Gold Price - Where is it heading?

[CanOz]

some solid selling at 1795.... closed my long.

Missed my chance to put my order in last night....pullback coming?

 

[>Apocalypto<]

Missed my chance to put my order in last night....pullback coming?

i may have jumped out a little early as it held up ok... still having issues at that area though. i am also on the waiting line for the next signal.

 

[Trademyshoes]

i may have jumped out a little early as it held up ok... still having issues at that area though. i am also on the waiting line for the next signal.

You must have the gift of foresight - you closed your long due to heavy selling at 1795... You closed right at the beginning of the up-trend being negated for the hourly and a down-trend being formed. Great job imo - great pick.

The daily trending up of Gold has not been negated as of yet, though is becoming quite stagnant, but confidence in the Us markets for the short term has led me to believe we will see a pullback, minor as it may be. In turn, for the short term, I don't see a 1800+ breakout.

I'd love to hear some opinions on this...

 

[jimy]

Hiii..

Check gold prices from the below link...

http://goldprice.org/

 

[>Apocalypto<]

You must have the gift of foresight - you closed your long due to heavy selling at 1795... You closed right at the beginning of the up-trend being negated for the hourly and a down-trend being formed. Great job imo - great pick.

I'd love to hear some opinions on this...

it was one of those gut feelings, as I watched struggle with a break out after two attempts. Also luck.

I agree daily uptrend still in tact, but now waiting on confirmation of a signal to renter long again.

 

[Uncle Festivus]

I'm not sure if a global recession will be favorable for gold, especially if (when) equities take a tumble with the start of the next leg of the (global) bear market. The DX might start to look good again so gold weakness ahead until the tipping point......

 

[CanOz]

Gold's a bit on the nose lately...was looking to enter on the ETF, i guess this is a nice pullback but would be nice for a little place to jump on...

CanOz

 

[Uncle Festivus]

They have had a lot of fun gaming/frontrunning/second guessing/hoping equities of late but probably wont take much to spook 'the market' into 'taking profits'?

Rotation back into 'safety' of the USD? Gold likes to be correlated with equities for all but the worst of conditions so continued weakness, again??

 

[Joules MM1]

Gold's a bit on the nose lately...was looking to enter on the ETF, i guess this is a nice pullback but would be nice for a little place to jump on...

CanOz

gold paper traders have absolutely no backbone.....who wants to get caught with no yield paper? all that energy wash-out from central banks was used several days ago which wasnt hard to see in the COT report via swaps dealers still at 2:1 short.....dont be in a rush mate.....oh, just wait for all the cupnhandle boffs to start their commentary......lulz......

 

[CanOz]

gold paper traders have absolutely no backbone.....who wants to get caught with no yield paper? all that energy wash-out from central banks was used several days ago which wasnt hard to see in the COT report via swaps dealers still at 2:1 short.....dont be in a rush mate.....oh, just wait for all the cupnhandle boffs to start their commentary......lulz......

Lol, I didn't even notice the cup until you mentioned it!

 

[>Apocalypto<]

Lol, I didn't even notice the cup until you mentioned it!

daily gold is in a short term down trend to me. 1694, 1670 and 1630 pos targets... another solid lower high will give some merit to these targets. i'm still 50/50 on the true direction at this point.

 

[Joules MM1]

.......extensive (11 pages) compared to prev posts on the subject:


Oct. 20, 2012, 9:01 a.m. EDT
10 nations that control the world’s gold

http://www.marketwatch.com/story/10-nations-that-control-the-worlds-gold-2012-10-20?pagenumber=1

 

[Joules MM1]

not that he's (cough) biased......

Change in spread management by bullion banks will send gold prices to $3,500-12,400 says Jim Sinclair

http://www.arabianmoney.net/gold-si...ir/?utm_source=twitterfeed&utm_medium=twitter

excerpt

....explains: ‘You must note how central banks are either buying or protecting their gold reserve positions now. This is total about face two years ago. There is another change coming which is a replacement monetary system and the need for some asset on central bank’s balance sheets to have positive value, especially in the USA. Soon all that is required is a change in spread management by the gold banks and you will have whatever price the gold banks want from $3,500 to $12,400.’

