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Nice:iagree:
The close of 979.60 was the highest monthly close ever.
It is worth looking at the monthly chart for US:GOLD on bigcharts. The white candle goes from 48 to 69 IN A MONTH.
The starter has sounded the gun and our patience will be rewarded now.
In My Very Humble Opinion as usual. "OH how hard it is..."
Of course a few reds helps too.
cheers explod.
"We do not believe the sales, should they occur, will harm gold prices," said HSBC analyst James Steel.
IMF gold sale: US Congress approval next week
Commodity Online
LONDON: The International Monetary Fund’s decisiion to sell its gold reserves could get the necessary approval from the US Congress next week.
At the G20 summit in London in April, participating countries agreed the IMF could sell 403.3 metric tons of gold as part of efforts to leverage up to $6 billion in concessional loans for low-income countries over the next few years.
In order for the sale to proceed, 85% of IMF shareholders need to approve the proposal. Since the U.S. has 17% of the votes, it has a de facto veto over the proposal, which requires Congressional approval, but IMF Managing Director Dominique Strauss-Kahn told Dow Jones Newswires this week he expects Congress will soon approve the sale.
On Friday, analysts said US Congress may approve International Monetary Fund gold sales as early as next week.
"This issue appears now fully priced into the gold market and any announcement confirming sales should not move the market - apart from perhaps a knee-jerk reaction," said John Reade, an analyst at UBS.
Over on the currency front, the only majors that were down against the greenback today were the Japanese Yen and the Swiss Franc. Both are being used by the carry trade as risk comes back with a vengeance. The Yen in particular was hit hard dropping over 150 points. The Dollar dropped below the 100 WEEK moving average at one point during today’s trading session but has managed to claw its way back to that level for now. It is so oversold that some guys are looking for a bounce although such a bounce will not last long as its technical picture is horrendous. There is a swing low on the weekly chart that was made back in December of last year that corresponds very closely to today’s session low. Should that level give way in the immediate future, the Dollar is going to drop rapidly down towards the 76 level. Below that is major, major support near 72. If that gives way, kiss the dollar goodbye and gold goodbye to the upside.
June gold has entered into its delivery period. Thus far deliveries are not all that impressive but we will continue to watch this. The action is now centered around the August contract. Open interest remains quite low (388,000) for gold to have made it to less than $10 from the $1,000 mark especially when you consider that the last time gold was up near these levels, open interest was closer to 590,000.
With the mining shares being hit once again by the same crowd and gold running into the bullion banks’ selling barrage just shy of $1,000, long side players will need to dig in to prevent the short term oriented momentum crowd from moving out and creating some selling pressure. AS long as weakness in the Dollar continues and commodity prices are rising across the board, gold will attract dip buying on any setbacks in price.
That's funny Explod. here's someone you say knows what he is talking about but countering your BS "gold is manipulated" nonsense.Excerpt from gold trader Dan on Jim Sinclair's Minesite.
June gold has entered into its delivery period. Thus far deliveries are not all that impressive but we will continue to watch this. The action is now centered around the August contract. Open interest remains quite low (388,000) for gold to have made it to less than $10 from the $1,000 mark especially when you consider that the last time gold was up near these levels, open interest was closer to 590,000.long side players will need to dig in to prevent the short term oriented momentum crowd from moving out and creating some selling pressure
Dan Norcini has been trading in the gold pits for over 40 years and have found him to an exellent daily commentator
cheers explod
That's funny Explod. here's someone you say knows what he is talking about but countering your BS "gold is manipulated" nonsense.
I'm confused. Does this dude know what he is talking about or is gold manipulated???
You need to consider your investment horizon roysolder.oh brother i,m confused-is gold going to dive or break through the 1000
thinking bout my shares in ogc explod
Might just be time that you need to determine what type of investor/trader you are and how/when you buy and sell.thanks kennas, i bought ogc in october and more along the way.i guess all my shares are long term.being a novice and don,t mind admitting it i beat myself up every time they peak and turn down.
i have 100k in ogc
thanks kennas, i bought ogc in october and more along the way.i guess all my shares are long term.being a novice and don,t mind admitting it i beat myself up every time they peak and turn down.
i have 100k in ogc
Some don't think much of Dan Denning or his On-line publication The Daily Reckoning....just a bit of hope for the holders of Gold smalls...I have plenty of them
" And by the way, why not a gold exploration boom? Gold mining requires lower capital overheads than bulk materials extraction. And with a rising gold price, it's worth a punt. If the gold mania really takes off (it's starting), look for a boom in the junior explorers."
Cheers Ya'll
NEW YORK (Dow Jones)–Declining supply and investor demand driven by economic uncertainty and future inflation are likely to keep gold prices high, mining company officials said Tuesday. "Our view is that the gold market is in probably one of its most promising phases," said Willie Jacobsz, head of investor relations with Gold Fields Ltd. (GFI).
He cited economic uncertainty around the world, future inflation and "a very real decline in global mine supply" as cause for his company’s optimism on the gold price.
"We are simply not finding any new reserves anywhere in the world," Jacobsz said at a New York Society of Security Analysts metals and mining conference. Further, deposits where gold can be relatively easily extracted are being tapped out, he said.
Meanwhile, investors have been snapping up the metal as a currency, uncertainty and inflation hedge.
"The current rally in the gold price is driven by investment demand," Jacobsz said. "We don’t see sentiment changing very soon."
Gold prices will remain strong as long as investors keep flocking to the metal, said Victor Flores, senior mining analyst with HSBC.
"There has been a great deal of interest in gold from investors," Flores said. "As long as gold ETF [exchange-traded fund] demand remains robust, you will see gold [prices] hold up." Although deflationary pressures are strong at the moment, higher inflation and weaker currencies will probably assert themselves down the road as results of government stimulus efforts to fight the economic downturn, Flores said.
"At the moment we are fighting deflation," Flores said. "What’s really lurking around the corner is inflation."
Investors historically have bought gold as a hedge against inflation because they see it holding its value more strongly than other assets amid rising prices. It is also bought as a safe-haven in times of political and economic uncertainty.
"Gold is the only asset class that withstood the current economic downturn," said William Biggar, president and chief executive of North American Palladium Ltd. (PAL), which last month completed the acquisition of Cadiscor Resources Inc. and its gold mine in Quebec.
"Our growth strategy is focused on precious metals and acquiring quality gold assets," Biggar said.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
Also it will be interesting to see how the POG reacts to the almost certain popular news story of IMF sales due anytime now. If $980 holds again that is positive in my opinion.
Lets see how it holds up tonight, could be a turning point. Not looking too swell at the moment..
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