Gold Price - Where is it heading?

[Trembling Hand]

400 tonnes is not 'my claim'. It is widely reported but it is not my claim.
400 tonnes in one day might not be abnormal but change the time-scale to the order of minutes and maybe it is - especially in the face of Comex position limits that are supposed to be in place.

It wasn't one evil manipulator doing all the selling. It was a mayor changing of trend right at that very point. Every Tom, Dick and Harry Hedgefund had that moment as a breaking of the up trend.

That was the cause of 3 times average volume.

But typical of Xerohedge and gold bugs that slice and dice half the info and colour it "manipulation". That is why gold has such BS attached to it. Those that love it so much and hate the paper equivalent actually know so little about it and then never even bother to check the legitimacy of the "stories" they base their ideas on.

 

[Bintang]

It wasn't one evil manipulator doing all the selling. It was a mayor changing of trend right at that very point. Every Tom, Dick and Harry Hedgefund had that moment as a breaking of the up trend.

That was the cause of 3 times average volume.

But typical of Xerohedge and gold bugs that slice and dice half the info and colour it "manipulation". That is why gold has such BS attached to it. Those that love it so much and hate the paper equivalent actually know so little about it and then never even bother to check the legitimacy of the "stories" they base their ideas on.

Especially the chinese gold bugs. They obviously know nothing about gold. Like all silly bug[gar]s they never check anything unlike the clever and sophisticated fiat bugs who know everything. Gold Bug on the left. Fiat bug on the right. Can you see any difference in quality?

 

[Trembling Hand]

As usual - a discussion about gold with goldies just end up with nonsense.

So where are we again? How come that price is going down?

 

[Bintang]

As usual - a discussion about gold with goldies just end up with nonsense.

So where are we again? How come that price is going down?

Who knows? Why don't you give us your opinion? Perhaps you are wiser and more learned than your fiat bug mate Bernankius Caesar: "Nobody really understands gold prices and I don't pretend to understand them either,"

 

[Trembling Hand]

Perhaps you are wiser and more learned than your fiat bug mate Bernankius Caesar

Nonsense then Straw man..... here we go - just the normal gold discussion.

 

[Bintang]

Nonsense then Straw man..... here we go - just the normal gold discussion.

Ha ha. That's very funny. We've had 'gold bug', 'ideological gold bug', 'goldies' and now we have 'Straw man'.
You spew out labels almost as fast as Bernankius spews out dollar bills.
Is labeling someone the best you can do? Do you think labeling is conducive to a normal discussion or an abnormal discussion?

 

[CanOz]

Back to the gold price lads...

 

[Trembling Hand]

Ha ha. That's very funny. We've had 'gold bug', 'ideological gold bug', 'goldies' and now we have 'Straw man'.
You spew out labels almost as fast as Bernankius spews out dollar bills.
Is labeling someone the best you can do? Do you think labeling is conducive to a normal discussion or an abnormal discussion?

Was I calling you any of those?

I called you a goldie, as someone who buys gold and never sells thats by your own admission.

Straw man was most certainly what you were trying to achieve by linking me with Bernanke.

 

[Bintang]

Was I calling you any of those?

I called you a goldie, as someone who buys gold and never sells thats by your own admission.

Straw man was most certainly what you were trying to achieve by linking me with Bernanke.

You have used the terms frequently so they must be meant for someone.
I didn't know that was the definition of 'goldie' but I much prefer gold bug.
Bernanke confessed to not understanding gold prices. Are you saying that you do understand gold prices in which case you should be able to answer your own question for us, "How come that price is going down".

Back to the gold price lads...

I'm trying CanOz

 

[explod]

Back to the gold price lads...

And on the move up well this week. Looking for a close above US$1340 for a first break then through $1400 and we are off to the races. In my view.

And do not worry CanOz, ole T/H, or is that Footsie or the derivative thereto Puutsie, just wants some of us on our toes. But we simply want to hold our gold and be on holidays all the time.

I found day trading to be too stressful. Though looking at the NST chart today makes me wish a bit.

 

[JLM Financial]

Gold has always been seen as a safe-haven during bad economic times. The recovering US, European and UK economy could have caused gold to be abandoned as a safe-haven. Latest CFTC report showed that shorting of gold futures increased by 24.24% and long on gold futures decreased by 3.22%.

Overall, it seems like gold is being quite bearish most likely due to the possibility of tapering in the US occurring by December, if not earlier. There is a higher chance of tapering in September with the recent strong economic data released in the US.

I think it would be a good idea considering December puts so you can rule out any short-term fluctuations.

