "fractional banking" or whatever. You buy your gold and think it's held safely in a bank vault somewhere but actually the bank is "making customers deposits work" (just like when you deposit cash money) and they lease it out to other people for a profit. What do those other people do with it? Turn it into jewellery for H.Samuel etc who then sell it. But so long as the lease payments get made the merry-go-round continues. I was astounded.
^^^ If the above paragraph is complete nonsense I would be very interested to hear the true story. As I said, simply seen on TV recently.
And as an unregulated market it is where the last of the financial scammers operate (along with binary options, fine wines, development plots, BTL hotel rooms, precious stones, bamboo farms and spread bet trading systems). Almost every gold related service in the uk that is aimed at punters is run by chaps who have been running the same scams since the 80s in unregulated investment markets.
As far as the retail investor is concerned the only viable value and use of gold is to stick small bits of it on a woman and parade her in public to help explain to the people how superior you are over them.
W99KSY said:
Gold is on the verge of testing the $1,131 to $1,134 area which is the crossover zone of the 200 day moving average - it might break higher in the short term but I'd expect to see some profit taking come in and keep a lid on things.
Looking at equities and energy today, gold hasn't exactly rallied hard on a 'safe haven' style trade, so if that's not a catalyst to go long, I guess the other option for upside would be an inflation hedge - again looking at 5yr5yr inflation, its at its lowest level for ages...
Sorry can't get too positive gold at the moment but then again I have been wrong every now and then
It'll either test it and drop or breakout and climb.Looking at equities and energy today, gold hasn't exactly rallied hard on a 'safe haven' style trade, so if that's not a catalyst to go long, I guess the other option for upside would be an inflation hedge - again looking at 5yr5yr inflation, its at its lowest level for ages...
Sorry can't get too positive gold at the moment but then again I have been wrong every now and then
Edited by W99KSY on Tuesday 2nd February 15:56
Yes, I said it will either go up or down.
Hoofy said:
DonkeyApple said:
Hoofy said:
It'll either test it and drop or breakout and climb.
Yes, I said it will either go up or down.
I think you're spot on. Yes, I said it will either go up or down.
Best to go long and short then?
king plum pitched on the bulletin boards and hundreds followed and swore by it. Obviously brokers couldn't believe their luck that clients were self hedging, paying double funding and comms so they had to have a nudge from the regulator. I still remember clients who did it and regardless what you said they demanded to be in the market before an announcement and would lift a leg after. It was unbelievable.
DonkeyApple said:
Funny anecdote: the 'Force Open' tick box on IG's and other platforms exists because the then FSA became aware that large numbers of clients were going long/short simultaneously! It was a strategy that some fking plum pitched on the bulletin boards and hundreds followed and swore by it. Obviously brokers couldn't believe their luck that clients were self hedging, paying double funding and comms so they had to have a nudge from the regulator.
I still remember clients who did it and regardless what you said they demanded to be in the market before an announcement and would lift a leg after. It was unbelievable.
king plum pitched on the bulletin boards and hundreds followed and swore by it. Obviously brokers couldn't believe their luck that clients were self hedging, paying double funding and comms so they had to have a nudge from the regulator. I still remember clients who did it and regardless what you said they demanded to be in the market before an announcement and would lift a leg after. It was unbelievable.
I am sure I've seen someone suggest that on a forum and couldn't help but think WTF!?
Gassing Station | Finance | Top of Page | What's New | My Stuff