Gold Price - Where is it heading?

[Uncle Festivus]

Doesn't your last comment go against everything you have been saying over the years Uncle? If the $USD is not recognised as a safe haven then what is? Still Gold I suppose but there continues to be this manipulation...gee the manipulators have a lot to answer for!! It couldn't just be normal market forces could it?

Huh? What are you referring to? It's all about the $USD and whether it's creditors will eventually realise that the emperor has indeed no clothes on? This is the serious, almost unanimous main stream answer to the Debt ceiling worries - "the US will NEVER default because they can just print some more money"? The amount that $USD's make up as reserve currencies is falling at the rate of 1% per year for the last 10 years.

The U.S dollar is shrinking as a percentage of the world's currency supply, raising concerns that the greenback is about to see its long run as the world's premier denomination come to an end.

When compared to its peers, the dollar has drifted to a 15-year low, according to the International Monetary Fund, indicating that more countries are willing to use other currencies to do business.

"If the dollar loses status as the world's most reliable currency the United States will lose the right to print money to pay its debt. It will be forced to pay this debt

Gold may ebb & flow, and yes it is manipulated simply because it can be for the benefit of a few vested interests, namely the BOE, and without scrutiny as seen by the CFTC verdicts. I submit exibit A - the LIBOR manipulation etc etc

More and more wealth funds have diversified into gold too, not willing to take a gamble on any currencies. The problem for the gold unbelievers is that they see the price as a short term indicator of value, when they should be seeing it as a long term indication of fiat currency decline ie in 10 years time gold will still have positive buying power, yet todays fiat in your pocket will have lost a good proportion of it's 'value'? Unless of course you spend it today, which is what the CB's and treasuries want/force you to do by creating inflation? And yes, it does still exist, but gold is now the insurance for currency deflation....??

 

[notting]

Gold broke through a technical level on Friday with the help of a massive single sell order.
This will obviously trigger selling and has.
Yet at the same time we have had a bit of a flip back to potential volatility with the expected resolution on the debt ceiling not resolved.
Taking up the sellers for a short term bounce?

 

[Kingpin]

Read a great article on the bull.com about gold today worth a read
I purchased kcn @1, 61 still relatively low but I think its only a matter of time
And im in no hurry

 

[Kingpin]

Bought kcn at 1, 61 still relatively low but I think we will see a surge upwards soon
Good article on thebull.com about gold worth a read

 

[Uncle Festivus]

Apparently gold isn't manipulated? Apparently someone decided to get rid of a few million ounces just lying around gathering dust & didn't care what price they got for it?

The more interesting fact is that someone else thinks this is great and just soaks it all up, for the net effect of dumping 2 million ounces last Friday at the Comex open was an initial decline of $30 but as of today only down $12?

Keep on dumping and they will just keep on buying.......

 

[aclassic]

When do you reckon it's going to be quoted in Yuan?

cheers.

 

[13ugs13unny]

When do you reckon it's going to be quoted in Yuan?

cheers.

LOL very soon - at least it would look like its worth something when it is quoted in Yuan.

 

[notting]

You can see why Goldman Sachs charge such massive prices to do what they do -

“Gold prices have been rising for 11 years, and there seems to be no danger they will drop any time soon. According to the Goldman Sachs analysts, the gauge of future price swings is near a five month low.
On January 13, 2013 a Goldman Sachs report predicted that gold futures would reach $1,940 per ounce in the next twelve months. Morgan Stanley is equally bullish, forecasting an average price of $2,175 in 2013.
- See more at: http://emergingmoney.com/commoditie...ess-return-for-gold-gld/#sthash.nvAY39VQ.dpuf.

Are we there yet? Years nearly 3/4 over.

Ah not quite.

Oct 8, 2013 The head of Goldman Sachs' commodities research division says gold is a "slam dunk sell".
Jeffrey Currie has made some pretty bold predictions in the recent past. Notably, Currie said in January that oil would hit $150 per barrel by the summer. He was too high by about $40.
Speaking at a panel in London on Tuesday, Currie said that once the US budget battle comes to a conclusion, the American economy will improve. So, that would make gold what he termed a "slam dunk sell" towards Goldman's price target of $1,050 per ounce. The last time gold was that low, the world was digging out of the financial crisis half a decade ago.

I guess it's understandable given the massive changes we have seen in the economic climate and activities over the past 6 months or so like the ....Ah......Um......change in the eerrr... yeah that.

Mar 13, 2013 - The price of iron ore is tipped to be the next mineral to suffer a sharp price decline ... account for about 70% of the iron ore imported by China,which has been both a ... iron ore imports dropping sharply in February, sparking dire predictions for the ... of $90 a ton by 2015 from the investment bank, Goldman Sachs.

What would we do without them?

 

[CanOz]

You can see why Goldman Sachs charge such massive prices to do what they do -



Are we there yet? Years nearly 3/4 over.

Ah not quite.


What would we do without them?

I think one could make a living out quoting these muppets...worse thing is the media is not pointing out what you are...there's no one left to keep any body honest anymore.

 

[notting]

worse thing is the media is not pointing out what you are...there's no one left to keep any body honest anymore.

Long live ASF!!

 

[Smurf1976]

You can see why Goldman Sachs charge such massive prices to do what they do

Actually their service is indeed quite valuable.

