Time to buy Gold?
Discussion
DonkeyApple said:
Hoofy said:
I am sure I've seen someone suggest that on a forum and couldn't help but think WTF!?
If I have a long position open, and the trade starts moving against me in what i feel is a continued trend, i have force opened a short position to cash in on the momentum that's not doing in my favour. I have then closed out this position for a profit whilst waiting for the other position to make a recovery.
DonkeyApple said:
It's had a good bounce in the back of the tech and bank sell down but unless we genuinely revert into a new global recession then there's still no sound reason for the long term rebasing down to reverse.
Something's changed though, on the bigger picture breaking that 5 yr downtrend was significant especially seeing as the August flash crash and even the early Jan lows didn't cause Gold to spike. I guess we're only really going to find out if it was a simple bounce or a major trend change once the market stabilises. I'm still of the opinion looking at the current setup it sees 1300-1400 this year, but let's see how it handles the next leg down.
twinturboz said:
DonkeyApple said:
It's had a good bounce in the back of the tech and bank sell down but unless we genuinely revert into a new global recession then there's still no sound reason for the long term rebasing down to reverse.
Something's changed though, on the bigger picture breaking that 5 yr downtrend was significant especially seeing as the August flash crash and even the early Jan lows didn't cause Gold to spike. I guess we're only really going to find out if it was a simple bounce or a major trend change once the market stabilises. I'm still of the opinion looking at the current setup it sees 1300-1400 this year, but let's see how it handles the next leg down.
I believed the price of gold is controlled by the Bank of England, they can lower the price or whatever. At this moment
I believe they are trying to keep a lid on the price.
Usually when the stock market goes up the price of gold goes down. When the stock market goes down too far,
the Federal Reserve (U.S.A) allegedly buy back shares, the stock market goes up and the price of gold goes down
The system is manipulated.
I believe they are trying to keep a lid on the price.
Usually when the stock market goes up the price of gold goes down. When the stock market goes down too far,
the Federal Reserve (U.S.A) allegedly buy back shares, the stock market goes up and the price of gold goes down
The system is manipulated.
Edited by alanjw on Wednesday 17th February 19:40
alanjw said:
I believed the price of gold is controlled by the Bank of England, they can lower the price or whatever. At this moment
I believe they are trying to keep a lid on the price.
Usually when the stock market goes up the price of gold goes down. When the stock market goes down too far,
the Federal Reserve (U.S.A) allegedly buy back shares, the stock market goes up and the price of gold goes down
The system is manipulated.
OK, first of all of the price was being controlled the BofE is too small an entity to be able to do it. I believe they are trying to keep a lid on the price.
Usually when the stock market goes up the price of gold goes down. When the stock market goes down too far,
the Federal Reserve (U.S.A) allegedly buy back shares, the stock market goes up and the price of gold goes down
The system is manipulated.
Edited by alanjw on Wednesday 17th February 19:40
Gold goes up just like any other market, when demand increases. In basic terms demand for gold increases when demand for cash diminishes. This isn't a mystical event but a mechanical one. If you are buying gold then you are selling dollars or another currency.
Demand for cash falls when people fear that central governments might devalue a currency by either lowering the interest rate or ultimately by printing more of it. There is also the added effect that in times of sudden turmoil then other asset classes such as equities will also be sold and exchanged for assets like gold.
Quote:Gold is fixed twice daily starting at 10:30am and 3pm London time by the five members of the London Gold Market Fixing, who act as brokers for their customers. Silver is fixed daily at noon by the three members of the London Silver Market Fixing.(End Quote)
http://www.tradersgame.com/articles/gold-prices.ht...
Quote: The Gold Fix establishes the price at which supply meets demand - across all the participating banks. And the participants must be members of the London Bullion Market Association; they are Scotia-Mocatta, Barclays Capital (Replaced N M Rothschild & Sons when they abdicated), Deutsche Bank, HSBC Bank and Société Générale. (End Quote)
http://www.goldpriceoz.com/london-gold-price-fixin...
