Gold Price - Where is it heading?

[Trembling Hand]

TH, are you trading (selling) gold futures, or your just in here to rub it in? What team are you on!?

With my ears pinned back MRC.

16 round trips last hour and just warming up. No need to get touchy its only money.

 

[kransky]

PPP?

Surely Gold futures are expected to fall when the market recovers from the Bear Sterns collapse.

 

[chops_a_must]

Haven't been studying the market recently, too much work/ study.

But this looks like a volatility break down to me. And it looks to be right across the board for the inflation complex.

A lot of options plays going short on gold above 1000, and going into the new contracts of oil, apparently. Probably GS going against their own advice. Ha!

Everything still points to a sharp rally in the rubbish, for the short term, if rumours aren't given weight...

 

[explod]

We could probably wack in another support at US980 where it consolidated sideways from the 3rd to 13th instant.

I would be surprised if the PPP dont try to make a break below that before the next 24 hours are out. Huge volatility is to be expected now but feel the next breakout will be swift and large from a low base. You can be sure that the PPP are accumulating/playing (short and long) this market for ammuntion to dump in line with thier releases of spin. It is about the only ammunition they have left to stave off a very dire situation from their viewpoint.

I think it has begun to filter through to the sheeple now that a rising gold price is an indication that things are going downhill in the financials.

Many are surprised at the so called stupidity (sic) of the Fed and JWB tream. I have said it before, this is entirely political. The Republicans are desperate to demonstrate all is well for the upcoming Presidential election. Futile in view of the sub-oprime as that may seem.

The next week or two will be interesting viewing.

And they have done it to a tee. Conspiracy theory or not Kauri it is just a habit I picked up. We should see more confidence in the Dow at the open.

Be interesting to see what pans out.

 

[cuttlefish]

Surely Gold futures are expected to fall when the market recovers from the Bear Sterns collapse.

Yeah its good to see that the credit crisis is finally over - it was looking touch and go there for a while - Bernanke really saved the day lol . I wonder if they'll announce the end of the credit crisis on CNN tonight? I guess I'll sell up all the goldies and buy some bank stocks tomorrow ... Macquarie looks good lol.
</sarcasm>

No need to get touchy its only money.

Yeah there's a nice irony in using that line in a thread dominated by gold bugs. It is only money TH - careful you don't lose your gold trading those future lol.

On a serious note I'm prepared for the fact that gold could drift down/sideways possibly for quite a while - but when it goes it will come out of left field and take no prisoners imo.

 

[kransky]

PPP?

 

[Trembling Hand]

Yeah its good to see that the credit crisis is finally over - it was looking touch and go there for a while - Bernanke really saved the day lol . .

LOL

Yeah there's a nice irony in using that line in a thread dominated by gold bugs. It is only money TH - careful you don't lose your gold trading those future lol.

Good to see that there is still some sharp fish in the sea.


And back on a more serious note. There's lots of stops getting taken out here. Every little tick to a new low is triggering a $1 or $2 hit. Nasty

 

[kransky]

Yeah its good to see that the credit crisis is finally over - it was looking touch and go there for a while - Bernanke really saved the day lol . I wonder if they'll announce the end of the credit crisis on CNN tonight?

nice work... from cnbc:

Today, there's a lot of buzz in the market that we may have already seen the bottom.

"I think we’re at the bottom of this so-called crisis. And I think we move higher from here," Fritz Meyer, senior investment officer at AIM Investments, told CNBC. "The Fed’s been fumbling around for the right key to unlock the liquidity log jam. … I think they finally found it."

Harry Clark, president of Clark Capital Management Group, agrees. "I think the all-clear has been given. We look for some drastic event -- Bear Stearns was it," Clark told CNBC.

The Office of Federal Housing Enterprise Oversight lowered the capital requirement on government-backed mortgage lenders Fannie Mae and Freddie Mac FRE to 20 percent from 30 percent, a move that will provide up to $200 billion in immediate liquidity for stressed mortgage markets.

 

[Trembling Hand]

PPP? = Plunge Protection Team

http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets

 

[explod]

PPP?

And a nice shakeout at that

 

[kransky]

thanks

 

[cuttlefish]

getting hit down well - will be interesting to see whether covering brings it back up in the short term, or if this is the start of a drifting period. The sharpness of the move makes me think volatility and more up and down for a while yet.