Just do the opposite of whatever they are recommending and most likely you'll do quite well. At least that's how it seems based on this thread and others I've read mentioning GS.

I do get the impression that what they recommend you do, is not what they are actually doing themselves. Same goes for many of these big financial firms that make most of their money by means that isn't related to investment advice.

 

[tinhat]

One thing about the Giant Squid is that they do telegraph when they are going to short a stock or commodity. In recent times I can recall them warning they were about to short BHP, gold and Wesfarmers. I don't recall whether or not they telegraphed shorting iron ore prior to its slump.

 

[Uncle Festivus]

One thing about the Giant Squid is that they do telegraph when they are going to short a stock or commodity. In recent times I can recall them warning they were about to short BHP, gold and Wesfarmers. I don't recall whether or not they telegraphed shorting iron ore prior to its slump.

Probably after the fact in their case - they would already be busy lining up the reverse trade on the initial call....

Although, there's no justice 'till someone goes to jail, but for now all they have to do is give back some of the monopoly money they got from the Fed?

J.P. Morgan's record $13 billion tentative settlement with the U.S. Justice Department concerning misrepresented residential mortgage-backed securities doesn't absolve senior bank officials or the bank as an institution from criminal charges.

J.P. Morgan could be dismembered if several senior officers are found guilty of criminal charges or the bank as an institution engaged in fraud or other criminal activities.

The resulting crippling or breakup of J.P. Morgan would have grave consequences for major corporations and the broader economy that rely on the institution as their primary banker, and those firms' chief financial officers would do well to start shopping their business elsewhere.

Also, other Wall Street institutions, such as Goldman Sachs, marketed similarly shaky securities.

Lava Girl get's the chop, Dimon next?

JPMorgan had more success with the energy regulator. Even though it extracted the $410 million settlement on Tuesday, the regulator spared a senior bank executive, Blythe Masters, who investigators originally contended made “false and misleading statements under oath.”

In March, agency investigators said that they planned to recommend that the regulator hold Ms. Masters “individually liable,” a move that would have cast a shadow over her career on Wall Street, where she is well known for developing complex financial instruments. The decision to forgo individual charges against Ms. Masters and three of her employees was an abrupt reversal for the regulator, which did not accuse her of lying in its final order. It is also a major victory for Ms. Masters.

 

[>Apocalypto<]

Gold has been very quiet over the last 4 days.... looking for a move but atm no idea which way.

 

[Uncle Festivus]

Gold has been very quiet over the last 4 days.... looking for a move but atm no idea which way.

No clear direction = no trading = boring? While ever markets are being distorted by CB intervention, nobody, except JPM perhaps, probably really knows which way is the next big move? Being linked to the 'taper' doesn't help either.

GS & JPM under investigation, but don't hold your breath thinking anyone will be sent to jail.......we really don't live on the same planet as these people?

At least eight banks including Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) have said they’re being investigated by authorities examining the $5.3 trillion-a-day foreign-exchange market and are cooperating. Citigroup, JPMorgan and Barclays Plc (BARC) have suspended or put on leave some of their most senior currency traders amid the inquiry. No one has been accused of wrongdoing.

The U.S. Federal Reserve is examining legal and regulatory exemptions that have allowed banks including Goldman Sachs to trade and own raw materials such as oil, coal and metals, a person with knowledge of the matter said last month.

I shoulda been a lawyer.........

The firm also disclosed today that it’s “reasonably possible” legal losses rose to $4 billion in the third quarter. The figure, which represents an estimate of how much legal costs may exceed reserves, increased from $3.5 billion in the second quarter and compares to $5.7 billion for JPMorgan and $5.1 billion for Bank of America Corp.

Gold will become interesting when all the lawsuits against these banks by pension funds etc start to get going in earnest and question the TBTF mindset.......it's going to get ugly?

There are multiple scandals blowing up right now, including a whole set of ominous legal cases that could result in punishments so extreme that they might significantly alter the long-term future of the financial services sector.

As one friend of mine put it, "Whatever those morons put aside for settlements, they'd better double it."

http://www.rollingstone.com/politics/blogs/taibblog/chase-isnt-the-only-bank-in-trouble-20131105

 

[Joules MM1]

i like to get my bias from a cup a java

but if you prefer big-boy data why not try some COT biscuits....yum


page 3

http://www.insidercapital.com/BullishReview/lmnpo/br_financial.pdf

page 23 top graphics
https://www.dropbox.com/s/0txfdw4hn...pekulanten auf der Spur 18.11.2013, KW 47.pdf

sehr gut !

 

[Joules MM1]

have some of that......thankyou

 

[tinhat]

View attachment 55437

have some of that......thankyou

Are you suggesting we have seen a capitulation? Will be interesting to see where the price ends up in the next 24 hours.

 

[Joules MM1]

Are you suggesting we have seen a capitulation? Will be interesting to see where the price ends up in the next 24 hours.

the question is by whom? who's giving in....last cupla sessions have seen a lot of small hooks being sold-into ....last weeks COT report showed institutionals out-weighing commercial buyers....and institutionals tend to trend so they'll have open sells aside from closing longs....

pre-empting pmi/mfi flashes is my guess...but its a guess..... espesh as the volumes are like annoc size

 

[Joules MM1]

think i want to see constructive bid above 72's to go with longs