I did say the bank of England. this was incorrect.
http://www.tradersgame.com/articles/gold-prices.ht...
Quote: The Gold Fix establishes the price at which supply meets demand - across all the participating banks. And the participants must be members of the London Bullion Market Association; they are Scotia-Mocatta, Barclays Capital (Replaced N M Rothschild & Sons when they abdicated), Deutsche Bank, HSBC Bank and Société Générale. (End Quote)
http://www.goldpriceoz.com/london-gold-price-fixin...
I did say the bank of England. this was incorrect.
Edited by alanjw on Thursday 18th February 08:24
The world's biggest banks are still reeling from the consequences of the Libor and foreign exchange scandals, but US authorities are now investigating the possibility of more rigging.
Several banks are being scrutinised over how they set influential benchmarks in the markets for gold, silver, platinum and palladium in London, with at least 10 under investigation from the Department of Justice (DoJ) and Commodities and Futures Trading Commission (CFTC), according to reports.
The benchmarks, which influence the prices of financial products as well as valuable jewellery, were set by a telephone conference call by a group of banks until last year, when they were overhauled amid mounting scrutiny of market rigging.
The Financial Conduct Authority, which fined Barclays £26m in May for failings that saw a trader attempt to manipulate the gold fix, has decided against an investigation, as has its German counterpart.
http://www.telegraph.co.uk/finance/newsbysector/ba...
http://europe.newsweek.com/hsbc-embroiled-new-pric...
Edited by alanjw on Thursday 18th February 08:46
Edited by alanjw on Thursday 18th February 09:02
Is MoneyWeek running a special subject this week? 
OK. It's all rigged. The lizard men fix it twice a day and control the minds of those who are buying and selling. They publicly announce this fix and they do it twice every day and until now no one has thought to tell the police.
So, all we need to do now is get access to the right lizard who will let us know which way the market is going to go.
PS ever noticed how it's only the last few asset exchanges that aren't controlled by the Americans that come under probes? Interesting one that?
OK. It's all rigged. The lizard men fix it twice a day and control the minds of those who are buying and selling. They publicly announce this fix and they do it twice every day and until now no one has thought to tell the police.
So, all we need to do now is get access to the right lizard who will let us know which way the market is going to go.
PS ever noticed how it's only the last few asset exchanges that aren't controlled by the Americans that come under probes? Interesting one that?
iantr said:
You may be right!
I trimmed another 40% (of my original position) at 1200ish
The 30% that's left I will run until either 1185ish or 1240ish
Just didn't like the way it's been holding up, usually a parabolic rise collapses. You'd think with the recent market rally this would have totally collapsed into the 1180's and below. A 3 month hourly chart shows how it's simply hugging the 200 day as support. That to me is a sign of relative strength, maybe it just needs more time to break down, but I think for me the best move is to be out of the short and reenter if it breaks 1198ish. I trimmed another 40% (of my original position) at 1200ish
The 30% that's left I will run until either 1185ish or 1240ish
On the bigger picture was looking for a move to 1400+ so just keeping an eye out to see if it might set up as a long.
Edited by twinturboz on Thursday 18th February 10:43
Flipping long over yesterday's high targeting 1350.
Edited by twinturboz on Thursday 18th February 14:56
twinturboz said:
Just didn't like the way it's been holding up, usually a parabolic rise collapses. You'd think with the recent market rally this would have totally collapsed into the 1180's and below. A 3 month hourly chart shows how it's simply hugging the 200 day as support. That to me is a sign of relative strength, maybe it just needs more time to break down, but I think for me the best move is to be out of the short and reenter if it breaks 1198ish.
On the bigger picture was looking for a move to 1400+ so just keeping an eye out to see if it might set up as a long.
Flipping long over yesterday's high targeting 1350.
1230 then! I'm out. On the bigger picture was looking for a move to 1400+ so just keeping an eye out to see if it might set up as a long.
Edited by twinturboz on Thursday 18th February 10:43
Flipping long over yesterday's high targeting 1350.
Edited by twinturboz on Thursday 18th February 14:56
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