So_Cynical
The Contrarian Averager
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Yep Just world multi currency record territory...again.
Gold Price - Where is it heading?
- Thread starter guycharles
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Yep Just world multi currency record territory...again.
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A promising start to the evening:
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Logique
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You do dribble on you lot, fair dinkum!
______________________________________________________
Aug 26 2010 10:07AM
Gold Rushing On
http://www.kitco.com/ind/Holmes/holmes_aug262010.html - nice chart if you visit the URL
The World Gold Council’s latest quarterly recap of the gold market confirms much of the big-picture story we already knew: demand is strong (up 36 percent from a year earlier), supply (up 18 percent) is not keeping pace, and global economic worries are driving investors toward gold as a safe haven.
Drilling down a little further turns up a number of interesting points:
Investment demand in the second quarter of 2010 (red bar in the chart) more than doubled compared to the same period in 2009, and accounted for more than half of total global demand. Investors bought the most gold since the first quarter of 2009, at the depths of the Great Recession.
Demand from exchange-traded funds rose more than 400 percent to about 291 metric tons (9.4 million troy ounces), and retail investors bought about 30 percent more bars, coins and gold in other forms.
Industrial demand is approaching pre-recession levels. The WGC credits the growing popularity of new consumer devices like iPads, Kindle electronic readers and netbook computers with driving this trend.
Jewelry demand is down only slightly year-over-year, even though the gold price has risen from the $900+ per ounce range to $1,200 per ounce. In Hong Kong, for example, jewelry demand rose more than 30 percent in physical terms and nearly 80 percent in U.S. dollar terms.
The WGC says it foresees strong gold demand through the end of 2010, with India and China leading the way, along with concerns about economic recovery and the massive sovereign debt loads in Western Europe and elsewhere.
So far August has been an unusually good month for gold – as of midday today, the price is up 6 percent this month, where historically the August price tends to rise only 2.5 percent above July.
We recently wrote about gold seasonality – September, just a few days away now, is on average the best month for both gold and gold equities. Learn why September means ready, set, gold!
We also have written about gold in the context of the global economic uncertainty and also about China’s important role in future gold demand.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
by Frank Holmes
CEO and Chief Investment Officer
U.S. Global Investors
______________________________________________________
Aug 26 2010 10:07AM
Gold Rushing On
http://www.kitco.com/ind/Holmes/holmes_aug262010.html - nice chart if you visit the URL
The World Gold Council’s latest quarterly recap of the gold market confirms much of the big-picture story we already knew: demand is strong (up 36 percent from a year earlier), supply (up 18 percent) is not keeping pace, and global economic worries are driving investors toward gold as a safe haven.
Drilling down a little further turns up a number of interesting points:
Investment demand in the second quarter of 2010 (red bar in the chart) more than doubled compared to the same period in 2009, and accounted for more than half of total global demand. Investors bought the most gold since the first quarter of 2009, at the depths of the Great Recession.
Demand from exchange-traded funds rose more than 400 percent to about 291 metric tons (9.4 million troy ounces), and retail investors bought about 30 percent more bars, coins and gold in other forms.
Industrial demand is approaching pre-recession levels. The WGC credits the growing popularity of new consumer devices like iPads, Kindle electronic readers and netbook computers with driving this trend.
Jewelry demand is down only slightly year-over-year, even though the gold price has risen from the $900+ per ounce range to $1,200 per ounce. In Hong Kong, for example, jewelry demand rose more than 30 percent in physical terms and nearly 80 percent in U.S. dollar terms.
The WGC says it foresees strong gold demand through the end of 2010, with India and China leading the way, along with concerns about economic recovery and the massive sovereign debt loads in Western Europe and elsewhere.
So far August has been an unusually good month for gold – as of midday today, the price is up 6 percent this month, where historically the August price tends to rise only 2.5 percent above July.
We recently wrote about gold seasonality – September, just a few days away now, is on average the best month for both gold and gold equities. Learn why September means ready, set, gold!
We also have written about gold in the context of the global economic uncertainty and also about China’s important role in future gold demand.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
by Frank Holmes
CEO and Chief Investment Officer
U.S. Global Investors
Its the end of August!!!! Seriously? and what we are shorting gold? Best of luck gents, take anything she gives you QUICKLY.
