Gold Price - Where is it heading?

[Nick Radge]

No. I'm bearish US$ Gold and currently being proven wrong....happily to be admit it. In A$ terms we're seeing some very nice trends - indeed suggested everyone get long NCM on todays open looking for $40.00. We've been watching and waiting for that triangle for many months. But A$ weakness is key here. The choppy upward rise in Gold remains a concern for me, even though we could see new highs.

Armstrong and I have history...but that's a long story.

 

[explod]

explod,
Just checking - that's the same Marty Armstrong jailed for fraud and theft of investor money?

Thanks for the tip Nick, just passing on any take I pick up. Oops look bad for me to be in with a crook. Suppose there are not too many honest money handlers left now.

 

[sinner]

Armstrong and I have history...but that's a long story.

Considering this is the second time you have brought this up (last time I mentioned his pi cycles also), I am wondering if you have a "Martin Armstrong" radar to let you know when people are talking about him? :

Just kidding. Can we hear the history some-time?

Even better, would love to hear why you are bearish on gold.

 

[nunthewiser]

looking like abewt quick short on the 10/1 min chart

mark this time

 

[nunthewiser]

LOL POP!

 

[sinner]

A few pips for dessert eh nun?

Guys I was playing with my daily chart again tonight and noticed something interesting.

The parallel lines which have formed the current upward trading channel also fits perfectly (as in an exact copy) on the other side of the (pre-Sept) highs.

I was very surprised to see it just slide perfectly on top. Repeat again, all these lines are parallel.

Is gold currently forming the bottom of a giant super bullish cannon sized trading channel?

I know what you are thinking right, "those crazy goldbugs", but look, the lines fit perfect!

 

[sinner]

Sorry to keep posting again and again but this is just too spooky.

The price action at the 50% retracement from March high to Oct low also matches the same gradient line and almost makes a good(ish) middle band.

 

[Wysiwyg]

Can someone post up a 1 minute chart of spot gold for the last hour (5.20 am to 6.20 am this morning please?

 

[amory]

Can someone post up a 1 minute chart of spot gold for the last hour (5.20 am to 6.20 am this morning please?

... & while you're at it - why not a chart of the DowJones for the last hour to go with it?

 

[>Apocalypto<]

something interesting happening now. Spot Gold and the USD Index are rising together.

But the USD is looking a tad top heavy, if the assending pattern it's in fails it has a 1st target of 82 in my opinion.

 

[explod]

... & while you're at it - why not a chart of the DowJones for the last hour to go with it?

Yeehh, he he, the Dow for the last 10 minutes. From 80 down to within 7 points at the close. An hour before 220 down. Must be printen that money just to hold the stock market. Last one to remove finger from the dyke el be in 4 it.

great day for your SBM Uncle, clear sky to .60 soon now(IMVHO - oh and how humble). Had to get back in today.

 

[nunthewiser]

Run on Perth Mint as investors seek safe haven in gold

13th February 2009, 13:15 WST



US investors are increasing their holdings of gold at the Perth Mint at an unprecedented rate as they seek to preserve the value of assets.

Perth Mint’s treasurer and manager of mints depository Nigel Moffatt said the mint was seeing a continuing, but heavy bias towards investors out of the US in the past three months.

He said the value of gold held by all investors at the mint has doubled to comfortably over $2 billion in the past year, with 80 per cent from overseas.

Gold jumped to a sixth-month high yesterday on soaring demand as investor confidence in financial assets erodes and central banks spend trillions of dollars to prop up the banking system.

The US Treasury will likely borrow a record $2.5 trillion this fiscal year ending September 30, almost triple the $892 billion in notes and bonds sold in fiscal 2008, according to Goldman Sachs Group.

Singapore-based investor Jim Rogers said the world at large seemed to understand innately that governments were bankrupting themselves and destroying paper currency.

Mr Moffatt said the number of depositors at the mint had jumped 50 percent in the past year and clients come from 84 countries as diverse as Mongolia and Kyrgyzstan.

Investors can buy through certificate and depository programs where their gold is stored at the mint or they can buy coins to hold themselves.

Sales of the 1-ounce Kangaroo and other gold coins more than doubled to 199,840 ounces in the four months to the end of January from 76,792 ounces in the year-ago period, according to the mint.

Sales this month have already exceeded February 2008.

Barrick Gold chairman Peter Munk said on January 29 an unpleasant and frightening trend of investors buying gold as protection against uncertainty may push the metal over $US1000.

Gold for immediate delivery climbed to a high of $952.92 an ounce yesterday and traded at $941.40 today.

The record was $1032.70 in March.

Sales of 1-ounce American Eagle gold coins more than quadrupled in January, the US Mint said.

The Mint sold 92,000 of the coins last month, compared with 22,500 in January 2008.

Mr Moffatt said Perth Mint had been taking orders from Dutch pension funds, adding there was demand right through the spectrum, from mums and dads to a lot of superannuation funds to well-heeled investors.

“The telephone rings all day,” he said.

“What appears to be Mr Average is asking to buy $10 million of gold.

“Go back a year, and that would have been $1 million.

