Gold Price - Where is it heading?

[Edwood]

found this bit:
India historically has been a pretty bad gold investor. Goldman Sachs: "Since 1994, gold as a percentage of India's foreign exchange reserves fell from just over 20% to approximately 3.6% (based on latest reserve data of US$285.5bn on 23/10/2009)."
So the Indian central bank essentially sold ahead of the massive gold rally - They missed the rally.


more of the same, from '07:
[FONT=Arial, Verdana, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]History has shown that pressure is certainly applied on top of the market during each period of elevated CB sales. This can be no clearer illustration than what happened after the Bank of England and Gordon Brown announced they would sell over 400 tonnes of gold reserves, causing prices to hit 20-year lows in what most traders now refer to as the Brown Bottom. In the last decade, we have also seen the Bank of Canada sell off all of it's gold holdings, the Banks of Switzerland, Australia, Denmark, Spain, Portugal, Norway, Sweden, and France, amongst others, also sell off a major percentages of their gold holdings into the market. The one thing that has held true is that the gold price has continued to bounce back and head higher as these sales have concluded.

>> perhaps its well known that CB's have no idea & it was a buy signal...
[/FONT][/FONT]

 

[Mr Z]

Central banks sell on the way down and buy on the way up. They don't have the same economic imperative that an investor does because they can simply create the currency to buy the gold. Price is not the issue, control of their currency is the issue. When you see the big central banks buying hand over fist then we are much closer to a top. The lesser ones buying just means we are trending up, they are just getting defensive against the storm of money that the US and Europe are, and will be, putting into the system.

Don't worry, the top is at least five to ten years away and the moves that will stop this gold bull will probably come from Asia not the good ol USA, they seem bound to relinquish the drivers seat before this is done.

 

[Starcraftmazter]

Re: Ya see, this is the problem with gold!

Between you and me I'm not so sure her brain is backed by anything!

Thanks, that's hilarious.

 

[wayneL]

Re: Ya see, this is the problem with gold!

Between you and me I'm not so sure her brain is backed by anything!

Live from Oceana

 

[Mr Z]

Gold has an image problem no? This AM I turned over some of my gold to see what it is backed by and all I found was more gold. Damn! Its a ponzi scheme!!!! Give me some of them USD right now, I don't wanna be a part of no ponzi racket with these yellow fishing weights!

::---->

 

[Mr Z]

Rick Rule: Gold Equities Set to Outperform ”” All Fundamentals Now in Alignment (mp3)

 

[Mr Z]

You wanna do what? Make a gold investment? At these prices...?!

How to explain gold investment to your financial advisor

"You wanna do what? Make a gold investment? At these prices...?!" - Gold is still not perceived as a safe investment by many of those who manage our money.

Read more...

 

[Mr Z]

Blogging?!!!!!

Gold's recent sell-off and what to look out for over the next few months - Jeff Christian (Podcast)

 

[Mr Z]

Barry Eichengreen

The Dollar, the Crisis, and the Future of the International Monetary System

 

[Frank D]

GOLD Primary and Wekely cycles

Gold has rotated back down into a major support level in the 4th quarter. (SUPPORT)

All trends originate from these levels and continue outward, and if the Primary
cycle trend remains bullish it shouldn't spend anytime below SUPPORT. The last
time that occurred was in July 2008, when price was $922.00

The most bullish patterns have been occurring in the 2nd month of the Quarter, as
price in the first month rotates down into support, and then the 2nd month rises
up from support and continues outward during each individual quarterly cycle.

However, this is the first month of the quarter, and price is already trading around
support, so it wouldn't surprise me to see the next 4 weeks consolidate around
support.

When we look at the Weekly cycles (right chart).... there is a potential
rejection pattern around the Weekly 50% level that could see price move towards
next week's lows and as low as the October lows

In conclusion:- if you are bullish and believe that GOLD is going to continue higher,
then these are the levels that should be of most interest.

Just keep an eye on the Weekly cycle for short-term weakness.

