Gold Price - Where is it heading?

[Chronos-Plutus]

I think we all had our suspicions, CP.

JP Morgan on racketeering charges; that is massive.

I know Jamie Dimon likes to eat Greek food; don't think they will be serving Greek food in jail for him; if he is tied to sanctioning the precious metal racketeering within his bank by the DOJ.

 

[wayneL]

JP Morgan on racketeering charges; that is massive.

I know Jamie Dimon likes to eat Greek food; don't think they will be serving Greek food in jail for him; if he is tied to sanctioning the precious metal racketeering within his bank by the DOJ.

"Greek" may be emblematic of his experiences from now on.

 

[Chronos-Plutus]

"Greek" may be emblematic of his experiences from now on.

He was in a Greek restaurant, celebrating his birthday, when he received a phone call, when the panic set in during the last GFC. That is how I know that he likes Greek food, haha.

 

[Chronos-Plutus]

"Greek" may be emblematic of his experiences from now on.

I will just make one more comment on the JP Morgan precious metal racketeering charges from the DOJ.

This may lead to a global class action lawsuit against JP Morgan from all the shareholders that held precious metal equities/stocks and who have lost money from the alleged criminal activities.

Also Jamie Dimon would be the ultimate trophy scalp for the FBI and DOJ. He can't claim he didn't know it was happening when his entity was charged by the DOJ with precious metal racketeering last year.

 

[Chronos-Plutus]

Nice pull back with gold and silver: I will be buying more precious metals and precious metal producing equities tomorrow.

 

[over9k]

Pullback? What pullback?

Gold's screaming. Looking like cracking 2k by the end of the week.

 

[Chronos-Plutus]

Pullback? What pullback?

Gold's screaming. Looking like cracking 2k by the end of the week.

There was a pullback in the spot price, looks to be bouncing back quickly with gold. Silver still down off its highs.

I will buy some more gold and silver when our markets in Australia open.

I will also buy some more precious metal producing equities/stocks.

 

[over9k]

Yeah looks like I might have timed my pivot beautifully. But it's only been a few days so we'll see.

 

[NoFOMO]

Gold Long Short Gamma
Bullion top chart
Miners bottom chart
Red Price
Purple buying, long v short, or strength. Above the trend is very position buying.
Green is gamma, or oversold undersold
Yellow is buying/gamma which eccentuates opportunity

 

[rederob]

View attachment 106602

Thank you for posting POG's intensive care charts.
This is an atypical case of redline fever.
The patient's tachycardia has been suppressed for the time being, although remnant atrial fibrillation remains a concern.
Medication is taking a tad longer to kick in than expected due to resurgent FOMO. Pulse currently at 1965 dollars per ounce and stable.
Nurse will check progress and report again soon.

 

[NoFOMO]

Earnings for all the big US miners from tonight to the 7.08
CCJ Uranium Miner drop 10% last night as earnings included guidance, briefly, that very difficult in Covid19 times.
Gold miners suffer the same work force
So buyer beware what happens this week in the Gold Miners

 

[rederob]

Big picture:


"Record inflows into gold-backed ETFs offset weakness in other sectors, with consumer demand hit by COVID-19
With Q2 gold demand down 11% y-o-y to 1,015.7t, demand for the first half year was 6% weaker at 2,076t. The COVID-19 pandemic was again the main influence on the gold market in Q2, severely curtailing consumer demand while providing support for investment. The global response to the pandemic by central banks and governments, in the form of rate cuts and massive liquidity injections, fuelled record flows of 734t into gold-backed ETFs (gold ETFs). These flows helped lift the gold price, which gained 17% in US dollar terms over the first half, hitting record highs in many other currencies.

Total bar and coin investment weakened sharply in Q2, leading to a 17% y-o-y decline in H1 demand to 396.7t. This sector of investment saw a clear East/West divergence in investor behaviour, with most markets across Asia and the Middle East seeing a slowdown in investment, while Western investors increased demand.

H1 jewellery demand slumped 46% y-o-y to 572t as markets remained in lockdown and consumers were deterred by the high price and a squeeze on disposable income. Similar factors were behind a 13% fall in gold used in technology to 140t in H1, as end-user demand for electronics collapsed.

Central bank buying slowed again in Q2, although the comparison is with a record Q2 2019. The sector added a net 233t of gold in H1. The supply of gold was also impacted by the pandemic, falling 6% to 2,192t as both mine production and recycling were affected by lockdown restrictions."

 

[rederob]

Highest ever intraday price recently hit - a few pennies over $1984:

Although POG has dipped almost $15 since then, it had risen by over $45 in the past 15 hours.
With these levels of intraday movement, $2000/oz is an any day chance now.

 

[Garpal Gumnut]

Highest ever intraday price recently hit - a few pennies over $1984:

Although POG has dipped almost $15 since then, it had risen by over $45 in the past 15 hours.
With these levels of intraday movement, $2000/oz is an any day chance now.

Too right @rederob

I wouldn't be surprised if some big holders played around with the price around $2000 e.g. Saudis to make a market for themselves between here and $2050.

gg

 

[rederob]

Will it be happy birthday today for POG today?

Turning 2 soon.

 

[Chronos-Plutus]

Great image:

https://grrrgraphics.com/

 

[rederob]

Turning 2 soon.

It was indeed soon:
Parabolic rises do not last, but at least we gold bugs can take comfort that $2000/oz was reached.
There are no certainties in the stock market, just probabilities. I rejoined ASF about 19 months ago to post principally on gold as the ingredients looked right for another bull run.
The question now is at what point is it really at?
My view is that while Trump is in office a significant amount of global disharmony will prevail, and his actions on COVID will further weaken the US economy and drive up debt. Until there is some semblance of widespread international recovery I cannot see gold weakening beyond a standard retrace, which I put to about $1800.

 

[rederob]

This chart just shows how crazy the FOMOers get:

What gets really interesting from now on is the flow on effect to miners/producers. Small percentage gains in POG are going to be significant drivers of profitability (ie. a one percent rise in POG now is around 60% more than a year ago).

 

[explod]

It won't retrace, we are heading for an economic reset around the globe.

Debt and astronomical unbacked money creation. Has little to do with Trump and was happening prior to the virus also.

It's just the beginning and I have mentioned here before it's going to take peoples breath away...and we are not there yet. The predictions of people like Riccards of $10,000 plus is coming.

Sentiment has not kicked in yet, there is a huge shortage available for physical demand and as the percentage of people grow to protect their portfolios the price will accelerate.

Love my silver coins.

 

[Rosscoe62]

Yes, the stars are beautifully aligned for gold to now continue on its merry run. Amazing to think we have broken the 2000 milestone so quickly. I thought a few months back that sort of target would have be made much later this year.

The weakening DXY is certainly playing into gold’s hands. But all those points made by Rederob above are on the “golden” money!

What point are we at? Great question but I’m tending to think 2500 is a slight possibility perhaps by year's end or early 2021 now.

Leading into the US November Presidential election will only make gold more desirable. Stimulus, stimulus and more stimulus with a USD moving south, global uncertainty and a destructive virus that continues the unrest will only assist the gold futures to play out more positively.

It’s not something that’s going to end anytime soon!

https://www.barchart.com/story/futu...ll-time-high-on-the-outlook-for-more-stimulus