Disagree. From my lay and almost certainly wrong perspective it appears SNB and BoJ are selling gold on the open market and using the proceeds as extra leverage to weaken their currencies against the USD.
Profitable to remain short so far.
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explod
explod
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Yeh best of luck from me too Sinner.
Some serious money now buying any dips in both gold and silver. The latter defying the bullion banks supression this morning.
Interesting times.
_________________________________
I am not a bug but a long term investor
Some serious money now buying any dips in both gold and silver. The latter defying the bullion banks supression this morning.
Interesting times.
_________________________________
I am not a bug but a long term investor
Logique
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Gangbuster day yesterday for gold stocks, truly epic.
I pointed out Aussie gold stocks as a buy when ASX XGD was at 6200 when nobody was really interested, and bottomed drawered my trades at 6400ish. Fridays close was 7300ish.
Investment & timing allocation to physical, trading allocation to gold stocks and long/short exposure to leveraged gold has proved profitable all year. Remember, I just trade my simple gold plan for many years now (even before I knew about "trading"). As always, I will continue to buy USD when it is weak against gold, and if that returns a profit, to convert those profits to physical gold when gold is weak against USD. You've seen me call this sort of setup more than once by now, even when interest in gold on this forum was low and it was just explod and I posting in this thread.
The HUI and TSX XGD were certainly not moving along the same lines during New York hours last night, which makes me wonder exactly what caused the run up in Aussie goldminers on Friday. It is possible Aussie gold stocks are pricing in takeover opportunities by an international gold miner.
explod
explod
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In fact Aussie gold stocks have been undervalued for a number of years now. First a lot got burnt with things like Bendigo, Ballarat mines et al. It has been obvious to me that the sentiment towards gold stocks have been greater in the US and Canada for nearly three years now. Those wondering why AND has gone so high ought to consider the sentiment of those outside of Australia, pushing it up on their perception of value.
Against that backdrop I still believe stocks such as AVO, OGC and even SBM remain bargains for the longer term. My research of the 1970's 80's some years back revealed that some gold miners in that period went up 100 times when in fact gold only rose about 25 times. Once gold goes well above production costs the multiples to profits go up many times more.
The gold price in Aussie dollars may be weak in some minds too, but remember most gold is sold in US dollars.
Interesting press out of Bloomberg and others through the week warning investors/traders away from gold as they felt a big correction on. From that you can be sure which way the correction is going and that the powers that be are very concerned about the significance of a rising gold price against efforts to protect currency values, particularly the $US. Of course there is no value, its all packaged debt; the greatest ponzie in history must be very close to full revellation of the empty cupboard IMVHO (some suggest Fort Knox too)
Watch the silver price in particular and gold come along from behind next week. With the US not trading Monday there may be a couple of days in which it will be held down a bit.
Interesting times indeed my friends.
Whiskers
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Looking for a fall into about $1246 ish soon. Nice (potentional) H&S forming on the five min.
PS: Looks like right shoulder is complete and testing neckline.
PS: Looks like right shoulder is complete and testing neckline.
Whiskers
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Treasury auction week, gold is ALWAYS flat to down.... the US gov likes no distraction when selling debt.
Shorting the seasonal trend in gold is looney low probability stuff, especially after a strong 'weak' season and considering the wider cycles at play!
Now is not the time to pick tops, buy weakness and hold on for a few months... JMO but then what would I know
+ A head and shoulders pattern is very heavily dependent on the right volume pattern.... don't be foolin yourself with every bump on the screen if the volume is not right.
Shorting the seasonal trend in gold is looney low probability stuff, especially after a strong 'weak' season and considering the wider cycles at play!
Now is not the time to pick tops, buy weakness and hold on for a few months... JMO but then what would I know
+ A head and shoulders pattern is very heavily dependent on the right volume pattern.... don't be foolin yourself with every bump on the screen if the volume is not right.
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i hear the IMF just sold $403 million dollars, or 10 metric tons, to Bangladesh
which is ok by me..
i hear the IMF just sold $403 million dollars, or 10 metric tons, to Bangladesh
which is ok by me..
they do align - when volatility increases gold gets dumped
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