“We’ve become popular because not only is the gold available here but we’re in a politically stable area, tucked away from terrorist hotspots.”

The Perth Mint was founded in 1899 on the back of the State’s gold rush.

It employs about 250 people, up as much as 15 per cent from a year ago, working three shifts a day.

Formerly a branch of Britain’s Royal Mint, it is controlled by the State Government and owns a 40 per cent stake in AGR Matthey, Australia’s only major gold refiner.

Premier Colin Barnett said WA produced about 10 per cent of the world’s gold.

SINGAPORE
BLOOMBERG

http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=124671

 

[explod]

Market March 27-02 Feb-13-09 Result Percent
$US Gold $302.20 $942.20 +$640.00 +211.78%
$US Index 118.91 86.32 -32.59 -27.41%
Dow 10427 7850 -2577 -24.71%

Coutesy "Privateer newsletter"

Lovely steady trend for gold followers. Short term, expect a correction in a week or two before the real uptick in March

 

[BentRod]

Amazing to see Gold has finally breached a lower high, the Daily chart is actually starting to look bullish.

Just going over the charts for Today and noticed that Gold had a strong correlation with EURGBP last week. As far as I know they are nowhere near correlated. Anyone else notice this??

I faded one chart and dropped it on top of the other one just to make sure I wasn't seeing things but a screenie won't work

Will have to post both Hourly charts:

Black is EURGBP.

PS..looks like a H&S type formation on XAUUSD Hourly:

 

[Bill M]

Hello everyone, I have no interest in Gold other than a few mining companies in my index fund but when I read this I thought of this thread so here it is. Please read with open mind and don't shoot the messenger.

Shorting Gold: 12 Reasons Making The Case For This Contrarian Investment

But for those of you with an open mind - especially after my last three contrarian predictions proved dead accurate, read on.

Because it’s time to start shorting gold!

You won’t find many, if anyone else, making this case. But as the first reason of 12 below reveals, that’s precisely why you should give it more credence.

CLICK HERE FOR THE FULL ARTICLE

 

[BentRod]

Bill...The problem is where to put your stop.

You first Ol'Son:

 

[electronicmaster]

Hello everyone, I have no interest in Gold other than a few mining companies in my index fund but when I read this I thought of this thread so here it is. Please read with open mind and don't shoot the messenger.

Shorting Gold: 12 Reasons Making The Case For This Contrarian Investment

But for those of you with an open mind - especially after my last three contrarian predictions proved dead accurate, read on.

Because it’s time to start shorting gold!

You won’t find many, if anyone else, making this case. But as the first reason of 12 below reveals, that’s precisely why you should give it more credence.

CLICK HERE FOR THE FULL ARTICLE

Yea, I manly hold Silver bullion. The central Banks holds 90% of gold and they are evil. But Gold will go up again, and perhaps you might see a default later in the year that will correct the illegal manipulation.


I'm buying Gold mine shares already.

 

[Uncle Festivus]

Hello everyone, I have no interest in Gold other than a few mining companies in my index fund but when I read this I thought of this thread so here it is. Please read with open mind and don't shoot the messenger.

Shorting Gold: 12 Reasons Making The Case For This Contrarian Investment

But for those of you with an open mind - especially after my last three contrarian predictions proved dead accurate, read on.

Because it’s time to start shorting gold!

You won’t find many, if anyone else, making this case. But as the first reason of 12 below reveals, that’s precisely why you should give it more credence.

CLICK HERE FOR THE FULL ARTICLE

His logic for several points doesn't make sense based on what the facts are and some (infomercials???) are just plain weird?

Gold's had a good run and should retrace but the world economy hasn't bottomed yet (Japan -10%), and the good ol second half recovery should arrive eventually, just don't know which year the half will be? He's putting a lot of faith in the Messiah (Obama) and the house of shuffling cards (the US Fed) who's predictions so far have been ever so slightly WRONG!

 

[sinner]

Also putting faith in the BDI.

Have seen lots of articles recently pointing out weaknesses in the recent rally on the BDI. Here is one

http://in.reuters.com/article/businessNews/idINIndia-37917720090209

Snippet

"The fact is the baltic index moved up when it couldn't move down any further. Of course, there has been some fixtures... but I don't think we can take it is as an indication of a revival," V. Ashok, chief financial officer at Essar Shipping, said.

 

[moXJO]

Hello everyone, I have no interest in Gold other than a few mining companies in my index fund but when I read this I thought of this thread so here it is. Please read with open mind and don't shoot the messenger.

Shorting Gold: 12 Reasons Making The Case For This Contrarian Investment

But for those of you with an open mind - especially after my last three contrarian predictions proved dead accurate, read on.

Because it’s time to start shorting gold!

You won’t find many, if anyone else, making this case. But as the first reason of 12 below reveals, that’s precisely why you should give it more credence.

CLICK HERE FOR THE FULL ARTICLE

Lets see him put his money where his mouth is.
http://www.goldprice.org/gold-news/2008/04/jim-sinclair-bets-million-dollars-gold.html

Jim Sinclair Bets a Million Dollars Gold Price Will Hit $1650 before the 2nd Week in January 2011