 

[Uncle Festivus]

.......extensive (11 pages) compared to prev posts on the subject:


Oct. 20, 2012, 9:01 a.m. EDT
10 nations that control the world’s gold

http://www.marketwatch.com/story/10-nations-that-control-the-worlds-gold-2012-10-20?pagenumber=1

Tis all for nought if you believe the numbers as presented.......

It should be no surprise that the U.S. is the largest holder of gold as the dollar is the global reserve currency and the U.S. has by far the largest GDP of any nation. The growth of the Federal Reserve’s balance sheet can only be sustained without dire consequences if it is backed by hard assets like gold. Imagine if the conspiracy theorists are right and that Fort Knox and other repositories do not have gold in them.

The US gold inventory has not been updated/changed for the last 6 years?? (Well it has increased by a massive 27 oz in 4 years....)

http://fms.treas.gov/gold/index.html

Why would an insolvent country keep something it can sell to solve it's debt problems - same for any other indebted country.

The big concern for gold believers is the IMF (and ECB) holdings - if they change their rules and give the go ahead to dump in return for USD's to fund bail-outs then it's going to take a big hit??

 

[Joules MM1]

http://www.zerohedge.com/news/2012-...pass-total-ecb-holdings-imports-australia-sur

Chinese Gold Imports Through August Surpass Total ECB Holdings, Imports From Australia Surge 900%

10/21/2012 16:21 -0400

 

[tinhat]

Tis all for nought if you believe the numbers as presented.......

Why would an insolvent country keep something it can sell to solve it's debt problems - same for any other indebted country.

What a strange statement? Do you think the USA is still on the gold standard? US government public debt is over $11 trillion (total US government debt is over $16 trillion).

At $1,700 an ounce, the total US government gold reserves are worth less than half a trillion dollars (around $440 billion). That represents about 4% of the debt which is inconsequential really.

 

[Uncle Festivus]

What a strange statement? Do you think the USA is still on the gold standard?

Um...no.

US government public debt is over $11 trillion (total US government debt is over $16 trillion).
At $1,700 an ounce, the total US government gold reserves are worth less than half a trillion dollars (around $440 billion). That represents about 4% of the debt which is inconsequential really.

That's the scary problem then. The perception is that they have all of this gold as some sort of back up to the currency or whatever when it doesn't even scratch the surface as a means of solving their debt problems.

I wasn't implying that selling their gold would fix ALL the debt problems as your maths has illustrated, but I was implying that there is some sort of faith in the currency because of the perceived 'backing' of gold in the cellar of the NY Fed, which may or may not actually be there??

 

[tinhat]

That's the scary problem then. The perception is that they have all of this gold as some sort of back up to the currency or whatever when it doesn't even scratch the surface as a means of solving their debt problems.

That's the thing - the numbers are so astronomical that they don't make any sense to the human mind or even the scale of the physical world around us. The circumference of the world is only 40,000 km. In metres that's 40 million metres. In centimetres that's 4 billion centimetres. In millimetres that's 40 billion millimetres.

There is an estimate that there are around 400 billion trees on the entire planet earth.

The distance to the edge of the observable universe is only around 46 billion light years. The universe itself is only 13.75 billion years old.

Some amount that is tens of billions of units of reasonable scale in the natural world is freaking huge, yet in the abstract world of hyperinflating money a few hundred billion is nothing.

 

[zac]

Some amount that is tens of billions of units of reasonable scale in the natural world is freaking huge, yet in the abstract world of hyperinflating money a few hundred billion is nothing.

Yes its rather funny how numbers are thrown around these days.
To put it in perspective another way if 1 second of time was equal to $1, the following would be the case.

1 Million Dollars = 11.5 Days
1 Billion Dollars = 32 Years
1 Trillion Dollars = 32 000 Years

Amazing considering 1 million which we'd all love and be content with is a mere week and a bit but 1 trillion is almost as long as the entire time human civilisation has been around.

Yet the US debt isnt 1 trillion its over 16 Trillion

 

[Joules MM1]

here ya go, have a yap on this lot

http://au.news.yahoo.com/queensland...erfeit-aussie-gold-sold-in-china/?cmp=twitter

Counterfeit Aussie gold sold in China

Mike Duffy, October 22, 2012, 6:13 pm