I still believe that the Central Banks of both China and India are interested in acquiring more physical gold for their reserve diversifcation process and will be active if they feel price is at an attractive level. Consider their plight – they were moving from Dollar denominated paper to increasing holdings in Euro denominated debt – what did that gain them with the collapse in the Euro? Move to British Pound denominated debt? Sure – why not if you are a glutton for punishment. Gold just keeps looking more and more attractive in this environment.
Any attention from official levels to moderate or curtail institutional short sellers of paper bullion contracts will IMVHO have a profound impact and see the price of physical gold rise substantially.
On top of overall currency concerns I think that also on a seasonal basis the next few months may be very interesting indeed on where the price of gold is going. To my mind (and just opinionit will be up against all currencies by more than 20%.
We shall see.
Yeah, I would say 20% would probably pull it up for the next significant correction. I still can't see any circumstance where the POG would go ballistic.
When we put up a link to last week's CFTC hearing webcast little did we know that it would end up being the veritable (physical) gold mine (no pun intended) of information about what really transpires in the commodities market. First, we obtained direct evidence from Andrew Maguire (who may or may not have been the target of an attempt at "bodily harm" as reported yesterday) of extensive manipulation in the silver market. Today, Adrian Douglas, director of GATA, adds to the mountain of evidence that the commodities market, and the CFTC, stand behind what is potentially the biggest market manipulation scheme in the history of capital markets (we are assuming for the time being that all allegations of the Fed manipulating the broader equity and credit markets are completely baseless). Using the testimony of a clueless Jeffrey Christian, formerly a staffer at the Commodities Research Group in the Goldman Sachs Investment Research Department and now head and founder of the CPM Group, Douglas confirms that the "LBMA trades over 100 times the amount of gold it actually has to back the trades."
Explode
DUMB DUMB DUMB.
Further why don't you guys complain about the excessive ETF "manipulation" of the futures contracts upwards?? Oh thats right, its a long position not backed by physical, that doesn't count?
FFS!!!!!!!
I have said this many times, shorting is immoral, sometimes I think t/h that you do not really think.
Yeah? what like house prices always rising? figgin' clueless!!Fancy leasing/borrowing someones shares without thier knowledge. Could not believe it when a broker once suggested this. Of course it is about ballance and hedging. If we could get rid of the balance and the hedging and just go to straight marketing (buying selling) without the interfearance of banks and governments then the world would soon be a much healthier place financially
Explode how many more time does it have to be rammed down the gold bugs dumb brains that futures contract traded NEVER = physical in ANY market.
Sliding shipping rates spurred several traders to enquire about the same transaction as JPMorgan, Varvaropoulos said.
Traders were already using smaller tankers to store record volumes of jet fuel and heating oil in Europe as on-shore tanks filled up, D/S Torm A/S, Europe’s biggest oil products shipping line, said April 3.
I have said this many times, shorting is immoral, sometimes I think t/h that you do not really think.
Fancy leasing/borrowing someones shares without thier knowledge. Could not believe it when a broker once suggested this. Of course it is about ballance and hedging. If we could get rid of the ballance and the hedging and just go to straight marketing (buying selling) without the interfearance of banks and governments then the world would soon be a much healthier place financially. Why, cause everyone would have to get a basic financial education to survive.
Big sigh; I used think there was such a thing as basic honesty within us all, but how wrong I was.
Back to trading, like the look of TAM in view of the current situation developing
Err ...so JP Morgan and Citi each had hired supertankers full of heating oil for what exactly?
NEVER in any market would a contango trade need to be played out with physical huh?
http://www.bloomberg.com/apps/news?sid=auE79A8VeBis&pid=20601087
So um...how are you sure if you decide to buy TAM you won't be buying leased stock someone is selling short? Obviously buyers like you are the real problem here, if there was nobody to buy then shorters would have to go home!
Buying Oz gold stocks right now is pretty much just a short AUD play isn't it?
hi Sam - I don't have a long term position in gold - in general my positions are pretty short term whatever the instrument
'Near term' this is one possibility
'Longer term' the whole move off the highs still looks like a consolidation in an uptrend - i.e., continuation - and the inverse h&s suggests 1250 area - in my opinion, dyor etc
15 minute Chart : Bull Confirmed but resistance at 113
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