Gold Price - Where is it heading?

explod · 10 October 2008

chops_a_must said:
Well... we'll see gold at 1013 on NY open IMO.

There goes my strategy of buying long dated calls at that level.

Ah well, at least I'll get a very big winner from the one I have now.

I would not back it myself. Not saying that it will not but it appears that a line in the sand over the last 3 or 4 weeks has been drawn by the Comex at about $US925

Chops, check out Jim Sinclair's site for a very good run down on the current. Just google the name will find it.

Of course if your call is correct then anything could happen in an upwards thrust.

Bron Suchecki · 10 October 2008

The Perth Mint "makes a market" in AUD gold, but since gold is an over-the-counter market there is no one source of the "true" price. COMEX price is not the best price as that is a futures price, not spot. Professional bullion traders use Reuters for an indication of the gold price.

Apart from kitco.com, try the ASX traded products GOLD and ZAUWBA. Retail prices can be found at http://www.perthmint.com.au/metalPrices.aspx (frequency of update depends on trading volumes).

nunthewiser · 10 October 2008

Gday Bron , any chance you can have a look out the window and confirm rumours that there is a queue outside the mint to buy gold ?

Who Dares Wins · 10 October 2008

I was talking to someone at the NZ Mint today who said they have been doing an entire normal months business everyday for the last 3 weeks. Selling gold for deliver in January and silver for delivery in February so waitlists have expanded. I bought silver earlier in the year with a wait of only 2 weeks.

Trembling Hand · 10 October 2008

Who Dares Wins said:
I was talking to someone at the NZ Mint today who said they have been doing an entire normal months business everyday for the last 3 weeks. Selling gold for deliver in January and silver for delivery in February so waitlists have expanded. I bought silver earlier in the year with a wait of only 2 weeks.

really thats great news. Must be time to short gold on the next "I told you so" by the gold bugs.

nunthewiser · 10 October 2008

lol , i told you so

chops_a_must · 10 October 2008

If gold doesn't move here, I don't think it ever will.

Especially as platinum is so close by as well...

Whiskers · 10 October 2008

chops_a_must said:
If gold doesn't move here, I don't think it ever will.

Especially as platinum is so close by as well...

Yeah, platinium and gold marginally lower, but I doubt we will see a spectatular rise in gold just yet, if silver and palladium are any indication it seems to be stepping back a little... down about 10% and 5% respectively in the last few hours.

It just seems that the mindset is cash is king atm... and preferably under the bed.

chops_a_must · 10 October 2008

Whiskers said:
Yeah, platinium and gold marginally lower, but I doubt we will see a spectatular rise in gold just yet, if silver and palladium are any indication it seems to be stepping back a little... down about 10% and 5% respectively in the last few hours.

It just seems that the mindset is cash is king atm... and preferably under the bed.

That suits precious metals Whiskers.

That's why I'm saying if gold doesn't move here, it never will.

We've already had some trading above resistance, but the open will be telling.

I favour an ascending triangle break here, so either way, it will move a lot.

As a side note, are you actually trading it?

Whiskers · 11 October 2008

chops_a_must said:
As a side note, are you actually trading it?

Nah... I think I've got it figured right not expecting any significant moves.

Just trawling news tonight looking for clues as to what next.

chops_a_must · 11 October 2008

Whiskers said:
Nah... I think I've got it figured right not expecting any significant moves.

Just trawling news tonight looking for clues as to what next.

Despite the CDS auction?

You're kidding aren't you?

chops_a_must · 11 October 2008

And sellers look to be clearly in control here.

No-one chasing the price up.

Out at a small profit and looking for a longer term entry.

michael_selway · 11 October 2008

Bron Suchecki said:
The Perth Mint "makes a market" in AUD gold, but since gold is an over-the-counter market there is no one source of the "true" price. COMEX price is not the best price as that is a futures price, not spot. Professional bullion traders use Reuters for an indication of the gold price.

Apart from kitco.com, try the ASX traded products GOLD and ZAUWBA. Retail prices can be found at http://www.perthmint.com.au/metalPrices.aspx (frequency of update depends on trading volumes).

Hey whats the diff between GOLD & ZAUWBA?

thx

MS

chops_a_must · 11 October 2008

chops_a_must said:
I favour an ascending triangle break here, so either way, it will move a lot.

As expected, it was going to move a lot either way.

Getting crushed tonight.

Sean K · 11 October 2008

chops_a_must said:
As expected, it was going to move a lot either way.

Getting crushed tonight.

What's your strategy at the moment Chops. Are you just holding long, or trading the moves.

I was expecting a break up, and stops were hit, lucky they exist.

Couldn't afford to just be either way at the moment, the moves are so dramatic...

bean · 11 October 2008

Just some tidbits re todays move in Gold
From some forums

Apparently a trust fund GLD in the US added 5 Tonnes today

SPDR GOLD SHARES
(NYSEArca: GLD)

GLD added 5 tons today
This is more evidence that the gold move was more of a paper/comex phenomenon and that physical gold is going for a premium.

People were BUYING gold today. The trust added 5 tonnes to an all time record of 770.64 tonnes.

The PPT did all the damage, shorting on the paper market... Your tax dollars at work.

'Means US tax dollars'

Also
Rumors increasing re default on Comex

Trembling Hand · 11 October 2008

nunthewiser said:
lol , i told you so

And a big LOL.

I told you so.

Ah!! too funny.

:

nunthewiser · 11 October 2008

Trembling Hand said:
And a big LOL.

I told you so.

Ah!! too funny. :

um a bit of a time delay there m8 ...... we was obviously talking different time wave thingo counts

Garpal Gumnut · 11 October 2008

I like gold.

The physical stuff though.

I have some hidden that I bought from the Perth Mint.

I've never traded it though.

I prefer the physical, its pretty and when things go to s**t its tradeable for things like food and fuel.

I guess it will follow the market inversely in the short term.

gg

GreatPig · 11 October 2008

michael_selway said:
whats the diff between GOLD & ZAUWBA?

GOLD is Gold Bullion Securities Ltd. The GOLD stock you buy is:

A redeemable preference shares issued by Gold Bullion Securities Limited, which carries with it an entitlement to gold bullion held on trust for all security holders

ZAUWBA is a long-dated warrant issued by Gold Corporation. See this Perth Mint page. According to that page:

Gold Corporation is a statutory authority of the Government of Western Australia

GP

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