Gold Price - Where is it heading?

[Uncle Festivus]

I don't trade gold but I do trade a tincy bit in the gold miners. I sold all my gold mining stocks for a loss on Friday.

I havn't held any gold equities for about 3 years now, but things are starting to look tempting again?

Kyle Bass thinks the latest currency salvo fired by Japan will be the beginning of the end of <insert your favourite QE financed bubble here>, so expect more (co-ordinated??) negative press and predictions (about gold) from the usual suspects as they try to maintain the ponzi to the very last. Has Lava Girl had her turn yet??

This is 2 years old but still relevent -

Dallas hedge-fund manager J. Kyle Bass helped advise the University of Texas Investment Management Co. on taking delivery of 6,643 gold bars, worth $991.7 million yesterday, that are stored in a bank warehouse in New York.
----

And this is the retort of the ponzi clubsters -

“The call to take delivery is more of a challenge to the system and it borders on the anarchistic,” said Ralph Preston, a principal at Heritage West Financial Inc., a San Diego company that specializes in futures trading. “It’s like the Republicans trying to overturn President Obama over the birth certificate issue. It’s poor sportsmanship.”

Expect to see more big taking delivery type articles from now on as the Comex is tested?

Tags
FRAUD CORRUPTION GREECE EURO CRIMINALITY GOLDMAN SACHS JP MORGAN

 

[AdamVW]

All smells like price manipulation to me but if you have the nerve it could be one of the greatest buying opportunities ever.

Yes, I smell a rat too Bintang. I may be a newby but sometimes you just have to go on your gut instinct. I remember, what 2 years ago, when the call was on that fuel prices were going to approach $2.00 a litre by the end of the year.......they actually went down from $1.50 to around $1.30.

I have been a little nervous about my SAR holdings, small as they may be, but I am going to hang onto them, I don't believe that this period is going to be as long lived or severe as is being broadcast, scaremongerers and schemers at play I feel.

 

[Bintang]

I guess I could be accused of being in the conspiracy theory camp by saying that I smell price manipulation. My natural inclination is to eschew conspiracy theories but the price action in Gold on Friday seemed too extreme and the main stream media reasons given for it too flimsy - such as Cyprus selling a paltry 10 tonnes (ROFL) - that I find it hard to believe this is all driven by 'natural market forces'. If it is all manipulation I guess the price can still go lower so I'm not rushing to buy gold just yet but I am buying dividend paying Gold mining shares.

 

[CanOz]

The price action on gold was extreme because of the stops that we taken out. How is this manipulation. Is manipulation when the price action goes against your theory of why it should be going in the opposite direction?

The GOLD contract is among the most liquid contracts in world, to be able to manipulate this would take pockets so deep, that when sprung a bad trade would make the London whale look like a farking minnow....

CanOz

 

[Bintang]

The price action on gold was extreme because of the stops that we taken out. How is this manipulation. Is manipulation when the price action goes against your theory of why it should be going in the opposite direction?

The GOLD contract is among the most liquid contracts in world, to be able to manipulate this would take pockets so deep, that when sprung a bad trade would make the London whale look like a farking minnow....

CanOz

I think the deep enough pockets exist.

 

[burglar]

I think the deep enough pockets exist.

How does this help you?

 

[young-gun]

The price action on gold was extreme because of the stops that we taken out. How is this manipulation. Is manipulation when the price action goes against your theory of why it should be going in the opposite direction?

The GOLD contract is among the most liquid contracts in world, to be able to manipulate this would take pockets so deep, that when sprung a bad trade would make the London whale look like a farking minnow....

CanOz

The price can be manipulated without even entering the market? Just generate enough bad media and a bit of fear and away you go.

 

[kid hustlr]

Have enjoyed reading the last page of this thread.

 

[nulla nulla]

Another article in todays paper (SMH BusinessDay), this time by Matthew Kidman. Goldman Sachs now reported as expecting the "value of bullion will decline to US$1,200.00 per ounce over the course of the next few years".

The target price is getting lower.

 

[tinhat]

The price can be manipulated without even entering the market? Just generate enough bad media and a bit of fear and away you go.

