Gold Price - Where is it heading?

[Uncle Festivus]

The low of US$1419 overnight slightly higher than the low Friday night. Is this the turn. Perhaps the following could be the big clue to the drop in price over the last month or two. Getting off the hook Hey!U.S. Banks
'
"Net Shorts Fall to Lowest Since Summer, 2008"


http://www.gotgoldreport.com/2013/05/us-banks-buy-gold-futures-in-dramatic-position-change.html

You'll have to get that confirmed by the futures expert(s)

 

[CanOz]

This weeks COT.....

Having some shorts cover is actually a good thing for the bears. The market can get "too short" sometimes, esp after a big move. The next leg is not as easily done as everyone wants to cover, preventing the big drops. The first breaks are always the best.

 

[CanOz]

From the Technical Speculator

May 14, 2013: Market Minute: Gold starts to fall (again)

Following the May 1, 2013 Market Minute titled "Has gold reached a peak?", the precious metal has reached a wall and is starting to roll downward once more.

Gold stopped its short rebound at $1475, stalled, and is now heading lower. A first downside target of $1375 should be expected.

It is important to note that gold is not trading any differently than the more common industrial metal of copper. The "safe haven" status of gold appears to have been removed and gold is trading the same as any base metal.

Bottom line: Gold's short bounce has ended. The price of the yellow metal is now expected to move lower. $1375 is the first downside target. longer term, gold is anticipated to trade below $1300 in Q3.


Donald W. Dony, FCSI, MFTA

For those that trade gold occasionally, keep an eye on HG, it tends to break before the other "industrial metals" like Gold and silver....

 

[sinner]

For those that trade gold occasionally, keep an eye on HG, it tends to break before the other "industrial metals" like Gold and silver....

How can gold be an industrial metal by any definition when the majority of gold demand is entirely for jewellery and investment? Industrial application is like ~10% of gold demand.

I think silver wasn't historically, but has become an industrial metal.

Central Banks and other net savers don't hoard industrial metals.

See stock:flow ratios of gold versus copper.

 

[aclassic]

Why don't I see any comments on Ann's charting showing $1100 gold ?

 

[explod]

Why don't I see any comments on Ann's charting showing $1100 gold ?

Because there are none that can be made.

No one knows where it goes now as the paper market is more divorced from reality and the worth of physical gold than we ever imagined possible.

Nixon removed gold as the backing to paper money in 1974 and now we are seeing the froth and bubbles of that move. Real money is in gold, paper money is trash.

So your guess is as good as mine aclassic.

Interesting times indeed.

 

[CanOz]

How can gold be an industrial metal by any definition when the majority of gold demand is entirely for jewellery and investment? Industrial application is like ~10% of gold demand.

I think silver wasn't historically, but has become an industrial metal.

Central Banks and other net savers don't hoard industrial metals.

See stock:flow ratios of gold versus copper.

My comment was only T in C Sinner....

 

[tinhat]

Nixon removed gold as the backing to paper money in 1974 and now we are seeing the froth and bubbles of that move. Real money is in gold, paper money is trash.
.

That bad boy exfoliated Bretton Woods with agent orange.

Everyone knows that commie bastards hide in the woods. :shoot:

 

[explod]

Everyone knows that commie bastards hide in the woods. :shoot:

 

[sinner]

Nixon removed gold as the backing to paper money in 1974 and now we are seeing the froth and bubbles of that move. Real money is in gold, paper money is trash.

Just to clarify for all of us here explod, can you confirm that you are looking for a return to a hard money standard using gold as the backing?

 

[CanOz]

Just to clarify for all of us here explod, can you confirm that you are looking for a return to a hard money standard using gold as the backing?

...i thought the idea was to swap crumbs off the gold bars for bread, clean water, ammo etc...


CanOz

 

[Trembling Hand]

Just to clarify for all of us here explod, can you confirm that you are looking for a return to a hard money standard using gold as the backing?

Of course and we will all be living in one of these,

 

[sinner]

A small snippet from "What is Gold?" by FOFOA

http://fofoa.blogspot.com.au/2012/12/what-is-gold.html

I cast the first vote on behalf of A/FOA. How did I know their vote? They made it crystal clear in one of their earliest comments:

"Gold is not money, not currency, not an investment, it is wealth."

I think this is the essence of all of this, of Freegold, of (THOUGHTS!), of The Gold Trail, of my blog, the key, if you will, to unlocking the view. But from the last thread of arguments against Freegold, it is obvious that some of you still think gold is just another investment. That's fine, because that's all gold is to almost everyone in the West, so you're certainly not alone in your opinion.

If we could get everyone in the West to vote in this poll, I think "gold is an investment" would win in a landslide. If we could get everyone in the precious metals blogosphere to vote, then "gold is money" would probably win. So, to most Westerners, gold is an investment. To the gold bugs and HMS crowd, gold is money. And to the bullion banks, gold is a currency (ISO code XAU) upon which credit is issued and traded. So what did A/FOA mean by the statement that gold is wealth, not any of these other things? I mean, surely gold is whatever its users think it is, subjective use value and all, right?

Actually, that's exactly right! Gold is whatever its users think it is. And the point A/FOA was driving at was that the vast majority of the above-ground gold, today somewhere around 165,000 tonnes, is held by people who understand it as wealth.

 

[CanOz]

Of course and we will all be living in one of these,

View attachment 52213

Hey thats nice

Is that on your property in Japan?

 

[Trembling Hand]

Is that on your property in Japan?

Yeah its about that size.

 

[explod]

Just to clarify for all of us here explod, can you confirm that you are looking for a return to a hard money standard using gold as the backing?

No.

As was historically, to be exchanged only for like tangible goods; ie. land, shelter or food

Money came into being because not all would (lazy) or could take part in the bartering system.

 

[CanOz]

No.

As was historically, to be exchanged only for like tangible goods; ie. land, shelter or food

Money came into being because not all would (lazy) or could take part in the bartering system.

....

You mean i was right Explod?

.i thought the idea was to swap crumbs off the gold bars for bread, clean water, ammo etc...

 

[Garpal Gumnut]

Gold is done for.

The first Mrs Gumnut is fascinated by it.

That is enough evidence for it's utility.

When I go to Dan Murphys, I use my visa card, not Gold.

Gold is done.

We will see it at $500 soon imo.

Nobody uses it anymore, except for people who visit those toxic nail salons in our major shopping centres.

gg

 

[boofis]

Gold is done for.

The first Mrs Gumnut is fascinated by it.

That is enough evidence for it's utility.

When I go to Dan Murphys, I use my visa card, not Gold.

Gold is done.

We will see it at $500 soon imo.

Nobody uses it anymore, except for people who visit those toxic nail salons in our major shopping centres.

gg

lol

 

[explod]

....

You mean i was right Explod?

Wonderful,

finally someone over the line

You know the ant colonies around Inglewood where I was in residence for awhile have gold plate in many parts of their nests. The average depth of their homes go down 25 feet and on learning this fact have pondered learning the language. With metal detectors only scraping suface a well placed ant colony on side could be a good network to have.

My limited brain is concurrently distilling the next move.

With gold no thinking is required to hold.