Gold Price - Where is it heading?

[explod]

I'll post some ongoing thoughts in Gold using EW and VSA as time permits. Hopefully this may offer some insights on how to correctly use EW. .

A valuable and informative post Nick.

The open comments on this thread of late are very good indeed and everyones few cents worth gold.

 

[Uncle Festivus]

Might be a bit early yet, but another break out close, at least for the traders?

 

[Lucky_Country]

Aussie gold miners must be loving the price of gold and the strenght in the USD.
Consolidation on the gold price is over and upwards trend now close.

 

[chops_a_must]

Aussie gold miners must be loving the price of gold and the strenght in the USD.
Consolidation on the gold price is over and upwards trend now close.

Yeah... I'm sure the shareholders are...

Looks like a bit of a squeeze for sure. Very important point with POG rounding whilst everything tanks.

Nice setup Canuck. What's the code for the gold etf?

 

[Uncle Festivus]

We have break up - lift off?

 

[chops_a_must]

We have break up - lift off?

BOOOOUUUUUURRRRNNNNSSSSSS!!!!!

 

[Lucky_Country]

Panic buying $900 usd per ounce tonight ?
Gees combined with a weak AUD
LGL and NCM must be a big buy !

 

[explod]

BOOOOUUUUUURRRRNNNNSSSSSS!!!!!

A break above US$915 before we get too excited. Of course that sort of rise in the next day or so against falling markets (FTSE -5.5% today) will do the trick to test the high of March.

 

[nunthewiser]

see post # 5362

avaniceday

 

[nunthewiser]

actually , scratch that , no point tooting things b4 they happen , might get egg on my face

 

[explod]

actually , scratch that , no point tooting things b4 they happen , might get egg on my face

Nah, a good chance and yes you picked the spot. A clean break of that point soon would be a very bullish move indeed. See Aussie gold up $70 plus today so hold your cap.

 

[Uncle Festivus]

I do believe $AU1150 is a new high, at least for the last 10 years or so. Yet, the locals still get sold off. When will the penny drop?

 

[refined silver]

This is one scary chart!!!

 

[IFocus]

What's the code for the gold etf?

GLD on the AMEX

 

[chops_a_must]

GLD on the AMEX

Yep, got it up.

Wanting in on a call, but they are looking pretty pricey...

At least I'm still in NCM.

 

[refined silver]

Here's another one. The Ted spread.

From investorpedia: The Ted spread can be used as an indicator of credit risk. This is because U.S. T-bills are considered risk free while the rate associated with the Eurodollar futures is thought to reflect the credit ratings of corporate borrowers. As the Ted spread increases, default risk is considered to be increasing, and investors will have a preference for safe investments. As the spread decreases, the default risk is considered to be decreasing.

You can see the spike last August when the credit crunch first hit, then the volatility since then, then this last month we just went up an order of magnitude and haven't stopped yet.

Can you guess what this does to Interest Rate swaps which are the largest OTC derivative category of all, in the many hundreds of trillions?

 

[Lucky_Country]

South Africa's 2Q Gold Production -10%
(RAPAPORT)
Updated: 2008-09-08 09:35
Counter:139

South Africa's gold production fell 10.4 percent to 56,933 kilograms in the second quarter of 2008 as the country's electricity crisis continues to impact the sector.

The Chamber of Mines of South Africa reported that production from its gold mining members fell 12.9 percent to 47,329.8 kilograms in April through June, compared to the same period last year.

For the first half of 2008, South Africa's production declined 13.6 percent to 109,160.8 kg.

"The key reason for the year-on-year decline in gold production was the national electricity emergency that effectively closed the gold mining industry from 25 to 31 January 2008 and which then curtailed electricity supply to the gold mining sector to 90 percent of normal usage," the Chamber of Mines explained.

The chamber added that some mines were able to get extra electricity supply, above the 90 percent ration, after March on a case-by-case basis, but "there was no blanket increase in supply to 95 percent."The chamber said the industrial sector had borne the brunt of the electricity savings in the economy since the start of the power crisis in January and called on other sectors - such as government, parastatals, financial services, tourism, and households - to do more.

"The mining industry is seriously concerned about the fact that very few other sectors have achieved much savings, such that the burden still remains on mining and other large industrial customers," the chamber stated. "Given the substantial export earnings and employment intensity of mining, it is clear that this situation cannot continue indefinitely."South Africa was relegated to being the world's second largest gold producer behind China in 2007, after being entrenched in the top spot for many years. China is expected to keep its ranking after revealing plans to increase output by 7 percent in 2008 to 300,000 kg (300 metric tons.)

 

[chops_a_must]

Focus, its not the greatest entry really is it? With the ETF trading well after GOLD opens for trading it could well be too late and i'll have to watch for another entry point.

Good luck mate.

Cheers,


CanOz

Broke and ran.

Hope you got on it as well Canny.

 

[cuttlefish]

Nice move so far, and Dow also moving down again as well. I'd still prefer a healthy global economy but in the meantime looks like this is the only option going.

 

[explod]

Nice move so far, and Dow also moving down again as well. I'd still prefer a healthy global economy but in the meantime looks like this is the only option going.

Aussie gold price up 15% for the night.

Yes I feel sorry for the other carnage too, but cant say we did not point out the alternatives for preserving wealth.