I was looking for support at around 1560-1570 but when I read what Goldman Sachs had to say I realised that I didn't want to bet against their call in the short run anyway.

 

[joeyjojojoe]

Hi All,

just wondering if anyone has noticed these couple of articles concerning
the physical gold market?

http://www.examiner.com/article/largest-dutch-bank-defaults-on-physical-gold-deliveries-to-customers

can't find any other sources for this above article.

also

http://www.safehaven.com/article/29484/how-the-gold-market-was-crashed

I assume that if the gold market defaults, i.e no gold for delivery, then the paper price will collapse,
and the physical price will rise.

any thoughts?

 

[FlyingFox]

Hi All,

just wondering if anyone has noticed these couple of articles concerning
the physical gold market?

http://www.examiner.com/article/largest-dutch-bank-defaults-on-physical-gold-deliveries-to-customers

can't find any other sources for this above article.

also

http://www.safehaven.com/article/29484/how-the-gold-market-was-crashed

I assume that if the gold market defaults, i.e no gold for delivery, then the paper price will collapse,
and the physical price will rise.

any thoughts?

I was meaning to ask this yesterday but the forum was playing up for me and I couldn't post a reply. I wonder if anyone knows whether the banks are selling their physical inventories or just paper positions?

 

[Uncle Festivus]

The price action on gold was extreme because of the stops that we taken out. How is this manipulation. Is manipulation when the price action goes against your theory of why it should be going in the opposite direction?

The GOLD contract is among the most liquid contracts in world, to be able to manipulate this would take pockets so deep, that when sprung a bad trade would make the London whale look like a farking minnow....

CanOz

And the "London Whale" was employed by <drum roll> JP Morgan......they have deep pockets (essentially the US Fed & Treasury) to trade (term used very loosely) the gold market, until that is...somebody, or everybody perhaps, wants to take delivery?

I assume that if the gold market defaults, i.e no gold for delivery, then the paper price will collapse,
and the physical price will rise.

any thoughts?

I wonder if anyone knows whether the banks are selling their physical inventories or just paper positions?

We shall soon see who has the physical to back the paper? Things are going to get nasty now - expect more front running from "pre-data release insiders email group" members JPM & GS etc, and as we all know by now they are probably doing the exact opposite, at their target price of course.

 

[explod]

Hi All,


I assume that if the gold market defaults, i.e no gold for delivery, then the paper price will collapse,
and the physical price will rise.

any thoughts?

Yes this is correct.

In effect contemplate (early Friday did the sum will have altered on Sat morn take down) Aussie silver spot $27.50 an ounce, physical at a dealer up to $45

 

[Trembling Hand]

We shall soon see who has the physical to back the paper?

Who cares. Paper is settled in cash you don't need physical.

 

[explod]

Who cares. Paper is settled in cash you don't need physical.

Who cares about cash it is just paper and the printing presses are certainly diluting that.

The Japs trying to outdo the yanks the last month has just turned up the knob.

 

[Trembling Hand]

Who cares about cash it is just paper and the printing presses are certainly diluting that.

The Japs trying to outdo the yanks the last month has just turned up the knob.

well the Aussie is doing just fine.... again... Cannot say that about AUD gold though.... gee that must hurt hey? After all this time.....

 

[joeyjojojoe]

We shall soon see who has the physical to back the paper?

If things are about to get nasty...then should this mark a bottom in the gold stocks?

 

[chops_a_must]

It's like you can change the words, and you can change the thread, but the structure of sentences are invariably the same.

And they almost always say one thing: I've done or am doing some dough and it's everyone and everything else's fault but my own. But I'll keep looking for anything that can confirm my bias, whilst I keep losing money.

 

[explod]

well the Aussie is doing just fine.... again... Cannot say that about AUD gold though.... gee that must hurt hey? After all this time.....

I purchased my first 5 kilo bar of silver for $800 in 2004, "lookin good Les"

Dont' like gold either, could be confiscated one day.

Sitting at the easel painting in the bush is much more relaxing too.

Wanna game of ping pong T/h ?