 

[Bintang]

Gold has always been seen as a safe-haven during bad economic times. The recovering US, European and UK economy could have caused gold to be abandoned as a safe-haven. Latest CFTC report showed that shorting of gold futures increased by 24.24% and long on gold futures decreased by 3.22%.

Overall, it seems like gold is being quite bearish most likely due to the possibility of tapering in the US occurring by December, if not earlier. There is a higher chance of tapering in September with the recent strong economic data released in the US.

I think it would be a good idea considering December puts so you can rule out any short-term fluctuations.

This is the current standard MSM explanation but is a completely West-centric view of the gold market. Notice how there is zero discussion of what is happening in the physical gold market due to Chinese demand. This has so far put a floor under the gold price correction and will continue to do so. Tapering talk is a red herring.

 

[Uncle Festivus]

Well those that bought "at bargain basement prices" when it was getting smashed were sure throwing it away!

If you had bought at either of the 2 lows - $AU1300 - you'd be $AU160/oz ahead.

I think this chart has been posted before, but it's still as relevant to the gold bull case. IOU nothing's backed by trust and sweet FA else........a multi-generational structural decline in the political, financial & moral systems of humans?



As for 'The Taper', not sure why it's perceived as a game changer for gold as half of golds rise since 2000 happened before QE was even a twinkle in Bernankes' testicles? More to the point, it's not actually printing money that finds it's way into the system - yet. Although there are signs that QE participants are now velocitising more of it into the real economy? We may yet get hyper inflation?

Higher low at least, but resistance ahead. Short JPM?

 

[Trembling Hand]

As for 'The Taper', not sure why it's perceived as a game changer for gold as half of golds rise since 2000 happened before QE was even a twinkle in Bernankes' testicles?

Is that really correct? QE was a predicted out come of the debt and mess that the world was getting into way back at the dot.com crash and beyond. The gold bugs got that right as well as the rise in gold from then but what was meant to happen was the collapse of the system and hyperinflation, runs on US banks and complete chaos.

This is where the gold has taken a turn south. We have had massive QE and no sigh yet of inflation (in fact the danger is the other way) and a slight pick up in activity in the US. That will mean nothing to the gold bugs because they will never change. They will go to the grave convinced gold at $10,000 is just coming next year. What has changed is those that move real money have gone cold on that idea, at least for now.

Next trade!

 

[Uncle Festivus]

Is that really correct? QE was a predicted out come of the debt and mess that the world was getting into way back at the dot.com crash and beyond. The gold bugs got that right as well as the rise in gold from then but what was meant to happen was the collapse of the system and hyperinflation, runs on US banks and complete chaos.

This is where the gold has taken a turn south. We have had massive QE and no sigh yet of inflation (in fact the danger is the other way) and a slight pick up in activity in the US. That will mean nothing to the gold bugs because they will never change. They will go to the grave convinced gold at $10,000 is just coming next year. What has changed is those that move real money have gone cold on that idea, at least for now.

Next trade!

Paper Gold derivatives have been pricing gold up to this point. Paper Gold derivatives are controlled by the bullion banks. Until that changes the POrealG is at their mercy/whim? Waiting for a disconnect?

There is inflation in the system now - lot's of data prints the last few weeks have had outsized gains, property bubbles re-ignited, again, but it's all in price inflation not wages etc almost stagflationary. They are sowing the irrational exuberance seeds yet again, we only have to be patient as the next leg down is gonna be a doozy......but, no more ammo......

I think the real money is already long gold?

http://www.silverseek.com/commentary/cornering-gold-market-12374

 

[Trembling Hand]

I think the real money is already long gold?

Who would that be?

Billionaire John Paulson, the biggest investor in the SPDR Gold Trust, reduced his holdings by 53 percent as the metal plunged into a bear market. George Soros sold his entire position.
Paulson & Co. reduced its stake to 10.2 million shares in the three months ended June 30 from 21.8 million at the end of the first quarter, and Soros Fund Management LLC sold its 530,900 shares, Securities and Exchange Commission filings showed today. The SPDR fund is the world’s largest exchange-traded product backed by gold.

http://www.bloomberg.com/news/2013-08-14/paulson-cuts-spdr-gold-stake-53-as-soros-sells-out.html

 

[Bintang]

Who would that be?

http://www.bloomberg.com/news/2013-08-14/paulson-cuts-spdr-gold-stake-53-as-soros-sells-out.html

The Chinese.

 

[skyQuake]

The Chinese.

Source?

From what I've heard on the desks they haven't really been doing out of the ordinary

 

[Trembling Hand]

The Chinese.

Could you add any details?

 

[Bintang]

Could you add any details?

Just Google, 'Chinese gold demand'. You will find plenty of details.