 

[explod]

One of my favorite bloggers had this to say about the after hour moves of gold downwards. Have noticed myself that it is more pronounced of late and also towards the close of trades Aussie time and just smells like pushing down the goldies, but could be wrong, anyway here's Chuck's bit;

Speaking of Gold… Well.. it was up $15 when I came in, but is now up only $8… But still, it’s up VS the dollar which is something all the other currencies can’t say, not even Japanese yen, or Chinese renminbi today! The shiny metal has slowly risen from its brief dip below $1,600… I prefer these smaller moves in assets, especially Gold, given the propensity for the “afterhours trades” to increase when the upside moves are larger for Gold. That’s a wink, when I talk about the “afterhours trades”…

I have quite a few readers that have taken the ball on my challenge to research these “afterhours trades” on their own, and then let me know if they agree that the price of Gold & Silver is being manipulated… Well, most of them send me stuff they read, that explains the price drop of Gold & Silver, and most of them all talk about the price manipulators, or “banksters” (the bullion banks) as one article calls them… I think that the more the public is aware of what I feel is going on here, and I’m not the only one, maybe they will petition the regulators and get to the bottom of this!

full newsletter at http://www.dailypfennig.com/ for 4th October 11

 

[adamim1]

Gold and silver look like they're heading down as I type this. I wonder if tonight we will see a retest of those lows last week!

 

[explod]

Gold and silver look like they're heading down as I type this. I wonder if tonight we will see a retest of those lows last week!

I think we could if the flight to the US$ continues.

On the weekly we are still in the uptrend channell but a close below US$1530 would be interesting.

However it seems to be the US$ only, in most other currencies gold is still up near its highs.

However the moves are so great that I suspect we may soon know.

 

[GumbyLearner]

Yep the sheeple are sh.t..ng themselves and converting to the mighty US of A dollar. Same as last time.

I also reckon when the truth hits the 1500 gold will occur. The sequence of steps are becoming clearer IMHO, and dont' need to repeat, you've heard them on this space before.

Geez explod. The doubters were all over you like a rash when you called the 1500 figure. Now you reckon it could touch 1550 on the decline? Nothing like accuracy in this market Great to see you're still around. Hats off.

Do you think we may get a touch of the de ja vu's like back in 2009?

 

[Mr Z]

Podcast

Gold stock de-rating close to running its course - Blackrock (Podcast)

 

[GumbyLearner]

Where is it heading?

That's a bigger question today than when I started blogging here years ago.

I do not know to tell you the truth. But I still hold all the physical I bought back in 07, 08,09 and haven't bought any for a while or sold any.

If it gets smacked down to say the 1330 level, I may start to think about buying more.

Anyway? Every man/woman for himself/herself. Like my ol'man used to say!

 

[GumbyLearner]

Where is it heading?

That's a bigger question today than when I started blogging here years ago.

I do not know to tell you the truth. But I still hold all the physical I bought back in 07, 08,09 and haven't bought any for a while or sold any.

If it gets smacked down to say the 1330 level, I may start to think about buying more.

Anyway? Every man/woman for himself/herself. Like my ol'man used to say!

Good luck all!

 

[GumbyLearner]

 

[Tysonboss1]

Mmmmm,... the richer are getting richer.

But 12 years ago I was poor,... But I am richer now, Does that mean the Poor are getting richer too.

and MC hammer was rich, but then he became poor,.... Mmmmm.

Maybe it comes down to Work and sound capital allocation rather than a rich get richer poor get poorer conspiracy.

just my nothing more.

Inregards to fiat money, it makes sense to me that the money supply should have the abiltiy to supply and contract rather than be fixed and be cornered by people who do nothing but save it.

It makes sense to me that inflation should eat into any saved money that is simply stockpiled for years earning interest, Money is meant to be fluid ever changing hands and being deployed into investments, If you have the mentality a little bit of inflation is not a bad thing,.... It's not a good thing either, it just is what it is.

And if there was no inflation then retail interest rates should be less than 1%.

 

[GumbyLearner]

Mmmmm,... the richer are getting richer.

But 12 years ago I was poor,... But I am richer now, Does that mean the Poor are getting richer too.

and MC hammer was rich, but then he became poor,.... Mmmmm.

Maybe it comes down to Work and sound capital allocation rather than a rich get richer poor get poorer conspiracy.

just my nothing more.

Inregards to fiat money, it makes sense to me that the money supply should have the abiltiy to supply and contract rather than be fixed and be cornered by people who do nothing but save it.

It makes sense to me that inflation should eat into any saved money that is simply stockpiled for years earning interest, Money is meant to be fluid ever changing hands and being deployed into investments, If you have the mentality a little bit of inflation is not a bad thing,.... It's not a good thing either, it just is what it is.

And if there was no inflation then retail interest rates should be less than 1%.

Fantastic analysis Tysonboss1.

I bought physical bullion back when it was 770 US dollars per ounce.

Given your fantastic analysis supplied above, do you think I should sell my personal holdings for a 100%+ profit or look for more gains holding onto it?

What do you say Tyson Boss sell my gold or hold onto physical bullion that I own?

It's your call my man!

What do you think? Should I sell now?

Or are you just another fairweather contributor to this thread who should be ignored?