 

[MRC & Co]

With my ears pinned back MRC.

16 round trips last hour and just warming up. No need to get touchy its only money.

Dont worry, Im not.

Luckily I diversified today (though, gold still a decent size of my portfolio) with this change in momentum of gold/global indices.

Gotta stick with price movements and momentum at this time. Ride the waves!

Capitulation now. Not a pretty sight. Might have to wait until some more inflation results until we get some real gold upside.....

Congrats on your fast ride, must be like the giant drop! Ride over, looks like the covers are on.

 

[cuttlefish]

Today, there's a lot of buzz in the market that we may have already seen the bottom.

"I think we’re at the bottom of this so-called crisis. And I think we move higher from here," Fritz Meyer, senior investment officer at AIM Investments, told CNBC. "The Fed’s been fumbling around for the right key to unlock the liquidity log jam. … I think they finally found it."

Harry Clark, president of Clark Capital Management Group, agrees. "I think the all-clear has been given. We look for some drastic event -- Bear Stearns was it," Clark told CNBC.

The Office of Federal Housing Enterprise Oversight lowered the capital requirement on government-backed mortgage lenders Fannie Mae and Freddie Mac FRE to 20 percent from 30 percent, a move that will provide up to $200 billion in immediate liquidity for stressed mortgage markets.

lol - right on queue - I guess this might continue for a while until the next iceberg (unless all the icebergs are gone - maybe it really is over - but the urgency of the various moves - weekend meetings etc. - and the last minute nature of it all makes me skeptical).

 

[wayneL]

lol - right on queue - I guess this might continue for a while until the next iceberg (unless all the icebergs are gone - maybe it really is over - but the urgency of the various moves - weekend meetings etc. - and the last minute nature of it all makes me skeptical).

The liquidity in the banking system is one thing, the real economy is another.

It's out of juice and although it continues to coast along, it's losing momentum every day. The consumer is still tapped out, *real* inflation (not the fraudulent Chinese-crap Products Index***) continues unabated, mortgage rates are still rising, honeymoon rates resetting, and the jobless rate is trickling upwards.

The above spin, as we all know, is BS.

They *may* have averted a cascading cross-default trainwreck, but there are still poisons in the mud, just waiting to hatch out.

*** They've just added horse livery charges to the CPI here in the UK... horse livery FFS!! a/ This is known to be stagnant; livery owners are bitching that they can't raise prices b/ How many "average" folks use horse livery services FFS?

It's a freakin fraud!

 

[chops_a_must]

*** They've just added horse livery charges to the CPI here in the UK... horse livery FFS!! a/ This is known to be stagnant; livery owners are bitching that they can't raise prices b/ How many "average" folks use horse livery services FFS?

It's a freakin fraud!

Oh come on Wayne, get real!

They know as well as you do that we're all headed back to the dark ages. All this regalia is now a necessity...

We can't have those four horses not looking resplendent can we?

 

[Kimosabi]

It's a freakin fraud!

Isn't this the first lesson in becoming a succesful trader?

1: Work out that the whole system is a scam and is being manipulated by the power elite.
2: Identify the hidden agenda's of the power elite.
3: Position Accordingly and profit from the scam.

 

[MRC & Co]

*** They've just added horse livery charges to the CPI here in the UK... horse livery FFS!! a/ This is known to be stagnant; livery owners are bitching that they can't raise prices b/ How many "average" folks use horse livery services FFS?

It's a freakin fraud!

LOL!!!!!!!!!!!!!

Sounds like the "unemployment" rate.

What a FRAUD!

 

[Kauri]

Rumoured large allocation switches out of commodities and into equities ahead of the holiday weekend.

remember that a number of gold producers actually lifted hedges in the latter part of last year on expectations that gold would continue to climb. This supported gains and a rush to hedge once again will only add to the longer term slide in gold.

The ECB banks have been net sellers of gold now for 174 out of the last 180 weeks

Funds are said to be bailing out of gold holdings

Pared expectations of a Fed rate cut to 25 bp in April

Maxwells hindsight...

Cheers
..........Kauri

 

[CamKawa]

1030 one day and this morning it's 943 and falling. Never a boring moment really. I don't know about PPP intervention in POG as all the other commodities right accross the board have fallen as well, especially gold's friend oil which down a massive -6.18 a barrel. Maybe all the hot money has gone to buy a stake in Visa's IPO?